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Author Question: What is a profit-sharing plan? Identify and discuss the three basic profit-sharing plans. What ... (Read 127 times)

EAugust

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on: Jul 7, 2018
What is a profit-sharing plan? Identify and discuss the three basic profit-sharing plans.
 
  What will be an ideal response?

Question 2

Seniority is the length of time an employee has been associated with the company, division, department, or job.
 
  Indicate whether this statement is true or false.


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aliotak

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Reply #1 on: Jul 7, 2018
Answer to Question 1

Answer: Profit sharing is a compensation plan that results in the distribution of a predetermined percentage of the firm's profits to employees. Many firms use this type of plan to integrate the employees' interests with those of the company. There are several variations of profit-sharing plans, but three basic kinds of plans used today are current profit sharing, deferred profit sharing, and combination plans. Current plans provide payment to employees in cash or stock as soon as profits have been determined. Deferred plans involve placing company contributions in an irrevocable trust, credited to individual employees' accounts. The funds are normally invested in securities and become available to the employee (or his or her survivors) at retirement, termination, or death. Combination plans permit employees to receive payment of part of their share of profits on a current basis, while deferring payment of part of their share.

Answer to Question 2

Answer: TRUE


EAugust

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Reply 2 on: Jul 7, 2018
Great answer, keep it coming :)

adammoses97

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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