Copy Of Compensation Management Consolidated

Compensation Management List of Attempted Questions and Answers

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 Multiple Choice Single Answer   Question     Correct Answer    Match The Following   Question   Institutions of marriages & family Past Marriages  Select The Blank   Question     Correct Answer    True/False   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    Multiple Choice Multiple Answer   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    Match The Following   Question   Under E.S.I. employee's contribution Employee Pension Scheme is 8.33% of Employer & Employee Contribution under E.P.F. Under E.S.I., employer's contribution  Multiple Choice Multiple Answer   Question     Correct Answer    True/False   Question     Correct Answer    Multiple Choice Multiple Answer   Question     Correct Answer    True/False   Question     Correct Answer    Multiple Choice Multiple Answer

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 Select The Blank   Question     Correct Answer    Multiple Choice Multiple Answer   Question     Correct Answer    Match The Following   Question   Elements of good Wage Plan Remuneration Wage Differentials Mathematical tables  Multiple Choice Multiple Answer   Question     Correct Answer    True/False   Question     Correct Answer    Multiple Choice Multiple Answer   Question     Correct Answer    Select The Blank   Question     Correct Answer    Select The Blank   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    Select The Blank   Question     Correct Answer    Select The Blank   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    Select The Blank   Question     Correct Answer    Multiple Choice Multiple Answer

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 Multiple Choice Multiple Answer   Question     Correct Answer    Select The Blank   Question     Correct Answer    Match The Following   Question   Idle time due to tea breaks Basic Salary Professional Tax Overtime due to general pressure of work  Multiple Choice Multiple Answer   Question     Correct Answer    Multiple Choice Multiple Answer   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    Multiple Choice Multiple Answer   Question     Correct Answer    Select The Blank   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    True/False   Question     Correct Answer    Select The Blank   Question     Correct Answer    True/False   Question     Correct Answer    Multiple Choice Multiple Answer   Question     Correct Answer  

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  Correct Answer    Match The Following   Question   Post IPO stage of dotcoms Ideation stage of dotcoms Developmental stage of dotcoms IPO stage of dotcoms  Multiple Choice Multiple Answer   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    Multiple Choice Multiple Answer   Question     Correct Answer    Multiple Choice Single Answer   Question     Correct Answer    True/False   Question     Correct Answer    True/False   Question     Correct Answer    Select The Blank   Question     Correct Answer    Select The Blank   Question     Correct Answer    Match The Following   Question   Level II - Middle Managers Level I - Senior Managers Level II - Middle Managers Level I - Junior Managers  Multiple Choice Multiple Answer   Question     Correct Answer  

ompensation Management

ist of Attempted Questions and Answers

Life and Medical insurance or reimbursement of medical bills is considered as a part of ________. Perks Following are causes of idle time of labour pertaining to production, Failure of electricity. , Seasonal nature of demand. , Breakdown of machinery Profit sharing plans can be on :Industry basis , Locality basis , Unit basis Employees in the railways are entitled of payment of wages Act, 1936 who are drawing wages and salaries below :Rs. 1600/- a month House rent allowance paid to a employee residing in his own house is not exempt from tax. True If the employment is merely incidental to the exercise of a profession, the gains from such employment would be :Professional earnings If classification system is used, the jobs are already categorized into grade or :Class Production planning includes :Product engineering. Trade unions do affect rate of wages. True In addition to the result of job analysis and wage survey several other variables have to be given due consideration in establishing :Wage structure When a dotcom company starts earning profits, promoters are focused on the launch of:IPO Employees are paid incentives on 'Time' basis if :-

Units of output are difficult to measure , Delays in work are frequent , Quality is prime consideration When the cost of living increases, workmen and trade unions demanded to :Increase the wage In post IPO stage, dotcom company gives its employees :Balanced total reward package Documents used for wage analysis are :Job cards , Wage sheets In co-partnership Incentive system, there is division of :Surplus profit Main features of society are :Domination of machines , Exploitation of workers , Poor working conditions In dotcom companies, there is :Huge no of employees , Direct interaction with customers and client organizations , Reduction of capital cost In profit-sharing plan, employees :Work more diligently , Try to achieve higher profits , Fulfill entirely their responsibilities The goals and ideals of a traditional Indian family were spiritual and religious. True To perform a ________ function by way of determining the social status of workers. Social The most important deductions from wages / salaries are :Statutory deductions Standards of efficiency should be fixed by taking into consideration ________ worker & Normal working conditions. Normal In recent times, in addition to stock options, employees of dotcom companies are demanding :Cash bonus Persons interested in enhancing their reputations and receiving recognition may respond to ________.

