I need help with these question. I am not a 100% sure of my answers. Can someone please help. Thanks

1. All but which one of the following are major reasons for an employee to defer income? a) save for the future b) permit saving to accumulate interest tax free c) currently low tax rate d) inability to forecast what the future may hold

2. Who finances the majority of pension plans existing in industry today?
a) union b) employees c) employers d) federal government

3. Which of the following groups of employees is most likely to receive a pension that equals of at times exceeds their annual salary? q) top-level managers b) administrators c) executives d) professionals

4. Which one of the following statements is NOT true regarding Supplementary Executive Retirment Plans (SERPS) a) plans seldom make any contractual requirements on recipient b) plans are unfunded c) frequently funds are made available through employer's own insurance policies d) employer retains control of plan assets

5. The size of a bonus received by an operating manager will quite often be determined by all BUT which one of the following criteria? a)work unit reduction in cost b) performance rating of manager's subordinates c) employee's own performance rating c) area of functional responsibility

6. The rapid expansion of the benefits program over the past three decades has been atributed to all of the following EXCEPT a) the imposition of wage ceilings during World War II b) increased employee interest in receiving a tax shelter from recent past inflation causing rising wage levels c) union influence has raised wages to the point where most employees' basic needs are satisfied, therefore causing an increased interest in greater benefits d) pressures from recent legal decisions require all employers to have a benefits package including life insurance, health insurance, minimum two-weeks annual leave, Workers' Compensation, auto insurance and sick leave hide problem

We'll be happy to check YOUR answers.

1. C

2. C
3. C
4. B
5. B
6. D

Sure, I'd be happy to help you with these questions. Let's go through each question and discuss the correct answer along with the reasoning behind it:

1. All but which one of the following are major reasons for an employee to defer income?
To determine the correct answer, let's analyze the options:
a) save for the future - This is a valid reason for an employee to defer income.
b) permit saving to accumulate interest tax free - This is another valid reason for deferring income, as it allows for tax advantages.
c) currently low tax rate - This is also a valid reason, as employees may prefer to defer income when their tax rates are lower.
d) inability to forecast what the future may hold - This is the correct answer since it is not a major reason for an employee to defer income.

Therefore, the correct answer is d) inability to forecast what the future may hold.

2. Who finances the majority of pension plans existing in industry today?
To find the correct answer, let's evaluate the options:
a) union - While unions might contribute to some pension plans, they do not finance the majority of them.
b) employees - In most cases, employees contribute a portion of their salaries towards their pension plans, but they do not finance the majority on their own.
c) employers - This is the correct answer since employers generally finance the majority of pension plans.
d) federal government - The federal government's role in pension plans is primarily through regulation and oversight, but they do not finance the majority of these plans.

Therefore, the correct answer is c) employers.

3. Which of the following groups of employees is most likely to receive a pension that equals or at times exceeds their annual salary?
To determine the correct answer, let's assess the options:
a) top-level managers - Top-level managers could potentially receive high pensions, but it is not necessarily the group most likely to receive a pension that equals or exceeds their salary.
b) administrators - Administrators might have decent pensions, but it is not explicitly mentioned as the most likely group.
c) executives - Executives often have high salaries and may receive pensions equal to or exceeding their annual salary.
d) professionals - Professionals' pensions could vary, but it is not specified if they are most likely to receive pensions equal to or exceeding their salary.

Therefore, the correct answer is c) executives.

4. Which one of the following statements is NOT true regarding Supplementary Executive Retirement Plans (SERPS)?
To find the correct answer, let's evaluate the options:
a) plans seldom make any contractual requirements on the recipient - This statement is true, as SERPS often provide additional benefits beyond contractual requirements.
b) plans are unfunded - This statement is true, as SERPS are frequently unfunded and rely on employer promises to provide benefits.
c) frequently, funds are made available through the employer's own insurance policies - This statement is true, as employers may utilize insurance policies to fund SERPS.
d) employer retains control of plan assets - This statement is NOT true, as SERPS are designed to provide additional retirement benefits and typically involve transferring control of plan assets to the recipient.

Therefore, the correct answer is d) employer retains control of plan assets.

5. The size of a bonus received by an operating manager will often be determined by all BUT which one of the following criteria?
To determine the correct answer, let's analyze the options:
a) work unit reduction in cost - This could be a valid criterion in determining bonus size.
b) performance rating of the manager's subordinates - This could also be a valid criterion for determining bonus size.
c) employee's own performance rating - This is the correct answer, as an operating manager's own performance rating is typically a significant factor in determining the bonus size.
d) area of functional responsibility - This could be a valid criterion in determining bonus size.

Therefore, the correct answer is c) employee's own performance rating.

6. The rapid expansion of the benefits program over the past three decades has been attributed to all EXCEPT which one of the following?
To find the correct answer, let's assess the options:
a) the imposition of wage ceilings during World War II - This is a valid reason for the expansion of benefits programs.
b) increased employee interest in receiving a tax shelter from recent past inflation causing rising wage levels - This is another valid reason for the expansion of benefits programs.
c) union influence has raised wages to the point where most employees' basic needs are satisfied, therefore causing an increased interest in greater benefits - This is another valid reason for the expansion of benefits programs.
d) pressures from recent legal decisions require all employers to have a benefits package including life insurance, health insurance, minimum two-weeks annual leave, Workers' Compensation, auto insurance, and sick leave hide problem - This is the correct answer since it is not a reason attributed to the rapid expansion of benefits programs.

Therefore, the correct answer is d) pressures from recent legal decisions require all employers to have a benefits package including life insurance, health insurance, minimum two-weeks annual leave, Workers' Compensation, auto insurance, and sick leave hide problem.

I hope this explanation helps you understand the correct answers to these questions. If you have any further doubts, feel free to ask!