When Benchmarking

question 94

Multiple Choice

When benchmarking

• A)the best levels of performance are usually found in companies that are within different industries.
• B)finding appropriate benchmarks is a minor issue.
• C)it is important to set standards at industry averages.
• D)comparisons can highlight areas for improved cost management.
• E)a broader scope allows for easier comparison.

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Definitions:

Social Security Tax

A tax levied on both employers and employees to fund the Social Security program, which provides benefits to retirees, the disabled, and children of deceased workers.

Labor Tax

Taxes levied on the wages and income generated from labor, which can affect employment and labor supply decisions in the economy.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium outcome is not achievable or not achieved.

University

An institution of higher education and research which awards academic degrees in various academic disciplines and provides both undergraduate education and postgraduate education.