UARK MGMT 2103 Exam 3 Questions and Correct Answers 2026

UARK MGMT 2103 Exam 3 Questions and Correct Answers 2026 Internal factors affecting compensation - Correct Answer -compensation strategy of organization -worth of job -employees relative worth -employers ability to pay External Factors affecting the compensation - Correct Answer -conditions of the labor market -area pay rates -cost of living -collective bargaining -legal requirements Market Pay Surveys - Correct Answer -a form of benchmarking -how much are our competitors paying, and is there any reason we should be different? Benchmarking - Correct Answer procedure by which an organization compares its own practices against the competition Key Jobs - Correct Answer benchmark jobs that have relatively stable content and are common to many organizations so that market-pay-survey data can be obtained Non-key Jobs - Correct Answer unique to organizations and cannot be directly valued or compared through the use of market surveys Job Evaluation - Correct Answer administrative procedure used to measure internal job worth -method for matching salary with a job Point System - Correct Answer A quantitative job evaluation procedure that determines the relative value of a job by the total points assigned to it. How an organization uses the point method - Correct Answer Job evaluators often apply a weighting sche