<<1234567891011121314151617181920212223>> 1. What is the primary objective of minimum wages according to the committee on fair wages?Satisfying social needsSustaining the workerBalancing organizational capacityFulfilling human needsQuestion 1 of 23 2. In a free economy, what determines the level of compensation?Government regulationsMarket forcesSocio-economic considerationsWorker demandsQuestion 2 of 23 3. Which act ensures the payment of wages at regular intervals and prohibits unauthorized deductions?The Payment of Wages Act 1936The Minimum Wages Act 1948The Payment of Bonus Act 1965The Equal Remuneration Act 1978Question 3 of 23 4. What is the purpose of the Equal Remuneration Act 1978?Ensuring fair wages in organizationsDefining minimum wages for industriesProhibiting unauthorized wage deductionsEnsuring equal pay for equal workQuestion 4 of 23 5. Which wage concept aims at satisfying the minimum human needs of workers?Minimum wagesLiving wagesFair wagesNeed-based minimum wagesQuestion 5 of 23 6. 6 What is the role of the government in a free economy concerning wage administration?Full control over wage administrationPartial control over market forcesNo control over wage administrationLimited regulation to protect workers from exploitationQuestion 6 of 23 7. What are the three primary categories of rewards influencing decisions to join, perform, and stay with an organization?Pay, Training, RecognitionPay, Benefits, Intangible RewardsPay, Bonuses, Career DevelopmentBenefits, Intangible Rewards, RecognitionQuestion 7 of 23 8. According to Armstrong & Murlis, what role does reward strategy play in an organization?Setting employee expectationsAligning with business strategyIdentifying individual performance metricsConducting employee appraisalsQuestion 8 of 23 9. What does Total Rewards encompass?Monetary investments onlyNon-monetary investments onlyA combination of monetary and non-monetary investmentsPerformance-based rewards onlyQuestion 9 of 23 10. What are the three components of Total Rewards mentioned in the text?Foundational, Performance-based, IntangiblePay, Bonuses, RecognitionPay, Benefits, Career DevelopmentFoundational, Benefits, Career and Environmental RewardsQuestion 10 of 23 11. Which aspect does a reward strategy primarily guide?Employee recruitment tacticsBusiness strategy implementationInitiatives prioritization and integrationEmployee performance evaluationsQuestion 11 of 23 12. What is the primary objective of job evaluation concerning compensation packages?Determining job requirementsLinking pay with job demandsEstablishing job hierarchiesAnalyzing job complexitiesQuestion 12 of 23 13. How does job evaluation contribute to compensation levels for different roles?By emphasizing equal pay for all jobsBy disregarding job complexitiesBy determining compensation parity for similar jobsBy focusing solely on job descriptionsQuestion 13 of 23 14. What does job evaluation help in distinguishing among jobs?Only based on job descriptionBased on job analysisSolely on risk involvedConsidering complexity, skills required, and hazardsQuestion 14 of 23 15. Apart from determining compensation rates, what other purpose does job evaluation serve?Aligning job descriptionsEstablishing job hierarchySupporting manpower planning and performance appraisalStandardizing job titlesQuestion 15 of 23 16. How are jobs classified after being ranked through job evaluation?By job titlesBased on manpower planningAccording to skill intensity and job complexityBy compensation ratesQuestion 16 of 23 17. What aids in the process of establishing a compensation structure through job evaluation?Job ranking based on seniorityJob analysis, description, and specificationJob categorization by locationCompensation history of the organizationQuestion 17 of 23 18. What defines fixed level compensation?Compensation linked to market fluctuationsCompensation tied to individual performanceCompensation set regardless of employee performanceCompensation adjusted based on industry standardsQuestion 18 of 23 19. What is a drawback of fixed compensation according to the text?Encourages high motivationProvides flexibility in paymentMay lead to employees performing below their potentialEnhances productivityQuestion 19 of 23 20. What characterizes variable level compensation?Fixed compensation irrespective of performanceCompensation solely based on employee performanceCompensation based on market trendsCompensation tied to industry standardsQuestion 20 of 23 21. Where might variable level compensation be suitable?Service industry where performance measurement is easyManufacturing units with variable production levelsUnions advocating fixed compensationOrganizations preferring fixed compensation for all rolesQuestion 21 of 23 22. What is a potential limitation of variable compensation systems?It ensures fair compensation for all employeesPerformance often exceeds employees' controlIt simplifies performance measurement in service industriesIt aligns with collective bargaining agreementsQuestion 22 of 23 23. What characterizes mixed compensation levels?Fixed compensation exclusively based on seniorityFixed compensation with occasional bonusesSolely performance-based compensationFixed compensation independent of performanceQuestion 23 of 23 Loading...
