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Question # 4

Which of the following is a characteristic of a good survey?

A.

Survey sources are identified.

B.

A limited sample size.

C.

Aggregate data is trimmed.

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Question # 5

What is the norm in displaying survey data format?

A.

Data in aggregate values

B.

Data in individual values

C.

Data in summarized form only

D.

Data in narrative format only

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Question # 6

For which of the following would regression analysis be used?

A.

Estimating the change in market rates for jobs based on scope data

B.

Determining the market rate composite from several survey sources

C.

Determining the premium for a hybrid job

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Question # 7

Which of the following information is typically stored in an HRIS?

A.

Customer information

B.

Financial information

C.

Information related to individual employees

D.

Marketing materials

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Question # 8

What is the formula for calculating the survey aging factor?

A.

No. of months to age x annual aging factor

B.

No. of months to age/12 months

C.

No. of months to age/12 months x annual aging factor

D.

Annual aging factor x 12 months

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Question # 9

What information should be communicated when communicating compensation?

A.

General information and vague messages

B.

Inaccurate information and specific messages

C.

Accurate information and vague messages

D.

Accurate information and specific messages

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Question # 10

How can the design of a compensation program help to ensure its success?

A.

By aligning with the organization's business strategy

B.

By using a standardized approach for all employees

C.

By offering the highest salaries in the market

D.

By providing only monetary rewards

E.

By using a complex compensation structure

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Question # 11

What information should be documented in relation to documenting survey results?

A.

Employee engagement data, company revenue, market share

B.

Job pricing worksheet, market index of competitiveness, graphic representation

C.

Employee turnover rates, training hours, safety record

D.

Customer satisfaction data, product quality metrics, innovation metrics

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Question # 12

Which of the following is the definition of blending?

A.

The process of allocating emphasis to a particular job and combining two or more salary surveys.

B.

The process of using market rates for two or more jobs to establish a market rate for a single hybrid job.

C.

The process of analyzing a blend of data (scope, industry, location, etc.) to determine worth of a position.

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Question # 13

Which survey data will be more clearly focused on the appropriate market while making a decision on which survey data to use?

A.

Conducting own survey only

B.

Custom third-party surveys only

C.

Published surveys only

D.

Both conducting own survey and custom third-party surveys

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Question # 14

What are the reasons for highs and lows of statistical data points?

A.

Pay philosophy, job tenure, variations in responsibility

B.

Job title, geographic location, industry sector

C.

Company size, job level, education level

D.

Age, gender, race

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Question # 15

Which of the following best describes the statement of what the organization believes about how people should be paid?

A.

Compensation structure

B.

Job description

C.

Performance evaluation

D.

Employee benefits

E.

Compensation philosophy

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Question # 16

What does it mean to lag the market in terms of pay?

A.

Setting pay below market levels

B.

Setting pay above market levels

C.

Setting pay at year-end anticipated market level

D.

Setting pay equal to current levels at the beginning of the year

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Question # 17

Which statement best describes the term relevant labor market(s)?

A.

markets which exclude geographic location and organizational size

B.

Labor market(s) against which the organization must equal its pay levels

C.

Market(s) from which an organization draws and loses its employees

D.

Labor market information that is generally applicable only to the manufacturing sector

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Question # 18

Which survey format represents pay for time in a career or profession, not in a job or organization?

A.

Job evaluation method

B.

Market pricing method

C.

Point factor method

D.

Maturity curves

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Question # 19

What does it mean to set pay at year-end anticipated market level?

A.

Setting pay at current market levels

B.

Setting pay above market levels

C.

Setting pay below market levels

D.

Setting pay at year-end anticipated market level

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Question # 20

What does it mean to set pay at mid-year anticipated market level?

A.

Setting pay at mid-year anticipated market level

B.

Setting pay below market levels

C.

Setting pay above market levels

D.

Setting pay at current market levels

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Question # 21

What is involved in analyzing pay competitiveness?

A.

Collecting information about the company's financials

B.

Identifying the company's best and worst employees

C.

Benchmarking against competitors' pay practices

D.

Conducting internal surveys of employee satisfaction

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Question # 22

What are the disadvantages of using job ranking for job evaluation and pay structure design?

A.

May be difficult to obtain data, may not be aligned with internal equity, not defensible on job content basis, may be overly time consuming

B.

Simple to administer and update for currency, responsive to the market, not overly time consuming compared to other methods, high degree of transparency

C.

Does not consider market rates, limited in accuracy, subjective, not useful for large organizations

D.

May not accurately reflect job value, subjective, may not be useful for small organizations

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Question # 23

In the context of compensation, what is a "benchmark job"?

A.

A job that is critical to the organization's success

B.

A job that is used to determine the market rate for similar jobs

C.

A job that is used as a model for performance evaluations

D.

A job that is used to set the maximum pay level for all employees

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Question # 24

Which of the following is an advantage of a published survey?

A.

You can customize the survey to meet your specific needs

B.

You have full control over the survey data and methodology

C.

You can negotiate the survey pricing with the vendor

D.

You may receive a substantial discount if you participate in the survey

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