HFT 2220 Exam 3 Questions With Correct
Answers
Fixed Pay - CORRECT ANSWER✔✔-Persons wage or salary
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Variable Pay - CORRECT ANSWER✔✔-Variable pay typically involves incentives for
| | | | | | | | |
performance such as bonuses, and commissions.
| | | | | |
Benefits and Perks - CORRECT ANSWER✔✔-Include services provided to an
| | | | | | | | | |
employee by the company | | |
Relational Returns - CORRECT ANSWER✔✔-These are the intangible benefits
| | | | | | | | |
gained by an employee from work
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Non-Exempt - CORRECT ANSWER✔✔-These employees are protected under FLSA.
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They are paid in wages and are entitled to overtime pay.
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Exempt - CORRECT ANSWER✔✔-These employees are not protected under FLSA.
| | | | | | | | | |
They are paid a salary and are not entitled to overtime pay.
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Internal Alignment - CORRECT ANSWER✔✔-These are comparisons of pay and
| | | | | | | | | |
skill level within the organization
| | | |
, External Competitiveness - CORRECT ANSWER✔✔-This answers the question:
| | | | | | | |
How much do we wish to pay compared to competitors?
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Employee Contribution - CORRECT ANSWER✔✔-This addresses the issue of how
| | | | | | | | | |
much should a company rely on performance? And what behaviors will be
| | | | | | | | | | | |
rewarded
Management of pay system - CORRECT ANSWER✔✔-How does compensation
| | | | | | | | |
strategy attain business objectives? Furthermore, how will this be administered
| | | | | | | | | |
on a daily basis?
| | |
Cost Leadership - CORRECT ANSWER✔✔-Companies seek to gain an advantage
| | | | | | | | | |
over competitors by having the low prices.
| | | | | |
Innovation - CORRECT ANSWER✔✔-Their entire compensation and benefits
| | | | | | | |
structure is geared towards minimizing distractions so people can be creative and
| | | | | | | | | | | |
enterpernuial
Customer Service - CORRECT ANSWER✔✔-Sophisticated training and
| | | | | | |
development systems, rewards based on satisfaction goals, make great strides
| | | | | | | | | |
towards retaining employees, and sustaining a company culture that fosters
| | | | | | | | | |
friendliness and professionalism.
| |
Preferred Provider Organization (PPO) - CORRECT ANSWER✔✔-Under this plan,
| | | | | | | | |
policyholders can choose any doctor or medical facility they want.
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Answers
Fixed Pay - CORRECT ANSWER✔✔-Persons wage or salary
| | | | | | |
Variable Pay - CORRECT ANSWER✔✔-Variable pay typically involves incentives for
| | | | | | | | |
performance such as bonuses, and commissions.
| | | | | |
Benefits and Perks - CORRECT ANSWER✔✔-Include services provided to an
| | | | | | | | | |
employee by the company | | |
Relational Returns - CORRECT ANSWER✔✔-These are the intangible benefits
| | | | | | | | |
gained by an employee from work
| | | | |
Non-Exempt - CORRECT ANSWER✔✔-These employees are protected under FLSA.
| | | | | | | |
They are paid in wages and are entitled to overtime pay.
| | | | | | | | | | |
Exempt - CORRECT ANSWER✔✔-These employees are not protected under FLSA.
| | | | | | | | | |
They are paid a salary and are not entitled to overtime pay.
| | | | | | | | | | |
Internal Alignment - CORRECT ANSWER✔✔-These are comparisons of pay and
| | | | | | | | | |
skill level within the organization
| | | |
, External Competitiveness - CORRECT ANSWER✔✔-This answers the question:
| | | | | | | |
How much do we wish to pay compared to competitors?
| | | | | | | | |
Employee Contribution - CORRECT ANSWER✔✔-This addresses the issue of how
| | | | | | | | | |
much should a company rely on performance? And what behaviors will be
| | | | | | | | | | | |
rewarded
Management of pay system - CORRECT ANSWER✔✔-How does compensation
| | | | | | | | |
strategy attain business objectives? Furthermore, how will this be administered
| | | | | | | | | |
on a daily basis?
| | |
Cost Leadership - CORRECT ANSWER✔✔-Companies seek to gain an advantage
| | | | | | | | | |
over competitors by having the low prices.
| | | | | |
Innovation - CORRECT ANSWER✔✔-Their entire compensation and benefits
| | | | | | | |
structure is geared towards minimizing distractions so people can be creative and
| | | | | | | | | | | |
enterpernuial
Customer Service - CORRECT ANSWER✔✔-Sophisticated training and
| | | | | | |
development systems, rewards based on satisfaction goals, make great strides
| | | | | | | | | |
towards retaining employees, and sustaining a company culture that fosters
| | | | | | | | | |
friendliness and professionalism.
| |
Preferred Provider Organization (PPO) - CORRECT ANSWER✔✔-Under this plan,
| | | | | | | | |
policyholders can choose any doctor or medical facility they want.
| | | | | | | | |