Verbal praise Dotcom companies were founded to go beyond :Physical business Wage differentials have been classified into ________ categories. 3 Apart from salaries, IT employees are giving importance to :Job content , Job security , Company image Reward may be money or promotion, but more likely it will be some pay-off -a smile, and :Acceptance by peer Incentive schemes sometimes lead to jealousies and misunderstanding among the workers. True Any other amenity or service excluded from the computation of wages by a general or special order of appropriate Govt. False The cost of time lost in strikes is charged to Profit & Loss Account. True After deducting depreciation and initial or development rebate from profit, we arrive at ________. Surplus profit Documents useful for the purpose of wage analysis are :Wage sheets , Payroll , Accounting registers Gross Earnings - Deductions equals ________. Net Earnings With about 2-5 years of experience, an employee can move upto manager level from executive level in IT industry. True In Payroll process, a Journal entry is treated as Control entry to :Book deductions effected during the month , Book expenses for the month on account of payroll , Make remittances to respective authorities In developmental phase, the dotcom companies concentrate on :Building brand

Long-term wage Incentive plans are useful, where :Jobs are inter-related   Correct Answer   Society Permanent In material costing ________ Costs are written at to Marginal profit & loss A/c. Fixed Halsey Premium plan is a combination of the day wage & piece wage in modified form. True Some companies are paid on the higher side of the market in order to :Ensure an adequate supply of labour Article 43 reads: State shall endeavour to secure by suitable legislation to all :Agricultural workers , Industrial , Working in a living wage At germination stage, to attract and retain talent, dotcom companies offer : Stock option Standard cost is a :Predetermined cost   Correct Answer   0.02 Employer 0.12 0.05 Extent of employees turnover depends upon :Physical conditions within organisation , Type of industry , Male to female ratio Performance standards & norms for incentive payments should be set up high for better results. False E.S.I. Act aims at providing for certain cash benefits to employees in case of :Sickness , Maternity , Medical Employer's contribution to Superannuation Fund is taxable. False

Forces that favour regional differences are :Low mobility , Lower skilled job , Sources of income In graduated time rates system, if basic salary is Rs.2000 and dearness allowance is 150% then total remuneration will be :Rs.5000/  Correct Answer   Non-financial benefits Piece-rate Commission Bonus The scanlon plan of profit sharing gives utmost importance to ________. Employee participation If workers do not understand relationship between performance and rewards, incentive plans cannot motivate workers. True Financial &/or quantitative statement prepared & approved prior to period of time is called :Budget Group incentive plans may not become successful due to :Unevenness of performance of different members of groups , Illfeeling among group members , No recognition for individual performance Bonus is component of deductions. False The ________ criterion is usually regarded as an automatic minimum equity pay criterion. Cost of living pay Wages of security men in a production unit comes under :Indirect labour Major features of production are :Labour , Land , Capital The Scanlon plan of profit sharing is more effective where no of participants is more than 1000. False Incentive plans fail due to :-

Lack of required tools / training , Unfair standards , Fear of rate cut Objectives laid down by I.L.O. are :Abolish malpractices , Abuse in wage payment , Promote Trade Union Profit sharing, as an incentive plan, realizes these advantages :Higher profits , Increased efficiency , Climate for better employee relations Characteristic of a good compensation system is :Higher the efficiency of worker, higher is compensation. The institutions of marriage and family are also to be found in every :Society Hospitality industries includes :Hotels To make Scanlon plan successful, there should be :Stable product lines and costs , Strong commitment to plan , Healthy labour relations For higher management, ________ are influenced by the size of a company, specific industry and the process of decision making. Salaries Indirect labour cost forms a part of overheads. True Salary is still the only or chief motivator for IT employees. False Perquisites taxable in all cases include :Value of rent free accommodation provided by employer to his employee A good incentive scheme should have :Elasticity , Parity , Less operational costs In Taylor differential piece rate system, high piece rate is applicable if ________. Output is above standard Leave pay of current year is treated as ________. Direct Expenses Cost of time spent on conducting interviews & selecting a candidate for ________ is called Replacement cost. Replacement

One worker is working under piece rate & time rate combination system of compensation. He has worked in a week of 06 days consisting of 48 hours. His hourly rate is Rs.2/- per piece. His output for the week is 40 units. What will be his earning ? Rs.96/Wage differentials are of following factors :Difference in labour efficiency , Social esteem , Occupation Monetary incentives imply :External motivation Variance analysis is done in case of :Standard costing Inter-firm differentials reflect ________ wage levels of workers. Relative Wage Policy is of great concern to :Labour Management & Govt. ________ of payment recognizes that individuals are concerned about the money paid to them and also the relationship of this amount to what others are paid. Equity approach Incentive payments should be made at the end of fiscal year. False Most companies as against earlier visible cost don't use the "Total Cost To The Company". False During the research it was found that in certain cities prevailing wage rate are ________where as organizational ability to pay is more. Very low In the history of Indian IT industry, the year 2001-2002 will be remembered as ________. Year of lay-offs The management must concentrate on creating proper industrial relations climate before introducing incentive schemes. True

Time booking on job helps for :Estimating labour cost. ________ is the unique code allotted to each & every employee in the organization. Employee No. Monetary incentive plans result in :Greater output per man-hour , Lower unit cost , Higher wages First to lay down the guidelines for fixation of Minimum Wages was :Indian Labour Conference Payment is done on the basis of units of output, incase of ________ workers. Piece In Payroll process, Cost of Living Index provides the basis for calculating :D.A. Usually multinational companies ay higher than small scale industry. True   Correct Answer   Accumulation & classification all cost data Selection & training of employees. Maintain record of wage rate of each employee. Preparation of time & motion studies Salient features of profit-sharing are :Agreement is voluntary , Payment may be in cash / stock of future credits , Computation on the basis of some agreed formula Any imbalance in input-output relation in any incentive payment scheme can result in :Tension , Lower productivity , More absenteeism A worker produces 50 units a week of 06 days and piece rate is Rs.2/- per piece. Then his earning will be :Rs.100/________ are also aid to executives a certain percentage of the profits. Bonuses Education expenses on employee's family members paid or reimbursed by the employer are not taxable. False

