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HRM 590 Final Exam Set 2

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1. TCO D Short Answer Question and Facts for Page 1 Questions:

A well known pharmaceutical company, Robins & Robins, is working through a public scandal. Three popular medications that they sell over the counter have been determined to be tainted with small particles of plastic explosive. The plastic explosives came from a Robins & Robins supplier named Casings, Inc., that supplies the capsule casings for the medication pills. Casings, Inc., also sells shell casings for ammunition. Over $8 million in inventory is impacted. The inventory is located throughout the Western United States, and it is possible that it has also made its way into parts of Canada.

Last fall, the FDA had promulgated an administrative proposed rule that would have required all pharmaceutical companies that sold over-the-counter medications to incorporate a special tracking bar code (i.e., UPC bars) on their packaging to ensure that recalls could be done with very little trouble. The bar codes cost about 35 cents per package.

Robins & Robins lobbied hard against this rule and managed to get it stopped in the public comments period. They utilized multiple arguments, including the cost (which would be passed on to consumers). They also raised “privacy” concerns, which they discussed simply to get public interest groups upset. (One of the drugs impacted is used for assisting with alcoholism treatment – specifically for withdrawal symptoms – and many alcoholics were afraid their use of the drug could be tracked back to them.) Robins & Robins argued that people would be concerned about purchasing the medication with a tracking mechanism included with the packaging and managed to get enough public interest groups against the rule. The FDA decided not to impose the rule.

Robins & Robins’ contract with Casings, Inc., states, in section 14 B.2.a., “The remedy for defects in supplies shall be limited to the cost of the parts supplied.” Casings, Inc., had negotiated that clause into the contract after a lawsuit from a person who was shot by a gun resulted in a partial judgment against Casings for contributory negligence.

List any bases Robins & Robins could sue Casings, Inc., under contract theory ONLY for the damages caused by the explosives in their drugs, over and above the cost of the capsule shells. (short answer question) (Points: 15)

2. TCO B. The FDA discovers that, during the public comment process, Robins & Robins bribed one of the members of the administrative panel that decided to pull the rule from consideration. The member of the panel was removed and is being charged criminally. As a result, the FDA immediately implements an emergency order that puts into effect the “tracking bar” requirement and makes the rule retroactive, but only to Robins & Robins. Provide two arguments Robins & Robins can make to have the rule determined to be invalid under the Administrative Procedures Act. Explain your answer. (Points: 30)

3. TCO C. Robins & Robins immediately issued a massive recall for the tainted medication upon learning of the situation. Despite the recall, 1,400 children and 350 adults have been hospitalized after becoming very ill upon taking the tainted medication. Each of them had failed to note the recall after having already purchased the medication. It is quickly determined that they will need liver transplants and many of them are on a waiting list. During the wait, to date, 12 children have died. Their families are considering suing for both 402A and negligence. The attorneys stated that but for the lobbying efforts, the recall process would have been automated and the people would not have gotten sick or died.

You are an employee with the FDA. You are drafting a memo to your boss analyzing the FDA’s liability and explaining why the FDA did the right thing in deciding not to pass the original tracking bar (UPC) rule. You are specifically being told to respond to the issue of the deaths and illnesses. What would you write? Include (and fully explain) any defenses you feel that the FDA could use against any negligence or public relation cases. Explain what liability (if any) the FDA could have to the victims and their families. (Points: 30)

4. TCO A. It is discovered that Robins & Robins knew about the tainted medication 2 months earlier than they announced the recall. They hid it and, in fact, sent out contract buyers to try to buy up all of the medication off the shelves. Their “fake” recall failed. Using the Blanchard and Peale method of analyzing ethical dilemmas, analyze the ethical dilemma faced by the CEO of Robins & Robins for the fact that they saved 35 cents/package and are now in the middle of a major, life-threatening recall. Analyze their “fake” recall as well. Show all of the steps of the model and give a recommendation to the CEO of what to do now that the deaths are escalating. What is the “right” thing for the CEO to do in this case? (Points: 30)

5. TCO I. A Canadian citizen whose child died from the medication sues the FDA for allowing the sale of dangerous medication in Canada. The lawsuit is filed in the International Court of Justice (ICJ). Is this the proper court to hear this case? Why or why not? (short answer question) (Points: 15)

Question 2 – 2 essays, 30 points each.

