Employees' Total Compensation Consists of Which of the Following

question 27

Multiple Choice

Employees' total compensation consists of which of the following?

• A) Base compensation, personnel costs, payroll
• B) Benefits, pay incentives, personnel costs
• C) Base compensation, pay incentives, indirect compensation
• D) Payroll, pay incentives, base compensation

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Definitions:

Comparative Advantage

The capacity of an individual or country to manufacture a given good or service more efficiently, incurring lower opportunity costs than their counterparts.

Opportunity Cost

The omission of possible gains that could come from different options when one is preferred.

Comparative Advantage

The competence of an individual, firm, or nation to forge a good or render a service with a lower forfeited opportunity compared to others in the market.

Productivity

A measure of the efficiency of production, usually defined as the ratio of outputs produced to inputs used.