Payment to out workers is done on ________ basis. Monthly Following are causes of idle time of labour pertaining to administration :Poor management , Management policy   Correct Answer   Two Employees Three categories Calculations Apart from salaries, IT employees are giving importance to :Company image , Job content , Job security The cost of time lost in setting a machine is treated as indirect cost. False The contemporary practice for enhancing organizational growth involves focuses on internal and external factors such as :Customer needs , Market trends , Costs Wage differentials have a great ________ and social significance. Economic ________ is a source document for preparation of wage sheet. Attendance Register Individuals from various level of the organisation have different :Life Style ________ are assured of a stable amount of money. Employees ________ provides benefits at the time of retirement/ death / following disability of worker. Deferred plan Demand for a particular skill is high and supply is low, compensation given is:High Employee's State Insurance Act, ________ is a pioneering measure in the field of social insurance of our country. 1948

Bonus, as the incentive to managers is determined :By formula , By discretion used in allocation of bonus Following are the forms of the cost of replacement :Cost of advertisement for recruitment , Cost of conducting interviews , Cost of interruption in production Minimum wages are not to be fixed in an industry which employs less then how many employees in the entire state? 1000 Remuneration paid for the service of the labour in production is :Wage Provident Funds can be of the following types :Statutory Provident Fund , Recognised Provident Fund , Public Provident Fund Following is not a function of personnel department :Time keeping. If an employee pays fees for attending some management course, the fees can be allowed for deduction from salary income. False The wages of workers not present at the time of payment disbursement should be entered into ________. Undisbursed wage register Basic compensation systems are :Time rate system , Piece rate system Overtime payment given to the worker due to inefficiency of other department is charged to ________. Responsible Department If the rent paid by employee for his accommodation is equal to or more than the value of rent-free house, the value of the concession in rent is 'NIL'. True Factors not related to money can also serve as ________. Attention seekers Aggregate costs change, if there is change in volume of output in case of :Marginal cost

Bonus or other payments under a profit-sharing scheme form a part of the contract of employment. False In businesses, where workers are illiterate and payments are done on weekly basis, the scope for fraud or cheating is less. False Job analysis describes :Duties , Responsibilities , Working conditions Contribution to the P.F. have to be remitted along with the challan for Account No.:2 , 21 , 10 Profession Tax is deducted as per the enactment by :State Govt. Through payroll system, Recovery statements like these can be generatedof:- ESI , Deductions of Profession Tax , LIC Premium Recovery recovered IT jobs still remain the best paying jobs in the country. True Cost of employee welfare activities comes under ________ cost. Preventive Advantage of disc method of attendance recording is :Suitable for illiterate worker. Source documents for preparations of wages are :Daily time sheet , Weekly time sheet. , Attendance register. Consideration for wage and salary administration are :Job requirement   Correct Answer   Skill comparison in time study Payment per unit of output Payment for total work Payment on monthly basis Group incentive system is more widely prevalent in the Indian industry than the system of individual incentive. True

In dotcom companies, there is :Direct interaction with customers and client organizations , Reduction of capital cost , Huge no of employees Executives are compensated for the various ________ incurred by them. Expenses In industrialization there is not always mass production. False In high profit making organisation compensation paid is relatively:Higher Group incentive plans are best suited for :Small work groups In traditional Indian society, marriages were considered to be :Permanent   Correct Answer   To bring appropriate payment systems Article 39 Increase economic welfare Emphasizes need for legislation Prevailing market rate is also known as :Comparable wage Ratio of number of persons over 4 years of service at present to present total employees is called ________ Skill dilution index There are many methods that an alive ________ management can creatively develop for employees rendered redundant through little forethought. HRD Disadvantage of maintaining hand written register for attendance is :Depends upon honesty.   Correct Answer   Incentive to worker to improve performance Economical factor is consider Productivity improvement Protect learners & slow workers

An employee gets deduction to the extent, professional tax paid by him from income chargeable under 'salaries'. True Contribution to the Provident Funds are made at certain rate or certain percentage of salary of employee, only by the Employer. False The cutting edge of an organization is its people. The work culture thus is being redefined to bring out the best in :Employees , Managers , Executives Effectiveness of incentive system is ascertained with the help of :Efficiency report. ________ is that portion of Dearness Allowance which Government declares to be paid for all purposes. Dearness Pay Gradewise flat allowances are also being considered generally except where tax exemption benefit are still available. True Return and wage differentials are contained by a set of factors such as :Productivity , Market conditions , Bargaining power Employees cost to the company includes :Basic wages , Incentives A job is rated to determine :Its value relative to other jobs in organization Components of deductions in salary are :E.S.I. , Housing loan installment. Wage and salary administration should be controlled by some proper agency. True Employees Compensation System is vital for :Motivation In following circumstances of overtimes, the cost is treated indirect costs :General pressure of work. , Inefficiency. Following is a method of attendance time recording method :Time recording clock.

