Which of the Following Is the First Step in the Factor-Comparison

question 46

Multiple Choice

Which of the following is the first step in the factor-comparison method for job evaluation?

• A) The comparison factors to be used are selected anddefined.
• B) Benchmark or key jobs in the organization are identified.
• C) A job-comparison chart is developed to display thebenchmark jobs and the monetary values that each jobreceived for each factor.
• D) The benchmark jobs chosen for evaluation are grouped into grades.
• E) Jobs are ranked at a level of importance to organizations.

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Definitions:

National Income Accounting

A system used by a country to measure the overall economic activity, including the total income earned by the nation and how it's used.

Net Capital Outflow

The difference between the purchase of foreign assets by domestic residents and the purchase of domestic assets by foreign residents over a specific period.

Purchasing-Power Parity

An economic theory that compares different countries' currencies through a "basket of goods" approach, arguing that exchange rates should equalize the price of the basket of goods in each country.

Price Level

An index that measures the average of current prices across a variety of goods and services compared to a base year.