A Financial Incentive Plan That Rewards a Team of Workers

question 25

Multiple Choice

A financial incentive plan that rewards a team of workers for meeting or exceeding an objective is called a

• A) piecework system.
• B) payments-for-suggestions plan.
• C) group incentive plan.
• D) commission.

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Definitions:

Socialist Economic System

A political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.

Collective Ownership

The shared control and ownership of assets, resources, or enterprises among a group of people or within a community, as opposed to individual privatization.

Bureaucracy

An organizational structure characterized by standardized procedures, hierarchical divisions, and a clear set of rules guiding operations.

Rational Organization

An approach to organizational management that emphasizes efficiency, predictability, calculability, and control through a structured and logical framework.