Describe Micropayments

question 90

Essay

Describe micropayments.

Understand the principles and legislation behind the Employee Retirement Income Security Act (ERISA) of 1974.

Comprehend the various compensation strategies including pay-for-knowledge, stock-option plans, and open pay systems and their impact on organizational behavior.

Recognize different job evaluation methods and their application in setting compensations.

Identify the types of benefits such as perquisites, life-cycle benefits, and employee assistance plans, and their significance in employee compensation.

---

Definitions:

Direct Labor

Direct labor involves the work of employees that is directly attributable to the production of goods or services, such as the labor of a factory worker assembling a product.

Factory Overhead Cost

All indirect costs related to manufacturing, excluding direct materials and direct labor expenses.

Depreciation

The structured apportioning of the price of a tangible asset across its operational life.

Sales Commissions

Payments made to salespersons or agents based on the sales they generate.