Employees are paid incentives on 'Output' basis if :Units of output can be measured , Direct relationship between employee efforts and quantity of output , Jobs are standardised   Correct Answer   Compensation at market level More balanced total reward package Low cash compensation First real revenue flows ________ generated out of payroll system shows amounts of debits and credits. Journal entry Employee turnover rate focuses on stability of employee in the organisation. False Packing articles in plastic bags is an example of ________ system. Piece rate system By using straight piece rate system of compensation output :Increases Following are avoidable causes of employees turnover :Unsatisfactory pay package , Absence of job satisfaction If the same or about the same general rates of wages were not paid to the employees as were paid by the organisation's competitors, it would not be able to attract and maintain a sufficient quantity and quality of manpower. False For the valuation of rent free accommodation, 'Salary' includes : D A , Bonus , Education Allowance Cost of labour turnover includes :Replacement cost , Preventive cost Wage & salary administration refers to the establishment and implementation of sound policies and practices of employee :Compensation Organization's ability to pay, determines ________. Wage level Wage Policy is not of great concern to labour, management and Govt. False

Towns are getting converted into cities and cities into :Metro Profit sharing, as an incentive plan, realizes these advantages :Higher profits , Increased efficiency , Climate for better employee relations In effective incentive plan, standards on which plan is based should be :Fair , Reasonable , Specific Gate time keeping helps for :Payroll preparations. Incentive schemes should be installed right from beginning of production. False Incentive plans fail due to :Unfair standards , Fear of rate cut , Lack of required tools / training Components of deductions in salary are :E.S.I. , Housing loan installment. As industrialization taking place, the family values have :Changed Compensation policy does not need criteria for promotions. False Differential piece rate system is suitable where :Fixed costs are higher in proportion to veriable cost , It is possible to count production accurately , There are standardised methods of production Control of labour cost is essential in every organisation to :Determine indirect labour cost. In India, Group incentive plans face problems like :Numerous slabs in rate structure , High norms of standard work , Illiterate workforce If the employee receives conveyance allowance, or, he is provided with a vehicle by employer, he is not eligible to get 'Standard deduction' from his salary. False Carpenters engaged in cutting of wood in a furniture making shop is an example of :Direct labour

Employees cost to the company includes :Basic wages , Incentives Process of readjustment inevitable calls for changes in the ________ system and its practice. Human Resource   Correct Answer   Direct costs Gross Earning Deductions Indirect costs. Documents useful for the purpose of wage analysis are :Wage sheets , Payroll , Accounting registers Level II in junior managers comprises of :Engineers , Officers , Senior Engineers It was commonly believed by Hindus that marriage was :Necessary Source documents for preparations of wages are :Daily time sheet , Weekly time sheet. , Attendance register. ________ is necessary to calculate Dearness Allowance in Payroll process. Cost of Living Index In profit-sharing plan, the proportion of profits to be distributed among the employees is determined :In advance If the car is used for office duty, only the value of the use of motor car is taken as 'NIL'. True Today there is strong competition for acquiring as much ________ as possible. Wealth Accumulated leave pay is treated as Indirect expenses. True Cost accounting department analyze payroll for the purpose of revealing :Normal and abnormal idle time , Direct & indirect labour , Variance from budgeted costs

The approach of managerial / executive staff towards the perquisites has changed since last :10 years , 9 years , 8 years A person would readily respond to opportunities related to jobs if he has strong need for ________. Affiliation In metropolitan towns boys and girls are generally marring at the age of :25 to 35 Various enactments that are applicable to employees of organization are :Payment of Gratuity Act , Payment of Bonus Act , Employee's Provident Fund & Misc. Provisions Act Pay grade consists of jobs falling within a range of points, if the system used for job evaluation is :Point method In engineering and chemical industries, mostly we find group system of incentives. True In piece rate & time rate combination system, the workers may feel over secured and do not try hard to increase production. True ________ refers to the distribution of profits on the basis of certain percentage on one's monthly wages. Profit sharing bonus Economic system does result in the concentration of wealth. False Time spent by different workers on same job is recorded in :Job card. Advantages of having several pay ranges for each organisations are :The management could take a more flexible stance with respect to the labour market , It made it easy to attract experienced employees from other organisations , It helped to ensure that there was an overlap between the pay rates and those prevailing in the labour market ________ is financial / quantitative statement prepared & approved prior to a period of time.