1. TCO E. Anna and Lisa both sue Pastor Forester and the school under Title VII. Analyze their Title VII lawsuit against the school and Pastor Forester. Explain whether you feel that the two injured teachers have cases for recovery (describe the theories and whether you feel they will be successful). Discuss whether the school being a religious, private school has any bearing on liability or protection from liability. Include all defenses available to the school and Pastor Forester. (Points: 30)

2. TCO H and E. In the discovery portion of the case, it is determined that Pastor Forester is really not a pastor. His real name is Jerry Birches, a parolee with convictions for child molestation. His parole agreement prohibits him being closer than 1,000 feet to any school. In order to cut costs, the school had stopped doing background checks on new employees, and this slipped through the cracks. The president of the board of directors immediately fires Pastor “Jerry Birches” Forester and notifies his parole officer of the violations. Pastor Forester claims the board knew about his background because one member of the board (his aunt Theresa) knew the truth. He claims her knowledge should be imputed to the entire board of directors. He then sues the school for firing him for being a convicted felon. He claims that is illegal, and he publicly attacks the church for their “less-than-Christian” behavior in firing him.

The board immediately convenes to discuss “damage control.” It knows you took a law and ethics course recently and asks you to write a news release to the local newspaper explaining the situation. Using ethical and legal considerations (including the fact you are in the middle of multiple lawsuits), write the brief news release. Then, explain why you wrote it the way you did. (Points: 30) –

Exact – XX

Page 3 – Two essays at 30 points each.

1. TCO F. Ellen DeGeneres sues Clean Clothes for the use of a look-alike model for the slacks advertisement. She includes Lanham Act, misappropriation, and “right of publicity” claims in her complaint. Clean Clothes countersues for product disparagement. Joseph A. Bank (JOSB) sues Ellen for impacting their men’s clothing sales with her unsolicited comment. What facts will Ellen use to support her cases, and why will those support her cases? What defenses will Ellen have against Clean Clothes’s and JOSB’s countersuits? Do you think any of the three will win their cases? Why or why not? (Points: 30)

2. 2. TCO G. It is discovered that 2 weeks before the Ellen show, she had sold $2 million in JOSB stock (at a gain of about $2,200). The morning after her show, Ellen sold JOSB short (which means she was betting the stock price would go down), and she made another $210,000 in the next week on that trade. The swing in the price was not directly tied to her comments but was suspected to be a result of a recall JOSB made on their entire line of men’s black and brown dress slacks when it was discovered that they had been sewn together with white thread. Ellen’s previous trading activity shows that she made it a normal practice to “vigorously trade” the stock of any company with which she did business. A review of her trading activity for the past year showed that she had bought and sold JOSB stock 25 different times, including short sales like this one. Her overall trading for JOSB stock for the last 12 months was a net loss of $82,000.00. Do you think the SEC will file anything against Ellen for her sales of JOSB? Is there any cause to do so? Analyze her transactions with respect to insider trading activity (based on what you know) and whether she should be concerned. Is her prior trading activity a defense? Should Ellen have avoided discussing JOSB publicly on her show because she typically trades their stock? (Points: 30)

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GM 588 Final Exam

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1. (TCO E) Suggested reasons why many customer satisfaction efforts fail include all of the following EXCEPT:

2. (TCO D) The Six-Sigma problem solving approach contains the phases of:

3. (TCO C) Terms such as “kanban”, “single minute exchange of dies”, and “visual controls” are most closely associated with:

4. (TCO C) Poka-yoke focuses on two aspects:

5. (TCO B) _____ measures are generally tracked by senior leadership to gauge overall organizational performance.

6. (TCO I) The cost of purchasing copies of a textbook on quality for employees as part of their training program in process improvement methods is considered:

7. (TCO A) Which of the following is NOT a characteristic of a Six Sigma project?

