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BUS 409 WK 9 Quiz 8 Purchase this tutorial here:

1) As of March 2009, how much did U.S. companies spend per employee on average to provide legally required benefits?

A) $4,400

B) $370

C) $7,300

D) $730

2) In 2009, Carnation Candles had 100 employees. Approximately how much did the legally required benefits cost the company that year?

A) $650,000

B) $580,000

C) $890,000

D) $440,000

3) The first 4 quarters of the last 5 completed calendar quarters in the previous year is the base period for which benefit?


B) Medicare Part A

C) unemployment insurance

D) workers' compensation

4) If an employee wants to apply for unemployment benefits, how much will s/he have to have earned, in the last four quarters, to qualify?

A) $100 total

B) $1,000 total

C) $5,000 total

D) $10,000 total

5) How often will Jill receive an unemployment check?

A) daily

B) weekly

C) bi-monthly

D) monthly

6) What is the only state that requires employee contributions under the Federal Unemployment Tax Act (FUTA)?

A) Michigan

B) Florida

C) Alaska

D) California

7) If the CEO of a new company asked you how much per employee she will be taxed by FUTA, what would you tell her?

A) 3.5% of the first $7,000

B) 6.2% of the first $7,000

C) 6.2% of the first $10,000

D) 3.5% of the first $10,000

8) To be fully insured under OASDI, an employee would have to work at least how long?

A) 24 months

B) 5 years

C) 10 years

D) 12 months

9) In 2011, how much would you have to earn to qualify for one quarter of credit for OASDI coverage?

A) $625 for each quarter

B) $760 for each quarter

C) $920 for each quarter

D) $1,120 for each quarter

10) Samuel's full retirement age is 65 years old and his monthly benefit at that age is $1,000. According to the Social Security Administration retirement program, if Samuel decides to take retirement as early as age 63, his monthly benefit will be

A) Equal to $1,000

B) Greater than $1,000

C) Less than $1,000 but greater than $0

D) $0

11) In 2022, how old will Cary have to be to receive full Social Security benefits?

A) 57

B) 62

C) 65

D) 67

12) The average monthly benefit for all retired workers earning old age benefits as of June 2010 was how much?

A) $425

B) $780

C) $1,170

D) $1,712

13) To receive OASDI disability benefits, Sung Lee's disability would have to be expected to last at least how long?

A) 6 months

B) 12 months

C) 3 months

D) 18 months

14) Medicare Part A is based on what type of health care option?

A) preferred provider plan

B) medical savings account

C) managed care plan

D) fee-for-service

15) How is Medicare Part A financed?

A) payroll taxes paid only by employers

B) out-of-pocket

C) payroll taxes paid by both employers and employees

D) congressional fiat

16) Which of the following is covered by Medicare Part A?

A) home health care

B) IV drugs

C) surgery expenses

D) doctor's bills

17) What were the Medicare Part A monthly premiums in 2011?

A) $450

B) $250

C) $600

D) $161

18) If Fred signs up for Medicare Part B, what percent of his medical services and supplies will be covered after he has paid his annual deductible?

A) 25%

B) 33%

C) 60%

D) 80%

19) Medicare Select is one of the choices under which Medicare Plan?

A) Medicare Prescription Drug Program

B) Medicare Advantage

C) Medigap

D) Medicare+Choice

20) Which Medicare plan offers enrollees lower premiums in exchange for limiting their choice of health care providers?

A) Medicare+Choice

B) Medigap

C) Medicare Select

D) Medicare Advantage

21) This Medicare Plan was established with the passage of the Balanced Budget Act of 1997 as an alternative to the original program (parts A & B).

A) Medicare Select

B) Medicare Prescription Drug Program

C) Medicare Advantage

D) Medigap

22) Which Medicare plan allows enrollees to use medical savings accounts?

A) Medicare Advantage

B) Medigap

C) Medicare Select

D) Medicare Prescription Drug Program

23) Medicare Prescription Drug Program will cover how much of Silvia's prescription costs, after she meets the initial $295 deductible?

A) 60%

B) 75%

C) 90%

D) 50%

24) Thelma is on the Medicare Prescription Drug Program and has just spent over $5,100 out-of-pocket on medications, how much of the prescription costs will Medicare now cover for her?

A) 67%

B) 100%

C) 50%

D) 95%

25) Which one of the following is a wrong belief regarding the Social Security System in the United States?

A) The viability of Social Security programs has been a subject of heated debates between Democrats and Republicans across the country.

B) The Social Security taxes paid by today's workers and their employers are used to pay the benefits for today's retirees and other beneficiaries.

C) Social Security taxes paid by employees and their employers are held in interest-bearing accounts set aside by the federal government to meet their own future retirement income needs.

D) The Social Security System is a pay-as-you-go system.

26) MomPop's General Store can avoid paying workers' compensation taxes if it keeps its staff to less than how many employees?

A) 12

B) 50

C) 100

D) 25

27) What is the only state where employers are not required to fund workers' compensation programs?

A) Michigan

B) New York

C) Texas

D) Oregon

28) Under the Family and Medical Leave Act, for Pierre to take time off to take care of his wife and new child how many hours would he have had to work in the previous 12 months?

A) 1,000

B) 1,250

C) 1,600

D) 800

29) Due to the fact that the costs of benefits has risen so dramatically in recent years, the majority of the companies decided to finance discretionary benefits using

A) noncontributory financing.

B) contributory financing.

C) employee-financed benefits.

D) employer-financed benefits.

30) Mary works at a pharmaceutical company as a customer service representative. Her employer allows her to choose the set of benefits she will receive on top of preestablished sets of benefits such as medical insurance, and term life insurance. The company gave her credits equal to 6% of her salary with which she decided to purchase dental and vision insurance. This pharmaceutical company uses what kind of benefits plan?

A) cafeteria plan

B) flexible benefits plan

C) employee-financed plan

D) core plus option plan

31) Income discontinuity caused by the ________ led to the Social Security Act as a means to protect families from financial devastation in the event of unemployment.

32) The ________ is the minimum period of time an individual must be employed before becoming eligible to receive unemployment insurance under the Social Security Act of 1935.

33) Both employers and employees finance Medicare Part A benefits through payroll taxes of ________ percent on all earnings.

34) ________ plans emphasize cost control by limiting an employee's choice of doctors and hospitals, and often pay a higher level of benefits if health care is received from approved providers.

35) ________ Act contains provisions to make health care more affordable and will slowly eliminate the "donut hole" coverage gap.

36) In 2011, the OASDI tax rate was reduced by 2% for employees, which leads to a ________ percent effective tax rate for employees.

37) Violations of an ________ occur when an employer fails to reveal the exposure of one or more workers to harmful substances, or the employer does not disclose a medical condition typically caused by exposure.

38) ________ occurs when a worker has his or her job status negatively affected or is terminated as a result of filing a workers' compensation claim.

39) ________ specify insurance rates based on classifications of businesses.

40) ________ financing implies that the company assumes total costs for each discretionary benefit.

41) How does a state determine if an individual is eligible for unemployment insurance benefits?

42) Explain disability benefits under OASDI. Compare it with the workers' compensation.

43) Briefly discuss the components of legally required benefits. How can HR managers minimize the costs that are associated with legally required benefits?

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Bus 409 week 9 quiz 8  
Bus 409 week 9 quiz 8  

BUS 409 WK 9 Quiz 8 Purchase this tutorial here: 1) As of March 2009, how much did U.S....