Explain what pay determination is and discuss the external and internal pay determination approaches.
What will be an ideal response?
A difficult decision is how much to pay each employee. It is important to determine an amount that is within your budget but at the same time high enough to retain your current and future employees. External approaches include using data from industry sources and using pay averages. It’s common to find out what other organizations pay for the same or similar jobs and set pay Levels that are comparable. An internal approach is to use job evaluation. Job evaluation is the process of determining the worth of each job relative to the other jobs within the organization. Organizations commonly group jobs into pay grades, creating a pay dispersion. The higher the grade of the job, the higher the pay. The external and internal approaches are often used together.
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Answer the following statements true (T) or false (F)
1. An organization chart typically takes on a family-treelike pattern, with many boxes and lines showing official positions and reporting relationships. 2. The hierarchy of authority, or who reports to whom, is shown with horizontal lines on an organization chart. 3. A formal vertical hierarchy shows a company's most typical channels of communication. 4. Horizontally on an organizational chart are the various companies outside of the firm, such as suppliers and distributors.
Answer the following statements true (T) or false (F)
1. Because of rapid changes in the finance field, positions in that area within hospitality organizations are apt to be filled from the outside. 2. Many young people avoid the hospitality industry because they think most jobs are suitable only for “burger flippers.” 3. A police or background check is particularly important in the hospitality industry because so many employees are dealing directly with guests. 4. A possible reason for not hiring from within is that current employees know the culture too well.
Which of the following statements regarding supply chains is most accurate?
A. For an effective supply chain, key decisions should be made by a third-party logistics provider. B. Supply chain managers often need to make trade-offs between efficiency and responsiveness. C. Supply chains should consider the needs of suppliers, provided those needs are consistent with marketing strategies. D. The most common form of supply chain is the collaborative-response efficiency strategy. E. The longer the supply chain, the greater the economies of scale and the better the profit margin.
Use the following information to answer the question below. On January 1, 20x5, Falcon Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $17 per share. On February 1, 20x5, Falcon purchased 3,100 shares of treasury stock for $19 per share and later sold the treasury shares for $26 per share on March 2, 20x5
What amount of gain due to these treasury stock transactions should be reported on the income statement for the year ended December 31, 20x5 ? A) $0 B) $21,700 C) $3,100 D) $2,170