Explain what a firm's dividend policy is as if you were talking to your grandmother, who has

Question:

Explain what a firm's policy is as if you were talking to your grandmother, who has had no formal education in business.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...