COMMERCE 4BE3 Study Guide - Quiz Guide: Quartile, Data Quality, Central Tendency

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Chapter 9 – MindTap
1. Which statement does NOT accurately describe labour market considerations?
a. Wage compression has occurred in the public sector.
b. In the public sector, employees' ability to generate revenue dictates pay levels. FALSE
c. New organizations will have an advantage over established organizations in labour environments where
supply exceeds demand for labour.
d. Employees in Alberta and Ontario earn more than those in other provinces.
2. Which variable would NOT be included under the term "compensation differential"?
a. jobs with high failure rates
b. working in remote locations
c. industries that are very cyclical in nature
d. scarcity of labour
3. At a basic level, what do employers need to know when attempting to gather information about a
relevant labour market?
a. what competitors are paying for labour
b. future labour demand in the industry
c. competitors' future labour plans
d. the indirect benefits offered by competitors
4. Which source of compensation data tends to suffer from poor reliability?
a. government agencies
b. industry groups
c. informal surveys
d. compensation consultants
5. What is the main advantage of conducting a formal in-house survey?
a. Technical expertise is readily available.
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b. Most employers are willing to share information.
c. It is easy to design and costs little.
d. Data quality and appropriateness are ensured.
6. Which statement does NOT accurately describe conducting a compensation survey?
a. Collecting information about wage and salary levels provides an adequate basis for
comparison. FALSE
b. Surveying about 10 to 15 percent of jobs is sufficient to calibrate the system.
c. Although costly to use on a significant scale, the personal interview provides the best-quality
information.
d. Key job matching is an essential foundation for any survey.
7. What analytical approach mitigates the impact of having a data set that has a few very high
or/and very low points?
a. mean
b. key job method
c. compa-ratio
d. median
8. You have determined that the lowest-paying employer pays its accounting clerk a mean
total compensation of $32,000 and that the highest-paying employer pays its accounting
clerk a mean total compensation of $41,600. What is the dispersion in accounting clerks'
compensation across firms?
a. 23 percent
b. 30 percent
c. 77th percentile
d. 25th percentile
9. After reviewing your company's pay data, you determine the compa-ratio to be equal to
one. What can you conclude from this?
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