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ADMS 1000 Study Guide - North American Free Trade Agreement, Trade Bloc, Learning Organization

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School
York University
Department
Administrative Studies
Course
ADMS 1000
Professor
All

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ADMS 1000 Full Course Notes
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ADMS 1000 Full Course Notes
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Document Summary

Employment: a form of work in which a person is dependent upon mostly subservient to an employer, work arrangement/ business arrangement. Employment contract: governs the relationship, sets specific rules, obligations and rights applicable to employer and employee; usually enforceable in court of law. Some people work through temporary placement organizations: assign work for other businesses, volunteers / interns- unpaid workers, employment relationship involves legal rights and entitlements, legislastion regulates employment on the theory that employees require government protection due to vulnerability. Employment standard legislation: entitles employees to a minimum wage, overtime pay, mandatory time off and holiday pay, notice of termination, human rights laws prohibit discrimination in employment and access to unemployment insurance, public pension schemes and worker compensation benefits. Standard employment relation (ser: characterized by regular, full time hours , often entire work career, employees receive periodic raises; provided with benefits, strong social security net- govt.

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Related Questions

Based on following text in your own words, list anddefine the four categories of employment income,providing an example (other than regular pay) foreach category.

Employment Income

An individual working for an employer receives compensation orpay, known as remuneration, for the services they perform. Where anemployee-employer relationship exists, remuneration is referred toas employment income. Employment income can be categorized intoearnings, allowances, benefits and taxable expensereimbursements.

Earnings

Earnings are dollar amounts the employer pays an employee forthe work they perform. Earnings can be paid as:
· a salary
· a rate for each hour worked
· a rate per piece of goods produced or picked
· a disability payment for time off work due to illness
· a payment for vacation time
· a premium payment for overtime hours worked
· a premium payment for hours worked on shift

Deciding which types of earnings are paid and how they arecalculated is primarily a decision made by the employer. Earningsare pensionable, insurable and taxable, and therefore subject toall statutory deductions.

Allowances

Allowances are additional dollar amounts paid to employees forthe use, or anticipated use, of their personal property forbusiness purposes. Allowances can also be provided to employees tocover the cost of personal living expenses associated withemployment. The most common types of allowances cover the costsincurred by the employee for car, meals, uniforms, safety shoes orother particular types of clothing for business reasons. Undercertain conditions, allowances are not considered employment incomeand therefore are not subject to statutory withholdings.

Benefits

Benefits are dollar values attributed to something the employerhas either provided to an employee or paid for on an employee’sbehalf. Usually, when an employer provides an employee withsomething (for example, a company-leased automobile is given to theemployee for both business and personal use) or pays for somethingon an employee’s behalf (for example, group term life insurancepremiums), it results in a benefit to the employee. There arecertain situations where benefits are not included in employmentincome and therefore are not subject to statutory withholdings.

Expense Reimbursements

Similar to allowances, expense reimbursements are also dollaramounts paid to employees to cover expenses that they incur whileperforming their job. For the most part, expense reimbursementsgenerally fall outside of payroll because they are business-relatedand therefore not employment income to employees. These expensesare claimed on an expense report, supported by receipts, andusually submitted directly to the accounting department forreimbursement. As such, they are not considered in the calculationof an employee’s pay. Some organizations choose to reimburseexpenses through payroll in which case they are not subject to anystatutory deductions; they will, however, affect the net pay. Anyreimbursements made to an employee for personal living expenses areconsidered taxable to the employee, included in income and subjectto statutory withholdings.

business law

QUESTION 18

Partnership property:

a.

is always personal property.

b.

is owned by the partners as tenants in partnership.

c.

can be pledged to a partner's personal creditor.

d.

all of the above

3.572 points

QUESTION 19

Under apparent authority:

a.

a principal is never liable for the acts of an agent.

b.

a principal is liable for creating the appearance of an agency relationship.

c.

there is no agency relationship.

d.

none of the above

3.572 points

QUESTION 20

Religious discrimination is lawful if:

a.

a church is looking for a pastor.

b.

the person's religion prevented them from working a certain shift.

c.

the religious beliefs will interfere with effective work.

d.

none of the above

3.572 points

QUESTION 21

The business judgment rule holds directors liable for:

a.

errors in business judgment.

b.

their mistakes.

c.

failure to obtain necessary information for making decisions.

d.

none of the above

3.572 points

QUESTION 22

OSHA’s enforcement powers include:

a.

