mxStudent.com Products Assignments

(TCO 1) A project is defined as a(n) _____ endeavor undertaken to create a(n) _____ product, service, or result

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1. (TCO 1) A project is defined as a(n) _____ endeavor undertaken to create a(n) _____ product, service, or result.

2. (TCO 1) Which document on a project authorizes the project manager to begin work on the project?

3. (TCO 2) Project deliverables are created in the _____ , which is completed during the _____ phase of a project.

4. (TCO 2) Which statement is an example of a project assumption?

5. (TCO 3) The critical path in a project describes which of the following?

6. (TCO 3) What values are calculated on the forward pass of a project network?

7. (TCO 5) In which process of risk management is the risk register initially created?

8. (TCO 5) A risk matrix is used in _____ to _____. A risk register is a _____.

9. (TCO 1) Before one can begin writing a charter, one must consider the most appropriate organization for the project. You are the project manager for an organization that builds doors and windows for homes. Which organization structure of the five types is most suitable? Why?

10. (TCO 2) You are reaching the end of your graduate school program and are planning a large party to celebrate your success! You have rented out the local forest preserve as the venue for your party. Applying your project management skills, you want to ensure you have everything planned out and you’ve asked your family and friends to be a part of your team to hold this party. At your party, you have made it clear to your team what you want to have delivered. After all, it’s your party — you can have whatever you want! Some of the key items you want at your party include

11. (TCO 3) Compare and contrast crashing and scope reduction as means of schedule reduction.

12. (TCO 5) A firm stores data for other organizations. The company stores data across many states, providing backup data storage for state, municipal governments, and large corporations. The firm is deploying a new set of storage devices that are faster, denser, and more energy efficient.

Part 1: List and discuss the major risk management functions from a project management perspective for the new data storage project. (15 points)

Part 2: Describe a positive and a negative risk event, the related consequences, and the risk response plan for each of the two risks for the new data storage project. (5 points)

13. (TCO 9) List and describe at least three key differences between risk management in an agile environment and risk management in a traditional project.

(TCO 1) Carry Jones has proven herself as an able manager. Her work department’s

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MGMT 303 MGMT303 Week 4 Midterm Answers

1. (TCO 1) Carry Jones has proven herself as an able manager. Her work department’s project completion rate is the highest in the firm’s division. Furthermore, her team’s projects produce the highest quality products and the lowest defects in her division. This is all accomplished with fewer fulltime people than other managers. When asked, Carry contributes the secret of her success is in her ability to delegate responsibility and her understanding of “management functions.” Carry’s ability to complete high quality activities efficiently and effectively with and through other people is known as _____.

2. (TCO 2) Various social networks have enabled people to stay in contact with each other. It also hurts relationships when too much information is shared. This reflects the _____ element of the general environment.

(TCO 3) The United Nations says that companies should have core values that include all of the following, EXCEPT

(TCO 4) _____ is the attitude in which managers use a global view and look for the best approaches and people regardless of origin.

(TCO 5) You have decided to become a small business owner. On your business plan, you state that the business will offer exceptional customer service while providing locally grown vegetables and fruits that are organically grown. What part of the business plan does this represent?

(TCO 6) Which of the following is a source of equity financing provided by a professionally managed pool of investors?

(TCO 1) What are the functions of a manager? Describe each function.

(TCO 2) Identify and comment on three organizational stakeholders.

(TCO 3) What are the three general areas that should be included in a company’s code of ethics? Give two examples of a specific thing that would be found in each of these general areas.

(TCO4)WhatistheWorldTradeOrganizationandwhyisitimportanttothe global environment?

(TCO7)Brieflydescribecontingencyfactorsaffectingorganizationalstructural choice.

(TCO 4) Describe three environmental challenges of international management.

(TCO 5) Briefly describe each of Porter’s competitive (generic) strategies, and give an original example of how a firm might use each strategy.

(TCO 6) A new business can be started either from scratch or by buying an existing business. Which method seems best to you? Explain your answer.

(TCO 7) The business world today is increasingly complex and variable in virtually every country and industry. Thus, organizations must become more organic. How do you define an organic organization and a mechanistic organization? What are some of the outcomes that companies will experience as they become more organic and less mechanistic? Be sure to include both positive and negative outcomes.

(TCO 1) Credit unions are _____ institutions. (Points : 4)

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FIN 364 FIN364 Midterm 1 Answers

1. (TCO 1) Credit unions are _____ institutions. (Points : 4)

2. Question 2.2. (TCO 1) The household sector is the largest surplus sector and invests in the capital market ______. (Points : 4)

3. Question 3.3. (TCO 1) Money markets are associated with _______ ; capital markets are associated with ______. (Points : 4)

4. Question 4.4. (TCO 1) Secondary capital markets have promoted economic growth in the United States because (Points : 4)

5. Question 5.5. (TCO 1) Which of the following is not a debt security? (Points : 4)

6. Question 6.6. (TCO 1) A conditional contract granting its holder the right to buy assets in the future is a ______. (Points : 4)

7. Question 7.7. (TCO 1) The ease with which a financial claim can be resold is its ______. (Points : 4)

8. 8. (TCO 2) Who has a permanent vote on the FOMC? (Points : 4)

9. Question 9.9. (TCO 2) An increase in Federal Reserve float (Points : 4)

10. Question 10.10. (TCO 2) If the Fed wanted to increase the money supply immediately but just slightly, it would most likely ______. (Points : 4)

11. Question 11.11. (TCO 3) Unemployment should fall if ______. (Points : 4)

12. Question 12.12. (TCO 3) Monetary policies directed toward increased economic growth may have what impact upon the value of the dollar in relation to other currencies? (Points : 4)

13. Question 13.13. (TCO 3) The “tools” of monetary policy, whether “viable” or not, include all the following except ______. (Points : 4)

14. Question 14.14. (TCO 3) Monetarists and Keynesians agree that ______. (Points : 4)

15. Question 15.15. (TCO 2, 3) Which of the following was not a responsibility of the early Federal Reserve? (Points : 4)

16. Question 16.16. (TCO 4) Which of the following statements about interest rates is incorrect? (Points : 4)

17. Question 17.17. (TCO 4) Interest rates should increase if (Points : 4)

18. Question 18.18. (TCO 4) Interest rates move ______ with expected inflation and _____ with economic activity. (Points : 4)

19. Question 19.19. (TCO 4) If nominal interest rates are 10% and expected inflation is 5%, ______. (Points : 4)

20. Question 20.20. (TCO 4) With the real rate at 5%, most loans were made at 10% last year. This year, interest rates have declined to 8%. What was the expected inflation rate last year?(Points : 4)

(TCO 1) Decision makers who use accounting include

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• 
(TCO 1) Accounting

• (TCO 1) Decision makers who use accounting include

• (TCO 1) The Financial Accounting Standards Board is responsible for establishing

• (TCO 1) Historical cost

• (TCO 1) Liabilities are

• (TCO 1) The owners’ equity of any business is its

• (TCO 1) Net income is computed as

• (TCO 1) A company’s gross profit for the period is reported on the

• (TCO 1) Which statement(s) summarizes the revenues, gains, expenses, and losses of an entity?

• (TCO 1) What is the proper order for the categories of the statement of cash flows?

(TCO 1) The iptables option to analyze packets that are destined for the computer you are configuring is

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WEB 375 WEB375 Week 2 Quiz Answers

1. (TCO 1) The iptables option to analyze packets that are destined for the computer you are configuring is _____.

2. (TCO 1) What iptables option defines the protocol being filtered?

3. (TCO 2) _____ and _____ DNS servers define the hosts for a particular domain such as technowidgets.com.

4. (TCO 2) The operation of DNS is most like a _____.

5. (TCO 2) To map domain names to IP addresses for a domain name server, which file do you edit?

(TCO 1) You work at ABC Electronic and this is your first day. Your supervisor has given you a task to inventory all of the small electronics

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Question 1.1. (TCO 1) You work at ABC Electronic and this is your first day. Your supervisor has given you a task to inventory all of the small electronics such as mp3’s, iPods and tablets in MS Excel. Your supervisor has a list of columns that are mandatory which are item name, bar code number, item quantity, cost per item and total cost for each item. Additionally, you must highlight, in yellow, any item quantity below 5 so a refill order can be placed. Explain how you will calculate the necessary values, format the titles, headings and the data contents of each column, and organize the data to facilitate management action. (Points : 40)

Question 2.2. (TCO 3) Michael is a professor of Mathematics with DeVry University and is going to prepare a series of statistical or charts which show the academic success rates of students for each earned letter grade including A, B, C, D, and F letter values. The charts will be presented to all math majors during a special scheduled session and then to all non-math majors during other multiple scheduled sessions. Before any presentation, Michael had a meeting with the academic chair, Sally, and the following concerns were expressed. You decide to help Michael create a document formalizing suggestions based on your extensive experience working with Microsoft Excel charts.

Part 1: The academic chair loves all charts; however, she instructs Michael to consider if all charts are appropriate for non-math majors. For example, Michael created some box and whisker diagrams also known as Box Plots and non-math majors may not understand how to read these types of charts so what other types of charts could Michael consider creating to display academic success rates for earned letter values including A, B, C, D, and F grades and why? 
Part 2: Michael also created some histogram charts which are simply customized column charts. Since normal column charts are used often even for non-math majors, would you suggest that Michael also show the histogram charts to the non-math majors? Why or why not?
Part 3: Michael also used some well-balanced creativity using color choices including light earthly tone reds and greens; however, should Michael consider that some audience members whether math or non-math majors may be colored blind? Why or why not?

(Points : 40)

Question 3.3.

