About a standard hour plan of incentive pay

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Reference no: EM131786583

1. Which of the following statements is true about a standard hour plan of incentive pay?

A. It is an incentive plan that pays workers extra for work done in a standard hour.

B. The standard time taken to complete a task is determined by the employees.

C. If a mechanic completes work in less than the standard time, he receives payment for the full standard time.

D. It encourages workers to work at a pace that they feel comfortable and also encourages them to focus on quality and customer satisfaction.

E. This plan will only succeed if employees want to work at a pace that feels comfortable more than the extra money they could earn.

2. Which of the following statements is true about the concept of profit sharing?

A. It is a gainsharing program in which employees receive a bonus if the ratio of labor costs to the sales value of production is below a set standard.

B. It is a group incentive program that measures improvements in productivity and effectiveness and distributes a portion of profit to employees.

C. It is a combination of performance measures directed toward the company's profit and is used as the basis for awarding incentive pay.

D. It is an incentive plan where a percentage of the previous year's profits are provided to employees as a part of their salary.

E. It is incentive pay in which payments are a percentage of the organization's profits and do not become part of the employees' base salary.

Reference no: EM131786583

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