8. (TCO B) A set of financial, market, operational, and employee performance measures for management review and use is an example of:

9. (TCO D) The Baldrige Award criteria, as a tool for self-assessment:

10. (TCO H) Focusing on how to maintain improvements occurs in which DMAIC phase?

1. (TCO B) Explain why it is difficult to obtain a single, universal definition of quality. Be specific in your response.

2. (TCO I) What criterion is used to classify a failure cost as “internal” versus “external”? Give three examples of an internal failure cost and three examples of an external failure cost.

3. (TCO G) Discuss the three major reasons why companies adopt total quality. Also, discuss the initial key steps are involved in the adoption process.

4. (TCO F) Explain in detail why change is necessary in organizations. Describe the effects that change can have on quality management with respect to employee commitment and quality levels.

5. (TCO H) Describe the six basic steps required to build the House of Quality. Describe, in general, where in the House are customer and technical requirements located. Also explain why it is important that each area of the House is “linked” with the others

6. (TCO C) Some have argued the Six Sigma programs are merely repackaged versions of older quality improvement programs that originally accompanied TQM initiatives in the 1980s. Present arguments that both support and refute this view. Make sure you link your discussion with examples of the older quality improvement programs (i.e. Deming, Juran, etc)

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FIN 515 Final Exam (Set 1)

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1. (TCO A) Which of the following does NOT always increase a company’s market value?

2. (TCO F) Which of the following statements is correct?

3. (TCO D) Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 25% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g = 0. The company’s last dividend, D0, was $1.25, its beta is 1.20, the market risk premium is 5.50%, and the risk-free rate is 3.00%. What is the current price of the common stock?

4. (TCO G) Singal Inc. is preparing its cash budget. It expects to have sales of $30,000 in January, $35,000 in February, and $35,000 in March. If 20% of sales are for cash, 40% are credit sales paid in the month after the sale, and another 40% are credit sales paid 2 months after the sale, what are the expected cash receipts for March?

1. (TCO H) Zervos Inc. had the following data for 2008 (in millions). The new CFO believes (a) that an improved inventory management system could lower the average inventory by $4,000, (b) that improvements in the credit department could reduce receivables by $2,000, and (c) that the purchasing department could negotiate better credit terms and thereby increase accounts payable by $2,000. Furthermore, she thinks that these changes would not affect either sales or the costs of goods sold. If these changes were made, by how many days would the cash conversion cycle be lowered?

2. (TCO C) Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 50. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit? (Assume a 365-day year.)

3. (TCO E) You were hired as a consultant to the Quigley Company, whose target capital structure is 35% debt, 10% preferred, and 55% common equity. The interest rate on new debt is 6.50%, the yield on the preferred is 6.00%, the cost of common from retained earnings is 11.25%, and the tax rate is 40%. The firm will not be issuing any new common stock. What is Quigley’s WACC?

4. (TCO B) A company forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 13%, and the FCFs are expected to continue growing at a 5% rate after Year 3. Assuming that the ROIC is expected to remain constant in Year 3 and beyond, what is the Year 0 value of operations, in millions?

5. (TCO G) Based on the corporate valuation model, Hunsader’s value of operations is $300 million. The balance sheet shows $20 million of short-term investments that are unrelated to operations, $50 million of accounts payable, $90 million of notes payable, $30 million of long-term debt, $40 million of preferred stock, and $100 million of common equity. The company has 10 million shares of stock outstanding. What is the best estimate of the stock’s price per share?

6. TCO G) Clayton Industries is planning its operations for next year, and Ronnie Clayton, the CEO, wants you to forecast the firm’s additional funds needed (AFN). The firm is operating at full capacity. Data for use in your forecast are shown below. Based on the AFN equation, what is the AFN for the coming year? Dollars are in millions.

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ECON 545 Final Exam

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1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.

(a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?

Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market.

(b.) (15 points) Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production increase. What new decisions will you make regarding production levels and pricing for your Widget facility?

