HFT 2220 FINAL EXAM QUESTIONS AND ANSWERS

HFT 2220 FINAL EXAM QUESTIONS AND ANSWERS Exempt - answer- Those who are not covered by FLSA Non-exempt - answer- Those who are protected under FLSA. Paid hourly and entitled to overtime pay. Categories of Exempt level workers - answer- Executive, Administrative, Professional, Outside Scales, Highly Compensated Individuals, Computer Workers How many hours does a non-exempt employee have to work in order to get overtime? - answer- 40+ hours/week What is over time pay under FLSA? - answer- 1.5 times What does FLSA stand for? - answer- Fair Labor Standards Act What is the minimum retirement age under most plans? - answer- 59 1/2 Defined Benefit Plan - answer- Traditional; Guaranteed amount Defined Contribution Plan - answer- 401(k), 403(b), profit-sharing; Contribution is defined, benefit is not Four elements to a compensation strategy - answer- Internal alignment, External Competitiveness, Employee Contribution, Management of pay structure Pay Structure - answer- The array of pay rates for different work or skills within a single organization. The number of levels, the differences in pay, and the criteria used to determine those differences. Compensable Factors - answer- Know How, Accountability, Problem Solving Job Evaluation - answer- Determining the relative worth of a position Different Types of Heath Plans - answer- Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), Health Savings Account (HAS's) Affordable Care Act - answer- Applies to businesses with more than 50 employees. Applies to employees who work 30+ hours a week. Employees must offer healthcare or pay a fine. External Competitiveness Strategies - answer- Lag the market, Match the market, Lead the market What are companies doing to reduce healthcare costs? - answer- Smoke-free Properties, Wellness Programs, Employee Gyms, Providing Healthier Food Co-Pay - answer- Insurance policy where the insured pays a specific amount (in dollars) out-of-pocket expenses for healthcare services, with the insurer paying the remaining. Co-Insurance - answer- A type of insurance in which the insured pays a share of the payment made against a claim. Deductible - answer- A specific amount of money that the insured must pay before an insurance company will pay a claim. McClelland's Acquired Needs - answer- Affiliation, Power, Achievement Positive Reinforcement - answer- Giving a reward Negative Reinforcement - answer- Taking away a positive thing Punishment - answer- Administering a negative consequence Expectancy Theory - answer- Effort brings out Performance, which brings out Outcome 1,2&3 Equity Theory - answer- People make evaluations about the fairness of their inputs and outputs Big Five Factors - answer- Openness, Conscientiousness, Extroversion, Agreeableness, Neorticism Myers-Briggs Type Inventory - answer- Extroversion-Introversion, Intuitive-Sensing, Thinking-Feeling, Judging-Perceiving Transformational Leadership - answer- Agents of change; Create, communicate and model a shared vision and inspire followers to strive for that vision Transactional Leadership - answer- Helps organizations attain their current objectives efficiently 5 Stages of Group Development - answer- Forming, Storming, Norming, Performing, Adjourning Cohesion - answer- The action or fact of forming a united whole Type A - answer- Impatient, desire for achievement, perfectionist Type B - answer- More easy going and less competitive Culture - answer- The system of shared actions, values, and beliefs that develops within an organization and guides the behavior of its members Team - answer- Group of people with common goals who work e