A plan that rewards team members with an incentive bonus when agreed upon performance standards are met or exceeded is known as team-based or group-based incentive.

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This statement is true. A team-based or group-based incentive plan is designed to reward team members when they collectively achieve or exceed performance standards that have been agreed upon by the team. The incentive bonus is typically distributed equally among team members, though some plans may allocate rewards according to individual contributions.

A Plan That Rewards Team Members with an Incentive Bonus