Question: Reviewing Important Concepts 1. Explain the difference between intrinsic and extrinsic rewards 5. Explain the types of individual incentive plans and how they and explain

Reviewing Important Concepts 1. Explain the difference between intrinsic and extrinsic rewards 5. Explain the types of individual incentive plans and how they and explain how they relate to a job you have held. (L.O I) motivate performance. (LO 5) 2. Summarize the ways the Fair Labor Standard Act regulates 6. How do bonuses and stock options provide incentive pay for compensation. (LO 2) executives? (1LO6) 3. Outline the external factors that affect compensation and 7. Explain how salaries are determined for workers with assignexplain how they apply in your community. (LO 3) 4. Explain job evaluation and how the three different methods help to create effective pay structures. (LO 4)

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