A Technique Whereby a Neutral Third-Part Individual Conducts a Hearing

question 40

Multiple Choice

A technique whereby a neutral third-part individual conducts a hearing to gather evidence from both labor and management is called:

• A)interest arbitration.
• B)negotiation.
• C)fact-finding.
• D)rights arbitration.
• E)grievance arbitration.

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Definitions:

Process Cost System

An accounting method used to track costs associated with producing homogenous products in continuous processes.

Work In Process

Inventory that includes goods in the production process but not yet completed, often referred to as WIP.

Conversion Costs

The combined costs of direct labor and overhead that are incurred to convert raw materials into finished products.

Raw Steel

The unprocessed product from melting iron ore, scrap steel, and other additives in a blast furnace, which is the base material for making steel products.