Exam 12: Managing Employee Benefits

A company that has been providing generous defined benefit pension plans to all its retirees for the past 50 years is now facing bankruptcy and is unable to pay the pension amount. Which of the following statements is true in the given scenario?

Which of the following is true of the Older Workers Benefit Protection Act (OWBPA)?

Which of the following is true of the Patient Protection and Affordable Care Act?

The Family and Medical Leave Act (FMLA) defines a _____ as an illness or injury that requires inpatient care or continuing treatment by a health care provider for medical problems that exist beyond three days.

How is the provision of benefits rather than wages advantageous for employees?

The _____ ensures the privacy of employee medical records.

Kenneth is a Programmer in the customer service department in Kynol Inc. When his father dies, he applies for a leave. In this scenario, Kenneth is most likely to have applied for a _____.

What are employee-paid group benefits? Why are they becoming popular?

Samuel works for a company that provides health care benefits to all its insured employees. However, every time Samuel visits a physician, he is required to pay a fixed amount of $20 from his own pocket, whereas the rest of the amount is covered by the medical insurance. The $20 that Samuel has to pay is an example of a(n) _____.

Most benefits, except for paid time off, are taxed as income to employees.

Glen, a line manager, is informed that his company will be introducing a stock purchase plan for employees. This implies that _____.

Employees are more likely to stay with employers who provide child-care and elder-care benefits.

Karen, a diabetic, has quit her job as an Internal Auditor with a bank and has joined another company as the Assistant Chief Financial Officer. Which of the following acts will enable Karen to switch her health insurance plan from her former employer to her new employer?

Meredith, the General Manager at Gladfle Inc., is planning to use certain new strategies to control and reduce the health care benefit costs to her company. Which of the following should she include in her list of strategies?

As per the provisions of the Affordable Care Act, companies in the United States are prohibited from increasing the fixed copay amount, decreasing the percentage, or decreasing the dollar amount that employees share for costs.

Which of the following statements is true of part-time employees?

Spousal exclusion provisions limit access to a company's health plan when an employee's spouse works for another company that offers health insurance.

Workers cannot be required to make financial contributions for coverage under workers' compensation programs.

Both short-term and long-term disability insurance provide continuing income protection for employees who become disabled and are unable to work.

The Family and Medical Leave Act of 1993 requires that employers allow eligible employees to take a maximum of _____ during any 12-month period.