Final answer:
The fixed-fee method of compensation is known as the straight-fee method, which is a single fixed fee not influenced by time, effort, or additional costs.
Step-by-step explanation:
The fixed-fee method of compensation is also called the straight-fee method. This type of compensation agreement involves charging a single fixed fee for a service regardless of the time, effort, or resources expended in completing the task. Such arrangements are common in various professional services, including consulting and legal services, where the fee is determined upfront and is not dependent on the performance outcomes. This is different from value-based, incentive-based, or cost-plus methods, which take into account the results of the services, the efforts of the individual, or additional costs incurred during the process.