2. (TCO B) Here is some data on the demand for marshmallows:

Price Quantity
$10 100
$ 8 300
$ 6 700
$ 4 1300
$ 2 2200

(a.) (15 points) Is demand elastic or inelastic in the $6-$8 price range? How do you know?

(b.) (15 points) If the table represents the demand faced by a monopoly firm, then what is that firm’s marginal revenue as it increases output from 1300 units to 2200 units? Show all work. (Be careful here!)

3. (TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.
Total Total
Workers   Labor Cost  Output        Revenue
1                     $500     100                 $700
2                     1000     280                1150
3                     1500     440               1440
4                     2000     540               1570
5                     2500    600                1670
6                     3000    630                1710
7                    3500     640               1730

(a.) (6 points) What is the marginal product of the second worker?

(b.) (6 points) What is the marginal revenue product of the fourth worker?

(c.) (6 points) What is the marginal cost of the first worker?

4. (TCO C) Answer the next questions on the basis of the following cost data for a firm in pure competition:

OUTPUT —— TFC ———- TVC
0                   $100.00         0.00
1                   100.00           70.00
2                   100.00           120.00
3                100.00          150.00
4                100.00          200.00
5                100.00           270.00
6                100.00           360.00

(a.) (15 points) Refer to the above data. If the product price is $45 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.

(b.) (15 points) Refer to the above data. If the product price is $75 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.

5. (TCO D) A software producer has fixed costs of $18,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below:

Q TVC Price
1,000 $15,000 $25 
2,000 20,000 24 
3,000 30,000 23 
4,000 50,000 22 
5,000 80,000 20 
(a.) (15 points) If software can only be produced in the quantities above, what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity is also listed above? Why? (Show all work).

(b.) (15 points) What should be the production level if fixed costs rose to $48,000 per month? Explain

6. (TCO F)

(a.) (20 points) Suppose nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150. Between 1999 and 2001, the real GDP rose by what percent?

(b.) Use the following scenario to answer questions (b1) and (b2).
In a given year in the United States, the total number of residents is 270 million, the number of residents under the age of 16 is 38 million, the number of institutionalized adults is 15 million, the number of adults who are not looking for work is 17 million, and the number of unemployed is 10 million.

(b1.) (5 points) Refer to the data in the above scenario. What is the size of the labor force in the United States for the given year?

(b2.) (5 points) Refer to the data in the above scenario. What is the unemployment rate in the United States for the given year?

7. (TCO G and H)

(a.) (15 points) Suppose your local Congress representative suggests that the federal government intervenes in the gasoline market to stop runaway price increases. Would you say that this view basically supports the Keynesian or the Monetarist school of thought? Why? What position would the opposing school of thought take on this issue? (Be brief — you can answer this in 2 or 3 brief paragraphs).

(b.) (10 points) Any change in the economy’s total expenditures would be expected to translate into a change in GDP that was larger than the initial change in spending. This phenomenon is known as the multiplier effect. Explain how the multiplier effect works.

(c.) (15 points) You are told that 90 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $20 billion

8. (TCO G)
(a.) (20 points) Third National Bank is fully loaned up with reserves of $20,000 and demand deposits equal to $100,000. The reserve ratio is 20%. Households deposit $5,000 in currency into the bank. How much excess reserves does the bank now have, and what is the maximum amount of new money that can be created in the banking system as a result of this deposit? Show all work.

(b.) (20 points) What is the discount rate in the banking system? Explain how the Fed manipulates this rate to achieve macroeconomic objectives

9. (TCO E and I) Let the exchange rate be defined as the number of dollars per British pound. Assume there is a decrease in U.S. interest rates relative to that of Britain.

(a.) (10 points) Would this event cause the demand for the dollar to increase or decrease relative to the demand for the pound? Why?

(b.) (10 points) Has the dollar appreciated or depreciated in value relative to the pound?

(c.) (10 points) Does this change in the value of the dollar make imports cheaper or more expensive for Americans? Are American exports cheaper or more expensive for importers of U.S. goods in Great Britain? Illustrate by showing the price of a U.S. cell phone in Britain before and after the change in the exchange rate.

