Read the 25 statements below and identify which Employee Benefit(s) best matches the statement. A few are
Question:
Read the 25 statements below and identify which Employee Benefit(s) best matches the statement. A few are True and False questions. A benefit may be an answer to more than one statement.Write the number(s) of the correct benefit in the column to the right or write True or False if indicated.
List of Employee Benefits | ||
| 8. Life Insurance and Accidental Death & Dismemberment 9. Stock Options 10. Disability Plan - Short Term Disability (STD) 11. Disability Plan - Long Term (LTD) 12. Post-Retirement Benefits under CPP 13. Canada Pension Plan (CPP) 14. Employment Insurance (EI)
| |
# |
Employee Benefit Statements | Answer |
1 | This benefit comes with a commitment of confidentiality so that employees feel comfortable using the services provided. | |
2 | This benefit does not provide a guarantee of increased value for the employee who receives this awarded benefit. | |
3 | Identify the two benefits for which premiums are deducted from the employee and employer and remitted to the federal government. | |
4 | True or False - At age 65, all employees must cease paying CPP premiums. | |
5 | Stefano Ortiz retired at 62 and started to draw on his CPP. He is now working part time and is again contributing to the CPP plan. To what benefit is he now entitled? | |
6 | Jessica Griffiths needs help in coping with the legal implications of the divorce she is going through. What employee benefit might help Jessica? | |
7 | Having a weight loss program or meditation classes at a workplace are examples of this benefit. | |
8 | This benefit is constantly rising in costs to both employers and employees yet is a critical benefit to have. | |
9 | With this benefit, employers will often match the contributions made by employees generally up to as much as 10% of their salary to the plan. | |
10 | Dennis Zablonsky worked for 25 years at Marlin Manufacturing, taking advantage of the full and broadest range of benefits they offered. On October 17, 2021, Dennis suffered a heart attack and died. Identify one company benefit that would typically provide funds to his family in this situation. | |
11 | Jonah has decided to retire at the age of 63 after working as a printer for 38 years. Which required benefit is he entitled to, though at a decreased rate. | |
12 | An increasingly popular benefit during the pandemic, enables workers to better balance their work and life demands. | |
13 | A defined benefit type of this plan sets out a formula to calculate what the worker will eventually receive. | |
14 | True or False - Long term disability ends at age 65, when the worker recovers or, if they die. | |
15 | This benefit assists with salary replacement for workers who may be off work due to surgery, but their employer does not offer short or long term disability insurance. | |
16 | This benefit is sometimes used as an enticement for an executive to join a company. | |
17 | Amanda quit her job as she kept fighting with her boss. She is looking forward to receiving a legally required benefit that most of her friends are collecting. True or False - Amanda has her facts right. | |
18 | Most companies set a maximum contribution amount for this benefit. WestJet allows up to 20%. | |
19 | From the list, which offers a Survivor's Benefit. | |
20 | Federally regulated employees have the right to request this benefit, though may not have the request approved. | |
21 | This provides a mother and father the chance to spend time with their new child and receive a financial benefit. | |
22 | With this benefit, most companies allow employees to increase the amount of coverage to two or three times their salary. | |
23 | Jason is taking a Masters degree in Accounting which is the area in which he works for a large investment firm. This benefit may assist him pursue this additional knowledge. | |
24 | Jason, from statement #23, may be asked to sign an agreement to stay with this current firm for a period of years to ensure they are protecting their investment. True or False. | |
25 | This benefit is awarded to employees whom the company wants to acknowledge and hopefully retain. |
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws