Question 1

Which of the following is a feature of a salary continuation plan?

Accepted Answer

A)  It covers only work-related illness or injury.
B)  It provides income protection due to long-term illness or injury.
C)  It typically provides full pay for some period of time, often two or three weeks.
D)  It grants a specified number of paid sick days per month or per year.
E)  It typically begins paying after 26 weeks of disability and continues to age 65 or for life.F) B) and C)
G) A) and B)

Question 2

Describe the three types of disability plans: short-term disability, sick leave, and long-term disability plans.

Accepted Answer

Short-term disability plans or salary co...

Question 3

Flexible benefits help companies save on cost.

Accepted Answer

A) True 
 B)False

Question 4

Disability benefits are payable to contributors who sustain a severe, prolonged mental or physical disability and are payable until age when the retirement pension begins.

Accepted Answer

A)  45
B)  50
C)  55
D)  60
E)  65F) A) and B)
G) A) and C)

Question 5

Which of the following is true of defined contribution plan?

Accepted Answer

A)  It is more favourable to long-service employees.
B)  It provides an explicit benefit which is easily communicated.
C)  It does not make employer costs known.
D)  It makes the employer accountable for the risks associated with changes in inflation and interest rates.
E)  It does not require managing of surplus or deficit in pension fund.F) B) and D)
G) A) and D)

Question 6

What is the purpose of Workers' Compensation?

Accepted Answer

Workers' Compensation provides non-taxab...

Question 7

What is the reason behind defined-contribution plans gaining popularity over defined-benefit plans?

Accepted Answer

Defined contribution plans have known co...

Question 8

Which of the following is an employee benefit required by law?

Accepted Answer

A)  employee stock ownership plan
B)  severance pay plan
C)  employee assistance plan
D)  payments for vacation
E)  Employment InsuranceF) A) and E)
G) D) and E) E

Question 9

refers to a specified dollar amount of claims paid by the employee each year before insurance benefits begin.

Accepted Answer

A)  Deductible
B)  Benefit cutback
C)  Vesting
D)  Wage concession
E)  CoinsuranceF) C) and E)
G) A) and B)

Question 10

An employee assistance plan (EAP) is a formal employer program that provides employees with:

Accepted Answer

A)  child care services and elder care.
B)  counselling for mental health issues.
C)  income protection for disability.
D)  vision care and dental insurance.
E)  pay for the extra number of hours worked.F) None of the above
G) B) and C)

Question 11

What can be attributed to the growth in employee benefits?

Accepted Answer

The government has played a key role in the growth of employee benefits. There are three
government-mandated employment-related benefits: Workers' Compensation (provincial), Employment Insurance (federal), and Canada/Quebec Pension Plan (federal and Quebec). Additionally, such laws as the Income Tax Act, impacts most other employee benefits such as pension benefits acts. Mandatory retirement at age 65 has been outlawed in most provinces. Many pension and benefit plans have been revised to permi continued pension accrual and continuing benefits coverage for those working past age 65.
Unions have fought for the introduction of new benefits and the improvement of existing benefits. Many of the benefits in existence today were provided at employer initiative. Many employer-initiated benefits (such as rest breaks)were designed to create a climate in which employees perceived that management was genuinely concerned for their welfare.
Another important and sound reason for the growth of employee benefits is their cost-effectiveness in three situations. The first, is that most employee benefits are not taxable. Provision of a benefit instead of an equivalent increase in wages avoids payment of personal income tax. The second component arises because many group-based benefits (e.g., life and health insurance)can be obtained at a lower rate than could be obtained by employees acting on their own. Third, benefit premiums and pension contributions are tax deductible up to limits specified in the Income Tax Act.

Question 12

Most employee benefits are not taxable and thus offer a cost advantage.

Accepted Answer

A) True 
 B)False

Question 13

Long-term disability plans provide income protection due to long-term illness or injury that is not work-related.

Accepted Answer

A) True 
 B)False

Question 14

Supplementary unemployment benefit plans and work-sharing programs are mandatory benefits.

Accepted Answer

A) True 
 B)False

Question 15

Flu shot programs, staff appreciation events and first aid/CPR programs are in the top 10 wellness initiatives offered by employers.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following provides temporary income replacement for employed Canadians who face employment interruptions due to shortage of work or sickness?

Accepted Answer

A)  Supplementary Unemployment Benefit Plans
B)  Employment Insurance
C)  Old age Security Program
D)  Workers' Compensation
E)  Quebec Pension PlanF) C) and D)
G) All of the above B

Question 17

Which is the biggest cost-containment strategy used in benefit programs in recent years?

Accepted Answer

Probably the biggest cost-containment st...

Question 18

Which of the following employee benefits is NOT legally required?

Accepted Answer

A)  government-sponsored medical plan
B)  employee assistance plan
C)  Workers' Compensation
D)  Employment Insurance
E)  Quebec Pension PlanF) A) and B)
G) B) and C)

Question 19

Employees perceive benefits as being dependent on how well they perform.

Accepted Answer

A) True 
 B)False

Question 20

Because future cost estimates may be difficult to project, it is imperative that benefits administrators reduce uncertainty.

Accepted Answer

A) True 
 B)False

Exam 9: Employee Benefits

Which of the following is a feature of a salary continuation plan?

Correct Answer
verified

Describe the three types of disability plans: short-term disability, sick leave, and long-term disability plans.

Correct Answer
verified
Short-term disability plans or salary co...
View Answer

Flexible benefits help companies save on cost.

Correct Answer
verified

Disability benefits are payable to contributors who sustain a severe, prolonged mental or physical disability and are payable until age when the retirement pension begins.

Correct Answer
verified

Which of the following is true of defined contribution plan?

Correct Answer
verified

What is the purpose of Workers' Compensation?

Correct Answer
verified
Workers' Compensation provides non-taxab...
View Answer

What is the reason behind defined-contribution plans gaining popularity over defined-benefit plans?

Correct Answer
verified
Defined contribution plans have known co...
View Answer

Which of the following is an employee benefit required by law?

Correct Answer
verified
E

refers to a specified dollar amount of claims paid by the employee each year before insurance benefits begin.

Correct Answer
verified

An employee assistance plan (EAP) is a formal employer program that provides employees with:

Correct Answer
verified

What can be attributed to the growth in employee benefits?

Most employee benefits are not taxable and thus offer a cost advantage.

Correct Answer
verified

Long-term disability plans provide income protection due to long-term illness or injury that is not work-related.

Correct Answer
verified

Supplementary unemployment benefit plans and work-sharing programs are mandatory benefits.

Correct Answer
verified

Flu shot programs, staff appreciation events and first aid/CPR programs are in the top 10 wellness initiatives offered by employers.

Correct Answer
verified

Which of the following provides temporary income replacement for employed Canadians who face employment interruptions due to shortage of work or sickness?

Correct Answer
verified
B

Which is the biggest cost-containment strategy used in benefit programs in recent years?

Correct Answer
verified
Probably the biggest cost-containment st...
View Answer

Which of the following employee benefits is NOT legally required?

Correct Answer
verified

Employees perceive benefits as being dependent on how well they perform.

Correct Answer
verified

Because future cost estimates may be difficult to project, it is imperative that benefits administrators reduce uncertainty.

Correct Answer
verified

Exam 9: Employee Benefits

Which of the following is a feature of a salary continuation plan?

Correct AnswerverifiedShow Answer

Describe the three types of disability plans: short-term disability, sick leave, and long-term disability plans.

Correct AnswerverifiedShort-term disability plans or salary co...View AnswerShow Answer

Flexible benefits help companies save on cost.

Correct AnswerverifiedShow Answer

Disability benefits are payable to contributors who sustain a severe, prolonged mental or physical disability and are payable until age when the retirement pension begins.

Correct AnswerverifiedShow Answer

Which of the following is true of defined contribution plan?

Correct AnswerverifiedShow Answer

What is the purpose of Workers' Compensation?

Correct AnswerverifiedWorkers' Compensation provides non-taxab...View AnswerShow Answer

What is the reason behind defined-contribution plans gaining popularity over defined-benefit plans?

Correct AnswerverifiedDefined contribution plans have known co...View AnswerShow Answer

Which of the following is an employee benefit required by law?

Correct AnswerverifiedE

refers to a specified dollar amount of claims paid by the employee each year before insurance benefits begin.

Correct AnswerverifiedShow Answer

An employee assistance plan (EAP) is a formal employer program that provides employees with:

Correct AnswerverifiedShow Answer

What can be attributed to the growth in employee benefits?

Most employee benefits are not taxable and thus offer a cost advantage.

Correct AnswerverifiedShow Answer

Long-term disability plans provide income protection due to long-term illness or injury that is not work-related.

Correct AnswerverifiedShow Answer

Supplementary unemployment benefit plans and work-sharing programs are mandatory benefits.

Correct AnswerverifiedShow Answer

Flu shot programs, staff appreciation events and first aid/CPR programs are in the top 10 wellness initiatives offered by employers.

Correct AnswerverifiedShow Answer

Which of the following provides temporary income replacement for employed Canadians who face employment interruptions due to shortage of work or sickness?

Correct AnswerverifiedB

Which is the biggest cost-containment strategy used in benefit programs in recent years?

Correct AnswerverifiedProbably the biggest cost-containment st...View AnswerShow Answer

Which of the following employee benefits is NOT legally required?

Correct AnswerverifiedShow Answer

Employees perceive benefits as being dependent on how well they perform.

Correct AnswerverifiedShow Answer

Because future cost estimates may be difficult to project, it is imperative that benefits administrators reduce uncertainty.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Short-term disability plans or salary co...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Workers' Compensation provides non-taxab...
View Answer

Correct Answer
verified
Defined contribution plans have known co...
View Answer

Correct Answer
verified
E

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
B

Correct Answer
verified
Probably the biggest cost-containment st...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified