A company provides wages to its employees based on the amount workers produce. The more employees produce, the more they earn. This type of plan is called:

A. piecework rate plan.
B. merit pay plan.
C. Scanlon plan.
D. profit sharing plan.
E. standard hour plan.

Answer: A. piecework rate plan.

Business

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Salaries are $6,500 per week for five working days and are paid weekly at the end of the day Fridays. The end of the month falls on a Thursday. The accountant for Dayton, Inc. made the appropriate accrual adjustment and posted it to the ledger

The balance of Salaries Payable, as shown on the adjusted trial balance, will be a ________. (Assume that there was no beginning balance in the Salaries Payable account.) A) credit balance of $5,200 B) debit balance of $1,300 C) debit balance of $5,200 D) credit balance of $1,300

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A retirement plan participant's absolute ownership of the monies in his or her account is referred as:

A. Funded B. Qualified C. Vested D. Matured

Business