10.

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COMP 230 Final Exam (Set 3)

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1. (TCO 7) The general syntax of an SQL select statement is _____.

2. (TCO 7) In a VBScript SQL Query statement, what Boolean operator can be used to test a set of conditions whereby all conditions must be true?

3. (TCO 7) What SQL clause is used in a VBScript program to determine the fields to be displayed in an SQL Query statement? 

4. (TCO 7) What SQL clause is used in a VBScript program to determine the Table or Tables to be accessed in an SQL Query statement?

5. (TCO 1) The name of the service that controls the queue of print jobs with the Windows NET command is _____.

6. (TCO 1) The NETSH command that will set the IP address of the interface name NIC to 192.168.100.10 255.255.255.0 with a metric of 1 is _____.

7. (TCO 1) The Windows CLI command that is used to display the extensions recognized as executable files is _____.

8. (TCO 1) The NETSH command that will set the IP address of the interface name NIC to a DHCP-supplied IP address is _____.

9. (TCO 6) To delete a file in VBScript, use the following command (assuming that fso is a Scripting.FileSystemObject).

10. (TCO 6) What WSH object is required for VBScript File I/O?

11. (TCO 6) To create a new file in a VBScript program, use the following command (assuming that fso is an instance of Scripting.FileSystemObject).

12. (TCO 2) What is an example of a string constant?

13. (TCO 2) Given the rules of operator precedence, what value would the variable contain after the following statement was executed? distance = 2 + 21 / 3

14. (TCO 2) What is an example of a numeric constant?

15. (TCO 2) String constants and _____ refer to the same concept

16. (TCO 2) What is the assignment operator?

17. (TCO 5) When a subroutine or function is useful, you may want to use it more than once within a program or in other programs. This concept is known as _____.

18. (TCO 5) Which one of the following is a feature of good program design?

19. (TCO 3) Only one of the relational expressions being evaluated must be true in order for the entire expression to be evaluated as true. The VBScript Boolean operator that defines this evaluation is _____.

20. (TCO 3) The VBScript Boolean operator AND is used to evaluate multiple conditions where _____.

21. (TCO 3) Which VBScript Boolean operator has the highest precedence?

22. (TCO 3) If you are asked to write a VBScript program that prints a list of books that have fewer than 30 pages and more than 100 pages. What type of Boolean Operator would you use?

23. (TCO 3) In VBScript, when you combine Boolean operators, the _____ operators take precedence, meaning their values are evaluated first.

24. (TCO 4) What is the issue with the following VBScript Do While loop?
count = 1
Do while count < 10
WScript.Echo count
count = count – 1

25. (TCO 4) How many times will the following VBScript Do While loop execute the loop body?

26. (TCO 4) When a variable is incremented by 1, _____.

27. (TCO 4) VBScript arrays are most efficiently processed using _____.

28. (TCO 4) The value of array subscripts are always _____.

1. (TCO 1) Write the Windows CLI commands that will Clear the screen; Turn off Command echo; and display the current IP address, Subnet Mask, and Default Gateway

2. (TCO 1) Write the Windows CLI NET commands that will turn the WORKSTATION service OFF and then ON

3. (TCO 2) Give the order of precedence for all of the arithmetic operators and the parentheses

4. (TC0 3) A movie theater manager says, “Provide a discount to patrons who are under 13 years old and those who are over 64 years old; otherwise, charge the full price.” Write the VBScript code that implements this logic. Assume the variables age and price and the constants DISCOUNT_PRICE and FULL_PRICE.

1. (TCO 4) Write the VBScript code that displays all of the integers stored in the array numArray(100) .

2. (TCO 5) Write a VBScript function called GetName( ) that prompts the user to input his or her name and returns the name value. Use the StdIn and StdOut streams for input and output

3. (TCO 6) Write the VBScript code that defines the Scripting.FileSystemObject and the file C:\Data\DataFile.txt for appending. Make sure the file will be created if it doesn’t exist, and ensure that the format is ASCII.

