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Administering budgets is an example of what key competency for compensation professionals?

A.

Financial Management

B.

HR Management

C.

Resource Management

D.

Policy Management

An organization whose focus is on obtaining capital, marketing products or services, sales growth and cash conservation is most likely to be in what stage of the business lifecycle?

A.

Start-up

B.

Growth

C.

Mature

D.

Decline

How do quarterly reports most commonly compare to the annual report?

A.

The cumulative information on the four quarterly reports adds up to the information on the annual report.

B.

The quarterly reports are more detailed. The annual report provides similar data in summary form.

C.

The annual report is required and the quarterly reports, while commonly used, are optional.

D.

The quarterly reports are not as detailed as annual reports, and might not match due to changing accounting estimates over the year.

Which of the following is the best example of a variable cost?

A.

Audit fees

B.

Rent

C.

Maintenance

D.

Shipping

Assessment of current and future staffing needs should be based primarily on what?

A.

Compensation budgets only because staffing cannot exceed the funds available

B.

A combination of organizational goals and budget realities

C.

The consensus of HR management and line management estimates

D.

The opinions of senior leaders in the organization

What do profits, equity and debt all have in common?

A.

They are all reported on the balance sheet.

B.

They are all sources of capital.

C.

They all incur the same costs to the business.

D.

Nothing. Each of these is a different financial metric.

What best describes what forecasting helps the organization to do?

A.

Recognize possible issues and concerns that will drive budget planning

B.

Prepare quarterly and annual reports and their associated statements

C.

Withhold payroll taxes for all elements of compensation

D.

Anticipate future capital needs by determining when the organization will enter the next phase of the business lifecycle

What best describes a necessary skill and/or behavior in relation to business acumen?

A.

An understanding of the culture and subcultures of your organization

B.

The capacity to manage multiple projects and priorities and meet deadlines

C.

A willingness to take on additional duties and responsibilities when resources are limited

D.

A thorough understanding of the products and/or services your organization provides

What challenge is most likely faced by a business with low market share and high growth potential?

A.

Its ability to generate profits is unknown.

B.

It is in the worst market position and has insufficient resources to continue operations.

C.

It is unclear how to best utilize the high cash flow to sustain growth.

D.

Its excess resources are often used to develop other businesses that may not be mission-critical.

Using efficient and cost-effective approaches to integrate technology into the workplace is most likely to do what?

A.

Reduce compensation expense

B.

Improve program efficacy

C.

Select the best vendors

D.

Compensate employees competitively