Exam 11: Employee Benefits

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Vesting is a guarantee of accrued benefits to participants at retirement age,provided they are currently employed.

(True/False)
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In order to qualify for Social Security benefits,all individuals must be at least 65 years of age.

(True/False)
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Workers' compensation laws provide uniform compensation to disabled workers regardless of the state in which they work.

(True/False)
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In 1996,Congress passed the ______,which provides that a same-sex domestic partner may not be treated as an employee's spouse for purposes of federal law.

(Multiple Choice)
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Groups of physicians that contract with an employer to provide medical resources on a more cost-efficient basis in exchange for a greater share of patients are known as:

(Multiple Choice)
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Some states provide rights to employees that are lesser than those provided by the Family and Medical Leave Act.

(True/False)
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If an employee takes a leave of absence under the Family and Medical Leave Act,the employer must continue the employee's medical benefits for the duration of the leave.

(True/False)
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Why have 401(k)plans become so popular?

(Essay)
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Beginning in 2014,firms that employ _____ or more people who work 30 or more hours per week but do not offer them health insurance will have to pay a penalty to the government.

(Multiple Choice)
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Today,about _____ of households nearing retirement have 401(k)-type of accounts.

(Multiple Choice)
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Employees desiring domestic companion benefits typically must sign:

(Multiple Choice)
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Explain the concept of work-life benefits.Name and discuss at least five of these benefits employers offer their employees.

(Essay)
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Benefits generally account for approximately 14 percent of payroll costs.

(True/False)
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Supplemental unemployment benefits are not required by law and are usually funded by an employer.

(True/False)
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The Social Security Administration administers the ______________ program.

(Multiple Choice)
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In January 2008,Congress passed the __________ which amended the Family and Medical Leave Act (FLMA)to provide eligible employees working for covered employers new leave rights related to military service.

(Multiple Choice)
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To contain health care costs,an employer may increase an employee's deductible amount or co-payments.

(True/False)
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Compare and contrast the risks to the employee in regard to defined-contribution and defined-benefit pension plans.

(Essay)
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The decision whether a pension plan should be offered is the responsibility of the:

(Multiple Choice)
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Under the Family and Medical Leave Act,a convenience store owner with 20 employees is required to provide up to 12 weeks of unpaid leave to an eligible employee for medical reasons.

(True/False)
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