4. (TCO 7) Assuming that you are connected to a database called Computers.mdb with the fields Computer, Hostname Room_Num, CPU_Type, Num_CPUs, Bit_Size, OS_Type, Memory, and HDD_Size, write the SQL Query String sqlStr such that the fields Computer, Hostname, and CPU_Type will be displayed for all records CPU_Type is “AMD” and the Bit_Size is 64. The returned records should be sorted by Hostname

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HRM 590 Final Exam Set 1

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1. (TCO A) Many people still believe that companies care little about human resource management compared to other revenue-generating departments. Explain why companies have this perception. Describe how you would convince the company’s leadership of the value of HRM. (Points: 30)

2. (TCO B) If an employer asked you to review an employment decision to determine whether discrimination had occurred, identify the factors you would consider in that decision and describe how you would evaluate them. (Points: 30)

3. (TCO C) Many believe that good pay and good management result in union avoidance. Describe the policies and practices companies should develop to avoid unionizing. Explain how these practices might be less costly than unionized labor. (Points: 30)

4. (TCO D) In developing human resource strategies, businesses face several important challenges. Identify and describe four of these challenges. Link these challenges back to the HRM department’s strategy plan. (Points: 30)

5. (TCO E) Describe the advantages and disadvantages of layoffs. Explain the pros and cons to using seniority as a layoff criteria. (Points: 30)

6. (TCO F) Substantiate the value of employee performance evaluations to the business and the employee. Describe the factors/components you would include in a performance management program and validate those items. (Points: 30)

1. (TCO G) From a general human resource standpoint, describe what you would include in a benefits strategy. Describe the value of a benefits strategy for employees and the business. (Points : 30)

2. (TCO H) Explain how human resource technology can improve efficiency and effectiveness of HRM functions. How, specifically, can technology support the business? Provide an example. (Points: 40)

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FIN 515 Final Exam (Set 2)

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1. (TCO A) Which of the following does NOT always increase a company’s market value?

2. (TCO F) Which of the following statements is correct?

3. (TCO D) The Ramirez Company’s last dividend was $1.75. Its dividend growth rate is expected to be constant at 25% for 2 years, after which dividends are expected to grow at a rate of 6% forever. Its required return (rs) is 12%. What is the best estimate of the current stock price?

4. (TCO G) The ABC Corporation’s budgeted monthly sales are $4,000. In the first month, 40% of its customers pay and take the 3% discount.
The remaining 60% pay in the month following the sale and don’t receive a discount.
ABC’s bad debts are very small and are excluded from this analysis.
Purchases for next month’s sales are constant each month at $2,000. Other payments for wages, rent, and taxes are constant at $500 per month.
Construct a single month’s cash budget with the information given. What is the average cash gain or (loss) during a typical month for the ABC Corporation?

5. (TCO G) Howton & Howton Worldwide (HHW) is planning its operations for the coming year, and the CEO wants you to forecast the firm’s additional funds needed (AFN). The firm is operating at full capacity. Data for use in the forecast are shown below. However, the CEO is concerned about the impact of a change in the payout ratio from the 10% that was used in the past to 50%, which the firm’s investment bankers have recommended. Based on the AFN equation, by how much would the AFN for the coming year change if HHW increased the payout from 10% to the new and higher level? All dollars are in millions

1. (TCO H) Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate. As one part of your analysis, you want to determine the firm’s cash conversion cycle. Using the following information and a 365-day year, what is the firm’s present cash conversion cycle?

2. (TCO C) Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 50. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit? (Assume a 365-day year.)

3. (TCO E) Daves Inc. recently hired you as a consultant to estimate the company’s WACC. You have obtained the following information. (1) The firm’s noncallable bonds mature in 20 years, have an 8.00% annual coupon, a par value of $1,000, and a market price of $1,050.00. (2) The company’s tax rate is 40%. (3) The risk-free rate is 4.50%, the market risk premium is 5.50%, and the stock’s beta is 1.20. (4) The target capital structure consists of 35% debt and the balance is common equity. The firm uses the CAPM to estimate the cost of common stock, and it does not expect to issue any new shares. What is its WACC?