Ted has been retired the last few years and has passionately resumed golfing. He has recorded the round number, date, golf course, number of putts, and total score for each round in Excel as shown in the truncated diagram above. After almost three years of data collection and 300+ rounds of golf, Ted decides to analyze the data to determine if he has improved during this time.

Part 1: Ted would like to calculate the average scores for each golf course over the past three years. What Excel tool will allow you to do this? Be sure to specify the exact steps to obtain the desired results. 
Part 2: Based on your response from part 1, what other Excel tool can be used to produce the same results? Again, be sure to specify the exact steps to obtain the desired results. 
Part 3: Ted would also like to view only the rounds of golf where he had greater than 32 putts for the round. The number of putts should be displayed from highest to lowest. Please describe the steps to achieve this result. 
Part 4: To determine if he has improved over the past 3 years, Ted would like to calculate a running average in column F. A running average displays the average for all rounds played to date. For example, the running average in cell F4 should show the average for the total scores for round numbers 1 through 3. Write this formula as if it were in Cell F2. Write the formula so that it may be copied down the column without modification.

(Points : 40)

Question 4.4. (TCO 5) You have been hired to analyze car sales for a company which owns 5 Toyota dealerships in different cities where they sell several models of Toyota. You have asked each dealer to send you monthly sales numbers by each model for the last 12 months in Excel Template you have provided. Explain the steps to consolidate and summarize the data to prepare a visual representation of the results so that they can be presented to the owners. (Points : 40)

Question 5.5. (TCO 9) You work for a small shoe factory where all the records are kept in a Microsoft Access Database. Your boss has asked you to create a report that has the following sections:

1. Provide a chart showing the shoe type/model with most sales as well as the one with least.

2. Identify costs per month for the making of the shoes per type/model.

3. Show which month has the least sales to create a better marketing campaign.

4. Identify which store sells the most shoes to create a final report.

Make sure to describe at least three different formulas or functions you will use to create the analysis needed for the sections above. Explain how you will provide the final report to your boss. (Points : 40)

(TCO 1) Your company owns a piece of land and is in the middle of purchasing this property to expand their footprint in the community

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BUSN 420 BUSN420 Final Exam Answers

1. (TCO 1) Your company owns a piece of land and is in the middle of purchasing this property to expand their footprint in the community. At the last minute, the seller has backed out of the deal, leaving you with few options. Your supervisor wants to explore the options for remedies in this case.

What remedies would be available given the type of transaction and outcome at stake? Would legal damages make the company whole? What equitable remedies may be available? Explain your answer highlighting the difference between remedies at law and remedies at equity?

2. (TCO 2) The senators of Delmarva would like to enact a statute banning the importation of any plant material into the state. Although the ban may be burdensome on interstate commerce, the state’s first concern is protecting their income-producing agricultural byproducts from micro-organisms that may affect the health of the crops. There is no effective way to inspect plant material for micro-organisms at its border.

Is this statute legally legitimate? What clause of the Constitution would you use to perform your analysis and what are the elements of the test that would be applied to test its constitutionality?

3. (TCO 3) Create a brief scenario and walk it through the litigation process, beginning with how to select the proper jurisdiction of a court, and progressing through the basic steps leading to a resolution of the dispute through appeal.

4. (TCO 4) Tom tells Bob that he will pay Bob $5,000 to put a cherry bomb in his gas tank so that Tom can collect money from the insurance policy on a new, cherry red sports car. If Bob carries out Tom’s wishes and places a cherry bomb in the gas tank of Tom’s car, but Tom then refuses to pay Bob, what recourse does Bob have to recover on the agreement he claims to have with Tom? Can Bob recover? Why or why not?

5. (TCO 5) Joe makes an offer to sell an order of produce to Bud for $550. It is a great deal and Bud jumps at the chance to accept Joe’s offer. Before Bud can get the money together, Joe sells the produce to Sal because he needs the money right away for a down payment on a tractor. Is the contract between Joe and Bud enforceable under the UCC? If Joe and Bud have an e-mail exchange that documents their agreement, does this change your answer? Why or why not? (Points : 20)

6. (TCO 6) Choose an administrative agency you have learned about or encountered in the business world. Using this agency, create a scenario and walk the agency through the rulemaking process to promulgate legislation that pertains to your business sector of interest. (Points : 20)

7. (TCO 7) What is intellectual property? What are copyrights, trademarks, and patents and why are they protected by the law?

8. (TCO 8) Provide a scenario that demonstrated a situation involving online defamation. What laws apply and what issues will arise in this context? How would this be classified as a cybertort and what is that by definition? How are tort theories being applied in cyberspace?

9. (TCO 9) Sue owns as company called Tons of Toys, Inc. (TOT). TOT, has just a few employees, including Lori, Sue’s personal assistant. Due to Sue’s extensive travel requirements to market her company, Lori has the authority in her absence to keep things running. On Sue’s latest trip, Lori without consulting Sue or having the proper authority, represents herself as Sue and signs a promissory note in Sue’s name. Will Sue be liable on the note? If so, under what circumstances? If not, why not? Explain in your answer in the context of this scenario as it relates to authority from an agency standpoint.

10. (TCO 10) You have a winner idea and can’t wait to share it with the world. Knowing that the business world can be tricky, you want to protect yourself from liability before launching your fabulous product (just in case). What steps would you take to incorporate your new business? What entity would you choose? Why would you choose a corporate entity over a sole proprietorship? What factors would you consider regarding the organization of your business, including the legal advantages and disadvantages of the various entities and the roles and responsibilities of other potential parties you may want to involve? Support your answer with examples by expanding on the scenario given.

(TCO 3) Upon completion of the closing entries, you reviewed the general ledger and noticed that balances remained in all asset, liability, and equity accounts.

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(TCO 3) Upon completion of the closing entries, you reviewed the general ledger and noticed that balances remained in all asset, liability, and equity accounts. In addition, there were still balances in the revenue accounts, but not expenses or dividends. Should this be the case after the closing entries have been recorded and posted to the general ledger? Please include the reasons why in your answer. (10 points)

(TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how information from the journal entries get into the ledger accounts (15 points) and (2) provide an example of information that would be transferred. (10 points)

(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Describe the difference between the LIFO, FIFO and average cost methods of accounting for inventory (15 points). (2) Give an example of the application of each method — LIFO, FIFO and Average Cost (10 points).

(TCO 4) A retailer needs to determine the cost of the shoes the company purchased in order to determine the inventory value to report on its balance sheet in a particular period. (1) Discuss the steps involved in determining the cost of shoes inventory as reported on the company’s balance sheet (15 points), and (2) use an example to show the impact of purchase discounts and allowances received by the company on the cost of shoes inventory (10 points).

(TCO 1) To evaluate the financial operations and health of a business, ratio anaylysis is used. 1) What do profitability ratios indicate about the company? (10 points) 2) Please provide 2 examples of profitability ratios and the related formula and indicate how they can be used in the decision making process. (15 points)

(TCO 4) MIME stands for _____.

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WEB 375 WEB375 Week 3 Quiz Answers

1. (TCO 4) MIME stands for _____.

2. (TCO 4) MDA stands for _____.

3. (TCO 4) When an e-mail server sends a message to another e-mail server, it is acting as an _____.

4. (TCO 4) An MTA depends on what protocol?

5. (TCO 4) An IMAP4 server listens at port _____.

(TCO A, C) Jim worked for AAA Job Shop, Inc. for over 30 years. Two months before Jim retired

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MGMT 597 MGMT597 Week 8 Final Exam Answers

1.Question:

(TCO A, C) Jim worked for AAA Job Shop, Inc. for over 30 years.

Two months before Jim retired, the head of human resources told

Jim that the company would pay for health insurance for Jim and his

wife for the remainder of his life, and for his wife’s life if she were to

survive him, and handed Jim a letter from the company describing

this. Jim had always known that the company provided this benefit

to a few of its select employees. Jim didn’t really expect that he

would receive it, although he had secretly hoped so for some time.

Four years after retirement, Jim contracted cancer and incurred

substantial medical bills under his insurance plan. Jim then received

a letter from his former employer saying that the employer was

discontinuing its payment of health insurance for those retirees who

were receiving this benefit. Jim is considering suing the company to

force it to live up to its agreement. Discuss the issues and likely

resolution of Jim’s case.

2.Question:

(TCO B, D) At Super Car Outlet, Joan was negotiating with Marge

for the purchase of a used car. Marge told Joan that she would fix

any problems with the drivetrain that arose in the first 1,000 miles.

After further negotiation, they signed a written agreement that

provided that the sale was made “as is, without any warranties.”

After driving the car for 400 miles, the antilock brake system failed.

Marge denied having made the repair promise. But she said she

would cover $200 of the repair costs. Joan then took the car to be

repaired at a cost of $487. Joan now wants to recover the full repair

costs from Marge. Marge refuses to pay any amount. Discuss the

issues that would arise in this case.

3.Question :

(TCO E, H) Determine whether the following instrument is a

negotiable instrument, addressing all the requirements of

negotiability in your response.

I, James Wyatt, promise to pay $12,000 to Buck’s Bikes in

four equal installments of principal, beginning on January 1, 2011,

and on the same day in each of the next three years. Each payment

will consist of $3,000 in principal, plus interest accrued since the

date of this note, in the case of the first payment, or since the prior

payment in the case of all other payments. Interest shall accrue at

the rate of 4% per annum, or in the event of default, at the maximum

rate allowed by law until the default is cured. This note is secured by

collateral consisting of various machines. This note may be paid in

whole or in part prior to the due dates, and the interest accrued will

be reduced accordingly. The due date for any payment under this

note may be extended by mutual agreement of the parties up to six

months from the due date as stated herein. The proceeds of this

Is this case a contract agreement or not?

