Which Type of Business Involves a Contractual Agreement for a Company

question 107

Multiple Choice

Which type of business involves a contractual agreement for a company to provide management services and expertise to another company for a determined period?

• A)management contract
• B)franchising
• C)export
• D)licensing
• E)None of the above

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Definitions:

Noncompeting Groups

Collections of workers who do not compete with each other for employment because the skill and training of the workers in one group are substantially different from those of the workers in other groups.

Collective Bargaining

The negotiation of labor contracts between labor unions and firms or government entities.

Lockout

A negotiating tactic in which a firm forbids its unionized workers to return to work until a new collective bargaining agreement is signed; a means of imposing costs (lost wages) on union workers.

Efficiency Wages

Higher-than-market wages paid by employers to increase worker productivity, morale, and retention.