Your Work Force Is Diverse in Terms of Their Needs

question 6

Multiple Choice

Your work force is diverse in terms of their needs for benefits. Jim is married with two children and his wife is at home full time. Janet is single and supports her widowed mother. Bob is married and his wife has a high-paying job. You decide that you want to devise a benefits program which is tailored to their individual needs.
-What sort of benefit program would probably be the best choice?

• A) a traditional benefit program
• B) a flexible benefit program
• C) letting them purchase their own benefits
• D) an ESOP
• E) an AESOP

---

Definitions:

Transfer Property

The act of legally changing ownership of property or assets from one party to another.

Allocation

The process of distributing resources or assigning tasks among people or projects based on a plan or a set of criteria.

Potential Beneficiary

An individual or entity that stands to receive a benefit or rights under a will, trust, or insurance policy, pending upon certain conditions or events.

Interest

The cost of borrowing money, usually expressed as a percentage of the amount borrowed, over a specific period of time.