What Management Concept Is Advisable in the Family Firm

question 23

Multiple Choice

What management concept is advisable in the family firm?

• A) Rely on the competence of professional managerial personnel.
• B) Show favouritism in personnel decisions.
• C) Keep discussions of changes in ownership open with all employees.
• D) Make a child a manager from a young age.

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Definitions:

Buyers

Individuals or entities that purchase goods or services for personal use, resale, or as inputs to production.

Tax Revenue

The financial returns that governments earn from taxes.

Tax

An essential monetary obligation or different kind of dues enforced on a taxpayer by a governmental institution for the purpose of funding state expenses and a variety of public outgoings.

Good

In economics, a good is a material that satisfies human wants and provides utility, for example, to a consumer making a purchase of a satisfying product.