If the Union Wins the Election, Then Management and the Union

question 64

Multiple Choice

If the union wins the election, then management and the union are legally required to

• A) bargain in good faith.
• B) stay out of each other's business.
• C) continue business as it always was.
• D) start over by having all employees reapply for their jobs.
• E) write a new contract.

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Definitions:

Fair Values

An estimation of the market value of an asset or liability, based on current prices in an active market or through model-based techniques when no active market exists.

Journal Entry

A record of a business transaction in an accounting system that includes the accounts and amounts to be debited and credited.

Acquisition

The process of acquiring control of another company or business asset, which can involve a purchase, merger, or take-over.

Assets

Resources owned or controlled by a person or company, expected to produce economic value or future benefits.