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Question # 4

How does the Fair Labor Standards Act require employers to pay their nonexempt employees?

A.

Double time for time worked on Sunday

B.

Time and a half for all hours worked over 40 in the workweek

C.

Time and a half for all hours worked over 8 in the workday

D.

Double time for work on Saturday

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Question # 5

Which type of base pay is typically based on an individual employee's rate of production?

A.

Hourly rate

B.

Salary

C.

Piece rate

D.

Production rate   

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Question # 6

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?

A.

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

B.

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

C.

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

D.

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

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Question # 7

Step-rate increase programs provide employees the opportunity to receive two regular pay increases at which points?

A.

At established dates and then every six months thereafter

B.

On January 1 and July 1 of each year

C.

Once when they move a step, and again when the step value changes

D.

At the anniversary date and at the annual merit increase date   

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Question # 8

What type of equity incentive gives employees the right to purchase company shares at a specified price?

A.

Stock/share options

B.

Stock/share grants

C.

Restricted stock/shares

D.

Performance units   

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Question # 9

When would an employee most likely receive a differential in addition to the regular hourly rate?

A.

When working in more than one department

B.

When working less time than his or her normal schedule

C.

When working in locations other than the corporate office

D.

When working a holiday or weekend   

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Question # 10

Who enforces Title VII of the Civil Rights Act of 1964?

A.

The Equal Employment Opportunity Commission

B.

The Wage and Hour Division of the Department of Labor

C.

The National Civil Rights Commission

D.

The Office of Federal Contract Compliance

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Question # 11

Which of the following statements best describes defined benefit (DB) plans?

A.

There is no promise of a specific benefit at retirement.

B.

Individual accounts must be maintained for each participant.

C.

They are often integrated with government-sponsored programs.

D.

Employees are at risk for financial resources.   

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Question # 12

On what basis does the Equal Pay Act of 1963 prohibit an employer from discriminating in employee compensation programs?

A.

Race

B.

Religion

C.

Sex

D.

Age

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Question # 13

Regarding fixed and variable costs, what are Finance’s primary concerns?

A.

Fixed costs must be kept to a minimum, but variable costs can fluctuate since they tend to correlate with revenue.

B.

Variable costs often have a heavier focus than fixed costs, which applies to all areas, including compensation.

C.

Fixed costs and variable costs are equally important and both should be kept to a minimum.

D.

Fixed costs are not a concern because they cannot be changed, so the focus is primarily on variable costs.

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