What Is the Purpose of Benchmarking

question 88

Multiple Choice

What is the purpose of benchmarking?

• A)to help introduce and manage change
• B)to assess the need for change
• C)to decide on which change to make
• D)to get buy-in on a proposed change
• E)to evaluate the success of a change

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Definitions:

Progressive Tax Rate

A tax system in which the rate of taxation increases as the taxable amount increases, applying higher rates to higher income brackets.

Wages

Payment to an employee from an employer for the labor or services performed, typically calculated on an hourly, daily, or piecework basis.

Salaries

Fixed regular payments made by an employer to an employee, typically expressed as an annual sum and taxed as ordinary income.

Tips

Additional money given to service workers for performed services, which is considered taxable income by the IRS.