4.Question :

(TCO F, G) Fred had been away at college getting his master’s

degree for 12 years and recently returned to his hometown. Some

friends of his parents had a carriage house above their garage that

they sometimes rented out. When Fred graduated, this carriage

house was vacant and the owner told Fred that he could stay there

until he found another place that he wanted. The owner initially did

not want Fred to pay anything, but Fred started paying $100 a week.

Fred then sent a note at the beginning of August saying, “Here is

$500 for the month of August. I know I hadn’t planned to be here

this long, but I hope this is acceptable.” The owner cashed the

check, but the topic was never discussed. Fred sent $500 at the

beginning of September and October, but on October 15 the owner

came to Fred with $100 and said, “Enough is enough. Here’s some

of the money you gave for October. You are lucky to get that back.

You have an hour to get all your stuff out of here.” Fred says he paid

for October and is not leaving. He also said that he is entitled to at

least a month’s notice. Discuss the type of tenancy created, if any,

and the rights of the parties in these circumstances.

5.Question :

(TCO C, D, G) Fred is a director of the ALLSTAR Corporation, which

is engaged in the business of creating and marketing toys and

games. A proposal is made to the board to manufacture and market

a toy bird that really flies. Market surveys have been done to

indicate that the toy would be a good seller, and engineering studies

have been done testing the feasibility of such a product. Fred

reviews this information and votes in favor of producing this new toy.

The vote was 7 to 4 in favor. ALLSTAR produces and markets this

new toy bird, but sales are very slow. After several years of losing

money, ALLSTAR discontinues this toy. Tina, a shareholder of

ALLSTAR, thinks the toy bird venture was a waste of time and

money. In fact, she thinks the idea was so bad that she sues Fred

for breach of his fiduciary duty of due care in making the decision to

proceed with the bird. Discuss the general standards of due care of

a director of a corporation, and determine whether Fred is liable in

this situation.

6.Question :

(TCO D, H) Jennifer has recently developed a software program

tailored for the upscale coffee shop industry. Jennifer has begun

marketing her program and has had some success selling to small

independent stores. She is now ready to begin marketing to

franchisees of the national chains with the hope that a franchisor

might make the software part of its required franchisee package.

Jennifer wants to keep the business separate from her personal

affairs, so she has set up separate checking accounts, separate

phone lines, and has set up a fictitious business name that does not

use her name. She has filed a fictitious business name statement in

the appropriate state office. She has written a will in which she has

declared that in the event of her death, her business and personal

assets and liabilities are to be kept separate, just as they were

during her life. Her personal checks say, “Jennifer Lones, personal

account only.” Discuss the extent to which Jennifer has insulated

her personal assets from any business losses.

(TCO A, C) Major Media Station, which broadcasts TV and radio programs around the country, contracts with shock jock Don Marco

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MGMT 597 MGMT597 Final exam Answers

(TCO A, C) Major Media Station, which broadcasts TV and radio programs around the country, contracts with shock jock Don Marco, who hosts the station’s most successful morning drive radio program in the country: Mark My Words. The program consists of traffic and sports updates, interviews with sports figures and celebrities, and Mark’s Words, which are in the nature of rants and opinions on whatever topic of interest the host decides to focus on, including news articles and happenings around the country and locally. Audience participation is encouraged by way of phone calls to the station during the program.

On more than one occasion, Mark My Words has made national news because of controversial statements made by the host regarding people’s looks, religion, lack of intelligence, actions, race, etc. In fact, the contract between Major Media Station and Don Marco specifies that Mark My Words is to be controversial. The greater the controversy, the higher the audience ratings and the higher Marco’s compensation. However, the term controversial is not defined, although the station manager who broadcasts Mark My Words is responsible for activating a delay button in the event Marco uses a word or makes comments that would cause the FCC to fine the station.

One morning, Mark My Words featured a rant full of derogatory sexual and racial comments about the members of a visiting ball team that succeeded in beating the local favored team at the championship game. As soon as the program aired, Major Media Station was bombarded with complaints. Following letters to sponsors and pressure from respected public figures, three large sponsors cancelled their advertising contracts. This happened in spite of the host’s public apology in which he claimed to have just made another stupid comment. In spite of fan protests, the station terminated Don Marco’s five-year $20 million contract. The contract was in its second year.

Marco is now suing Major Media Station for breach of contract, and the insulted players are also suing the station for defamation and intentional infliction of emotional distress.

i. What arguments do you think Marco will make in his suit against Major Media Station?
ii. In order to support his claim against the station, Marco wishes to introduce parol evidence regarding the term controversial. What would be the purpose of introducing this evidence? What arguments will Major Media Station make in opposition to the introduction of this evidence? Will Marco be successful in this regard, and why?
iii. As for the tort claims by the insulted players, Major Media Station argues it has no liability, as Don Marco is an independent contractor who is solely responsible for his rants, and that his public apology constitutes an admission of liability. Is Major Media Station off the hook?

(TCO B, D) Kimberly is a general partner with Jared, Joshua, and Diane in a general partnership called KJJD Partners. The partnership operates a fast food joint called We Nail The Burger! Each partner contributed $100,000 to capitalize the business. The partners hire staff to run the restaurant and stop in on occasion for lunch. The business gets its chopped meat from a local supplier to all the local diners.

While enjoying a beer and a burger after taking this Final Exam at We Nail The Burger!, Patricia bites into her burger and cracks a tooth on a fake nail, which is now embedded in her tongue. She gathers her classmates as witnesses, and lisping heavily, says to the manager, “I will THUU you.” The partners, who happen to be there for lunch, laugh at the irony of a nail in the burger, but are not worried about liability because they have insurance and they have nothing to do with the running of the place, especially ordering food and cooking. Unfortunately, Patricia loses half her tongue as a result of the injury, and the judgment against the partnership exceeds the insurance coverage and partnership capital by $1 million.

i. From whom may Patricia collect the extra $1 million in damages? How much can she collect and why? Be sure to address the liability of Kimberly, Jared, Diane, and Joshua, including the extent of liability of general versus limited partners. Does the fact that they employ others to run the restaurant make a difference?
ii. Let’s say Kimberly ends up paying the excess $1 million in damages, can Kimberly collect anything from her partner friends? Explain.
iii. Is there another type of business entity that KJJD could have used in order to minimize personal liability for things like this?

(TCO E, H) Simple writes Sharp a $1,000 check and receives in return a defective computer. The transaction from Sharp was fraud. Tonights LLP, a CPA firm, audits the financial documents of Sharp. Sharp then negotiates the check to Trusty, who qualifies as a holder in due course. Then Sharp buys back the check from Trusty. Has Sharp, thereby, acquired the rights of a holder in due course? What are the responsibilities of Tonights LLP in this situation?

(TCO F, G) Your home is burglarized. Among the stolen items is a $3,000 custom-made pendant from your grandmother. You are heartbroken. The lead detective on the case, Jack Clouseau, is as bad as the inspector in the movies, so you circulate flyers around the neighborhood and the local stores and pawn shops and offer a $500 reward for information leading to the recovery of the item, no questions asked.

Shortly thereafter, you receive a call from Giovanni, the local pizza parlor owner telling you he saw the local hoodlum’s girlfriend, DeeDee Flat wearing the pendant described in your flyer. You call the police and meet them at the pizza parlor, where DeeDee is confronted and placed under arrest. DeeDee claims she purchased the pendant from the local pawnshop and is a bona fide purchaser for value.

While this drama unfolds, Giovanni receives a certified letter informing him that the pizza ovens he ordered F.O.B. point of shipment from Philadelphia were destroyed in transit. The letter includes a bill for the ovens. Giovanni is outraged. He never even saw the ovens and he is being billed for them.

i. Giovanni is now claiming the reward. Does he collect? Explain.
ii. DeeDee claims because she is a bona fide purchaser for value, that she is entitled to keep the pendant. Is she correct? Why or why not?
iii. Who is responsible for the loss of the pizza ovens in transit the shipper or Giovanni? Explain.

(TCO C, D/G) Current legislation limits the amount of economic-related liabilities to be paid by a company on account of an oil spill to $75 million. A move to amend that legislation and raise the liability cap to $10 billion was blocked in the Senate because Big Petroleum, who is responsible for a recent spill has given its word that it would cover the cost of all damages and cleanup costs deriving from a recent oil spill in an ecologically significant marine area that supports a thriving fisheries and recreation industry and is home to many endangered and threatened marine animals and waterfowl. Big Petroleum’s Chairman of the Board made the statement after convening a Special Meeting of the Board and studying videos of the damage taken by film crews.

It is estimated that actual costs of clean up and industry losses could even exceed the $10 billion proposed cap. Meanwhile, other companies involved in the oil spill have now gone to court invoking limits on their liability as provided by law.

While you sympathize with the people, animals, and industries affected, as a stockholder in Big Petroleum you are outraged at the decision of the board of directors to accept full economic responsibility for the damage when the total is unknown. After all, there is a HUGE difference between $75 million and billions of dollars! And, the board even voted to pay $25 million for an ad campaign for one state to let tourists know its beaches are clean. Nuts! This liability could wipe out your investment and ruin your retirement and that of other investors, including several pension plans that are heavily invested in Big Petroleum.

i. What kind of lawsuit would you bring and for what purpose? Explain. 
ii. What defense or defenses will Big Petroleum invoke?

