What Is Benchmarking

question 35

Multiple Choice

What is benchmarking?

• A) Identifying a problem to be fixed
• B) Seeking an industry's or profession's best practices to imitate and improve
• C) Explaining why a problem occurred
• D) Asking the CEO's opinion and going with his or her idea

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Definitions:

Expected Return

The anticipated amount of profit or loss an investment is likely to generate over a specific period.

AGI

Adjusted Gross Income (AGI) is an individual's total gross income minus specific deductions. It is an important figure for calculating taxable income on the federal income tax return.

Deductible IRA Contribution

A Deductible IRA Contribution refers to the funds an individual can contribute to a traditional IRA account which can then be deducted from their taxable income for that year, subject to certain IRS guidelines and income limits.

Pension Plan

A retirement plan offered by an employer which provides a fixed payout upon retirement, often based on salary and years of service.