4. (TCO B) A company forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 13%, and the FCFs are expected to continue growing at a 5% rate after Year 3. Assuming that the ROIC is expected to remain constant in Year 3 and beyond, what is the Year 0 value of operations, in millions?

5. (TCO G) Based on the corporate valuation model, the value of a company’s operations is $900 million. Its balance sheet shows $70 million in accounts receivable, $50 million in inventory, $30 million in short-term investments that are unrelated to operations, $20 million in accounts payable, , $140 million in retained earnings, and $280 million in total common equity. If the company has 25 million shares of stock outstanding, what is the best estimate of the stocks price per share?

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1. (TCOs 2, 4, 5, 6) The idea that the assisted suicide of terminally ill patients should be allowed simply at the patient’s direction reflects what type of ethics?

2. (TCOs 1, 2, 7) What is the moral ideal of temperance?

3. (TCOs 1, 2) One of the common errors in Ethics is that of the hasty conclusions. Hasty conclusions consist of what?

4. (TCO 2)  Prescriptive language is commonly used in ethics for what reason?

5. (TCOs 7, 8)  Ethical Egoism proposes that all decisions should be made to promote what?

6. (TCOs 2, 4, 9) Free people are motivated toward forming social structures according to a social contract in order to overcome what problem identified by Thomas Hobbes?

7. (TCOs 3, 6) Agricultural biofuels are not properly a renewable source of energy in the environmental ethics debate. Which of the following also is not a renewable source of energy?

8. (TCOs 3, 6, 7)  The notion that the only thing good without qualification is a good will is attributed to whom?

9. (TCOs 8, 9) Which ethical concept is organized and directed toward following the greatest happiness principle?

10. (TCOs 3, 6, 7)  Syllogisms in formal deductive logic are called “valid” when:

11. (TCOs 1, 2) When choosing one course of action while working with a dilemma, the other courses of action are lost and become unavailable. This makes ethical choices in dilemma situations particularly what?

12. (TCOs 1, 2, 7)  What is the role of conscience as Thomas Aquinas sees it?

13. (TCOs 2, 8) The rule or principle to be applied in making decisions is an example of which kind of ethical discovery process?

14. (TCOs 1, 2, 5)  The Social Contract theorist whose troubled childhood was most clearly reflected in his theories was who?

15. (TCOs 3, 6, 7)  Kant’s concern that people choose to observe universal laws as their duty is expressed through what actions?

16. (TCOs 2, 7, 8)  Aristotle’s Ethics of Virtue have found modern application for business and industry through what practice?

17. (TCOs 2, 8)  Professional codes of conduct serve what function for business and industry?

18. (TCOs 2, 7)  Aristotle’s Ethical Doctrine of the Mean measured personal virtues on a scale that included the virtue itself, the excess of it, and the deficiency of it.

If the virtue is COURAGE and the deficiency is COWARDICE, what is the excess?

19. (TCOs 8, 9)  In personal or organizational conflict, what benefits accrue to all parties when a leader or consultant employees one of the ethical conflict resolution models of Week 6?

20. (TCOs 1, 2)  The Latin term a priori describes the origin of knowledge developed rationally, and the term a posteriori describes knowledge developed through observation and experience. What is an example of ethics is best described as discovered in an a postiori manner?

1. (TCOs 1, 2, 3, 7) In support of TCO #7 and in the Week 7 discussions, you developed and placed into the threaded discussions your personalized ethics statement of what has become important to you in the practice of ethics as you have practiced ethics during the course. Your first task in this question is to briefly present that personalized statement in just a few sentences before continuing with the question. Much of the rest of the exam will involve your working with that personalized statement through brief applications and cases.

Use your ethical philosophy to solve the following ethical situation. Explain how your philosophy helped you make your decision.

Should citizens have an ethical obligation to serve their country when it is at war? Under what circumstances, if any, is it ethical for a person to refuse to serve?

