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Exam 10: Compensation Management

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Question 21

Multiple Choice

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Sweet Sal's drive-thru eatery pays just above minimum wage, but other restaurants pay their workers more.Sweet Sal's is paying ___________.

A) minimum wage
B) at market
C) above market
D) below market
E) profit sharing

F) D) and E)
G) A) and E)

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Question 22

Multiple Choice

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The FLSA includes information on each of the following EXCEPT:

A) Minimum wage.
B) Exempt employees.
C) Overtime.
D) Benefits.
E) Child labor.

F) C) and D)
G) A) and D)

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Question 23

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Briefly describe the concepts of job structure and pay levels.

Mad Max retail store hires workers for $8.50 per hour, which is the same hourly rate as other nearby retail stores.Mad Max is paying _________.

Comparable worth means "similar pay for similar work."

__________is the process of changing the company structure to get rid of some of the vertical hierarchy (reporting levels) in an organization.

Performance philosophies of compensation don't tend to work well in competitive industries.

Wage compression widens the pay gap between new and experienced employees.

_____ theory notes that if a company pays higher wages, it can generally hire better people who will in turn be more productive.

__________is the maximum, minimum, and midpoint of pay for a certain group of jobs.

Comparable worth legislation has been proposed as a solution to the problem of persistent gender inequity in pay.

The first major provision of the FLSA concerns ____________________.

Overlapping _____ allows flexibility in assigning each person's pay rate within a particular pay level.

The longevity philosophy of compensation monetarily rewards employees for their loyalty to the firm.

Morgan is working on the compensation package for bank tellers.Bank customers like to see the same faces in the bank when they come in to talk about their money.Therefore, Morgan needs to find a way to reduce turnover among the tellers.Adopting a(n) _________ organizational philosophy on compensation might be a good idea.

_________is a hierarchy of jobs and their rates of pay within the organization.

Competencies and skills are the same thing.

Competency-based or skill-based pay will hinge partly on what skills employees bring to work and whether or not those skills are needed.

__________is the total of an employee's pay and benefits.

Courtney's organization is in a very competitive industry and getting goods to market quickly is vital to the organization's survival.For Courtney, adopting a(n) _________ organizational philosophy on compensation might be a good idea.