Which of the Following Statements Is CORRECT

question 18

Multiple Choice

Which of the following statements is CORRECT?

• A) Once a firm has defined its purpose,scope,and objectives,it must develop a strategy or strategies for achieving its goals.The statement of corporate strategies sets forth detailed plans rather than broad approaches for achieving a firm's goals.
• B) A firm's corporate purpose states the general philosophy of the business and provides managers with specific operational objectives.
• C) Operating plans provide management with detailed implementation guidance,consistent with the corporate strategy,to help meet the corporate objectives.These operating plans can be developed for any time horizon,but many companies use a 5-year horizon.
• D) A firm's mission statement defines its lines of business and geographic area of operations.
• E) The corporate scope is a condensed version of the entire set of strategic plans.

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Definitions:

Equilibrium

A condition in the market where the balance between supply and demand is achieved, resulting in steady prices.

Human Capital

The economic value of the abilities, skills, knowledge, and experience possessed by an individual or population.

Particular Use

Suggests a specific application or purpose that something is designed or utilized for.

Labor Supply Curve

A graphical representation showing the relationship between the amount of labor workers are willing to provide at various wage rates.