Describe a management succession plan.
What will be an ideal response?
A management succession plan is sometimes called a replacement chart or schedule. It records potential successors for each manager within an organization. Usually presented in a format similar to an organizational chart, this plan may simply be a list of positions and potential replacements. Other information, such as length of service, retirement data, past performance evaluations, and salary, might also be shown on the replacement chart.
The succession plans are generally kept confidential and can be computerized. They are also maintained by the human resource department for the use of top executives of the organization.
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Which of the following is not true of the concepts that are embodied in the COSO framework of internal controls?
a. Internal controls relate to the organization's objectives. b. The six components of internal control are logically and operationally intertwined. c. Internal controls apply across all activities of the organization. d. All of the above are true.
Which of the following would be least important in assessing a company’s adherence to the socially responsible investing (SRI) approach?
a. profitability b. environmental impact c. social performance d. management pay scale
Lisa is pondering the construction and operation of a home-based cattery. She expects it will cost $15,000 to construct and will have a lifespan of four years before it collapses due to faulty construction and ammonia rot
Cash flows during those four glorious years are estimated as follows: Year Inflow Outflow 1 7,000 3,000 2 8,000 3,300 3 9,000 3,600 4 10,000 3,900 If the interest rate is 5%, what is the present value of the cattery project? A) 2,756 B) 3,124 C) 2,983 D) 3,277
Which of the following is true about 401(k) retirement plans?
A) All 401(k) plans are cafeteria plans. B) 401(k) plans are exempt from all payroll taxes. C) 401(k) plans always reduce income tax liability. D) 401(k) plans are usually subject to FICA taxes.