Budget   Correct Answer   More balanced total reward package Low cash compensation First real revenue flows Compensation at market level Level II in senior managers include or comprises of :General Manager , Senior General Manager , Deputy General Manager Following is method of time booking :Daily time sheet. Broad groups may be illustrated within manufacturing as :Managerial , Clerical , Factory Person working in MNC's occupying higher positions devote most of their time for their :Employment & job Equal remuneration Act, 1976 discriminates on the ground of sex against women in the matter of employment. False Time booking helps to ascertain direct and indirect labour costs. True Equal remuneration Act, ________ provides for payment of equal remuneration to men and women for the same work of similar nature. 1976 Overtime payment given to the worker for completing work before scheduled date art the instruction of buyer is treated as ________ cost Direct   Correct Answer   Assistant Managers Executive vice President Senior Managers Deputy Managers The term salary does not include :D A , Employer's contribution to Provident Fund , Value of free use of motorcar

Compensation Management List of Attempted Questions and Answers

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ompensation Management

ist of Attempted Questions and Answers

Life and Medical insurance or reimbursement of medical bills is considered as a part of ________. Perks To perform a ________ function by way of determining the social status of workers. Social Standards of efficiency should be fixed by taking into consideration ________ worker & Normal working conditions. Normal Persons interested in enhancing their reputations and receiving recognition may respond to ________. Verbal praise Wage differentials have been classified into ________ categories. 3 After deducting depreciation and initial or development rebate from profit, we arrive at ________. Surplus profit Gross Earnings - Deductions equals ________. Net Earnings In material costing ________ Costs are written at to Marginal profit & loss A/c. Fixed The scanlon plan of profit sharing gives utmost importance to ________. Employee participation The ________ criterion is usually regarded as an automatic minimum equity pay criterion. Cost of living pay For higher management, ________ are influenced by the size of a company, specific industry and the process of decision making. Salaries In Taylor differential piece rate system, high piece rate is applicable if ________.

Output is above standard Leave pay of current year is treated as ________. Direct Expenses Cost of time spent on conducting interviews & selecting a candidate for ________ is called Replacement cost. Replacement Inter-firm differentials reflect ________ wage levels of workers. Relative ________ of payment recognizes that individuals are concerned about the money paid to them and also the relationship of this amount to what others are paid. Equity approach During the research it was found that in certain cities prevailing wage rate are ________where as organizational ability to pay is more. Very low In the history of Indian IT industry, the year 2001-2002 will be remembered as ________. Year of lay-offs ________ is the unique code allotted to each & every employee in the organization. Employee No. Payment is done on the basis of units of output, incase of ________ workers. Piece ________ are also aid to executives a certain percentage of the profits. Bonuses Payment to out workers is done on ________ basis. Monthly Wage differentials have a great ________ and social significance. Economic ________ is a source document for preparation of wage sheet. Attendance Register ________ are assured of a stable amount of money. Employees

________ provides benefits at the time of retirement/ death / following disability of worker. Deferred plan Employee's State Insurance Act, ________ is a pioneering measure in the field of social insurance of our country. 1948 The wages of workers not present at the time of payment disbursement should be entered into ________. Undisbursed wage register Overtime payment given to the worker due to inefficiency of other department is charged to ________. Responsible Department Factors not related to money can also serve as ________. Attention seekers Cost of employee welfare activities comes under ________ cost. Preventive Executives are compensated for the various ________ incurred by them. Expenses Ratio of number of persons over 4 years of service at present to present total employees is called ________ Skill dilution index There are many methods that an alive ________ management can creatively develop for employees rendered redundant through little forethought. HRD ________ is that portion of Dearness Allowance which Government declares to be paid for all purposes. Dearness Pay ________ generated out of payroll system shows amounts of debits and credits. Journal entry Packing articles in plastic bags is an example of ________ system. Piece rate system Organization's ability to pay, determines ________. Wage level

Process of readjustment inevitable calls for changes in the ________ system and its practice. Human Resource ________ is necessary to calculate Dearness Allowance in Payroll process. Cost of Living Index Today there is strong competition for acquiring as much ________ as possible. Wealth A person would readily respond to opportunities related to jobs if he has strong need for ________. Affiliation ________ refers to the distribution of profits on the basis of certain percentage on one's monthly wages. Profit sharing bonus ________ is financial / quantitative statement prepared & approved prior to a period of time. Budget Equal remuneration Act, ________ provides for payment of equal remuneration to men and women for the same work of similar nature. 1976 Overtime payment given to the worker for completing work before scheduled date art the instruction of buyer is treated as ________ cost Direct

Compensation Management List of Attempted Questions and Answers

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ompensation Management

ist of Attempted Questions and Answers

Employees in the railways are entitled of payment of wages Act, 1936 who are drawing wages and salaries below :Rs. 1600/- a month If the employment is merely incidental to the exercise of a profession, the gains from such employment would be :Professional earnings If classification system is used, the jobs are already categorized into grade or :Class Production planning includes :Product engineering. In addition to the result of job analysis and wage survey several other variables have to be given due consideration in establishing :Wage structure When a dotcom company starts earning profits, promoters are focused on the launch of:IPO When the cost of living increases, workmen and trade unions demanded to :Increase the wage In post IPO stage, dotcom company gives its employees :Balanced total reward package In co-partnership Incentive system, there is division of :Surplus profit The most important deductions from wages / salaries are :Statutory deductions In recent times, in addition to stock options, employees of dotcom companies are demanding :Cash bonus Dotcom companies were founded to go beyond :Physical business

