Practice Test 1

MEMORANDUM

To: All Atlantis Corporation Employees
From: Myrtle Sternbridge, Chief Financial Officer
Re: Two-day unpaid leave
Date: June 3

It is my unhappy duty to inform you that the Board of Directors has voted to impose a two-day layoff for all employees in order to avoid an operating budget shortfall.

The company is facing a serious crisis due to poor profits over the past two quarters. The budget is short by about $13 million and according to our bylaw, the budget must be balanced by June 30, the end of this fiscal year.

It is necessary for all employees to give up  two days’ pay in order to put an end to the budget crisis. Employees are to speak to their supervisors regarding scheduling the two days that they are not to report to work.

According to the agreement reached between Atlantis Corp. and the union, employees will be reimbursed for the days they lose during the first six months of the next fiscal year if profits improve.

I sincerely regret the need to take such drastic measures to end the current budget crisis, but with your cooperation, we can see this through.