(TCO C, D, G, H) Petunia is in the business of selling flower bulbs. Petunia’s sales agent is Astilbe. While sales agents generally warrant the quality of the goods they sell, Petunia specifically told Astilbe not to make any warranties on the bulbs she sells. Further, Petunia wrote each of her customers to inform them of this policy. About two months later, Astilbe made a prohibited warranty in order to sell Tulip 1,000 Gladioli bulbs. Tulip was an established customer who knew that Astilbe was acting on Petunia’s behalf and who also had been informed of Petunia’s warranty policy, but who honestly forgot about the policy while dealing with Astilbe and truly thought Astilbe had authority to make the warranty. Is Petunia contractually liable to Tulip here? Is Astilbe liable to Tulip?

(TCO A) After Yahoo! was introduced as an easy way to search the World Wide Web, it was followed by other search engines,

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NETW 583 NETW583 Week 4 Midterm Answers

1. (TCO A) After Yahoo! was introduced as an easy way to search the World Wide Web, it was followed by other search engines, some of which had improved or faster ways to search. This is an example of how one innovative idea can

2. TCO A) Among member countries of the Organization for Economic Cooperation and Development, the majority of R&D funds come from ______.

3. (TCO B) When you buy a product on eBay you can pay for it using an online payment system called PayPal (which accepts credit cards or electronic funds transfers). The payment system is heavily secured using encryption technology. PayPal is offering simplicity, convenience and __________ utility levers according to the Kim and Mauborgne model.

4. (TCO B) One advantage cell phone customers in the European Union (EU) had over U.S. customers early in the adoption of cells phones is that_______________.

5. (TCO C) Which of the following would describe a primary activity according to Michael Porter’s model of the value chain?

6. (TCO D) Discounted cash flow estimates are only accurate if

7. (TCO A) Explain how computer-aided design and flexible manufacturing help create small niches in the market place. Provide and example of how a market with different niches might be served.

8. (TCO A) If you were in charge of a Research and Development (R&D) department for a large pharmaceutical company, would you encourage your researchers to do basic research or applied research? Provide the rationale for your answer.

9. (TCO B) Why is the installed base of users of a technology that requires complementary goods so important to a company’s future success?

10. (TCO B) Joseph had an idea that he could speed up a floor buffing machine by putting a different motor on it. He even tried a lawnmower motor and almost blew himself up with another motor. After about 25 tries, he was able to make a buffer run much faster with a new motor and started his own company. Other companies began making competing products that were similar to Joseph s design, but they were unable to improve their designs as fast as Joseph. Why might this be the case?

11. (TCO C) Recently, three cell phone companies announced the addition of a nationwide walkie-talkie service to supplement their regular cell phone service. Will this be a sustainable competitive advantage? Justify your answer.

12. (TCO D) Johnston Products has gathered data to evaluate the attractiveness of a potential project. It knows the cash flows expected under different scenarios. It has conducted a focus group that ranks various product attributes, and it has the ranking of various marketing techniques provided by a consulting company. What method should Johnston use to evaluate this project? Why is this method the best one to use?

(TCO A) Amazon Building, Inc. won a bid for a new warehouse building contract.

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ACCT 557 Week 8 Final Exam

(TCO A) Amazon Building, Inc. won a bid for a new warehouse building contract.

(TCO B) At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and deferred tax liability of $10,500. In 2012, pretax financial income was $826,000 and the tax rate was
35%.

(TCO C) Presented below is pension information related to Amazing Goods, Inc. for the year 2013.

(TCO C) Apple Dumpling Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2013.

(TCO D) Animal, Inc. leased equipment from Zoo Enterprises under a 5-year lease requiring equal annual payments of $63,000, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 5-year useful life and no salvage value. Animal,Inc.’s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%. Assuming that this lease is properly classified as a capital lease, what is the amount of interest expense recorded by Animal, Inc. in the first year of the asset’s life?

(TCO E) On December 31, 2013, Bob’s Trucking, Inc. appropriately changed its inventory valuation method from weighted-average cost to FIFO method for financial statement and income tax purposes. The change will result in an $800,000 increase in the beginning inventory at January 1, 2013. Assume a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is

(TCO F) Amazing Glory, Inc. recognized a net income of $55,000 including $8,000 in depreciation expense.

(TCO G) Which of the following events that occurred after the balance sheet date but before issuance of the financial statements would require adjustment of the accounts before issuance of the financial statements?

(TCO G) Adventure, Inc. is a company that operates in four different divisions. The following information relating to each segment is available for 2013.

Sales revenue Operating profit (loss) Identifiable assets

(TCO A) Adam’s Adorable Creations Company provided the following financial information for its installment sales for the current year.

(TCO B) The Accent Corporation shows the following information.

On January 1, 2012, Accent purchased a donut machine for $700,000.

(a) Pretax financial income is $2,300,000 in 2012 and $2,400,000 in 2013.

(b) Taxable income is expected in future years with an expected tax rate of 35%.

© The company recognized an extraordinary gain of $150,000 in 2013 (which is fully taxable).

(d) Tax-exempt municipal bonds yielded interest of $150,000 in 2013.

(e) Straight-line basis for 7 years for financial reporting (See Appendix 11A.)

(f) Half-year convention basis depreciation for 4 years for tax purposes.

Required:

(TCO D) Absolute Leasing, Inc. agrees to lease equipment to Allen, Inc. on January 1, 2012. They agree on the following terms:
(a) The normal selling price of the equipment is $600,000 and the cost of the asset to Absolute Leasing, Inc. was $475,000.

(b) At the end of the lease, the equipment will revert to Absolute Leasing, Inc. and have an unguaranteed residual value of $60,000. Their implicit interest rate is 10%.
© The lease is noncancelable with no renewal option. The lease term is 10 years (the same as the estimated economic life).

(d) Absolute Leasing, Inc. incurred costs of $10,000 in negotiating and closing the lease. There are no uncertainties regarding additional costs yet to be incurred and the collectability of the lease payments is reasonably predictable.

(e) The lease begins on January 1, 2012 and payments will be in equal annual installments.
(f) Allen will pay all maintenance, insurance, and tax costs directly and annual payments of $65,000 on January 1 of each year.

(TCO F) Drexon Corp., which follows U.S. GAAP, uses the direct

Student Answer:

Instructor Explanation:

method to report its cash flows. The CFO is assessing the impact on cash flows of 12 events during the fiscal year. Specify which category each event falls under (under the direct method) and note whether it increases cash, decreases cash, or has no impact on cash:

(TCO G) Selected financial ratios.
The following information pertains to Allbright, Inc.

Student Answer:

Current Ratio (53000+186000+82000) / (85000 +12000) = 3.31 Inventory Turnover 760000/82000 = 9.27 C) Receivables

10 11 12

Investing Operating Financing

17 of 40

Decrease Increase

Decrease

Cash
Accounts receivable Inventory
Plant assets (net) Total assets

Accounts payable
Accrued taxes and expenses payable $12,000

Long-term debt
Common stock ($10 par) Paid-in capital in excess of par Retained earnings
Total equities

Net sales (all on credit) Cost of goods sold
General & Admin Expenses Net income

$268,000 $120,000 $6,000

$150,000 $641,000

$980,000 $760,000 $160,000 $60,000

(TCO E) Please describe the requirements for a change in accounting principle and at least four reasons why companies might implement a change in accounting principle.

(TCO A) Double taxation is a drawback for which of the following types of business organization except?

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Keller FIN 515 FIN515 Week 8 Final Exam Answers

1. (TCO A) Double taxation is a drawback for which of the following types of business organization except?

2. (TCO A) The one thing that makes a corporation different from the other forms of business ownership is

3. (TCO B) Which of the following would cause the present value of an annuity to decrease?

4. (TCO B) In a TVM calculation, if incoming cash flows are positive, outgoing cash flows must be

5. (TCO D) A particular bond has 8 years to maturity. It has a face value of $1,000. It has a YTM of 7% and the coupons are paid semiannually at a 10% annual rate. What does the bond currently sell for? (Show workings)

6. (TCO D) A bond currently sells for $1,000 and has a par of $1,000. It was issued two years ago and had a maturity of 10 years. The coupon rate is 7% and the interest payments are made semiannually. What is its YTM? (Show workings)

7. (TCO A) What are the names of the four components of the DuPont Identity and how are they calculated? What does each measure?

8. (TCO D) A stock has just paid a dividend and has declared an annual dividend of $2.00 to be paid one year from today. The dividend is not expected to grow. The return on equity for similar stocks is 12%. What is P0? (Show workings)

9. (TCO D) A stock has just paid a dividend and has declared an annual dividend of $2.00 to be paid one year from today. The dividend is expected to grow at a 5% annual rate. The return on equity for similar stocks is 12%. What is P0? (Show workings)

10. (TCO C) Explain thoroughly how stock portfolios affect the risk to an investor.

11. (TCO D) A company has 10 million shares outstanding trading for $7 per share. It also has $300 million in outstanding debt. If its equity cost of capital is 15%, and its debt cost of capital is 9%, and its effective corporate tax rate is 40%, what is its weighted average cost of capital? (Show workings)

12. (TCO A) What is the difference between capital structure and capital budgeting? Explain and give an example of a capital structure decision and an example of a capital budgeting decision.

13. (TCO G) Other things being equal, would a firm prefer a longer or shorter Cash Conversion Cycle? What are some examples of ways a firm could attain this?

14. (TCO E) A company has the opportunity to do any of the projects for which the net cash flows per year are shown below. The company has a cost of capital of 12%. Which should the company do and why? You must use at least two capital budgeting methods. Show your work.

(TCO A) In selecting an accounting method for a newly-contracted long-term construction project, the principal factor to be considered should be

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1. (TCO A) In selecting an accounting method for a newly-contracted long-term construction project, the principal factor to be considered should be

2. (TCO A) Tim Construction Co. began operations in 2014. Construction activity for three different multi-year contracts, each begun in 2014, is shown below. Tim uses the completed contract method.

