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| Section | Weight | Objectives |
|---|---|---|
| Other Key Regulations | 10% | - State and local regulatory variations - Family and Medical Leave Act |
| Labor Relations Regulations | 15% | - National Labor Relations Act - Impact of unionization on compensation practices |
| Overview of Regulatory Framework | 15% | - Impact of regulation on compensation design and administration - Federal regulatory structure and authority |
| Tax and Reporting Requirements | 15% | - Form W-2 and other reporting obligations - Executive compensation disclosure rules - IRS rules for taxable and non-taxable compensation |
| Fair Labor Standards Act (FLSA) | 25% | - Minimum wage and overtime requirements - Exempt vs non-exempt classification rules - Recordkeeping and compliance obligations |
| Anti-Discrimination Laws | 20% | - Equal Pay Act - Americans with Disabilities Act - Title VII of Civil Rights Act - Age Discrimination in Employment Act |
1. Gross margin is which of the following, as percent of revenue?
A) Gross profit minus expenses
B) Cost of goods sold
C) Revenue minus cost of goods sold
D) Expenses plus taxes and depreciation
2. When would an employee most likely receive a differential in addition to the regular hourly rate?
A) When working less time than his or her normal schedule
B) When working a holiday or weekend
C) When working in more than one department
D) When working in locations other than the corporate office
3. Regarding compensation communications with executives, where do they tend to need the greatest level of understanding?
A) In the details of their individual compensation packages
B) In the differences in pay levels for the different levels of the organization
C) In the methods and processes used to make pay decisions
D) In the overall program objectives
4. Which of the following is appropriate when an employee is required by the employer to attend training as a condition of employment?
A) Appropriate study time does not count as hours worked regardless of the educational level of the training program.
B) Only educational programs focused on remedial education (up to eighth grade) can be excluded from the 40-hr criteria for time and a half.
C) Even when the training is required, as long as the classes are outside working time and not on company property, they are not hours worked.
D) No training time is considered hours worked even if it is a condition of employment, since the employee is free to leave the company.
5. Until what age does the FLSA limit the number of hours of nonhazardous work? (...as long as the overtime pay provisions are met)
A) 15 years of age
B) 18 years of age
C) 16 years of age
D) 14 years of age
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: C |
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