Final answer:
A wholly owned subsidiary is a foreign subsidiary completely owned and controlled by a parent company, allowing the multinational corporation to maintain full control and gain advantages in the global market.
Step-by-step explanation:
The term defined as a foreign subsidiary that is totally owned and controlled by an organization is known as a wholly owned subsidiary. This is a common form of corporate structure used by multinational corporations (MNCs) to maintain full control over their operations in foreign countries. Unlike a public company, which is owned by multiple shareholders and governed by a board of directors, a wholly owned subsidiary is 100% owned by the parent company. This control can be advantageous for maintaining consistent business practices and confidential company information, as well as for tax and regulatory reasons. These subsidiaries often help MNCs to exert their influence and operate efficiently in the global market.