Reward may be money or promotion, but more likely it will be some pay-off -a smile, and :Acceptance by peer In developmental phase, the dotcom companies concentrate on :Building brand Long-term wage Incentive plans are useful, where :Jobs are inter-related Some companies are paid on the higher side of the market in order to :Ensure an adequate supply of labour At germination stage, to attract and retain talent, dotcom companies offer : Stock option Standard cost is a :Predetermined cost In graduated time rates system, if basic salary is Rs.2000 and dearness allowance is 150% then total remuneration will be :Rs.5000/Financial &/or quantitative statement prepared & approved prior to period of time is called :Budget Wages of security men in a production unit comes under :Indirect labour Characteristic of a good compensation system is :Higher the efficiency of worker, higher is compensation. The institutions of marriage and family are also to be found in every :Society Hospitality industries includes :Hotels Perquisites taxable in all cases include :Value of rent free accommodation provided by employer to his employee

One worker is working under piece rate & time rate combination system of compensation. He has worked in a week of 06 days consisting of 48 hours. His hourly rate is Rs.2/- per piece. His output for the week is 40 units. What will be his earning ? Rs.96/Monetary incentives imply :External motivation Variance analysis is done in case of :Standard costing Wage Policy is of great concern to :Labour Management & Govt. Time booking on job helps for :Estimating labour cost. First to lay down the guidelines for fixation of Minimum Wages was :Indian Labour Conference In Payroll process, Cost of Living Index provides the basis for calculating :D.A. A worker produces 50 units a week of 06 days and piece rate is Rs.2/- per piece. Then his earning will be :Rs.100/Individuals from various level of the organisation have different :Life Style Demand for a particular skill is high and supply is low, compensation given is:High Minimum wages are not to be fixed in an industry which employs less then how many employees in the entire state? 1000 Remuneration paid for the service of the labour in production is :Wage Following is not a function of personnel department :Time keeping. Aggregate costs change, if there is change in volume of output in case of :Marginal cost

Profession Tax is deducted as per the enactment by :State Govt. Advantage of disc method of attendance recording is :Suitable for illiterate worker. Consideration for wage and salary administration are :Job requirement In high profit making organisation compensation paid is relatively:Higher Group incentive plans are best suited for :Small work groups In traditional Indian society, marriages were considered to be :Permanent Prevailing market rate is also known as :Comparable wage Disadvantage of maintaining hand written register for attendance is :Depends upon honesty. Effectiveness of incentive system is ascertained with the help of :Efficiency report. A job is rated to determine :Its value relative to other jobs in organization Employees Compensation System is vital for :Motivation Following is a method of attendance time recording method :Time recording clock. By using straight piece rate system of compensation output :Increases Wage & salary administration refers to the establishment and implementation of sound policies and practices of employee :Compensation Towns are getting converted into cities and cities into :Metro

Gate time keeping helps for :Payroll preparations. As industrialization taking place, the family values have :Changed Control of labour cost is essential in every organisation to :Determine indirect labour cost. Carpenters engaged in cutting of wood in a furniture making shop is an example of :Direct labour It was commonly believed by Hindus that marriage was :Necessary In profit-sharing plan, the proportion of profits to be distributed among the employees is determined :In advance In metropolitan towns boys and girls are generally marring at the age of :25 to 35 Pay grade consists of jobs falling within a range of points, if the system used for job evaluation is :Point method Time spent by different workers on same job is recorded in :Job card. Following is method of time booking :Daily time sheet. Person working in MNC's occupying higher positions devote most of their time for their :Employment & job

Compensation Management List of Attempted Questions and Answers

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ompensation Management

ist of Attempted Questions and Answers

House rent allowance paid to a employee residing in his own house is not exempt from tax. True Trade unions do affect rate of wages. True The goals and ideals of a traditional Indian family were spiritual and religious. True Incentive schemes sometimes lead to jealousies and misunderstanding among the workers. True Any other amenity or service excluded from the computation of wages by a general or special order of appropriate Govt. False The cost of time lost in strikes is charged to Profit & Loss Account. True With about 2-5 years of experience, an employee can move upto manager level from executive level in IT industry. True Halsey Premium plan is a combination of the day wage & piece wage in modified form. True Performance standards & norms for incentive payments should be set up high for better results. False Employer's contribution to Superannuation Fund is taxable. False If workers do not understand relationship between performance and rewards, incentive plans cannot motivate workers. True Bonus is component of deductions.

False The Scanlon plan of profit sharing is more effective where no of participants is more than 1000. False Indirect labour cost forms a part of overheads. True Salary is still the only or chief motivator for IT employees. False Incentive payments should be made at the end of fiscal year. False Most companies as against earlier visible cost don't use the "Total Cost To The Company". False The management must concentrate on creating proper industrial relations climate before introducing incentive schemes. True Usually multinational companies ay higher than small scale industry. True Education expenses on employee's family members paid or reimbursed by the employer are not taxable. False The cost of time lost in setting a machine is treated as indirect cost. False If an employee pays fees for attending some management course, the fees can be allowed for deduction from salary income. False If the rent paid by employee for his accommodation is equal to or more than the value of rent-free house, the value of the concession in rent is 'NIL'. True Bonus or other payments under a profit-sharing scheme form a part of the contract of employment. False

In businesses, where workers are illiterate and payments are done on weekly basis, the scope for fraud or cheating is less. False IT jobs still remain the best paying jobs in the country. True Group incentive system is more widely prevalent in the Indian industry than the system of individual incentive. True In industrialization there is not always mass production. False An employee gets deduction to the extent, professional tax paid by him from income chargeable under 'salaries'. True Contribution to the Provident Funds are made at certain rate or certain percentage of salary of employee, only by the Employer. False Gradewise flat allowances are also being considered generally except where tax exemption benefit are still available. True Wage and salary administration should be controlled by some proper agency. True Employee turnover rate focuses on stability of employee in the organisation. False If the same or about the same general rates of wages were not paid to the employees as were paid by the organisation's competitors, it would not be able to attract and maintain a sufficient quantity and quality of manpower. False Wage Policy is not of great concern to labour, management and Govt. False Incentive schemes should be installed right from beginning of production. False Compensation policy does not need criteria for promotions. False

If the employee receives conveyance allowance, or, he is provided with a vehicle by employer, he is not eligible to get 'Standard deduction' from his salary. False If the car is used for office duty, only the value of the use of motor car is taken as 'NIL'. True Accumulated leave pay is treated as Indirect expenses. True In engineering and chemical industries, mostly we find group system of incentives. True In piece rate & time rate combination system, the workers may feel over secured and do not try hard to increase production. True Economic system does result in the concentration of wealth. False Equal remuneration Act, 1976 discriminates on the ground of sex against women in the matter of employment. False Time booking helps to ascertain direct and indirect labour costs. True

Compensation Management List of Attempted Questions and Answers

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ompensation Management

ist of Attempted Questions and Answers

Following are causes of idle time of labour pertaining to production, Failure of electricity. , Seasonal nature of demand. , Breakdown of machinery Profit sharing plans can be on :Industry basis , Locality basis , Unit basis Employees are paid incentives on 'Time' basis if :Units of output are difficult to measure , Delays in work are frequent , Quality is prime consideration Documents used for wage analysis are :Job cards , Wage sheets Main features of society are :Domination of machines , Exploitation of workers , Poor working conditions In dotcom companies, there is :Huge no of employees , Direct interaction with customers and client organizations , Reduction of capital cost In profit-sharing plan, employees :Work more diligently , Try to achieve higher profits , Fulfill entirely their responsibilities Apart from salaries, IT employees are giving importance to :Job content , Job security , Company image Documents useful for the purpose of wage analysis are :Wage sheets , Payroll , Accounting registers In Payroll process, a Journal entry is treated as Control entry to :Book deductions effected during the month , Book expenses for the month on account of payroll , Make remittances to respective authorities Article 43 reads: State shall endeavour to secure by suitable legislation to all :Agricultural workers , Industrial , Working in a living wage Extent of employees turnover depends upon :Physical conditions within organisation , Type of industry , Male to female ratio

E.S.I. Act aims at providing for certain cash benefits to employees in case of :Sickness , Maternity , Medical Forces that favour regional differences are :Low mobility , Lower skilled job , Sources of income Group incentive plans may not become successful due to :Unevenness of performance of different members of groups , Illfeeling among group members , No recognition for individual performance Major features of production are :Labour , Land , Capital Incentive plans fail due to :Lack of required tools / training , Unfair standards , Fear of rate cut Objectives laid down by I.L.O. are :Abolish malpractices , Abuse in wage payment , Promote Trade Union Profit sharing, as an incentive plan, realizes these advantages :Higher profits , Increased efficiency , Climate for better employee relations To make Scanlon plan successful, there should be :Stable product lines and costs , Strong commitment to plan , Healthy labour relations A good incentive scheme should have :Elasticity , Parity , Less operational costs Wage differentials are of following factors :Difference in labour efficiency , Social esteem , Occupation Monetary incentive plans result in :Greater output per man-hour , Lower unit cost , Higher wages Salient features of profit-sharing are :Agreement is voluntary , Payment may be in cash / stock of future credits , Computation on the basis of some agreed formula Any imbalance in input-output relation in any incentive payment scheme can result in :Tension , Lower productivity , More absenteeism Following are causes of idle time of labour pertaining to administration :Poor management , Management policy

Apart from salaries, IT employees are giving importance to :Company image , Job content , Job security The contemporary practice for enhancing organizational growth involves focuses on internal and external factors such as :Customer needs , Market trends , Costs Bonus, as the incentive to managers is determined :By formula , By discretion used in allocation of bonus Following are the forms of the cost of replacement :Cost of advertisement for recruitment , Cost of conducting interviews , Cost of interruption in production Provident Funds can be of the following types :Statutory Provident Fund , Recognised Provident Fund , Public Provident Fund Basic compensation systems are :Time rate system , Piece rate system Job analysis describes :Duties , Responsibilities , Working conditions Contribution to the P.F. have to be remitted along with the challan for Account No.:2 , 21 , 10 Through payroll system, Recovery statements like these can be generated Recovery of:- ESI , Deductions of Profession Tax , LIC Premium recovered Source documents for preparations of wages are :Daily time sheet , Weekly time sheet. , Attendance register. In dotcom companies, there is :Direct interaction with customers and client organizations , Reduction of capital cost , Huge no of employees The cutting edge of an organization is its people. The work culture thus is being redefined to bring out the best in :Employees , Managers , Executives Return and wage differentials are contained by a set of factors such as :Productivity , Market conditions , Bargaining power Employees cost to the company includes :Basic wages , Incentives