Research

b.

Investigations

c.

Record-keeping requirements

d.

All of these answers

3.572 points

QUESTION 23

Which is not an example of an independent contractor relationship?

a.

master/servant

b.

lawyer/client

c.

accountant/client

d.

All of the above are not independent contractors.

3.572 points

QUESTION 24

The Americans with Disabilities Act:

a.

applies to all employers.

b.

limits the impact of the Rehabilitation Act.

c.

applies only to government contractors.

d.

prohibits the use of tests that screen out handicapped workers.

3.572 points

QUESTION 25

Under workers’ compensation:

a.

the employee loses the right to sue the employer for covered incidents.

b.

employee fault controls compensation.

c.

injuries by other employees are not covered.

d.

None of these

3.572 points

QUESTION 26

Which of the following is not one of the benefits provided by workers’ compensation:

a.

Hospital and medical expenses

b.

Full wages

c.

Partial wages

d.

Death benefits

3.572 points

QUESTION 27

A partnership by estoppel:

a.

is the same as a partnership by implication.

b.

results when third parties are led to believe a partnership exists.

c.

is the same as a joint venture.

d.

none of the above

3.572 points

QUESTION 28

A shareholder proxy is:

a.

good until revoked.

b.

not subject to any securities laws.

c.

a transfer of a right to vote.

d.

none of the above

read the article, and then make your first post your thoughts/reactions/concerns on how much executives get paid, summary , what do you think?

Judge Shelley C. Chapman of the Federal Bankruptcy Court in Manhattan has issued an opinion that provides an important reminder for employees throughout the United States who participate in deferred-compensation plans. The opinion is from the long-running Lehman Brothers bankruptcy, but it applies to employees of all sorts of companies. In short, the tax benefits you get from a deferred-compensation plan are not “free,” and by deferring compensation, you are taking on the credit risk of your employer. In 1985, Shearson Lehman Brothers Inc. — which later became Lehman Brothers Inc., Lehman’s regulated broker-dealer — established the deferred-compensation plan. In the plan, each employee agreed that: the obligations of Shearson hereunder with respect to the payment of amounts credited to his deferred-compensation account are and shall be subordinate in right of payment and subject to the prior payment or provision for payment in full of all claims of all other present and future creditors of Shearson whose claims are not similarly subordinated. The wording not only gives us some insight to gender issues on Wall Street in the 1980s, but also drives home the point that the employer’s obligation to pay the deferred compensation is an unsecured obligation. In this case, a deeply subordinated one. These employees were no better than subordinated bondholders of Lehman Brothers. The employees had several novel arguments for why they should, at least, get out from under the subordination provision in the agreement, but the court rejected them all. The court also rejected the argument that Lehman’s alleged breach of the deferred-compensation agreement would remove the employees’ obligation to subordinate their claims. The court explained that unlike an ordinary contract dispute, the present case involved the simple question how to treat the employees’ claim in bankruptcy. In this case, the employees — in agreeing to the subordination provision — had agreed to be paid after all other general unsecured creditors had been paid in full. Judge Chapman acknowledged that seemed a bit unfair — in her words “expected compensation for years of dedicated service disappeared in an instant in September 2008.” Nevertheless, this was the basic trade-off that employees had made decades ago: better tax treatment, in exchange for more risk. The key question is whether the employees understood the nuances of bankruptcy law that were embedded in this trade-off.