MGT501 MCQs by Arslan Asghar

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LESSON 19 TO 45

Q1. What is merit pay?

1. A. A fixed bonus given to employees
2. B. A pay increase based on performance
3. C. A pay deduction for underperformance
4. D. A yearly bonus added to the base pay

Q2. What does COLA stand for?

1. A. Cost of Labor Adjustment
2. B. Cost of Living Allowance
3. C. Compensation Over Legal Amount
4. D. Cost of Living Adjustment

Q3. Which term describes when a firm's employees are paid comparably to workers in similar jobs in other firms?

1. A. Internal Equity
2. B. External Equity
3. C. Employee Equity
4. D. Team Equity

Q4. What does job analysis involve?

1. A. Determining employee satisfaction
2. B. Assessing company profit margins
3. C. Determining skills and knowledge required for a job
4. D. Evaluating market conditions

Q5. Which component of financial compensation is given without regard to job performance or level of productivity?

1. A. Merit Pay
2. B. Membership in the Organization
3. C. Competency-Based Pay
4. D. Skill-Based Pay

Q6. What is the primary by-product of job analysis?

1. A. Job evaluation
2. B. Job description
3. C. Job rotation
4. D. Job satisfaction

Q7. What does the term 'ability to pay' refer to in financial compensation?

1. A. A firm's financial strength in determining pay levels
2. B. Employee's ability to manage their expenses
3. C. Government's role in setting minimum wages
4. D. Market rates for similar jobs

e. Answer: A

Q8. What is a 'benchmark job'?

1. A. A job with the highest pay in the company
2. B. A job used for making comparative evaluations
3. C. A job that is easy to fill
4. D. A job with minimal responsibilities

Q9. What factor influences pay decisions due to an expanding economy?

1. A. Labor unions
2. B. Society
3. C. Economy
4. D. Organizational politics

Q10. What is competency-based pay?

1. A. Pay based on job title
2. B. Pay based on performance level