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NEW QUESTION 38
What best describes the compensation philosophy?
- A. Principles that guide the design of compensation programs
- B. Guidelines that determine the administration of compensation programs
- C. Statement of what the organization believes about how people should be paid
- D. The compensation committee's interpretation of how employees can best meet business objectives
Answer: C
NEW QUESTION 39
Administering budgets is an example of what key competency for compensation professionals?
- A. HR Management
- B. Policy Management
- C. Resource Management
- D. Financial Management
Answer: D
NEW QUESTION 40
Which of the following is a type of variable pay?
- A. Salary
- B. Hourly rate
- C. Commissions
- D. Piece rate
Answer: C
NEW QUESTION 41
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
Answer: A
NEW QUESTION 42
Regarding key competencies for financial management, HR management and resource management, what sets top performers apart?
- A. The level of formal education in each area
- B. The ability to prioritize which is most critical in any given situation and allocate time and resources accordingly
- C. Effective interpersonal and communication skills that can overshadow minor deficiencies in any one area
- D. The ability to tie them together, distill key messages and make impactful decisions
Answer: D
NEW QUESTION 43
Which of the following is the most accurate statement about the business strategy?
- A. It usually is a secondary consideration in compensation design.
- B. It must be written after the company's operating plans are approved by senior management.
- C. It is the company's plan for competitive positioning of its products or services.
- D. It is developed for compensation, benefits and the work-life using the HR strategy as a basis.
Answer: C
NEW QUESTION 44
When connecting with other business units, what best describes a reason why is it important to keep up to date on organizational challenges?
- A. Because you will be more informed when differences of opinion occur, lending more credibility to your position
- B. Because you can demonstrate your understanding of issues from multiple perspectives
- C. Because you will be able to explain the negative consequences of opposing your position
- D. Because stakeholders with diverse opinions tend to compromise when they are aware that others know their weaknesses
Answer: B
NEW QUESTION 45
Which type of variable pay is best described by this statement: Criteria are discretionary and often defined in broad terms such as "exceptional customer service"?
- A. Commission
- B. Profit-sharing
- C. Recognition
- D. Bonus
Answer: C
NEW QUESTION 46
What is the most accurate definition of organizational vision?
- A. A detailed account of the organization's goals, directions to achieve them and how it will compete
- B. A statement of what kind of organization it wants to be and the guiding principles and/or beliefs shared by stakeholders
- C. A written explanation of the intention or purpose of the organization and why it is in business
- D. A description of who the organization is, where it is headed and what it wants for the future
Answer: D
NEW QUESTION 47
The Alpha company ships an order to a customer on March 1st and invoices the customer for the product with the shipment, with payment terms of net 30 days. The customer's payment is received on April 5th. The payment clears the bank and shows on Alpha's account on April 8th. If Alpha is using accrual accounting, when does it record the revenue for this sale?
- A. March 1st
- B. April 8th
- C. March 31st
- D. April 5th
Answer: A
NEW QUESTION 48
What is a primary objective of profit-sharing and performance-sharing variable pay plans?
- A. To achieve organizational cost savings through base pay reductions
- B. To defer compensation expenses to future reporting periods
- C. To increase employee identification with the organization's success
- D. To reward individual employees for some significant contribution
Answer: C
NEW QUESTION 49
What is the most accurate statement regarding the effect of compensation plans on the organization?
- A. They typically have the greatest effect on net income and operating results of any organizational expense or program
- B. They affect the organization's overall financial status and impact multiple stakeholders across most, if not all, business units
- C. They have very little effect as long as they are managed effectively and efficiently
- D. Their success or failure is closely tied to the success or failure of organizationwide goals and objectives
Answer: B
NEW QUESTION 50
Assessment of current and future staffing needs should be based primarily on what?
- A. The consensus of HR management and line management estimates
- B. The opinions of senior leaders in the organization
- C. A combination of organizational goals and budget realities
- D. Compensation budgets only because staffing cannot exceed the funds available
Answer: C
NEW QUESTION 51
If employees have a significant impact on the bottom line, what type of pay mix is most appropriate?
- A. A varying mix depending on employee influence on goals to provide the necessary incentive to maximize profits
- B. High base pay and low variable pay to ensure predictability of total compensation expense
- C. 90/10 for the majority of employees (base/variable) to share in the company's success with increased variable pay for management/executives to motivate employees to seek higher positions
- D. 100% variable pay to motivate all employees to maximize productivity and sales
Answer: A
NEW QUESTION 52
Internal process metrics are most useful in which of the following situations?
- A. Assessing how well the business is running
- B. Measuring the financial success of the business
- C. Evaluating customer perceptions of products or services
- D. Determining employee satisfaction levels
Answer: A
NEW QUESTION 53
What do profits, equity and debt all have in common?
- A. Nothing. Each of these is a different financial metric.
- B. They all incur the same costs to the business.
- C. They are all reported on the balance sheet.
- D. They are all sources of capital.
Answer: D
NEW QUESTION 54
To ensure appropriate funding levels, the compensation professional must generally do which of the following?
- A. Possess a high level of education and competency in accounting principles
- B. Demonstrate broad understanding of principles of financial management and business expertise
- C. Partner with multiple departments and external consultants and vendors
- D. Determine which programs are crucial to the enterprise and which programs are expendable
Answer: B
NEW QUESTION 55
Which of the following is a true statement regarding the talent development needs of employees?
- A. Opportunities for career advancement are important to employees in their decisions to either join or leave an organization.
- B. Obtaining and developing skills provides leverage for the employee to seek more compensation.
- C. If employees believe their skills will fall behind their professional peers, they will be afraid to look for another job.
Answer: A
NEW QUESTION 56
What do working capital metrics evaluate?
- A. The change in working capital over a specific period of time, typically one year
- B. A company's mean capital expenditure per employee
- C. The amount of cash needed to meet the company's short-term obligations
- D. A company's efficiency in converting short-term capital into cash
Answer: D
NEW QUESTION 57
What best describes a necessary skill and/or behavior in relation to business executive?
- A. The capacity to manage multiple projects and priorities and meet deadlines
- B. A thorough understanding of the products and/or services your organization provides
- C. An understanding of the culture and subcultures of your organization
- D. A willingness to take on additional duties and responsibilities when resources are limited
Answer: C
NEW QUESTION 58
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