Regulatory Environments for Compensation Programs (C1) Practice Test

Questions # 1:

Until what age does the FLSA limit the number of hours of nonhazardous work? (...as long as the overtime pay provisions are met)

Options:

14 years of age

15 years of age

16 years of age

18 years of age

Questions # 2:

Under the Equal Pay Act, which is an acceptable defense to justify differences between the rates of pay for men and women assigned to the same job?

Options:

The male employees have substantially more education than the female employees.

All of the women have some professional certification or registration, whereas none of the men have comparable credentials.

The differential is due to the fact that the men have more seniority with the employer.

The women are all graduates of the most prestigious schools, and graduates from those schools command higher salaries.

Questions # 3:

What best describes what forecasting helps the organization to do?

Options:

Recognize possible issues and concerns that will drive budget planning

Prepare quarterly and annual reports and their associated statements

Withhold payroll taxes for all elements of compensation

Anticipate future capital needs by determining when the organization will enter the next phase of the business lifecycle

Questions # 4:

Which of the following is the earnings available to equity owners after paying debt and taxes?

Options:

EBIT

EPS

Net income

Operating profit

Questions # 5:

Which of the following acts is focused on employers with service contracts with the government?

Options:

Davis-Bacon Act

Sherman Antitrust Act

McNamara-O'Hara Act

National Labor Relations Act

Questions # 6:

What was the Bennett Amendment intended to do?

Options:

Make it easier to enforce the Equal Pay Act

Make the regulations covered under Title VII of the Civil Rights Act of 1964 more strict

Eliminate the potential conflict between Title VII and EPA

Prohibit gender-based discrimination

Questions # 7:

Which of the following is the best example of a variable cost?

Options:

Audit fees

Rent

Maintenance

Shipping

Questions # 8:

Which of the following is a type of variable pay?

Options:

Pay for time not worked

Hourly pay

Bonuses

Piece rate

Questions # 9:

What is a primary objective of profit-sharing and performance-sharing variable pay plans?

Options:

To achieve organizational cost savings through base pay reductions

To increase employee identification with the organization's success

To defer compensation expenses to future reporting periods

To reward individual employees for some significant contribution

Questions # 10:

The Alpha company ships an order to a customer on March 1st and invoices the customer for the product with the shipment, with payment terms of net 30 days. The customer’s payment is received on April 5th. The payment clears the bank and shows on Alpha’s account on April 8th. If Alpha is using accrual accounting, when does it record the revenue for this sale?

Options:

March 1st

March 31st

April 5th

April 8th

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