When the Situation in the Business Becomes Acute, the Issue

question 94

Multiple Choice

When the situation in the business becomes acute, the issue of management succession should be entrusted to someone who is ______.

• A) neither part of the family nor part of the business
• B) a family member
• C) the closest friend of the family
• D) a company employee

---

Definitions:

Skill-Based Pay

Rewards people for acquiring and developing job-relevant skills.

Cross-Training

A method in which employees are trained to perform several different functions or roles within an organization, enhancing flexibility and workforce efficiency.

Training Costs

The expenses incurred in the process of developing the skills and knowledge of employees.

Merit Pay Plan

A compensation strategy that awards pay increases or bonuses based on an employee's performance, accomplishments, or achievements.