Components of deductions in salary are :E.S.I. , Housing loan installment. In following circumstances of overtimes, the cost is treated indirect costs :General pressure of work. , Inefficiency. Employees are paid incentives on 'Output' basis if :Units of output can be measured , Direct relationship between employee efforts and quantity of output , Jobs are standardised Following are avoidable causes of employees turnover :Unsatisfactory pay package , Absence of job satisfaction For the valuation of rent free accommodation, 'Salary' includes : D A , Bonus , Education Allowance Cost of labour turnover includes :Replacement cost , Preventive cost Profit sharing, as an incentive plan, realizes these advantages :Higher profits , Increased efficiency , Climate for better employee relations In effective incentive plan, standards on which plan is based should be :Fair , Reasonable , Specific Incentive plans fail due to :Unfair standards , Fear of rate cut , Lack of required tools / training Components of deductions in salary are :E.S.I. , Housing loan installment. Differential piece rate system is suitable where :Fixed costs are higher in proportion to veriable cost , It is possible to count production accurately , There are standardised methods of production In India, Group incentive plans face problems like :Numerous slabs in rate structure , High norms of standard work , Illiterate workforce Employees cost to the company includes :Basic wages , Incentives Documents useful for the purpose of wage analysis are :Wage sheets , Payroll , Accounting registers

Level II in junior managers comprises of :Engineers , Officers , Senior Engineers Source documents for preparations of wages are :Daily time sheet , Weekly time sheet. , Attendance register. Cost accounting department analyze payroll for the purpose of revealing :Normal and abnormal idle time , Direct & indirect labour , Variance from budgeted costs The approach of managerial / executive staff towards the perquisites has changed since last :10 years , 9 years , 8 years Various enactments that are applicable to employees of organization are :Payment of Gratuity Act , Payment of Bonus Act , Employee's Provident Fund & Misc. Provisions Act Advantages of having several pay ranges for each organisations are :The management could take a more flexible stance with respect to the labour market , It made it easy to attract experienced employees from other organisations , It helped to ensure that there was an overlap between the pay rates and those prevailing in the labour market Level II in senior managers include or comprises of :General Manager , Senior General Manager , Deputy General Manager Broad groups may be illustrated within manufacturing as :Managerial , Clerical , Factory The term salary does not include :D A , Employer's contribution to Provident Fund , Value of free use of motorcar

Compensation Management List of Attempted Questions and Answers

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 Match The Following   Question   Institutions of marriages & family Past Marriages  Match The Following   Question   Under E.S.I. employee's contribution Employee Pension Scheme is 8.33% of Employer & Employee Contribution under E.P.F. Under E.S.I., employer's contribution  Match The Following   Question   Top managers Workers Salesmen Managers  Match The Following   Question   Cost accounting Dept. Personnel Dept. Payroll Dept. Engineering Dept.  Match The Following   Question   Elements of good Wage Plan Remuneration Wage Differentials Mathematical tables  Match The Following   Question   Normal Worker Piece Worker Casual Worker Out workers  Match The Following   Question   I. L. O. Child Exploitation Wage Policy Article 43  Match The Following   Question  

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High wage level system Graduated time rate system Straight piece rate system Piece rate system & time rate combination  Match The Following   Question   IPO stage of dotcoms Post IPO stage of dotcoms Ideation stage of dotcoms Developmental stage of dotcoms  Match The Following   Question   Idle time due to tea breaks Basic Salary Professional Tax Overtime due to general pressure of work  Match The Following   Question   Post IPO stage of dotcoms Ideation stage of dotcoms Developmental stage of dotcoms IPO stage of dotcoms  Match The Following   Question   Level II - Middle Managers Level I - Senior Managers Level II - Middle Managers Level I - Junior Managers

ompensation Management

ist of Attempted Questions and Answers

  Correct Answer   Society Permanent   Correct Answer   0.02 Employer 0.12 0.05   Correct Answer   Non-financial benefits Piece-rate Commission Bonus   Correct Answer   Accumulation & classification all cost data Selection & training of employees. Maintain record of wage rate of each employee. Preparation of time & motion studies   Correct Answer   Two Employees Three categories Calculations   Correct Answer   Skill comparison in time study Payment per unit of output Payment for total work Payment on monthly basis   Correct Answer   To bring appropriate payment systems Article 39 Increase economic welfare Emphasizes need for legislation   Correct Answer  

Incentive to worker to improve performance Economical factor is consider Productivity improvement Protect learners & slow workers   Correct Answer   Compensation at market level More balanced total reward package Low cash compensation First real revenue flows   Correct Answer   Direct costs Gross Earning Deductions Indirect costs.   Correct Answer   More balanced total reward package Low cash compensation First real revenue flows Compensation at market level   Correct Answer   Assistant Managers Executive vice President Senior Managers Deputy Managers