Compensation Management Consolidated (1)

7/27/2019 Compensation Management Consolidated (1)

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Institutions of marriages & familyPast Marriages

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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



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Top managers

Workers

Salesmen

Managers

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Cost accounting Dept.

Personnel Dept.Payroll Dept.

Engineering Dept.


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Elements of good Wage Plan

RemunerationWage Differentials

Mathematical tables


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Normal Worker

Piece Worker

Casual Worker

Out workers

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I. L. O.

Child Exploitation

Wage Policy

Article 43Multiple Choice Single Answer

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High wage level system

Graduated time rate system

Straight piece rate system

Piece rate system & time rate combination

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IPO stage of dotcoms

Post IPO stage of dotcomsIdeation stage of dotcoms

Developmental stage of dotcoms

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Idle time due to tea breaks

Basic Salary

Professional TaxOvertime due to general pressure of work


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Post IPO stage of dotcoms

Ideation stage of dotcoms

Developmental stage of dotcomsIPO stage of dotcoms


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Level II - Middle ManagersLevel I - Senior Managers

Level II - Middle Managers

Level I - Junior Managers


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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

nsation Management

ttempted Questions and Answers


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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 theirresponsibilities

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


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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


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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 onaccount 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

SocietyPermanent

________

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

0.0175

Employer

0.12

0.0475


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Extent of employees turnover depends upon :-, ,

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 , Ill-feeling

among group members , No recognition for individual performance

Bonus is component of deductions.

False


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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


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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

,

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.


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________ 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.


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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

EmployeesThree categories

Calculations


Company image , Job content , Job security


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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

,

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


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Provident Funds can be of the following types :-, ,

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


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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 generated :-

Recovery of ESI , Deductions of Profession Tax , LIC Premium 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


Direct interaction with customers and client organizations , Reduction ofcapital cost , Huge no of employees

Executives are compensated for the various ________ incurred by them.

Expenses

In industrialization there is not always mass production.


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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.


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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 :-


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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 packageLow cash compensation

First real revenue flows

________

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.


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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



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

, ,

vehicle by employer, he is not eligible to get 'Standard deduction' from his

False


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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

DeductionsIndirect costs.



Level II in junior managers comprises of :-

Engineers , Officers , Senior Engineers

It was commonly believed by Hindus that marriage was :-

Necessary



________ 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


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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 frombudgeted 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 :-


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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 payrates 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 flowsCompensation 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


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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 ManagersExecutive vice President

Senior Managers

Deputy Managers

The term salary does not include :-, ,


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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

________

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.

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Salaries

,

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 themoney 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


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________ 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 disbursementshould 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


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________

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


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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

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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 :-


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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

,

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


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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 :-


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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 theemployees 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.


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Person working in MNC's occupying higher positions devote most of their

time for their :-

Employment & job


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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

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.

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True

Bonus is component of deductions.

False

The Scanlon plan of profit sharing is more effective where no of participants ismore 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


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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 weeklybasis, 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.


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False

Incentive schemes should be installed right from beginning of production.

False

Compensation policy does not need criteria for promotions.False

, ,

vehicle by employer, he is not eligible to get 'Standard deduction' from his

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


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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


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


Job content , Job security , Company image



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 :-

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, ,

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 , Ill-feeling

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



To make Scanlon plan successful, there should be :-

Stable product lines and costs , Strong commitment to plan , Healthy labourrelations

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 :-


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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 :-, ,

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




Direct interaction with customers and client organizations , Reduction of

capital cost , Huge no of employees


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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





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



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



Differential piece rate system is suitable where :-


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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





Level II in junior managers comprises of :-

Engineers , Officers , Senior Engineers



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

Compensation Management Consolidated (1)

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