Final answer:
A graphic description of positions and lines of authority and responsibility in an organization is known as an organizational chart, which helps in understanding a company's structure and reporting relationships.
Step-by-step explanation:
The graphic description of positions and lines of authority and responsibility in an organization or unit is known as an organizational chart. This chart visually represents the hierarchy of authority within a company, indicating who is in charge of whom and delineating the various levels of responsibility and command. For instance, within Walmart, an employee receives directives from a shift manager, who is accountable to the store manager, followed by a regional manager, and this sequence extends all the way up to the CEO, who is responsible to the board members and stockholders. An organizational chart can be a vital tool when joining a new company as it helps in understanding how the business operates, where an individual fits into the larger structure, and who to approach for information or approvals.