a satisfactory system of wage payment should mcq

In view of the dual nature of wages as cost to the employer and earnings of the employee, it may be necessary to evaluate wage payments in kind according to both of these concepts. The wages rate should take into account the skill,effort and responsibility of the worker. The time worked by a worker is prepared by a) Time keeping dept. For example, a wage rate of Rs. (A) Basic Wage (B) Dearness Allowance (C) Incentive (D) Gratuity 10. 1 Method # 1. Time Rate System: Under this method of wage payment, the workers are paid the wages on the basis of time. ... 2 Method # 2. Piece Rate System: Under this system of wage payment, the workers are paid the wages on the basis of quantity and quality of work performed by them. 3 Method # 3. ... ... under Taylor’s differential piece rate system, what will be amount of wages if a worker produces 95 units in a day? Payment of Wages Act – Part 2. Below given is the MCQ in Compensation Management with Answers. In this system of wage payment, the workers are paid the wages on the basis of time as, per hour, per day, per week, per fortnight or per month etc. The base rates of pay for wage employees may be increased by up to five percent effective no earlier than June 10, 2021. Pay level refers to the individual's current direct wage or salary, while pay raises * Wage payment system should assure equal pay for equal work. **REQUISITE OF A GOOD WAGE PAYMENT PLAN** Wage system should be simple and easy to understand. If the length of the OJT must be extended past 26 weeks, the extension is approved at 50% wage reimbursement rate. It should be flexible. b) It should guarantee a minimum living wage to ensure a satisfactory standard of living. -these individuals are considered "outliers". In accordance with System Policy 32.02, Discipline and Dismissal of Employees, this regulation establishes uniform system procedures for the discipline or dismissal of a nonfaculty employee of The Texas A&M University System (system). Prior to 1936, there was no law regarding the regulation of payment to workmen. If the worker is paid at the rate of Rs.20 per hour and he spends 50 hours during a week, the weekly payment is: Weekly wages = (Number of hours worked during the week) x (Rate per hours) = 50 x 20 = Rs.1000 per week. Advantages: a. 2) green circled jobs - person is paid below minimum. View ASSIGNMENT 3 - ESSAY.docx from MBA 290 at Amity University Dubai. According to Taylor’s Differential plan, the worker is paid according to his? MCQ by Dr.S.R.Pagare, K.J.Somaiya College, Kopargaon 5] A sound wage system should ensure _____ guaranteed wages to each worker. In principle, for earnings statistics, payment in kind should be measured on the basis This method of wage payment does not give weight age to the quantity of goods produced by the workers. Mcq's i.com 01 accounting. 1. Below you can take Labour Costing multiple-choice questions quiz. Although many would argue that such payments should not be necessary because satisfactory attendance is usually a condition of the contract of employment, it can be a useful means of discouraging absenteeism. For example, if your monthly salary is $3250.00 per month: $3250.00 ÷ 174 = $18.68 per hour. 1960 and 1120 for A and B respectively. * Wage payment system should help in maximizing workers' satisfaction and minimizing labor turnover. A) the work is executed completely for which the workers are paid wages. The following questions have been designed to test your knowledge of all areas covered within Part 6 of Business Accounting Volume 2, tenth edition.Once you have completed the test, click on 'Submit Answers for Grading' to get your results. There should be uniformity. 1) red circled jobs - person is paid above max range. Method # 1. ACCES-VR may pay up to the business’s customary entry level wage for the job. The minimum wage should be raised to `200/- per day India spends a huge amount of money on national defense. that the requestor considers relevant to the issue. 3 . ) Page-11 section-2 a) The system should depend upon the nature of the worked and the efforts involved. It should give a satisfactory standard of living to the workers. 