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Exam 13: Benefits and Services

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Question 1

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In most states,workers' compensation benefits have no time limit,so injured employees may receive monetary and medical compensation for the duration of their employment.

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Question 2

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In addition to the funds contributed by employers,each state also contributes to funds for workers' compensation.

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Question 3

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A plan that contains a formula for determining retirement benefits is known as a ________.

Which health benefit is offered by almost all employers?

Orion is a business software firm based in Atlanta that employs over 400 people.Orion has traditionally provided legislatively required benefits for its employees including Social Security,workers' compensation,and unemployment insurance.In addition,Orion offers employees health and dental insurance.Orion employees work Monday through Friday on a 9 to 5 schedule.Orion's top executives are considering the idea of adding a flexible benefits plan and implementing a flexible work schedule. Which of the following,if true,best supports Orion's decision to offer flextime to its employees?

Pooled paid leave plans combine sick leave,vacation,and personal days into a single leave pool and have been blamed for increasing employee absenteeism.

Health care costs have dropped significantly in recent years due to government intervention and the increased use of HMOs.

All of the following are characteristic of 401(k) plans EXCEPT ________.

Taxes on employee wages to fund Social Security apply to all earnings up to ________.

Medicare provides a wide range of health services to people ________ or over.

Stephanie has opted to work from 7 am to 3 pm so that she can be home when her son finishes school in the afternoons.Her company must offer ________ for Stephanie to have this option.

Malcolm is interviewing for a new job and he is evaluating the quality of the pension plans offered for each company he is considering.One company offers a pension plan in which the company will make all contributions to the plan and will base his pension benefit on a formula linked to his pay at the time of retirement and the number of years he was with the firm.This pension plan is most likely classified as ________.

There is no limit to the amount an employee can contribute pre-tax into a 401(k)plan each year.

A primary benefit of 401(k)plans is that payments made by employees into the plan are pretax,so the employee pays no tax on those dollars until after he or she retires or withdraws the money.

Studies indicate that employee assistance programs most frequently provide help with personal mental health issues and family problems.

What policy issues must employers address when developing benefit plans? What federal laws influence employers' pension and health plans?

Private employers forced to downsize are required to provide COBRA coverage,and some firms offer dismissed employees severance pay.How do employers benefit from providing severance pay to dismissed employees? How do employees benefit from COBRA?

The Consolidated Omnibus Budget Reconciliation Act requires the government to provide health insurance to terminated or retired employees and their families through the Medicare system.

If an employee is injured at work due to a blatant disregard for company safety policies,the company is not required to pay workers' compensation.

Which of the following refers to a plan in which employees contribute a portion of their earnings to a fund and the employer typically matches the contribution in whole or part?