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Scenario 10.1 BioMetrics Imaging Ltd. Is a Small Saskatoon-Based Firm That Designs

question 52

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Scenario 10.1
BioMetrics Imaging Ltd. is a small Saskatoon-based firm that designs and produces one-of-a-kind machines that are capable of capturing medical imaging similar to that of MRI machines but with a higher percentage of accuracy. So far, the company has been able to sell various units to privately owned medical clinics and a few hospitals in the United States. The problem currently facing BioMetrics Imaging is finding salespeople with the appropriate experience who not only understand the equipment but are also trustworthy and willing to work extremely hard to bring the product to the marketplace. It takes roughly six months to convince potential clients to purchase the machines. Sales agents receive a hefty paycheque when a unit is sold based on a percentage of the unit price, and all travel expenses are covered. Still, the company is not able to retain its employees because the time lag between beginning to sell machines and getting paid is too long.
-Refer to Scenario 10.1. What type of compensation plan is BioMetrics utilizing for its salespeople?

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Definitions:

Money Supply

The total amount of monetary assets available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.

Glass-Steagall Act

A U.S. law enacted in 1933, designed to prevent commercial banks from engaging in investment banking, thereby protecting depositor funds from risky market investments.

Investment Banking

The sale of stocks and bonds for corporations.