Read each description of a different pay-for-performance (PFP) situation. Then, select the PFP plan name that most accurately fits the description given. Colton is an auto mechanic working in his family's auto body shop. It takes him about 30 minutes to complete an oil change and he gets paid $15 for the completed job. Colton's father has told him that he will pay him an additional $10 for every oil change that Colton completes in 20 minutes or less. 1. Merit pay 2. Merit bonus 3. Spot award 4. Individual incentive plan 5. Gain-sharing plan 6. Profit-sharing plan 7. Team-based incentive 8. Employee stock ownership plan