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WorldatWork C17 Market Pricing - Conducting a Competitive Pay Analysis Exam Practice Test

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Market Pricing - Conducting a Competitive Pay Analysis Questions and Answers

Question 1

Which of the following is a component of data integrity?

Options:

A.

The extent to which the survey has been audited

B.

The number of jobs matches found in the survey

C.

The availability of the results in both hard copy and electronic form

Question 2

How do you measure the market for high-demand jobs?

Options:

A.

Focus on broadly defined job roles

B.

Focus on individual employees with specific skills

C.

Focus on internal value to the organization

Question 3

Which one of the following terms refers to the act of adjusting pay rates based on a predetermined formula that takes into account factors such as cost of living and inflation?

Options:

A.

Market pricing

B.

Wage and salary surveys

C.

Pay compression

D.

Cost-of-living adjustments

Question 4

What is a pay grade?

Options:

A.

The minimum pay rate for a job

B.

The maximum pay rate for a job

C.

The range of pay rates for a job

D.

The midpoint pay rate for a job

Question 5

What is true when aging data over two calendar years?

Options:

A.

Age both years at the same time

B.

Age the second year first, then the first year

C.

Age both years separately

D.

Age one year first, then age the second year

Question 6

Which of the following is a component of data integrity?

Options:

A.

The extent to which the survey has been audited

B.

The number of survey questions

C.

The type of survey methodology used

D.

The length of the survey

Question 7

Which one of the following terms refers to the act of placing a job into a job worth hierarchy established by a method other than the organization's primary job evaluation method?

Options:

A.

Pay range

B.

Market rate composite

C.

Slotting

D.

Pay policy

Question 8

Which of the following is a purpose of communication from an employer's perspective?

Options:

A.

Increase employee workload

B.

Decrease productivity

C.

Improve workplace safety

D.

Improve employee morale

Question 9

If cost is a major factor, which of the following survey data sources would you lease likely consider?

Options:

A.

Published survey

B.

Custom third-party survey

C.

Complimentary survey

D.

Survey you conduct on your own

Question 10

What does take priority in Market-Based approach to pay structure development?

Options:

A.

Internal pay equity

B.

Employee job satisfaction

C.

External market pricing or competitiveness

D.

Employee engagement

Question 11

What is the definition of total cash compensation?

Options:

A.

Compensation, benefits and work-life programs.

B.

Base pay plus short-term variable pay.

C.

Compensation and health care benefits

Question 12

Which of the following best describes the statement of what the organization believes about how people should be paid?

Options:

A.

Compensation structure

B.

Job description

C.

Performance evaluation

D.

Employee benefits

E.

Compensation philosophy

Question 13

What information should be communicated when communicating compensation?

Options:

A.

General information and vague messages

B.

Inaccurate information and specific messages

C.

Accurate information and vague messages

D.

Accurate information and specific messages

Question 14

A compensation philosophy includes which of the following?

Options:

A.

Information about each job in an organization?

B.

Information necessary to complete the job evaluation process.

C.

Principles that guide the design, implementation and administration of a compensation program.

D.

Statement of what the organization believes about how people should be rewarded.

Question 15

Which of the statistical data points answers this question: What is the middle salary in a set of ranked salaries?

Options:

A.

Mode

B.

Range

C.

Median

D.

Mean

E.

Standard deviation

Question 16

Which of the following is an advantage of a published survey?

Options:

A.

You can customize the survey to meet your specific needs

B.

You have full control over the survey data and methodology

C.

You can negotiate the survey pricing with the vendor

D.

You may receive a substantial discount if you participate in the survey

Question 17

What is a job offer letter?

Options:

A.

A letter to an employee announcing a promotion

B.

A letter to an employee terminating their employment

C.

A letter to a candidate offering them a job

D.

A letter to an employee outlining their performance evaluation

Question 18

What is the formula for calculating the survey aging factor?

Options:

A.

No. of months to age x annual aging factor

B.

No. of months to age/12 months

C.

No. of months to age/12 months x annual aging factor

D.

Annual aging factor x 12 months

Question 19

Which statement best describes the term relevant labor market(s)?

Options:

A.

markets which exclude geographic location and organizational size

B.

Labor market(s) against which the organization must equal its pay levels

C.

Market(s) from which an organization draws and loses its employees

D.

Labor market information that is generally applicable only to the manufacturing sector

Question 20

Which one of the following terms refers to the act of placing a job into a job worth hierarchy established by a method other than the organization's primary job evaluation method?

Options:

A.

Pay range

B.

Market rate composite

C.

Slotting

D.

Pay policy

Question 21

Which of the following is a component of data integrity?

Options:

A.

The extent to which the survey has been audited.

B.

The number of jobs matches found in the survey.

C.

The availability of the results in both hard copy and electronic form.

Question 22

Choose the market position that matches the following description: The company's pay philosophy will stay ahead of the market the first half of the year, then fall behind the market.

Options:

A.

Lead

B.

Lead-lag

C.

Lag.

D.

Lag-Lead

Question 23

If cost is a major factor, which of the following survey data sources would you least likely consider?

Options:

A.

Published survey

B.

Custom third-party survey

C.

Conducting own survey

D.

Online database

Question 24

Which of the following is an advantage of a published survey?

Options:

A.

You may receive a substantial discount if you participate in the survey

B.

Data is more reliable because it is self-reported

C.

It can be tailored to meet your needs and specifications

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