An Individual-Level Performance-Based Pay Where People Are Rewarded for the Quantity

question 40

Multiple Choice

An individual-level performance-based pay where people are rewarded for the quantity of goods they produce regardless of how long it has taken them is called ______.

• A) merit pay
• B) piece rate
• C) bonus
• D) benefit

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Definitions:

Reduced Overhead

The action or effect of decreasing indirect costs associated with running a business, such as administrative expenses, utilities, and rent.

Operating Efficiency

Refers to the ability of a business to deliver services or products in a cost-effective manner while maintaining high quality.

Crude Oil Prices

The cost per barrel of crude oil on the global markets, influencing energy prices and economic indicators.

OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market.