UK Holiday Buy & Sell Quiz

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| By Milanr
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Milanr
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Quizzes Created: 2 | Total Attempts: 157
| Attempts: 76
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  • 1/15 Questions

    Member can buy or sell holiday via the _____________ .

    • Member Flexible Benefits Page
    • ALBERT
    • LPS
    • LARA
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About This Quiz

The UK Holiday Buy & Sell Quiz assesses knowledge on trading holiday benefits within a company. It covers rules for buying or selling annual leave, eligibility during enrolment windows, and restrictions after lifestyle changes. Essential for HR professionals and employees managing benefits.

UK Holiday Buy & Sell Quiz - Quiz

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  • 2. 

    Can member's sell back the extra holiday they bought if they did not use it?

    • YES

    • NO

    Correct Answer
    A. NO
    Explanation
    Members cannot sell back the extra holiday they bought if they did not use it.

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  • 3. 

    Member have the opportunity to trade their annual leave up by a maximum of 5 days to a maximum of __ days?

    • 20

    • 10

    • 30

    • 25

    Correct Answer
    A. 30
    Explanation
    Members have the opportunity to trade their annual leave up by a maximum of 5 days. Therefore, the maximum number of days they can trade up to is 5 added to their original annual leave, which is 25. Therefore, the correct answer is 30.

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  • 4. 

    You are not able to make any changes to your choices on Holiday benefit bought or sold in the event of a Lifestyle change. The cost of the holidays or the payment due to you will be spread over the benefit year in equal installments.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement implies that once you have purchased or sold a holiday benefit, you cannot make any changes to it if there is a lifestyle change. Additionally, the cost of the holidays or the payment owed to you will be divided into equal installments over the benefit year. Therefore, the statement is true as it suggests that there are restrictions on modifying holiday benefits and a specific payment schedule is followed.

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  • 5. 

    It is defined as any lifestyle event that is recognised under the scheme (for instance marriage or childbirth).

    • Member Change

    • Annual Change

    • Lifestyle Change

    • Flexible Change

    Correct Answer
    A. Lifestyle Change
    Explanation
    A lifestyle change refers to any significant event in a person's life that is recognized and acknowledged under the scheme. This can include milestones such as marriage or childbirth, which often bring about significant shifts in a person's daily routines, priorities, and overall lifestyle. These events are considered important and may have implications for various aspects of a person's life, including their financial planning, insurance coverage, and personal well-being.

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  • 6. 

    If you are a new joiner or are returning to work following a life event you will not be able to flex leave at the next annual enrolment.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    New joiners or individuals returning to work following a life event are still eligible to flex leave at the next annual enrollment. This means they have the option to adjust their leave schedule based on their personal needs and circumstances.

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  • 7. 

    Scenario: Member have 25 days holiday and carry over 2 days the maximum holiday he can purchase is __ days.

    • 3

    • 5

    • 2

    • 10

    Correct Answer
    A. 3
    Explanation
    Based on the given scenario, the member has 25 days of holiday and can carry over 2 days. This means that the maximum holiday they can have in total is 25 + 2 = 27 days. However, since the options provided are 3, 5, 2, and 10, the correct answer must be the closest option to 27. Among the options, 3 is the closest to 27, so it is the correct answer.

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  • 8. 

    Member have 25 days holiday and carry over 5 days, can they purchase additional holiday?

    • No

    • Yes

    Correct Answer
    A. No
    Explanation
    The answer is "No" because the question states that the member already has 25 days of holiday and can carry over an additional 5 days. This implies that they already have a sufficient amount of holiday and do not need to purchase any additional days.

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  • 9. 

    If you buy or sell holiday, the value of a day will be _____ of your Reference Salary.

    • 1/620th

    • 1/300th

    • 1/260th

    • 1/420th

    Correct Answer
    A. 1/260th
    Explanation
    When buying or selling a holiday, the value of a day is calculated as 1/260th of your Reference Salary. This means that for every 260 days of work, you are entitled to one day of holiday pay.

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  • 10. 

    If member had approval to carry over holiday due to exceptional business circumstances, the maximum of 30 days still applies.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    If a member has been granted permission to carry over holiday due to exceptional business circumstances, it means that they are allowed to save unused vacation days from one year to the next. However, even in this case, there is still a maximum limit of 30 days for carrying over holidays. Therefore, the statement that "the maximum of 30 days still applies" is true.

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  • 11. 

    It is the period for renewal of the flexible benefits for the coming benefits year?

    • Annual Flex Enrollment

    • Holiday Booking

    • Lifestyle Event

    Correct Answer
    A. Annual Flex Enrollment
    Explanation
    The correct answer is Annual Flex Enrollment because it is the period where employees can renew their flexible benefits for the upcoming benefits year. This suggests that employees have the opportunity to review and make changes to their benefits package, ensuring that it aligns with their current needs and preferences. The term "Annual Flex Enrollment" specifically refers to this process, making it the most appropriate answer choice.

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  • 12. 

    If you selected holiday benefit (buy and sell) for 2014 your choice will NOT be carried forward to 2015.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The explanation for the correct answer "True" is that the holiday benefit (buy and sell) for 2014 will not be carried forward to 2015. This means that any unused holiday benefit from 2014 cannot be used or transferred to the following year, 2015. Therefore, if someone selected the holiday benefit (buy and sell) for 2014, they would not be able to carry it over to 2015.

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  • 13. 

    Member can only select holiday benefit (buy or sell) during the ___________.

    • Lifestyle change

    • Annual enrolment window

    • Sick leave

    • Payroll cut-off

    Correct Answer
    A. Annual enrolment window
    Explanation
    During the annual enrolment window, members are given the opportunity to select their holiday benefit, whether it be buying or selling holidays. This window is a specific period of time each year where employees can make changes to their benefits and choose the options that best suit their needs. It is the designated time for employees to review and modify their benefits, including their holiday benefits.

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  • 14. 

    Member have the opportunity to trade down a maximum of ___ days to a minimum of 20 days if they are full time members.

    • 10

    • 5

    • 30

    • 15

    Correct Answer
    A. 10
    Explanation
    Full-time members have the opportunity to trade down a maximum of 10 days. This means that they can exchange up to 10 days of their membership for a lower membership level or for a refund. The minimum number of days they can trade down to is 20 days, meaning they cannot trade down to less than 20 days of membership.

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  • 15. 

    Members who work 5 ‘short days’ per week are treated?

    • Part Time Members

    • Full Time Members

    • Contractual Members

    • Flexible Members

    Correct Answer
    A. Full Time Members
    Explanation
    Members who work 5 'short days' per week are treated as full-time members. This means that they are considered to be working the same number of hours as full-time members, even though their work schedule may be shorter. They receive the same benefits and are subject to the same employment policies as other full-time members.

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Quiz Review Timeline (Updated): Mar 19, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 19, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 11, 2014
    Quiz Created by
    Milanr
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