Regulatory Environments for Compensation Programs (C1) Practice Test

Questions # 21:

What type of pay increase is given when an organization finds that its compensation program is behind competitive market rates?

Options:

General

Cost of living

Automatic

Merit

Questions # 22:

Which of the following scenarios best describes a contract worker?

Options:

A technician who works a scheduled shift and performs tasks as assigned according to specifications.

A computer programmer who telecommutes, uses her own equipment and works for multiple employers

An accounts payable specialist who works at the company site utilizing an internal A/P system and pays vendors according to company procedures.

Questions # 23:

Which of the following best describes a form of base pay that is a fixed weekly, biweekly or monthly payment?

Options:

Hourly rate

Salary

Piece rate

Bonuses

Questions # 24:

Gross margin is which of the following, as percent of revenue?

Options:

Revenue minus cost of goods sold

Expenses plus taxes and depreciation

Gross profit minus expenses

Cost of goods sold

Questions # 25:

What is one reason that it is important to perform a periodic audit of processes and results?

Options:

It is required by the Department of Labor

It is required in determining increase budgets

It determines what information and data sources will be used in the audit

It builds in a process of continuous improvement

Questions # 26:

The Delta Company has experienced increased turnover in the past two years. Data from exit interviews indicate that most of those leaving did so for better opportunities and higher compensation. If Delta pays at the highest percentile of the market for their peer group, what data analysis should they do?

Options:

Additional quantitative analysis to determine whether pay rates are truly competitive or existing data are unreliable

Qualitative data collection to talk to key stakeholders and employees and determine whether the exit interviews accurately reflect their concerns

Qualitative data collection in the form of an employee survey with questions about employee satisfaction with pay levels

No additional data analysis is needed. Delta should increase pay rates based on the existing data to decrease turnover.

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