Family Business Provides Its Own Unique Set of Challenges to Human

question 92

Multiple Choice

Family business provides its own unique set of challenges to human resource management,especially in dealing with nepotism.The best way to lessen non-family employees' concerns over nepotism is to have the family member:

• A) earn a broad general education that would make them eligible for any job.
• B) start in a high level position with minimal contact with employees.
• C) begin in a job made especially for him or her.
• D) work outside of the family business first.

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Definitions:

Revenue Accounts

The financial accounts that track the income generated from a company's normal business operations, such as sales or service charges.

Income Summary

The income summary is a temporary account used during the closing process that contains the sums of all revenues and expenses for the period to calculate the net income or loss.

Net Income

The final financial gain of a firm once it has subtracted expenses and taxes from its revenue.

Net Loss

The amount by which total expenses exceed total revenues, indicating that a business spent more than it earned during a given period.