Cwmc Module 11: Employment Competency Test

15 Questions | Total Attempts: 108

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Module Quizzes & Trivia

This quiz is part of LFE Institute's CWMC (Certified Workplace Money Coaching) course. It will test your proficiency in the Employment Module (Module 11) of the program. The questions are all multiple choice, and are designed to be a review of this Module. Let LFE know when you've successfully completed this test and are ready to begin the next Module. Correct answers required for passing grade: 13/15


Questions and Answers
  • 1. 
    Which of the following would you recommend for information regarding employment issues? (check all that apply)
    • A. 

      Http://blackdog.net/index.html

    • B. 

      Http://www.dol.gov/ebsa/consumer_info_health.html

    • C. 

      Http://www.ehow.com/how_2097902_be-valued-employee.html

    • D. 

      Http://www.wunderground.com/

    • E. 

      Http://www.alllotto.com/

  • 2. 
    Presenteeism is a term used to describe:
    • A. 

      How many days a year an employee is present on the job

    • B. 

      Lost productivity due to employee worries over finances

    • C. 

      The specific hours an employee spends calculating vacation time

    • D. 

      EAP utilization

    • E. 

      The high cost of absenteeism

  • 3. 
    To an employer, FSA stands for:
    • A. 

      Financial Savings Association

    • B. 

      Federal Student Aid

    • C. 

      Flex Spending Account

    • D. 

      Farm Service Agency

    • E. 

      None of the above

  • 4. 
    How does Money Coaching complement Retirement Plan Provider services? (check all that apply)
    • A. 

      Answers questions on basic strategies for investing

    • B. 

      Recommends specific investment options within the Plan

    • C. 

      Shows employees where to find the money

    • D. 

      Points out the bad investments to avoid

    • E. 

      None of the above

  • 5. 
    Based on the question asked, a Money Coach response could include:
    • A. 

      Pros and cons of specific strategies

    • B. 

      Questions to ask an applicable advisor and the reasons those questions are important

    • C. 

      Financial traps to avoid

    • D. 

      How to save $200 when making that decision

    • E. 

      Any of the above, whichever is applicable

  • 6. 
    How does Money Coaching differ from Employee Assistance Plan (EAP) services? (check all that apply)
    • A. 

      EAP is crisis; Money Coaching is preventative

    • B. 

      EAP typically deals with emotional/behavioral solutions to financial problems; Money Coaching deals with practical financial applications and decisions

    • C. 

      EAP counselors help employees make smart investment decisions; Money Coaching gives no advice

    • D. 

      EAP is an insurance provider; Money Coaching is a lending service

    • E. 

      There are no differences in the two services.

  • 7. 
    Which financial acronym will an employer's HR staff generally NOT use on a day-to-day basis?
    • A. 

      FSA

    • B. 

      EAP

    • C. 

      FEMA

    • D. 

      FMLA

    • E. 

      HSA

  • 8. 
    Which strategy are you likely to suggest in response to an employee concern that there may be a future "interruption in income"?
    • A. 

      Investigate bankruptcy options

    • B. 

      It’s a good time to review health insurance and drop it if it’s too expensive

    • C. 

      Borrow as much money as possible if interest rates are low

    • D. 

      Cash out retirement or pension plans to prepare

    • E. 

      Establish an emergency fund for this life event

  • 9. 
    Which of the following is a TRUE statement regarding creditors calling employees at a workplace?
    • A. 

      Debt collectors are governed by the Fair Debt Collection Practices Act

    • B. 

      It’s illegal for a debt collection agency to ever call an employee at their job, so it doesn’t happen

    • C. 

      Creditors are allowed to call an employee once a day to request payment on a bad debt

    • D. 

      It’s illegal for Creditors to contact an employer to verify employment

    • E. 

      None of the above

  • 10. 
    Which of the following is the largest Human Resource association in the U.S.?
    • A. 

      COBRA

    • B. 

      SHRM

    • C. 

      ERISA

    • D. 

      FICA

    • E. 

      None of the above is the largest.

  • 11. 
    Which of the following ERISA 404(c) facts related to an employer's fiduciary responsibility to provide unbiased education on the basics of investing are TRUE? (check all that apply)
    • A. 

      This education can be provided by the Trustee of the company’s Plan or the 401(k) Provider

    • B. 

      Employees can sue the company and all of the Plan Fiduciaries personally if this education isn’t provided

    • C. 

      The employer will receive the “Safe Harbor” of the courts if they have mailed a prospectus to the employees’ homes

    • D. 

      The new Pension Protection Act removes this fiduciary responsibility under 404(c)

    • E. 

      ERISA 404(c) applies to any non-government employer with over 100 employees that have a self-directed retirement plan

  • 12. 
    Which of the following present liability concerns for employers? (check all that apply)
    • A. 

      ERISA

    • B. 

      Growing workplace anger

    • C. 

      SOX

    • D. 

      Employee distractions on the job

  • 13. 
    Money Coaching helps increase bottom-line profitability by accomplishing which of the following? (check all that apply)
    • A. 

      Increasing productivity

    • B. 

      Minimizing liabilities

    • C. 

      Reducing Presenteeism costs

    • D. 

      Lowering healthcare costs

    • E. 

      Reducing ERISA-related lawsuits

  • 14. 
    A low FICO score can affect employees in which of the following ways? (check all that apply)
    • A. 

      May not be hired for a job

    • B. 

      Could prevent a promotion

    • C. 

      Could cause the employer to look for another reason to fire the employee

    • D. 

      None of the above; it’s illegal to discriminate on the basis of FICO scores so no employer would ever do it

  • 15. 
    An employee who is laid off will have questions about which of the following? (check all that apply)
    • A. 

      Moving retirement plan funds

    • B. 

      COBRA qualifications

    • C. 

      Collecting unemployment

    • D. 

      Garnishment issues

    • E. 

      How to improve his/her FICO score