Answer:
The account should be opened as a Joint account with tenancy in common. Option C.
Explanation: This type of account is one that is owned by at least two people and in which there is no rights of survivorship.
In this type of account, the members do not want their investments to go to other members of the joint account upon their death, but they specify in a will how the investment will be distributed to their beneficiaries.
Joint account with tenancy in common can hold an unequal amount of investment among members, but they still have equal rights to the account.
Performance appraisal is used to compare employee performance against some standards. The steps in the performance appraisal process are;
- 1. Establishing Performance Standards
- 2. Communicating Standards
- 3. Evaluating Performance
In the performance appraisal process, the supervisors will first establish the standards that will guide the operations of employees.
Next, they should inform the employees of those standards. They should examine the performances of their employees and make decisions on whether they performed well or not.
Then, they should discuss the results with them and take action on whether to reward or punish them.
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Question Completion with Options:
a. Susan cannot deduct the $80,000 loss from the restaurant because she is not a material participant.
b. Susan can offset the $80,000 loss against the $150,000 of income from the retail store.
c. Susan will not be able to deduct any losses from the restaurant until she has been retired for at least three years.
d. Assuming Susan continues to hold the interest in the restaurant, she will always treat the losses as active.
Answer:
Susan
b. Susan can offset the $80,000 loss against the $150,000 of income from the retail store.
Explanation:
Susan can offset the $80,000 loss from the restaurant business against the income from the retail store because she has been an active and material participant in both businesses. For the past 20 years, she had participated materially in the restaurant, only just retiring this year. At least, she has passed the material participant test, number 5.
Although the grapevine supplements what formal communication does not provide sometimes, and creates a sense of unity among employees, they should be wary due it carries partial information and it's more based on rumors; so it's not always trustworthy, especially when it comes to business, because important decisions depend on reliable sources to ensure favorable outcomes.
