A Board of Directors' Three Formal Responsibilities Are to ________

question 73

Multiple Choice

A board of directors' three formal responsibilities are to ________.

• A) periodically update the firm's business plan, declare dividends, and write the firm's marketing plan
• B) appoint the officers of the firm, declare dividends, and oversee the affairs of the corporation
• C) write the firm's strategic plan, declare dividends, and conduct the annual meeting
• D) appoint the officers of the firm, conduct the annual meeting, and submit the firm's annual report to the Securities & Exchange Commission
• E) provide funding to the firm, write the firm's strategic plan, and submit the firm's annual report to the Securities & Exchange Commission

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Definitions:

Standard Hours

The set amount of time that a task is expected to take under normal working conditions.

Normal Capacity

The average production or operational level expected to be achieved under normal conditions, factoring in regular downtime and operational constraints.

Overhead Volume Variance

The difference between the budgeted overhead costs and the actual overhead incurred, based on the volume of production.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead to individual units of production, calculated before the production process begins, based on estimated costs and activity levels.