LGLA2311-Chapter 18 Word Scramble
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Answer | Question |
Fringe benefits | benefits provided to employees in addition to salary (often called benefits) |
Welfare benefit plans | insurance and other similar plans offered to employees |
Premium | amount paid to insurer to provide coverage |
COBRA | federal law requiring insurance continuation after employee departs employment |
Accident insurance | insurance designed to protect insured who cannot work due to accident |
Disability insurance | insurance designed to protect insured who cannot work due to disability |
Corporate-owned life insurance (COLI) | insurance purchased by companies on the lives of rank-and-file employees, often without their notice |
Split-dollar insurance | insurance for which employer and employee each pay part of premium |
ERISA | federal law governing retirement plans |
Qualified plan | retirement plan meeting IRS requirements that is eligible for favorable tax treatment |
Master plan | retirement plan prequalified by IRS (also called prototype plan) |
Nonqualified plan | usually a private agreement between employer and employee that does not meet requirements needed to achieve favorable tax treatment |
Sponsor | party providing a retirement plan |
Plan participant | one for whom a retirement plan is designed |
Plan administrator | party who manages retirement plan |
Contributory plan | retirement plan funded by both employer and employee |
Noncontributory plan | retirement plan funded solely by employer |
Vesting | the time at which an employee's rights occur or when employee is entitled to benefits of a plan |
Top-heavy plan | a retirement plan that discriminates in favor of senior employees |
Defined benefit plan | retirement plan that fixes a preestablished benefit that will be paid to employees |
Defined contribution plan | retirement plan that specifies that contribution that will be made to it |
Money-purchase pension plan | retirement plan by which employer contributes a certain percentage of employees salary each year |
Profit-sharing plan | retirement plan funded by employer's profits |
Stock bonus plan | plan in which employer contributes stock |
Employee stock ownership plan | plan in which employer contributes funds it has borrowed to a trust and which money is then used to buy stock in the corporation for employees |
Target benefit plan | combination of defined contribution and defined benefit plans |
401(k) plan | retirement plan funded by employees nontaxable contributions |
Individual retirement account (IRA) | retirement plans funded by employees not covered by company-sponsored retirement plans |
SEP-IRA | plan allowing self-employed individual to contribute to his or her retirement |
SIMPLE-IRA | plan in which both employer (a small employer) and employee contribute |
Roth IRA | retirement plan in which contributions are not deductible but distributions (after a certain age) are |
Cash benefit plan | a hybrid retirement plan combining features of a traditional pension plan with a 401(k) |
Stock option | right to purchase fixed number of shares at a certain date at a fixed price |
Underwater options | stock options that would be exercised at a loss |
In the money options | stock options that can be exercised at a gain |
Incentive stock option plan | stock option plan that is qualified under IRS regulations, allowing for favorable tax treatment |
Non qualified stock option | stock option that does not qualify for favorable tax treatment |
Spread | difference between stock price at which option is granted and stock price when option is exercised or purchased |
Strike price | price at which option was granted |
Reload options | options purchased with other options, also called a cashless exercise |
Cashless exercise | using options or borrowed money to pay for options |
Restricted stock | stock that must be held for some period before it can be sold |
Performance shares | shares awarded only when certain goals are achieved |
Stock option backdating | the practice of altering the date of a stock option grant to make it more valuable |
Perks | perquisites or fringe benefits provided by employers |
Honoraria | payments given for appearing at an event or meeting |
Employment at will | employment relationship that either party can terminate for any reason or no reason |
Wrongful discharge | termination of employee for improper reason |
Whistle-blower | one who discloses improper conduct of his or her superior |
Commission | payment based on sales generated |
Draw | an advance payment against future salary or commission |
Restrictive covenants | agreements imposing certain restrictions or prohibitions on employees on an employee |
Covenant not to compete | agreement by employee not to compete against employer |
Blue-penciling | procedure of correcting noncompete clauses to make them legal |
Intellectual property | products of human creative thought and effort |
Work made-for-hire doctrine | legal doctrine that copyrightable work created by employee is owned by employer |
Copyright | right in original literary, artistic, dramatic, and other works |
Shop right | employer's royalty-free license to use an invention developed by an employee |
Trade secret | information providing a competitive edge to its owner |
Created by:
dawnbryant
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