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NEW QUESTION: 1
Mr. Allen died early this year survived by his spouse Mrs. Allen. Among the items of family property are:
1.A $200,000 life insurance policy on Mr. Allen's life with Mrs. Allen designated as beneficiary. Mrs. Allen has been the owner of the policy ever since it was issued 4 years ago.
2.The family residence with a fair market value of $300,000. Mr. and Mrs. Allen own the residence jointly with the right of survivorship even though Mr. Allen purchased it with his separate funds.
3.A $20,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits.
What amount of the family property will be included in Mr. Allen's gross estate for federal estate tax purposes?
A. $350,000
B. $160,000
C. $360,000
D. $300,000
Answer: B

NEW QUESTION: 2

A. Option B
B. Option A
C. Option C
D. Option D
Answer: C

NEW QUESTION: 3
What component of the strategic planning process is responsible for creating the company's vision statement?
A. Environmental scan stage
B. Formulate strategy stage
C. Implement strategy stage
D. Pre-planning stage
Answer: B
Explanation:
Explanation/Reference:
Answer option A is correct.
The formulate strategy stage creates several things for the organization: vision, mission, corporate values, and corporate goals. As strategic planning can happen many times in an organization's life cycle, it may also be a refinement of the goals, vision, and mission.
Answer option D is incorrect. The environmental scan stage identifies where the organization is now.
Answer option B is incorrect. The pre-planning stage defines the process, participants, time, and planning tools for the strategic planning.
Answer option C is incorrect. The implement strategy stage defines how the organization will achieve the vision, mission, and goals of the organization.
Reference: Professional in Human Resources Certification Study Guide, Sybex, ISBN: 978-0-470-43096-5.
Chapter Four: Workforce Planning and Employment. Official PHR and SPHR Certification Guide, HR Certification Institute, ISBN: 978-1-586-44149-4, Section III, The US Body of Knowledge.
Chapter: Business Management and Strategy
Objective: Strategy