Contract

Contract Price

Billings
Through
12/31/14

Collections
Through
12/31/14

Costs to
12/31/14

Estimated
Costs to
Complete

1

$5,200,000

$3,500,000

$2,600,000

3,000,000

1,000,000

2

3,600,000

1,500,000

1,000,000

800,000

1,600,000

3

3,300,000

1,900,000

1,800,000

2,250,000

1,200,000

What amount of gross profit should Tim recognize on the Income Statement of 2014 related to Contract 3?

3. (TCO B) In Year 2, Ajax, Inc. reported taxable income of $400,000 and pretax financial statement income of $300,000. The difference resulted from $60,000 of nondeductible premiums on Ajax’s officers’ life insurance and $40,000 of rental income received in advance. Rental income is taxable when received. Ajax’s effective tax rate is 30%. In its Year 2 income statement, what amount should Ajax report as current tax expense (income taxes payable)?

4. (TCO B) Deferred tax amounts that are related to specific assets or liabilities should be classified as current or noncurrent on the balance sheet based on:

5. (TCO C) Presented below is pension information related to Woods, Inc. for the year 2016.

Service cost $84,000 
Interest on projected benefit obligation $76,000 
Interest on vested benefits $30,000 
Amortization of prior service cost due to increase in benefits $14,000 
Gain on plan assets $21,000

The amount of pension expense to be reported for 2016 is

6. (TCO C) Presented below is pension information related to Woods, Inc. for the year 2016.

Service cost $135,000 
Interest on projected benefit obligation $46,000 
Interest on vested benefits $30,000 
Amortization of prior service cost due to increase in benefits $14,000 
Loss on plan assets $21,000

The amount of pension expense to be reported for 2016 is

7. (TCO D) Lease methods of accounting include which of the following:

8. (TCO D) Which one of the following is a criterion for designating a lease as a capital lease?

9. (TCO D) Advantage(s) of leasing versus buying equipment is (are)

10.

(TCO A) Tim Construction Co. began operations in 2014. Construction activity for three different multi-year contracts, each begun in 2014, is shown below. Tim uses the percentage-of-completion method.

Contract

Contract Price

Billings
Through
12/31/14

Collections
Through
12/31/14

Costs to
12/31/14

Estimated
Costs to
Complete

1

$5,200,000

$3,500,000

$2,600,000

3,000,000

1,000,000

2

3,600,000

1,500,000

1,000,000

800,000

1,600,000

3

3,300,000

1,900,000

1,800,000

2,250,000

1,200,000

What amount of gross profit should Tim recognize on the Income Statement of 2014 related to Contract 2?

11. (TCO D) Lease A does not transfer ownership of the property to the lessee by the end of the lease term, but the lease term is equal to 75% of the estimated economic life of the leased property. Lease B does not contain a bargain purchase option, but the lease term is equal to 90% of the estimated economic life of the leased property. How should the lessee classify these leases?

(TCO A) Qualitative risk analysis

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PROJ 595 PROJ595 Week 4 Midterm Answers

1. (TCO A) Qualitative risk analysis

2. (TCO A) You are the project manager of a new, innovative project. One overarching principle you adhere to is

3. (TCO B) Project assumptions are created in the scope statement. These assumptions are revisited in which process of risk management?

4. (TCO D) In which risk response strategies are risks guaranteed to not occur if they are negative and guaranteed to occur if they are positive after the response plan is initiated?

5. TCO E) One the key functions of risk monitoring and control is to

6. (TCO H) When using the ATOM process to manage risks, which is the importance of an initiation meeting?

7. (TCO A) When is a risk register created? What is its importance of a risk register to a project?

8. (TCO B) List and briefly define five specific tools and techniques that can be used to identify risk associated with projects.

9. (TCO D) Explain avoidance as a risk response strategy, and provide an example of its use in a project.

10. (TCO E) Describe what characteristics a performance measurement system, to be employed in a risk monitoring and control process for a project, should have. Include an example to help illustrate your answer.

11. (TCO H) What is the importance of including stakeholders and risk owners in the creation and approval of risk response plans?

(TCO A) The distinguishing feature of a corporation is that

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FIN 515 FIN515 Midterm Exam Answers

1. (TCO A) The distinguishing feature of a corporation is that

2. (TCO A) A _____ is when a rich individual or organization purchases a large fraction of the stock of a poorly performing firm, and in doing so, gets enough votes to replace the board of directors and the CEO.

3. (TCO A) The firm’s equity multiplier measures

4. (TCO B) By evaluating cost and benefits using competitive market prices, we can determine whether a decision will make the firm and its investors wealthier. This central concept is called:

5. (TCO D) Which of the following statements is FALSE?

6. (TCO D) Which of the following statements is FALSE?

7. (TCO B) If today you put $10,000 into an account paying 10% annually, how much will there be in the account after 5 years? Show your work.

8. (TCO B) You start saving $100 per month in an account that pays 5% interest, compounded monthly. You make the payment at the beginning of each month and interest is applied at the end of each month. How much money will you have in the account in 5 years? Show your work.

9. (TCO D) A particular bond has 8 years to maturity. It has a face value of $1,000. It has a YTM of 7% and the coupons are paid semiannually at a 10% annual rate. What does the bond currently sell for? Show your work.

10. (TCO D) A bond currently sells for $1,000 and has a par of $1,000. It was issued two years ago and had a maturity of 10 years. The coupon rate is 7% and the interest payments are made semiannually. What is its YTM? Show your work.

11. (TCO D) A stock has just paid a dividend and will pay a dividend of $3.00 in a year. The dividend will stay constant for the rest of time. The return on equity for similar stocks is 14%. What is P0? Show your work.

12. TCO D) A stock has just declared an annual dividend of $2.25 to be paid one year from today. The dividend is expected to grow at a 7% annual rate. The return on equity for similar stocks is 12%. What is P0? Show your work.

13. (TCO A) If Moon Corporation has an increase in sales, what would result in no change in its EBIT margin? Explain in details.

(TCO A) The variable portion of advertising costs is a (Points : 6)

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Question 1.1. (TCO A) The variable portion of advertising costs is a (Points : 6)

Question 2.2. (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n) (Points : 6)

Question 3.3. (TCO A) Depreciation of office buildings and office equipment is also known as (Points : 6)

Question 4.4. (TCO C) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following? (Points : 6)

Question 5.5. (TCO B) When manufacturing overhead is applied to production, it is added to (Points : 6)

Question 6.6. (TCO B) Under a job-order costing system, the product being manufactured (Points : 6)

Question 7.7. (TCO B) The FIFO method only provides a major advantage over the weighted-average method in that (Points : 6)

Question 8.8. (TCO C) The contribution margin equals (Points : 6)

Question 9.9. (TCO C) To obtain the break-even point in terms of dollar sales, total fixed expenses are divided by which of the following? (Points : 6)

Question 10.10. (TCO D) Under variable costing, (Points : 6)

Page 2

Question 1.1. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just-completed year.

Sales

$950

Purchases of raw materials

$225

Direct labor

$250

Manufacturing overhead

$295

Administrative expenses

$150

Selling expenses

$140

Raw materials inventory, beginning

$30

Raw materials inventory, ending

$45

Work-in-process inventory, beginning

$20

Work-in-process inventory, ending

$55

Finished goods inventory, beginning

$100

Finished goods inventory, ending

$135

Prepare a Schedule of Cost of Goods Manufactured statement in the text box below. (Points : 15)

(TCO A) What are the three types of user authentication? Name three examples of each type of authentication.

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SEC 571 SEC571 Week 4 Midterm Answers

1. (TCO A) What are the three types of user authentication? Name three examples of each type of authentication.

2. (TCO A) May a database contain two identical records without a negative effect on the integrity of the database? Why or why not?

3. (TCO B) Suppose you have a high capacity network connection coming into your home, and you also have a wireless network access point. Also suppose you do not use the full capacity of your network connection. List three reasons you might still want to prevent an outsider obtaining free network access by intruding into your wireless network.

4.

(TCO C) Respond to each part of this question:

a) Describe how a long number (encryption key) can be shared between sender and receiver without using any source that is obvious to outsiders and without directly sending the number from sender and receiver.

b) Describe how a long number (encryption key) can be shared between sender and receiver over an unsecured network without loss of confidentiality.

5. (TCO B) Which of the following is a correct statement?

(TCO A) Which of the following accounts is recorded as part of stockholders’ equity on the Balance Sheet?

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(TCO A) Which of the following accounts is recorded as part of stockholders’ equity on the Balance Sheet?

(TCO B) For 2014, CAP Corporation reported net income of $96,000; net sales $1,440,000; and weighted average shares outstanding of 9,600. There were no preferred dividends. What was the 2014 earnings per share?

(TCO C) Purchasing inventory is an example of a(n)

(TCO D) Dividends declared are reported on which of the following statements?

(TCO E) Which of the following describes the normal balance and classification of the Unearned Revenue account?

(TCO F) The accrual accounting term used to indicate recording an expense before paying cash for the item is

(TCO A) XYZ Company recorded the following events involving a recent merchandise purchase. 
 
- Received goods for $50,000, terms 2/10, n/30. 
- Returned $1,000 of the shipment for credit due to damaged goods. 
- Paid $1,500 for freight-in. 
- Paid the invoice within the discount period.
 
As a result of these events, the company’s merchandise inventory

(TCO B) In periods of rising prices, which of the following inventory methods results in the highest gross profit figure?

(TCO A) Which of the following is not a current liability?

(TCO E) Which of the following is an internal control procedure?

(TCOs A and E) Your friend, Ellen, has hired you to evaluate the following internal control procedures.
Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which internal control procedure relates to each of the internal controls.

For the weaknesses, you also need to state a recommendation for improvement.

