York University Has Developed a Merit-Based Pay System for Its

question 32

Multiple Choice

York University has developed a merit-based pay system for its professors, in addition to other forms of pay. Which of the following terms refers to this type of merit-based pay?

• A) value-added compensation
• B) pay-for-performance
• C) pay equity
• D) indirect compensation

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Definitions:

Oral Agreements

Contracts or agreements that are made through spoken communication rather than in writing, though their legal enforceability can vary.

Arbitration

A form of dispute resolution where an impartial third party, the arbitrator, makes a decision to resolve a dispute outside of court.

Dissolution

Dissolution is the process through which a legal entity ceases to exist, involving the winding up of affairs, paying off debts, and distributing any remaining assets to owners.

Liquidate

The process of converting assets into cash or cash equivalents by selling them, often used in the context of dissolving a business.