Question 1

Which of the following act terminates the process of the federal government giving subsidies to private banks that offer federally insured loans? (Patient Protection and Affordable Care Act of 2010)

Accepted Answer

The Patient Protection and Affordable Care Act (PPACA) of 2010, commonly referred to as the Affordable Care Act (ACA) or Obamacare, includes provisions that wind down the process of the federal government giving subsidies to private banks that offer federally insured loans. This provision is part of the broader healthcare reform implemented by the ACA. Therefore, Choice C (PPACA) is the correct answer. Choices A (ERISA), B (COBRA), and D (FUTA) are not related to federal subsidies to private banks offering federally insured loans.

Question 2

Health care reform aims to reduce the uninsured U.S.residents by how much in 2016? (Patient Protection and Affordable Care Act of 2010)

Accepted Answer

The Patient Protection and Affordable Care Act of 2010 aimed to reduce the uninsured U.S. residents by 32 million by the year 2016.

Question 3

The FLSA of 1938,contains provisions concerning which three topics? (The Fair Labor Standards Act of 1938)

Accepted Answer

The FLSA of 1938 contains provisions concerning minimum wage, overtime pay, and child labor.

Question 4

This term refers to an unfunded deferred compensation plans for a select group of highly compensated employees? (The Employee Retirement Income Security Act of 1974)

Accepted Answer

A top hat plan is a type of nonqualified plan that is established by an employer for a select group of highly compensated employees. These plans are exempt from many of the disclosure and participation requirements of the Employee Retirement Income Security Act (ERISA) of 1974. They are typically used as a way to provide additional retirement benefits to top executives or key employees.

Question 5

A person with this title manages employee benefits plans and pension plan funds to ensure the welfare of participants and beneficiaries while defraying reasonable plan expenses. (Title I: Protection of Employee Rights)

Accepted Answer

A person with this title is a fiduciary, as they have a legal responsibility to act in the best interest of the participants and beneficiaries of employee benefits plans and pension plan funds.

Question 6

The term hours worked is defined in which law? (The Fair Labor Standards Act of 1938)

Accepted Answer

The answer of The term hours worked is defined in...

Question 7

The Pension Protection Act of 2006 permits an employer to automatically enroll employees in its defined contribution retirement plan. (The Employee Retirement Income Security Act of 1974)

Accepted Answer

The Pension Protection Act of 2006 does permit automatic enrollment in employer-sponsored defined contribution retirement plans, as long as certain requirements are met. This is a provision under ERISA (Employee Retirement Income Security Act of 1974).

Question 8

Workers are classified as key employees if they meet one of which three criteria? (The Internal Revenue Code)

Accepted Answer

The Internal Revenue Code classifies workers as key employees if they meet one of three criteria: 
1. An officer making over $165,000, OR 
2. An employee who for 2012 is either a 5% owner or 1% owner of the business that makes more than $150,000. 
Choice D is the only option that includes all three criteria correctly.

Question 9

Under NLRA,subjects for collective bargaining fall into one of which three categories? (Labor Unions and Employee Benefits: The National Labor Relations Act of 1935)

Accepted Answer

Under the National Labor Relations Act (NLRA), the subjects for collective bargaining are categorized into three types: mandatory, permissive, and illegal. Mandatory subjects are those that directly relate to wages, hours, and other terms and conditions of employment and must be negotiated upon if brought up by either party. Permissive subjects are those that can be negotiated upon if both parties agree but are not required to be. Illegal subjects are topics that are prohibited by law from being negotiated in the collective bargaining process.

Question 10

According to HIPAA,preexisting condition exclusion can be imposed on health condition if medical advice,diagnosis,care,or treatment was received during the 12 months prior to an employee's enrollment date in the employer's health insurance plan. (The Health Insurance Portability and Accountability Act of 1996)

Accepted Answer

The answer of According to HIPAA,preexisting condition exclusion can be...