(1) The cashier counts the total receipts and reconciles the receipts with the cash register total.
(2) Electronic documents are password-protected.
(3) The accountant is completely independent of the sales department.
(4) Invoices are not numbered.
(5) Large purchase orders must be approved by a manager.

(TCOs B and D) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit.
 
(1) Investors invest $300,000 in exchange for 30,000 shares of common stock.
(2) Company made payment on account for $500.
(3) Employees work Monday through Friday and are paid on Friday. Salary expense is $20,000 per day, and December 31 falls on a Tuesday.
(4) Company purchased Supplies for $2,000.
(5) The company needs to record Supplies used for $500.

(TCOs B and D) The following items are taken from the financial statements of Ashe Company for 2012:

(TCO D) The following items are taken from the financial statements of BGS Company for 2012:

(TCO A) Which of the following funds does not belong under the fiduciary fund category?

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ACCT 567 ACCT567 Week 3 Quiz Answers

1. (TCO A) Which of the following funds does not belong under the fiduciary fund category?

2. (TCO B) In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds?

3. (TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as

4. (TCO D) The journal entry to record the property tax levy for a municipality would include which of th

5. (TCO B) Which of the following is true regarding the government-wide Statement of Activities?

6. (TCO D) Which of the following is not true with respect to Special Revenue Funds?

7. (TCOs A and B) Please identify the accounting standard setting bodies for the U.S. commercial enterprises, private not-for-profit entities, public not-for-profit entities, state and local governments, and the federal government.

8. (TCO D) Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for the fiscal year 2012. Please use the modified accrual accounting approach in recording the transactions. 
a. The legal budget for the provided for $6,530,000 of estimated revenues and $5,975,000 of appropriations.
b. Assume that are $340,000 of purchase orders outstanding at the end of last fiscal year and these purchase orders will be honored in the current year. Prepare the entries to re-establish the encumbrance.
c. Property taxes were levied in the amount of $4,650,000. It is estimated that 3.5 percent of the taxes will not be collected.
d. Purchase orders were issued for equipment and supplies in the amount of $2,760,000.
Supplies that were relating to all of the prior year purchase orders ($ 340,000) were received along with invoices amounting to $336,800.
Collections of current property taxes amounted to $4,190,000. The uncollected taxes were recorded

9. (TCO D) The following information was available for the General Fund for the City of Newman for the Year Ended June 30, 2012.
 
a. Revenues for the year: Property Taxes of $6,240,000, fines and penalties of $484,000, sales taxes of $453,000, intergovernmental revenue of $272,000, and charges for services of $64,000.
b. Expenditures from current appropriations included: General Government of $3,320,000, Public Safety of $1,923,000, Public Works of $821,000, Health and Welfare of $294,000, and Miscellaneous Appropriations of $42,000.
c. A transfer was made from the General Fund to the Debt Service Fund of $700,000. A transfer of $510,000 was made to the General Fund from the Enterprise Fund. 
d. A sale of city-owned land was made to a private enterprise which is considered infrequent but not unusual was under city management control. The proceeds amounted to $330,000 and the land had a basis of $200,000 which was reported in the government-wide Statement of Net Assets the year before.
e. Beginning balances included Fund Balance in the amount of $290,000 and Reserve for Encumbrances in the amount of $20,000.
Required: Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Newman for the Year Ended June 30, 2012.

(TCO A) Which of the following is/are an advantage(s) of incorporation?

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FIN 515 FIN515 Week 4 Midterm Exam Answers

1. (TCO A) Which of the following is/are an advantage(s) of incorporation?

2. (TCO A) If shareholders are unhappy with a CEO’s performance, they are most likely to:

3. (TCO A) If Company A and Company B are in the same industry and use the same production method, and Company A’s asset turnover is higher than that of Company B, then all else equal, we can conclude that

4. (TCO B) If we use future value rather than present value to decide whether to make an investment,

5. (TCO D) Which of the following statements is FALSE?

6. (TCO D) Which of the following statements is FALSE?

7. (TCO B) If today you put $10,000 into an account paying 10% annually, how much will there be in the account after 5 years? Show your work.

8. (TCO B) You take out a 5-year car loan for $20,000. The loan has a 5% annual interest rate. The payments are made monthly. What are the monthly payments? Show your work

9. (TCO D) A particular bond has 8 years to maturity. It has a face value of $1,000. It has a YTM of 7% and the coupons are paid semiannually at a 10% annual rate. What does the bond currently sell for? Show your work.

10. (TCO D) A bond currently sells for $1,030 even though it has a par of $1,000. It was issued 2 years ago and had a maturity of 10 years. The coupon rate is 7% and the interest payments are made semiannually. What is its YTM? Show your work.

11. (TCO D) A stock pays an annual dividend of $2.50 and that dividend is not expected to change. Similar stocks pay a return of 10%. What is P0? Show your work.

12. (TCO D) A stock has just paid a dividend and has declared an annual dividend of $2.00 to be paid one year from today. The dividend is expected to grow at a 5% annual rate. The return on equity for similar stocks is 12%. What is P0? Show your work.

13. (TCO A) The DuPont Identity expresses the firm’s ROE in terms of? Explain in details.

(TCO D) Find the current dividend on a stock, given that the required return is 9 percent, the dividend growth rate is 6 percent, and the stock price is $50 per share

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FIN 560 FIN 560 Week 4 Midterm Answers

1. (TCO D) Find the current dividend on a stock, given that the required return is 9 percent, the dividend growth rate is 6 percent, and the stock price is $50 per share. 
a. $1.42
b. $1.25
c. $1.75
d. $2.00

2. (TCO D) Find the required return for a stock, given that the current dividend is $4.25 per share, the dividend growth rate is 6.5 percent, and the stock price is $101.00 per share.
a. 10.98%
b. 9.91%
c. 10.18%
d. 8.91%

3. (TCO D) A company has current assets of: cash $500, accounts receivable $200, and inventory $400. The company also has current liabilities of: accounts payable $300 and notes payable $600. What is the company’s quick ratio? 
a. .78
b. .88
c. .90
d. .55

4. (TCO B) Jaffee found that stock prices __________ after insiders intensively bought shares and __________ after insiders intensively sold shares. 
a. decreased, decreased
b. decreased, increased
c. increased, decreased
d. increased, increased

5. (TCO B) Attempting to forecast future earnings and dividends is consistent with which of the following approaches to securities analysis? 
a. Technical analysis
b. Fundamental analysis
c. Both technical and fundamental analysis
d. Indexing

6. (TCO A) _____ is considered to be an emerging market country. 
a. France
b. Norway
c. Brazil
d. Canada

7. (TCO A) Explicit costs of an IPO tend to be around ______ of the funds raised. 
a. 1%
b. 7%
c. 15%
d. 25%

8. (TCO A) You earned eight percent on your corporate bond portfolio this year and you are in a 15 percent federal tax bracket. If over your holding period, inflation was three percent, your real after-tax rate of return was _____.
a. 6.80%
b. 3.89%
c. 4.91%
d. 4.25%

9. (TCO I) CAPM is one of the more popular models for determining the risk premium on a stock. What is the expected market return given an expected return on a security of 15.8%, a stock beta of 1.2, and a risk free interest rate of 5.0%? Find the Expected Market Return. Show your work.

10. (TCO D) XYZ company paid a dividend of $1.25 during the past 12 months. The expected growth rate is 7 percent, and the required rate of return is 9.5 precent based on the cost of capital. Calculate the current price of the stock. Do not use a financial calculator or an online calculator. You must show your work.

11. (TCO D) Company XYZ is expected to grow at 12% annually forever, and its dividend in the next 12 months is expected to be $3.50, and its required rate of return is 15.5%. 
a. What is its intrinsic value?

12. (TCO E) In technical analysis there are multiple indicators of market movement. The three most widely known are Breadth of the Market, Advance/Decline indicator, and the Advance/Decline Line. Provide a brief explanation of what each indicator tells us.

13. (TCO B) Although the Efficient Markets Hypothesis is a popular theory, there are several limitations. Identify and explain two of those limitations.

1. (TCO D) Find the required return for a stock, given that the current dividend is $4.45 per share, the dividend growth rate is 6.5 percent, and the stock price is $101.00 per share.

2. (TCO D) Find the next dividend on a stock given that the required return is 9.78 percent, the dividend growth rate is 7.77 percent, and the stock price is $94.89 per share.

3. (TCO D) A company has current assets of: cash $500, accounts receivable $200, and inventory $400. The company also has current liabilities of: accounts payable $300 and notes payable $600. What is the company’s quick ratio?

4. (TCO B) Behavioralists point out that even if market prices are ____________ there may be _______________.

5. (TCO B) Attempting to forecast future earnings and dividends is consistent with which of the following approaches to securities analysis?

6. (TCO A) Active trading in markets and competition among securities analysts helps ensure that __________.
I. security prices approach informational efficiency
II. riskier securities are priced to offer higher potential returns
III. investors are unlikely to be able to consistently find under or overvalued securities

7. (TCO A) Barnegat Light sold 200,000 shares in an initial public offering. The underwriter’s explicit fees were $90,000. The offering price for the shares was $35, but immediately upon issue, the share price jumped to $43. What is the best estimate of the total cost to Barnegat Light concerning the equity issue?

8. (TCO A) You can tax shelter only one-half of your retirement savings. You want to invest one-half of your savings in bonds and one-half in stocks. How much of the bonds and how much of the stocks should you allocate to the tax sheltered investment?

9. TCO I) CAPM is one of the more popular models for determining the risk premium on a stock. What is the expected market return given an expected return on a security of 15.8%, a stock beta of 1.2, and a risk free interest rate of 5.0%? Find the Expected Market Return. Show your work.

10. (TCO D) XYZ company paid a dividend of $1.25 during the past 12 months. The expected growth rate is 7 percent, and the required rate of return is 9.5 precent based on the cost of capital. Calculate the current price of the stock. Do not use a financial calculator or an online calculator. You must show your work.

11. (TCO D) Company XYZ is expected to grow at 12% annually forever, and its dividend in the next 12 months is expected to be $3.50, and its required rate of return is 15.5%. 
a. What is its intrinsic value? 
b. If the current price is equal to its intrinsic value, what is next year’s expected price?
c. Assume you buy the stock now and sell it after receiving the $3.50 dividend one year from now. 
What would be your anticipated capital gain in percentage terms? 
What is the dividend yield and the holding period return?

12. (TCO E) In the past 10 years, Behavioral Finance has begun to explain the qualitative side of market movements and investor decisions. Explain the concept and the value it can provide to the investment markets.

13. (TCO B) Although the Efficient Markets Hypothesis is a popular theory, there are several limitations. Identify and explain two of those limitations.

(TCO E) Designing a new product is a(n) (Points : 5)

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1. (TCO E) Designing a new product is a(n) (Points : 5)

2. (TCO G) Given the following data, what would ROI be?

3. (TCO C) Longiotti Corporation produces and sells a single product. Data concerning that product appear below.

4. TCO B) Maverick Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below.

5. TCO D) Topple Company produces a single product. Operating data for the company and its absorption costing income statement for the last year are presented below.

6. TCO I) (Ignore income taxes in this problem.) Bill Anders retires in 8 years. He has $650,000 to invest and is considering a franchise for a fast-food outlet. He would have to purchase equipment costing $500,000 to equip the outlet and invest an additional $150,000 for inventories and other working capital needs. Other outlets in the fast-food chain have an annual net cash inflow of about $160,000. Mr. Anders would close the outlet in 8 years. He estimates that the equipment could be sold at that time for about 10% of its original cost. Mr. Anders’ required rate of return is 16%.

Required:

Part A: What is the investment’s net present value when the discount rate is 16%?

Part B: Refer to your calculations. Is this an acceptable investment? Why or why not?

7. TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year.

8. TCO F) Walker Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $43,000. Budgeted cash receipts total $117,000 and budgeted cash disbursements total $122,000. The desired ending cash balance is $55,000. The company can borrow up to $100,000 at any time from a local bank, with interest not due until the following month.

9. (TCO F) Bella Lugosi Holdings, Inc. (BLH), has collected the following

operating information for its current month’s activity. Using this information,

prepare a flexible budget analysis to determine how well BLH performed in

terms of cost control.

10. (TCO H) Lindon Company uses 7,500 units of Part Y each year as a component in the assembly of one of its products. The company is presently producing Part Y internally at a total cost of $119,000 as follows.

11. TCO B) Sandler Corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. Data for the upcoming year appear below

(TCO F) Any activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?

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1. (TCO F) Any activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?

2. (TCO F) Which of the following is false regarding proprietary fund accounting?

3. (TCO G) A fund that is the result of an agreement between a contributor and a government that the principal and/or income of trust assets that is for the benefit of individuals, organizations, or other governments is a(n)

4. (TCO H) Public sector audits differ from those of commercial businesses in which of the following

5. (TCO J) Which of the following kinds of information would not be provided by management’s discussion and analysis (MD&A)?

6. (TCO H) Depreciation expense in a not-for-profit organization should be treated as follows.

7. (TCO H) Please list and explain the five ethical concepts that are outlined by the Yellow Book.

8. (TCO F) Internal Service Fund, Statement of Cash Flows. Prepare a statement of cash flows for the internal service fund for the city of Pearman from the following information:
 
Cash on hand at the beginning of the year $149
Interest on investments 188
Wages and salaries paid (3,230)
Purchases of supplies (1,340)
Collections (for services) from other funds 8,400
Interest paid on long-term debt (180)
Repayment of loans from other funds (730)
Purchase of capital assets (960)
Proceeds of revenue bonds 960
Purchase of investments (480)
Proceeds from sale of capital assets 32
Proceeds from sale of investments 54
Loans from other funds 560

(TCO3) Which of the following is a major function of blood?

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1. (TCO3) Which of the following is a major function of blood?

2. (TCO3) Which of the following blood types is a person whose blood cells were not agglutinated by anti-A serum, anti-B serum, and anti-Rh serum

3. (TCO3) Which of the following formed elements in blood are removed by fixed macrophages in the spleen and liver after about 4 months in the circulation?

4. (TCO3) A condition in which inadequate intake of vitamin B12 or folic acid cause production of large abnormal red blood cells is called

5. (TCO3) Lymph is

6. (TCO3) Which of the following precursor cells give rise to granular leukocytes?

7. (TCO3) Which of the following substances is an anticoagulant formed by mast cells and basophils?

8. (TCO3) Myeloid stem cells reside in

9. (TCO1) The membrane that surrounds and protects the heart is called the

10. (TCO1) Stimulation of the sympathetic output to the heart would lead to

11. (TCO1) Which of the following hormones do not increase the heart rate?

12. (TCO1) The difference between a person’s maximum cardiac output and resting cardiac output is called the

13. (TCO1) The remnant of the foramen ovale in the adult heart is the

14. (TCO1) Which of the following chambers of the heart is surrounded by the thickest layer of myocardium?

15. (TCO1) Which of the following electrocardiogram (ECG) waves represents ventricular repolarization?

16. (TCO1) Elevated levels of _____ in the blood lead to reduced heart rate

17. (TCO1) Which layer of the heart is the major contributor to the pumping action of the heart?

18. (TCO2) Which of the following categories of hypertensive drugs lower blood pressure by blocking the formation of angtiotensin II, which results in vasodilation and decreased aldosterone secretion?

19. (TCO2) Which of the following categories would an individual with a blood pressure of 130/85 be placed in?

20. (TCO2) Which of the following effectors would NOT be activated as described below in response to hypovolemic shock?

21. (TCO2) Which of the following types of blood vessels have high pulsing blood pressure?

22. (TCO2) During embryonic development, blood cells are formed from

23. (TCO2) Fenestrated capillaries that have small pores are commonly found in the

24. (TCO2) Which of the following structures are found in veins but NOT in arteries?

25. (TCO2) The largest driving force for pulling fluid from the interstitial spaces back into the capillaries is:

26. (TCO3) What is the pulse pressure of a person that has a diastolic pressure of 60 mm Hg with a systolic pressure of 125 mm Hg?

27. (TCO3) Determine the mean arterial pressure for a patient with an average systolic pressure of 120 mm Hg with a mean diastolic pressure of 60 mm Hg:

28. (TCO3) What is the resting cardiac output (in liters) of an athlete with a stroke volume of 75 ml and a resting heart rate of 60 beats/minute?

29. (TCO3) The same athlete during exercise has a heart rate of 180 beats/minute with an increase of stroke volume to 125 ml. What is their cardiac output during exercise?

30. (TCO3) What is the name of the blood vessel that supplies the face and head (except the brain) with oxygenated blood?

31. (TCO3) What is the name of the blood vessel that is the distal extension of the external iliac artery as it enters the leg?

32. (TCO3) What is the name of the blood vessel that drains deoxygenated blood from the medial aspect of the forearm?

33. (TCO3) What is the name of the vein that is found behind the kneecap on the posterior surface of the leg?

34. (TCO3) What is the name of this blood vessel that is highlighted?

35. (TCO3) List and briefly describe the three mechanisms used to reduce blood loss from a damaged blood vessel.

36. (TCO1) Define arrhythmia and discuss different categories of arrhythmias.

37. (TCO2) What is a portal vein? Describe the hepatic portal circulation and its functional significance

(TCOs A and B) The GASB has the authority to establish and financial reporting standards for which of the following groups?

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1. (TCOs A and B) The GASB has the authority to establish and financial reporting standards for which of the following groups?

2. (TCOs A and B) Governmental fund statements are prepared using which of the following?

3. (TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis?

4. (TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement?

5. (TCOs B and C) Which of the following is a true statement regarding modified accrual accounting?

6. (TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund?

7. (TCO E) King City receives a trust donation for the purpose of maintaining flower in city parks, but the donor does not make a specification as to how the principal must be maintained. This type of trust should be appropriately accounted for which of the following fund?

8. (TCO E) Which fund type is the interest on Long Term Debt typically not accrued; however, it is recognized as an expenditure in the year in which interest is legally due?

9. (TCO E) Debt Service funds are used to record which of the following?

10. (TCO D) Under GASB Statement №33, when would a special revenue fund be considered to have satisfied the eligibility requirement of a reimbursement type federal grant?

11. (TCO E) The City of Holland issued bonds on August 1, 2012. The interest on its bonds is paid from City of Holland Debt Service Fund on February 1 and August 1. Should the interest payable be accrued at December 31, the end of the city’s fiscal year? Why? Would you have a different answer if the interest payment dates were July 15 and January 15? Please explain.

12. (TCOs A and B) What are fiduciary funds? Please identify and explain the two main types and what is the main difference between the funds?

13. (TCO D) The City of Norton received a gift of $3,500,000 from a group of local residents on April 1, 2012 and signed an agreement that the funds would be invested on a permanent basis and the income would be used to purchase artifacts for the city museum. The following transactions took place during the fiscal year ended Dec 31, 2012.
 
a. The gift was recorded on the books on April 1.
b. On April 1, 2012, the Calvin Co. bonds were purchased in the amount of $3,000,000, at par. The bonds carry an annual interest rate of 5 percent, payable semiannually on October 1 and April 1. The city also purchased a certificate with a face value of $250,000 pays interest of 4 percent on semiannually on October 1 and April 1.
c. On October 1, the semiannual interest was received on the bonds and certificate of deposit.
d. From October 1 through December 1, payments were made totaling $85,000 to purchase artifacts for the city museum.
e. On December 31, an accrual was made for interest for the bonds and the certificate of deposit.
f. After a review of the bond market on December 31, 2012, the bonds had a market value of $2,979,000, exclusive of accrued interest.
g. The books were closed on December 31.

1. Ch. 1- When was the first 1040 due under the Revenue Act of 1913?

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Short Answer- 20 Questions- 5 Points Each

1. Ch. 1- When was the first 1040 due under the Revenue Act of 1913?

2. For Ad Valorem tax purposes, what are some types of intangible personalty?

3. What is a Discriminant Index Formula (DIF) score?

4. Federal Tax Law generally originates in the

5. What are the Statutory Sources of the Tax Law?

6. What are the Administrative Sources of the Tax Law?

7. What are the Judicial Sources of the Tax Law?

8. How does IRC section 61(a) define gross income?

9. Explain the doctrine of Constructive Receipt

10. What is the taxable year?

11. Under what conditions are payments to an employee’s surviving spouse considered gifts?

12. What is the difference between deductions FOR AGI and Deductions FROM AGI?

13. Briefly explain the difference between business bad debts and non-business bad debts.

14. What is Section 1244 Small Business Stock, and, assuming certain conditions are met, how would you classify a loss from the sale of Section 1244 Small Business Stock?

15. Briefly define ACRS and MACRS.

16. What is Depletion?

17. According to Revenue Ruling 87–41, there are twenty factors that can be used to determine whether a worker is an employee or an independent contractor. List at least five of these.

18. Unreimbursed Employee Business Expenses are reported on what Schedule of Form 1040?

19. Income from rental activity is reported on what Schedule of 1040, and what Part?

20. Income from Partnerships and S-Corps is reported on what Schedule of 1040, what Part?

Computational Exercises– 10 Questions- 5 points each

21. (Ch. 15, CE 16). Andrew owns a lathe (adjusted basis of $40,000) that he uses in his business. He exchanges the lathe and $20,000 in cash for a new lathe worth $50,000. May Andrew avoid like-kind exchange treatment to recognize his realized loss of $10,000? Explain.

22. (Ch. 15, CE 19) Mandy and Timothy exchange equipment in a like-kind exchange. Mandy receives equipment with a fair market value of $28,000 and transfers equipment worth $20,000 (adjusted basis of $14,000) and cash of $8,000. What is Mandy’s realized and recognized gain?

23. (Ch. 15, CE 25) Constanza, who is single, sells her current personal residence (adjusted basis of $165,000) for $450,000. She has owned and lived in the house for 30 years. Her selling expenses are $22,500. What is Constanza’s realized and recognized gain?

24. (Ch. 15, Pr. 28) Kareem owns a pickup truck that he uses exclusively in his business. The adjusted basis is $22,000, and the fair market value is $14,000. Kareem exchanges the truck for a truck that he will use exclusively in his business.

What are Kareem’s realized and recognized gain or loss?

25. Same problem as above. What is Kareem’s basis in the new truck?

Multiple Choice- 5 points each

26. Which of the following would be considered substantial authority for the assessment of additional tax under IRC § 6662?

27. What are pitfalls in interpreting the Internal Revenue Code?

28. In § 212(1), the number (1) stands for the _____.

29. Which item is not considered regulatory tax authority?

30. A taxpayer who loses in a U.S. District Court may appeal directly to the____.

31. A taxpayer may not appeal a case from which court?

32. Cash received by an individual _____

33. Which of the following is a taxable disposition (or are taxable dispositions) of an installment obligation?

34. Which of the following statements regarding a 52–53-week tax year is correct?

35. A C corporation is required to annualize its income _____.

36. William sold a capital asset on the installment basis and did not charge interest on the deferred payment due in 3 years. Which of the following is true?

37. The installment method can be applied to the following.

38. Which of the following is excludable from wage and salary taxable income?

39. Which of the following is not excludable from wage and salary taxable income?

40. Which of the following is not excludable from wage and salary taxable income?

Long Answer

41.(17 points) What is Material Participation? What are the tests for material participation? If a taxpayer fails to materially participate in an activity, then how are losses classified?

42. (17 points) What is the Alternative Minimum Tax? What was Congress’ intent in enacting the AMT? What is the formula for AMT?

43. (16 points) Explain the difference between tax deductions and tax credits.

1. Which of the following would be considered substantial authority for the assessment of additional tax under IRC § 6662?

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Multiple Choice 5 pts. each

1. Which of the following would be considered substantial authority for the assessment of additional tax under IRC § 6662?

2. What are pitfalls in interpreting the Internal Revenue Code?

3. In § 212(1), the number (1) stands for the _____.

4. Which item is not considered regulatory tax authority?

5. A taxpayer who loses in a U.S. District Court may appeal directly to the____.

6. A taxpayer may not appeal a case from which court?

7. Cash received by an individual _____

8. Which of the following is a taxable disposition (or are taxable dispositions) of an installment obligation?

9. Which of the following statements regarding a 52–53-week tax year is correct?

10. A C corporation is required to annualize its income _____.

11. William sold a capital asset on the installment basis and did not charge interest on the deferred payment due in 3 years. Which of the following is true?

12. The installment method can be applied to the following.

13. Which of the following is excludable from wage and salary taxable income?

14. Which of the following is not excludable from wage and salary taxable income?

15. Which of the following is not excludable from wage and salary taxable income?

16. Which of the following are not exclusions from taxable income?

True/False 5 pts. each

17. De minimis fringe benefits are those that are so immaterial that accounting for them is impractical.

18. De minimis fringe benefits are subject to strict antidiscrimination requirements.

19. True or False: In the case of a fringe benefit plan that is discriminatory (e.g., the plan favors officers over other employees), De minimis fringes may be excluded from gross income.

20. True or False:

In the case of an accrual basis taxpayer, an item of income is recognized when all the events have occurred to fix the taxpayer’s right to receive the income and the amount of the income can be determined with reasonable accuracy.

Short Answer 10 pts. Each

21. What are Adam Smith’s 4 Canons of Taxation?

22. What are the forms of Progressive Taxes?

23. What are some characteristics of a National Sales Tax?

24. What are the Deductions FOR AGI?

25. What is the role of the Senate Finance Committee in tax legislative process?

Yes/No 5 points each

26. Would you include inheritance of $75,000 in the calculation of AGI?

27. Would you include Child Support in the calculation of AGI? Explain

28. Would you include loan proceeds in the calc. of AGI? Explain

29. Would you include a gift the calc. of AGI? Explain

30. Would you interest income on municipal bonds in the calc. of AGI?

31. Would you include damages from personal injury in the calc. of AGI?

32. Would you include punitive damages in the calc. of AGI?

Problems 5 points each

33. Calculate AGI based on the following:

Gross income of $50,000.

Alimony$12,000

Charitable contributions $2,000

Contribution to a traditional IRA $3,000

Expenses paid on rental property$5,000

Interest and taxes on personal residence $7,000

State income tax $1,200

34. How much can a taxpayer who operates a laundry business deduct for the following expenses during the year?

•Parking ticket of $100 for one of his delivery vans that parked illegally

•Parking ticket of $50 when he parked illegally while attending a rock concert in Tulsa

•DUI ticket of $400 while returning from the rock concert

•Attorney’s fee of $500 associated with the DUI ticket

35. Calculate basis of machine for cost recovery based on the following:

On June 1 of the current year, Taxpayer converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago, Taxpayer purchased the machine for $120,000. The machine is still encumbered by a $50,000 mortgage. What is the basis of the machine for cost recovery?

A Real Option Value is:

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ECO 550 Managerial Economics & Globalization Midterm Exam Part 1 Answers (Fall 2016)

1. A Real Option Value is:

2. Various executive compensation plans have been employed to motivate managers to make decisions that maximize shareholder wealth. These include:

3. In the shareholder wealth maximization model, the value of a firm’s stock is equal to the present value of all expected future ____ discounted at the stockholders’ required rate of return.

4. Shirking of one’s duties is often encountered in team production settings because

5. The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers?

6. Economic profit is defined as the difference between revenue and ____.

7. A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____

8. The standard deviation is appropriate to compare the risk between two investments only if

9. The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)

10. Generally, investors expect that projects with high expected net present values also will be projects with

11. The primary difference(s) between the standard deviation and the coefficient of variation as measures of risk are:

12. The ____ is the ratio of ____ to the ____.

13. Those goods having a calculated income elasticity that is negative are called:

14. An increase in each of the following factors would normally provide a subsequent increase in quantity demanded, except:

15. Suppose we estimate that the demand elasticity for fine leather jackets is .7 at their current prices. Then we know that:

16. Iron ore is an example of a:

17. An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____.

18. The factor(s) which cause(s) a movement along the demand curve include(s):

19. Marginal revenue (MR) is ____ when total revenue is maximized

20. The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to:

21. When using a multiplicative power function (Y = a X1b1 X2b2 X3b3) to represent an economic relationship, estimates of the parameters (a, and the b’s) using linear regression analysis can be obtained by first applying a ____ transformation to convert the function to a linear relationship.

22. Demand functions in the multiplicative form are most common for all of the following reasons except:

23. In which of the following econometric problems do we find Durbin-Watson statistic being far away from 2.0?

24. In regression analysis, the existence of a high degree of intercorrelation among some or all of the explanatory variables in the regression equation constitutes:

25. The estimated slope coefficient (b) of the regression equation (Ln Y = a + b Ln X) measures the ____ change in Y for a one ____ change in X.

26.