Labour cost is a vital factor not only affecting the cost of production but also industrial relations of the organization. No organization can expect to attract and attain qualified and motivated employees unless it pays them fair remuneration. Employee remuneration therefore influences vitally the growth and profitability of the company. For employees remuneration is more than a means of satisfying their physical needs. Wages and salaries have significant influence on our distribution of income, Consumption savings employment and prices. Thus employee remuneration is a very significant issue from the viewpoint of employer’s employees and the nation as whole.
Here is an interesting Ten Questions quiz on the Labour Cost.
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- Question 1 of 10
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- Question 2 of 10
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Wage sheet is prepared byCorrect
Payroll department prepares the wage sheetIncorrect
- Question 3 of 10
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Methods of measuring labour turnover areCorrect
There are 3 methods of measuring labour turnover namely separation rate method, replace ment method and labour flaux rate methodIncorrect
- Question 4 of 10
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Cost of abnormal idle time are transferred toCorrect
Abnormal idle time is related to labour cost and hence transferred to costing Profit and loss accountIncorrect
- Question 5 of 10
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Time recording clock prints the time onCorrectIncorrect
- Question 6 of 10
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Idle time arises only when the workers are paid onCorrect
Idle time arises only when the workers are paid on time basisIncorrect
- Question 7 of 10
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Time not spent on productive work Is known asCorrectIncorrect
- Question 8 of 10
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The workers who are sent to sites or customers premises for performing work are known asCorrectIncorrect
- Question 9 of 10
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Under piece rate system, payment is made according toCorrectIncorrect
- Question 10 of 10
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When overtime is required for meeting urgent orders, overtime premium should be charged toCorrectIncorrect