The Major Function of a Financial Plan Is to

question 22

Multiple Choice

The major function of a financial plan is to

• A) Reduce taxes.
• B) Increase savings.
• C) Achieve financial goals.
• D) Improve your credit rating.
• E) Obtain adequate insurance protection.

Understand the key elements and resources in classical economics.

Recognize the importance and strategies for gaining sustained competitive advantage through human resources.

Identify the typical percentage of payroll allocated for employee fringe benefits in Canadian organizations.

Describe the umbrella term of Human Resources Management and its encompassing elements.

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Definitions:

Positive Culture

An organizational environment characterized by shared values and practices that promote mutual respect, collaboration, and optimism.

Cohesive Culture

A workplace environment where there is a strong sense of belonging and unity among employees, fostering teamwork and collaboration.

Kilmann-Saxton Culture-Gap Survey

A diagnostic tool designed to assess the differences between the existing culture within an organization and its ideal, or desired, state.

Organizational Socialization Process

The method through which new employees acquire the necessary skills, knowledge, behaviors, and values to effectively integrate into an organization.