Strategic comp

Question 1

An incentive plan under which employees
receive a certain rate for each unit produced

Answer 1

piecework

Question 2

An incentive plan that sets rates based on the completion of a job in a predetermined standard time

Answer 2

standard hour plan

Question 3

An incentive payment that is supplemental
to the base wage

Answer 3

bonus

Question 4

links an increase in base pay to how successfully an employee performs their job

Answer 4

merit pay

Question 5

Program under which employees receive a year-end merit payment, which is not added to their base pay

Answer 5

lump-sum merit program

Question 6

A compensation plan in which all team
members receive an incentive bonus
payment when production or service
standards are met or exceeded

Answer 6

team incentive plan

Question 7

Any procedure by which an employer pays, or makes available to all regular employees, in addition to base pay, special current or deferred sums based on the profits of the enterpris

Answer 7

profit sharing