5 c. 6 d. 7 ... based pay system work well? A] Bonus B] Remuneration C] Fees Time Rate System: Under this method of wage payment, the workers are paid the wages on the basis of time. If You Need Most Importance MCQ PDF HUMAN RESOURCE MANAGEMENT Question Bank Than Pay Rs 100 Only Contact 8652719712 / 8779537141 M.Com Part 1 Other Subject MCQ C) the workers are working regularly. It is a method of wage payment in which efficient and inefficient workers are paid at different rates. Difficult to Measure the Efficiency: Under this system of wage payment, it is very difficult to measure the efficiency of workers because all the workers of equal status are paid the wages at equal rate. Method # 2. Piece Rate System: Under the Federal Wage System (FWS), each grade of a regular wage schedule (WG) has five rates to which an employee may progress with satisfactory work performance. examveda.com is a portal which provide MCQ Questions for all competitive examination such as GK mcq question, competitive english mcq question, arithmetic aptitude mcq question, Data Intpretation, C and Java programing, Reasoning aptitude questions and answers with easy explanations. Accounting for Labour MCQs. 1) skill based pay. Managing Remuneration - MCQs with answers 1. Definitions It should be based upon scientific time and motion study to ensure a standard output to the employer and a fair amount of wages to the workers. What factors affect compensation of employees in … Compensation management is one of the major concern in HRM. C) to check the internal control system in business D) to check the bank balance .8) The purpose of the audit of wage payment is to determine that _____. 16. A brief treatment of wage theory follows. b) need for the commodity and willingness to pay for it. -upward pay adjustments for additional skills, blue collar work. Payment for wages should be vouched with the help of a) Piece work statement b) Wage sheets c) Minute book d) Bank pass book 162. ... under Taylor’s differential piece rate system, what will be amount of wages if a worker produces 95 units in a day? These questions set are based on financial accounting topics. If the compensation policy of the organisation proves to be best then the organisation can get well motivated, loyal, efficient workforce. efficiency wages.-a firm can find it profitable to pay high wages because doing so increases the productivity of its workers. For full treatment, see wage and salary. Here on MCQ.club we have prepared useful Multiple-Choice Questions (MCQs) on Accounting for labour that covers the labour costing, factory accounting, labour cost in cost accounting. a. The wages as per time wage system will be Rs. Agencies using the PMIS Wage3 system should enter transaction PSW090 with reason code 215 to increase Labor Cost MCQs 1-10 is a set of Multiple-Choice Questions and Answers. * Wage payment system should be fair and justifiable to the workers and organization. B) the workers are paid the correct amount of wages under proper authorization. -1 time pay adjustment or revalue job. In which of the following method of wage payment , wages on time basis are not guaranteed a) Halsey plan b) Rowan plan c) Taylors differential piece rate system 108. It should guarantee a minimum living wage. * Wage payment system should provide more wages to … 95630 Common methods of measuring labour activity are at Production and Productivity level. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. The cost of such increases for wage employees shall be borne by existing funds appropriated to each agency. Which of the following statements is correct? The system should be fair both to the employer and the employee. Please enter your email: 1. Costing MCQ Questions and answers with easy and logical explanations. the definition of wages given under the Payment of Wages Act, 1936 ? * Wage payment system should assure minimum guaranteed wages to all workers. i. In a factory if a person has been named as manager of the factory under the … There are two methods you can use to calculate your hourly rate (based on a 40-hour workweek): Method 1: Take your monthly salary rate and divide by 174 (the average number of working hours in a month). Which of the following method of wage payment is most suitable where quality and accuracy of work of primary importance a) Piece rate system b) Time rate system c) Halsey plan 109. Indirect labor cost of the contract. 2) knowledge based pay. b) Personal dept. The subsistence theory of wages, advanced by David Ricardo and other classical economists, was based on … How many components are there in remuneration? Discuss the concept of compensation. Customer satisfaction survey questions are closed-ended or open-ended questions that allow you to evaluate customer sentiment at a micro or macro level. When a drawer discounts a bill, he debits: a) Bank account b) Cash account c) Drawee account d) B/R account 3. Differential piece wage system is the strongest motivator for a worker to reach standard perforhnance. The workers will not find any difficulty in calculating the wages. In particular, high wages may reduce worker turnover, increase worker effort, and raise the quality of workers who apply for jobs at the firm Ans. This system does not consider the production of the employees during this time. Time Wage System: Suitability, Advantages and Limitations! This is the oldest method