The Process of Determining an Organization's Basic Mission and Long-Term

question 6

Multiple Choice

The process of determining an organization's basic mission and long-term objectives and then implementing a plan of action for attaining these goals is:

• A)Strategic management
• B)Tactical management
• C)Contingency management
• D)Functional management

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Definitions:

Tax Cuts

Reductions in the amount of tax that individuals or corporations must pay to the government.

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Tax Code

The laws and regulations governing the taxation process in a country.

Saving

The portion of income not spent on consumption but rather set aside for future use or investment.