Accounting Crossword - Evan, Federico, Felicia, Jojo

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Across
  1. 4. Piecework has a lot of advantages such as an increase in productivity resulting in less wasted time and it encourages the employee to work harder leading to an improvement in productivity and output. However one of the downsides of piecework is that calculating the cost are ……….. Due to different level of output
  2. 5. Which compensation method employs addition as the primary mathematical operation in its formula? (2 words)
  3. 7. When volume of output is … and the tasks can be broken down into small, relatively simple assignments, piecework is commonly employed in the situation.
  4. 8. Goods produced from Methods such as the bonus scheme-Individual will suffer in quality. One of the reasons the quality suffers is because the employees are under … (2 words)
  5. 10. As productivity decreases there may require …
  6. 11. Rizz Electronics is a rapidly growing company in the consumer technology industry. With a wide range of products, they rely on a sales force to distribute their products. The sales team is primarily incentivized through various means of compensation. The company is faced with the challenge of choosing the most effective bonus compensation method that motivates their salesforce which also aligns with the company’s profitability goals. The salespeople in the company usually work as individuals where they rarely interact and collaborate with each other. Assume that you are a business consultant in which company Rizz Electronics has hired you to figure out the best possible means of bonus compensation, which bonus element would be the best?
  7. 12. Van Retail, a national retail chain, is experiencing cost pressures in the wake of evolving market dynamics. The company aims to maintain service quality and employee satisfaction while optimizing labor costs. Van Retails have started implementing strategies to combat their issues and complete their goals. The strategies adopted by Van Retails to address this challenge in the case study is called? (2 words)
  8. 13. If the goods may suffer under any reason. The staff may needed to … (2 words)
  9. 16. In Roselind Vuitton, goals are set for the sales employees to complete to get a reward when their sales for the month reach the target. For example, an cumulative $10000 worth of items sold to consumers throughout the month, that would mean a $500 bonus given towards the employee. When the employees themselves reach the specific / certain target, they would receive bonuses, if targets aren’t reached, bonuses would not be given out. This makes bonus schemes a … for the business. (2 words)
  10. 17. Assume that there is a t-shirt company that uses the piecework method. After a year they found out that they are losing more profit than when they are using the day work method. After they did some research it turns out that piece work is more difficult …. The bonus thus leading to an increase in the cost. (2 words)
  11. 18. Rose Construction Company is a prominent player in the construction industry, known for its commitment to high-quality projects. However, the company has been grappling with a persistent issue of works being not present, missing and not participating in projects among its labor force. The company decided to investigate the advantages of daywork as a remuneration method. In the remuneration method of daywork, it was mentioned that an advantage would be a decrease in people staying away from work. What is the term for this concept? (2 words)
  12. 19. Regardless of the chosen compensation approach, it must ensure fairness for all staff members and be easily … for employees. Additionally, it should be straightforward and financially efficient for the business, ensuring that the benefits gained from the chosen method outweigh the operational costs associated with its implementation.
Down
  1. 1. Individual bonus schemes pose three drawbacks: challenges in determining bonus rates with employees, … , and increased complexity in remuneration calculations, which can also lead to higher operational costs. (2 words)
  2. 2. The organization experiences a boost in productivity due to heightened output, leading to greater operational efficiency and enhanced overall performance. Simultaneously, the employee stands to gain significantly in terms of …, reflecting a direct correlation between individual effort and organizational output. (2 words)
  3. 3. Dasilva owns a family farm in which he works as a farmer on a daily basis. His main source of income comes from his apple tree farm. Dasilva sells his apples towards suppliers of supermarkets and hypermarkets in which he gets paid for every kilogram of apples sold. His earnings are? …
  4. 6. There are several avenues for enhancing labor productivity, such as the implementation of advanced …, investing in employee training and development, and adopting effective methods for employee compensation.
  5. 9. One of the disadvantages of day work is that there will be a need in …
  6. 11. Remuneration methods should be … for the business (2 words)
  7. 14. The employee receives a predetermined daily salary and earns … when their output surpasses the established standard. (2 words)
  8. 15. RBW Manufacturing is a mid-sized company specializing in the production of automotive components. The company has recently adopted a piecework pay system to enhance productivity and employee motivation. Before implementing the piecework pay system, ABC Manufacturing used a traditional hourly wage model. However, they encountered several challenges, including declining productivity, lack of motivation, and difficulty in quantifying individual employee contributions. In a bid to address these issues, RBW Manufacturing decided to implement a piecework system. Under this new pay structure, employees are compensated based on the number of pieces they produce or the tasks they complete rather than hourly wages. Each task or product has a predetermined rate, and employees are rewarded for their output. Generally speaking, when could the daywork pay system be distributed out to the employees?