The Practice of Delegating Authority and Responsibility Is Referred to As

question 140

Multiple Choice

The practice of delegating authority and responsibility is referred to as:

• A) Centralization of authority.
• B) Standard costing.
• C) Management by exception.
• D) Decentralization.

Grasp the basic ingredients and outcomes of economic decisions, including choice and competitive behavior.

Understand the mechanisms of rationing in an economy and the role of price as a rationing criterion.

Identify goods that are not considered scarce and understand exceptions to the scarcity principle.

Understand the impact of international trade on domestic market prices and quantities.

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Definitions:

Acquired Rights

are rights that employees gain as a result of working for their employer over a period, often concerning job security and benefits.

Intended Third-party Beneficiary

A person or entity not party to a contract but whom parties to the contract intend to benefit directly through the contract’s performance.

Proving

The process of establishing the truth or validity of something through evidence or argument.

Vesting

The process by which an individual earns the right to receive full benefits from a pension plan or stock option over time.