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NEW QUESTION 13
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 14
The "Value Store" retail company offers its customers low prices and ease of purchase by minimizing waste and striving for high efficiency. What strategy is the "Value Store" using?
- A. Operational excellence
- B. Customer intimacy
- C. Brand loyalty
- D. Product/service leadership
Answer: A
NEW QUESTION 15
What best describes a key competency of compensation professionals regarding HR management of the organization's employees?
- A. Communicating regularly with line management on performance management
- B. Ensuring they are appropriately selected, developed, appraised and rewarded
- C. Ensuring that all regulatory and voluntary payroll deductions are properly administered
- D. Monitoring individual employee career paths and succession planning
Answer: B
NEW QUESTION 16
Which of the following best describes the guiding principles and/or beliefs shared by stakeholders in an organization?
- A. Mission
- B. Values
- C. Vision
- D. Strategy
Answer: B
NEW QUESTION 17
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 18
What best describes a benefit of business executive with regard to career development?
- A. Increased marketability, which will lead to qualification for opportunities outside of human resources
- B. A greater likelihood of promotion, especially when you are competing with individuals with more experience
- C. It is critical to your career development and a deficiency is very likely to hinder career advancement and success.
- D. The ability to display confidence and decisiveness that will inspire others and make you a better leader
Answer: D
NEW QUESTION 19
A fine jewelry chain distinguishes itself from the competition by focusing on carefully selected customers and building bonds to meet or exceed their needs and expectations. What strategy is this company using?
- A. Brand loyalty
- B. Product/service leadership
- C. Customer intimacy
- D. Operational excellence
Answer: C
NEW QUESTION 20
Information on the annual report shows results for what time period?
- A. The fiscal year, which may match the calendar year or may be a different 12-month period, depending on the company
- B. The fiscal year, which matches the calendar year from January 1 to December 31
- C. The calendar year from January 1 to December 31
- D. The fiscal year, which shows results from July 1 to June 30
Answer: A
NEW QUESTION 21
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 22
Quarterly financial reports typically include data for a given quarter compared to what?
- A. The budget
- B. The aggregate performance of the same quarter in the previous three years
- C. The previous quarter
- D. The same quarter in the previous year, plus the current six-month or nine-month cumulative comparables
Answer: D
NEW QUESTION 23
What is a primary purpose of pay grades or bands?
- A. To meet legal and regulatory requirements for classifying jobs according to market value
- B. To provide documentation that supports termination decisions
- C. To identify a compensation range in which to group multiple jobs with similar value
- D. To justify paying some employees less than market based on internal administrative limitations
Answer: C
NEW QUESTION 24
Step-rate increase programs provide employees the opportunity to receive two regular pay increases at which points?
- A. At established dates and then every six months thereafter
- B. At the anniversary date and at the annual merit increase date
- C. On January 1 and July 1 of each year
- D. Once when they move a step, and again when the step value changes
Answer: D
NEW QUESTION 25
Which of the following is a type of variable pay?
- A. Hourly pay
- B. Bonuses
- C. Piece rate
- D. Pay for time not worked
Answer: B
NEW QUESTION 26
What best describes what forecasting helps the organization to do?
- A. Anticipate future capital needs by determining when the organization will enter the next phase of the business lifecycle
- B. Recognize possible issues and concerns that will drive budget planning
- C. Withhold payroll taxes for all elements of compensation
- D. Prepare quarterly and annual reports and their associated statements
Answer: B
NEW QUESTION 27
Which of the following is a type of variable pay?
- A. Salary
- B. Hourly rate
- C. Commissions
- D. Piece rate
Answer: C
NEW QUESTION 28
Using efficient and cost-effective approaches to integrate technology into the workplace is most likely to do what?
- A. Select the best vendors
- B. Compensate employees competitively
- C. Reduce compensation expense
- D. Improve program efficacy
Answer: D
NEW QUESTION 29
Your company has had a strong fiscal year with a 15% increase in net income over the prior fiscal year. Share prices are at an all time high. Working with Finance, you have arrived at a 2.5% merit increase budget for the next fiscal year, a smaller increase than the last fiscal year. Finance has indicated that some large capital expenditures will be needed next year, so the company needs to conserve resources. Additionally, Legal is in final negotiations on a lawsuit that may be very costly to the company. Word of the smaller increases has line management concerned that they will lose their best performers. Given all of these factors, what is your best course of action?
- A. Implement the merit increase budget as is because the anticipated financial obligations have made it necessary
- B. Meet with Finance and make a case for a larger merit increase budget because the loss of key talent will cost more over the long term than the savings from the smaller merit increases
- C. Recommend a reduction in force to eliminate poor performers, which will increase the merit budget by reducing headcount
- D. Gather the perspectives of all stakeholders, analyze their individual concerns and meet to determine whether a compromise solution is possible
Answer: D
NEW QUESTION 30
What best describes the primary purpose of budgeting?
- A. Increasing profitability of the business annually to maximize shareholder/owner value
- B. Limiting spending to a fixed percentage of organizational revenue
- C. Making choices about spending based on expectations of performance
- D. Complying with local legislation and maintaining accurate records to prepare financial reports and tax documents
Answer: C
NEW QUESTION 31
What best describes an effective core technique for communicating with executives?
- A. Assume they have little knowledge of the issue and make a detailed presentation leading up to the purpose of the meeting.
- B. Focus on negative issues first, such as compensation costs exceeding budget, to get their attention
- C. Provide a wide range of facts and figures. With their high level of responsibility, executives must have all the data before they can make informed decisions.
- D. Recommend a solution that will solve the issue and explain why it is the best solution available.
Answer: D
NEW QUESTION 32
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