ACING BUSMHR 3200 EXAMS: ESSENTIAL QUESTIONS
AND ANSWERS FOR THE A+.
different approaches to team building
-single event/discussion (during staff meeting)
-recreational activity (bowling)
-low-key offsite (recreating + focused discussion)
-intensive offsite experience (intense discussion)
-outdoor experience (high ropes course)
Social Security
-a federal insurance program that provides benefits to retired people and those who are unemployed or
disabled.
-we pay into this (pension)
-goes into a fund
Unemployment compensation
when you lose your job and it's not your fault, money that is substituted for wages or salary, paid by
state of federal agency or workers labor union
workers compensation
a form of insurance required from employers that provides money as compensation for workers who
are injured at work or contract an occupational disease
FMLA (family medial leave act)
gives you time to take care of family without the risk of losing job; sick relative etc.
HMO (health maintenance organizations)
Medical staff that is part of organization itself na pay money to them to replace cost they'd be hit with if
they didn't pay
replace costs charged by professionals, low premium
PPO (preferred provider organization)
caps cost of procedures
Provides cap cost specific procedures at a certain level
CDHP (consumer-driven health plan)
Plans that try to pass decision making onto you, employer gives money you spend
decision making is put on you, employers money given to you to spend, pay full price
HDHP (high deductible health plan)
more so for catastrophe
, ERISA (employee retirement income security act)
give you 3 months to find a new job, they cover health care that you had from previous employer, pay
100%
CORBA (consolidated omnibus budget reconciliation act)
a federal law that establishes minimum standards for pension plans in private industry and provides for
extensive rules on the federal income tax effects of transaction associated with employee benefit plans
-allows you to continue with previous health care plan, if lsoe job but pay for premiums yourself
Affordable Care Act
goal is to expand coverage, control health care costs, and improve the systems used to deliver health
care, requires organizations with 50 or more full time employees to offer healthcare coverage
IRA (individual retirement account)
allows individuals to direct pretax income towards investments that can grow tax-deferred; no capital
gains or dividend income is taxed until is withdrawn
Roth IRA
an individual retirement account allowing a person to set aside after-tax income up to specified amount
each year. Both earnings on the account and withdrawals after are 59 and a half are tax-free
401K
qualified employer-established plan to which eligible employees may make salary deferral (reduction)
contributions on a post-tax/or pretax basis
other benefits
-vacation, holiday and personal leave
-military leave: can serve w/o losing job
-disability insurance: long and short term
-group term life insurance
-travel insurance
-services
-unconventional/novel
-flexible spending account
Benefits (Besides Being Legal and Safe)
-make better hiring/placement decisions
-helps insure fairness in decision making
-helps with reputation and brand (internal and external)
-promotes diversity and inclusion
-drives consistency in hiring and promotion decisions
-helps organizations achieve tactical and strategic goals
-drives long term organizational successes
AND ANSWERS FOR THE A+.
different approaches to team building
-single event/discussion (during staff meeting)
-recreational activity (bowling)
-low-key offsite (recreating + focused discussion)
-intensive offsite experience (intense discussion)
-outdoor experience (high ropes course)
Social Security
-a federal insurance program that provides benefits to retired people and those who are unemployed or
disabled.
-we pay into this (pension)
-goes into a fund
Unemployment compensation
when you lose your job and it's not your fault, money that is substituted for wages or salary, paid by
state of federal agency or workers labor union
workers compensation
a form of insurance required from employers that provides money as compensation for workers who
are injured at work or contract an occupational disease
FMLA (family medial leave act)
gives you time to take care of family without the risk of losing job; sick relative etc.
HMO (health maintenance organizations)
Medical staff that is part of organization itself na pay money to them to replace cost they'd be hit with if
they didn't pay
replace costs charged by professionals, low premium
PPO (preferred provider organization)
caps cost of procedures
Provides cap cost specific procedures at a certain level
CDHP (consumer-driven health plan)
Plans that try to pass decision making onto you, employer gives money you spend
decision making is put on you, employers money given to you to spend, pay full price
HDHP (high deductible health plan)
more so for catastrophe
, ERISA (employee retirement income security act)
give you 3 months to find a new job, they cover health care that you had from previous employer, pay
100%
CORBA (consolidated omnibus budget reconciliation act)
a federal law that establishes minimum standards for pension plans in private industry and provides for
extensive rules on the federal income tax effects of transaction associated with employee benefit plans
-allows you to continue with previous health care plan, if lsoe job but pay for premiums yourself
Affordable Care Act
goal is to expand coverage, control health care costs, and improve the systems used to deliver health
care, requires organizations with 50 or more full time employees to offer healthcare coverage
IRA (individual retirement account)
allows individuals to direct pretax income towards investments that can grow tax-deferred; no capital
gains or dividend income is taxed until is withdrawn
Roth IRA
an individual retirement account allowing a person to set aside after-tax income up to specified amount
each year. Both earnings on the account and withdrawals after are 59 and a half are tax-free
401K
qualified employer-established plan to which eligible employees may make salary deferral (reduction)
contributions on a post-tax/or pretax basis
other benefits
-vacation, holiday and personal leave
-military leave: can serve w/o losing job
-disability insurance: long and short term
-group term life insurance
-travel insurance
-services
-unconventional/novel
-flexible spending account
Benefits (Besides Being Legal and Safe)
-make better hiring/placement decisions
-helps insure fairness in decision making
-helps with reputation and brand (internal and external)
-promotes diversity and inclusion
-drives consistency in hiring and promotion decisions
-helps organizations achieve tactical and strategic goals
-drives long term organizational successes
