MANA 3320-Chapter 12-
Compensation Exam Q&A
What factors may account for the differences among salaries for the identical
occupation within the same organization? - ANSWER-Individual differences
Seniority
Experience
Performance
Situational differences
Shift
Location (cost of living)
What factors account for the wide differences among salaries for different
occupations? - ANSWER-Labor markets - supply
Skills
Experience
Certifications
Labor markets - demand
Economic conditions
Sector differences
What factors account for the differences among salaries for identical occupations in
different organizations? - ANSWER-Product market
Margins
Labor costs
Company strategy
Differentiation
Low Cost
Value of a job
Fair Labor Standards Act
(FLSA) of 1938 (Amended) - ANSWER-Covers minimum wage, overtime issues, and
child labor rules for most U.S.-based businesses.
Minimum wage is the lowest hourly rate of pay generally permissible by federal law.
Employees with specific duties are exempt from minimum wage, overtime, and child
labor rules.
Overtime, minimum wage, child labor, exceptions (exemptions to the law)
Overtime - ANSWER-Federally mandated, higher-than-minimum wage, required for
nonexempt employees if they work more than 40 hours/week.
Compensation Exam Q&A
What factors may account for the differences among salaries for the identical
occupation within the same organization? - ANSWER-Individual differences
Seniority
Experience
Performance
Situational differences
Shift
Location (cost of living)
What factors account for the wide differences among salaries for different
occupations? - ANSWER-Labor markets - supply
Skills
Experience
Certifications
Labor markets - demand
Economic conditions
Sector differences
What factors account for the differences among salaries for identical occupations in
different organizations? - ANSWER-Product market
Margins
Labor costs
Company strategy
Differentiation
Low Cost
Value of a job
Fair Labor Standards Act
(FLSA) of 1938 (Amended) - ANSWER-Covers minimum wage, overtime issues, and
child labor rules for most U.S.-based businesses.
Minimum wage is the lowest hourly rate of pay generally permissible by federal law.
Employees with specific duties are exempt from minimum wage, overtime, and child
labor rules.
Overtime, minimum wage, child labor, exceptions (exemptions to the law)
Overtime - ANSWER-Federally mandated, higher-than-minimum wage, required for
nonexempt employees if they work more than 40 hours/week.