Question 11

Taxes fund programs for which of the following? (The Internal Revenue Code)

Accepted Answer

The Internal Revenue Code allows taxes to fund programs for all levels of government - federal, state and local.

Question 12

Under the Equal Pay Act of 1963,what are skill,effort,responsibility and working conditions are referred to as? (The Equal Pay Act of 1963)

Accepted Answer

Skill, effort, responsibility and working conditions are referred to as compensable factors under the Equal Pay Act of 1963. These factors are used to determine if employees are being paid equally for substantially similar work.

Question 13

Companies can follow which schedules to grant full vesting for their employees? (Title I: Protection of Employee Rights)

Accepted Answer

The answer of Companies can follow which schedules to grant...

Question 14

COBRA is an amendment to which federal law (Title I: Protection of Employee Rights)?

Accepted Answer

COBRA is an abbreviation for the Consolidated Omnibus Budget Reconciliation Act, which amends Title I of the Employee Retirement Income Security Act (ERISA).

Question 15

Which of the following is a mandatory collective bargaining subject? (Labor Unions and Employee Benefits: The National Labor Relations Act of 1935)

Accepted Answer

Paid time-off is a mandatory subject for collective bargaining under the National Labor Relations Act of 1935, as it directly relates to wages, hours, and other terms and conditions of employment.

Question 16

Which ERISA Title contains terms for pension insurance programs and includes the establishment of the Pension Benefit Guarantee Corporation? (Title IV: Plan Termination Insurance)

Accepted Answer

Title IV of ERISA contains terms related to pension insurance programs and includes the establishment of the Pension Benefit Guaranty Corporation (PBGC) which provides assistance to retirees in the event of plan termination or other similar circumstances.

Question 17

The federal government funds the Social Security Old-Age,Survivor and Disability Insurance Program using which tax? (The Internal Revenue Code)

Accepted Answer

The Social Security Old-Age, Survivor and Disability Insurance Program is funded through the Federal Insurance Contributions Act (FICA) tax, which is a payroll tax. This tax is collected through the Internal Revenue Code and is taken out of employees' paychecks to contribute to the Social Security program.

Question 18

This Title of ERISA has the IRC provisions pertaining to the taxation of employee benefits and pension plans. (Title II: Amendments to the Internal Revenue Code Relating to Retirement Plans)

Accepted Answer

Title II of ERISA contains the amendments to the Internal Revenue Code relating to retirement plans, including provisions on the taxation of employee benefits and pension plans. Title I contains general provisions and definitions, while Titles III and IV relate to provisions for improvement of labor standards and fiduciary responsibilities, respectively.

Question 19

This federal law was established to regulate the establishment and implementation of discretionary benefits practices. (The Employee Retirement Income Security Act of 1974)

Accepted Answer

The Employee Retirement Income Security Act (ERISA) of 1974 is a federal law that regulates the establishment and implementation of discretionary benefits practices, such as pensions, health insurance, and other benefits. The law was created to protect employees' rights to participate in these programs and receive the benefits they are entitled to. NLRA (National Labor Relations Act) addresses the rights of employees to organize and engage in collective bargaining, while FLSA (Fair Labor Standards Act) regulates minimum wage, overtime pay, and other labor standards. COBRA (Consolidated Omnibus Budget Reconciliation Act) requires employers to provide health insurance continuation coverage to employees and their dependents after certain qualifying events such as job loss or divorce.

Question 20

This equal employment opportunity law prohibits illegal discrimination against protected class individuals in employment. (Title VII of the Civil Rights Act of 1964)

Accepted Answer

Title VII of the Civil Rights Act of 1964 specifically prohibits discrimination in employment based on race, color, religion, sex, or national origin. This law also established the Equal Employment Opportunity Commission (EEOC), which is responsible for investigating and enforcing violations of this law in the workplace. The other options relate to different laws that address specific areas of employment discrimination, but Title VII is the broadest and most well-known of these laws.

Quiz 3: Regulating Employee Benefits