The finance team of an automobile company is drafting budget for succeeding year. Arrange the steps in preparing a budget. team computes annual expenses such as electricity bills, wages and taxes.

all departments submit yearly estimated expenses.

team prioritizes purchase of new machinery for improved production.

team dedicates some funds for emergency.

submits report of estimated income and expense data.

estimates fund needed for yearly bonus and employee training.

Which of the following actions would be most likely to reduce potential conflicts of interest between stockholders and managers? a. change the corporation's formal documents to make it easier for outside investors to acquire a controlling interest in the firm through a hostile takeover. b. eliminate a requirement that members of the board of directors must hold a high percentage of their personal wealth in the firm's stock. c. for a firm that compensates managers with stock options, reduce the time before options are vested, i.e., the time before options can be exercised and the shares that are received can be sold. d. pay managers large cash salaries and give them no stock options. e. beef up the restrictive covenants in the firm's debt agreements.