of wage payment. “Time” is made a basis for determining wages of worker. Under this system, the wages are paid according to the time spent by workers irrespective of his output of work done. This includes customers’ general level of satisfaction with you product or service, their experiences with your customer service, their loyalty to your organization, and more. 2. Costing MCQ is important for exams like CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other accounts department exam. The requirements of a sound wage incentive plan are: (a) It should be simple, easy to understand and to operate. * Wage payment system determines the level of satisfaction of the workers and affects the rate of labor turnover. * Wage payment system helps in recruiting skilled, experienced and trained workers. * Wage payment system helps to increase the productivity and goodwill of the organization. It was as early as 1925 that a Private Bill called the “Weekly Payment Bill” was for the first time introduced in the Legislative Assembly. MULTIPLE CHOICE QUESTIONS WITH ANSWERS (ACCOUNTING-I) PUNJAB COLLEGE OF COMMERCE An easy approach to pass 1. Pay Increases. Fixed labor cost of the contract. Our designed MCQs are useful for Accounting and Finance srudents and competitive exams. In this method, increase in efficiency is co-related with an increase in the wage rate. Which of the following method of wage payment is most suitable where quality and accuracy of work of primary importance a) Piece rate system b) Time rate system c) Halsey plan 109. Under the Payment of Wages Act, 1936 the fine should not be imposed on any employee who is below the age of ..... years. c) Payroll dept. Wage payments in kind 15. Wage theory, portion of economic theory that attempts to explain the determination of the payment of labour. Which of the following would be considered a ... desire backed by ability to pay for the commodity. making the payoff for meeting or beating performance targets a major, not minor, piece of the total compensation package.B. Factors Governing a Satisfactory system of Wage Payment The following factors should be considered while evolving a suitable and a successful system of wage payment. a) Valuation is a part of verification b) Verification is a part of valuation c) Valuation has nothing to do with verification d) Auditor is … If the decision of the Administrator is not favorable, an 4 of5 1/14/2019, 3:07 PM The living wage … Incentive compensation, also called ‘payment by result’, is … The request should be accompanied by a full statement of the interested party's position and by any information (wage payment data, project description, area practice material, etc. ) 110. Employee turnover is relatively high ... To set minimum wages for workers whose bargaining position is weak c. To abolish malpractices and abuses in wage and salary payments 1. Labour Cost – Payroll Department: Functions and Prevention of Payroll Fraud a. MCQs 1-10 . Accounting is called of business: a) Heart b) Eye c) Ear d) Tongue 2. 1. It should involve least clerical work. ACCES-VR will pay 100% wage reimbursement to the business of gross weekly earnings for up to 26 weeks. Multiple choice questions. However, this regulation does not modify the “at-will” status of any system nonfaculty employee. 17. This method of wage payment is very simple. Solutions for Chapter 5S11.3 Problem 51MCQ: The guidelines for designing an incentive compensation system that will help drive successful strategy execution includeA. A] Maximum B] Minimum C] Poor 6] _____ is the price of compensation or consideration paid for labour and services offered by the workers. 70 per day is fixed in an industrial unit. State true or false. Alternative approaches to compensation. A living wage is a socially acceptable level of income that provides adequate coverage for basic necessities such as adequate food, shelter, child services, and healthcare. Which one of the following Articles of the The wages paid to a joiner who constructs a wooden mould for concrete laying on a building contract should be as: Direct labour cost of the contract. Two workers A and B attend work for 28 and 16 days respectively. Benefits Of Incentive Compensation. and Schwab's (1985) Pay Satisfaction Questionnaire (PSQ), the most frequently used measure of multidimensional pay satisfaction, in order to examine the relationship between pay level, pay raise, benefits, and pay administration and turnover intent. (A) 21 (B) 18 (C) 15 (D) 12 11. Attendance bonus a payment made to employees by their employer as part of their wage to reward satisfactory attendance at work. 4 b. The worker should be assured of a guaranteed minimum wage at satisfactory level irrespective of the work done by him.

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