Under a Straight Piecework Plan,five Minutes Is the Standard Time

question 10

True/False

Under a straight piecework plan,five minutes is the standard time to produce one unit.The employee's hourly rate is $7.50.The piece rate is $1.50 per unit.

---

Definitions:

Retrospective Reimbursement

A payment model where healthcare providers are paid after services are delivered, based on the costs of the provided services.

Fee-For-Service

A payment model where services are unbundled and paid for separately, often seen in healthcare settings.

Cost-Efficient

Economically advantageous, achieving the best possible outcome or value with the least waste of resources or effort.

Community Rating

A pricing strategy where health insurance premiums are not based on an individual’s health status or age but are the same for all members of a community.