What Are Profit Sharing Programs

question 28

Multiple Choice

What are profit sharing programs?

• A)An individual incentive plan that provides a bonus based on that employee's profitability
• B)A program that provides a portion of company proceeds over a specific amount of time to the employees of the firm through a bonus payment
• C)An example of giving praise
• D)Incentives typically based on improvements in workplace safety of material savings
• E)Pretty much the same as a gain sharing program

Distinguish between economic profit, total revenue, and total cost.

Understand the concept of the firm’s short-run supply curve and its derivation.

Recognize the long-run adjustments in the market due to economic profits or losses.

Evaluate the conditions for break-even and non-negative economic profit using cost curves.

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Definitions:

Fraud

The wrongful or criminal deception intended to result in financial or personal gain.

Insurer

A company that provides financial protection against specific risks to individuals or entities in exchange for premiums.

Automobile Theft

The act of unlawfully taking a motor vehicle without the consent of its owner.

Liable

Being legally responsible for something, typically involving financial compensation for harm or damages.