What Is the First Step in Bargaining

question 42

Multiple Choice

What is the first step in bargaining?

• A) The union and management serve notice to bargain.
• B) The parties meet.
• C) The momentum builds for settlement.
• D) Management and the union prepare for bargaining.

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Definitions:

GAAP

Generally Accepted Accounting Principles, a set of standards and procedures for financial reporting used in the United States.

Variable Costing

An accounting method that only includes variable costs in product costing and decision-making.

Fixed Costs

Outgoings such as rent, salaries, and premiums for insurance that are unaffected by the quantity of sales or production.

Special Orders

Custom orders that typically differ from standard products and may have unique pricing or production requirements.