A significant number of people believe war is always wrong, and that no circumstances justify one nation’s taking up arms against another.  Is this view ethically sound? How about realistically?  Please state which side you agree with, and why. Explain and defend your position using your ethical position statement.

In answering, be sure to look at both sides of war: that is, a country defending itself against aggression and of a strong country coming to the aid of a weaker country that has been attacked unjustly.  Then, explain how your ethical philosophy affected how you answered this problem. (Points : 30)

2. (TCOs 1, 2, 7) Analyze the following ethical situation using YOUR ethical philosophy. Read the situation and then in your answer, explain why this is an ethical situation, what the “issues” are, and how an “ethical” person would resolve them.  Explain how YOUR ethical philosophy has helped you read a conclusion about how to resolve or analyze this situation.

Employees’ worth to their employers may diminish before they are eligible for retirement.  In such cases, the employer is faced with the dilemma of choosing between retaining an old and trusted yet unproductive worker for 5 or 10 more years, or firing that worker and jeopardizing his or her retirement benefits.

1.  Should an employer have an ethical obligation to keep such unproductive, but loyal employees?  What if the employee had been a problem his or her entire career? Are there certain circumstances where your answer to these questions would be different?

2.  What is the duty of an unproductive employee to his or her employer? Is there an ethical obligation to retire when productivity begins to wane? If a person is simply “coasting” for his or her last few years, is that person “unethical?” Be sure to explain your answer.

3. (TCOs 1, 7, 9) How do you feel St. Thomas Aquinas would have solved the above ethical situation differently or the same as you did using your philosophy? Please explain the reasons for the similarities or differences.

4. (TCOs 1, 2, 4, 9) A first-term junior senator has placed a bill before the Senate that promises to correct tax inequities that affect thousands of workers.  However, the bill is being held up in committee.  The senior senator who serves as Sub-Committee Chairperson is responsible.  The senator, however, has learned of a secret scandal in the Chairperson’s personal life.  The junior senator visits the Chairperson and tells him that unless the bill is released from committee, he will divulge the scandal to the press. The Chairperson then releases the bill from committee and it is passed—and becomes law.

Identify and tell what ethical philosophy the senior and junior senators are using, if any.

Now, use your ethical philosophy to analyze the situation.  Explain how, using your philosophy, you would have solved this situation either the same way as the characters in the situation did, or differently. Why?

5. (TCOs 5, 6) You work for a grocery store and a new manager is hired to oversee your department. He comes into your department (the butcher shop) and explains to you that for the past 6 months, your department has been losing money for the store because of the waste and spoilage going on from having to discard unsold meat and poultry. He tells you that from now on, he wants you to package ground meat in smaller, more compact packages, with older meat on the bottom of the package (so it is not visible to the customer) and the fresher meat on the top, where it is visible to the customers.  In this way, you can move more of the older meat and still receive the top dollar for it. As he leaves the department where you were having the discussion, he turns and says, “And by the way, one more month of losses like we had last month from this department, and you can kiss your job goodbye.”

Will you repackage the meat in the way he requested?

Why or why not? Explain what ethical analysis you used to come to this conclusion

6. (TCOs 6, 8) Analyze your answer above using the Front Page of the Newspaper ethical dilemma resolution model. Show your steps

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1. An increase in aggregate demand is most likely to be caused by a decrease in

2. (TCO 5) The long-run aggregate supply curve is

3. (TCO 5) Which would most likely increase aggregate supply?

4. (TCO 5) Disinflation refers to a situation where

5. (TCO 6) If a family’s MPC is .7, it means that the family is

6. (TCO 7) Which definition(s) of the money supply include(s) only items which are directly and immediately usable as a medium of exchange?

7. (TCO 7) Which of the following “backs” the value of money in the United States?

8. (TCO 7) How many members can serve on the Board of Governors of the Federal Reserve System?

9. (TCO 7) Which group is responsible for the policy of changing the money supply?

10. (TCO 7) Other things being equal, an expansion of commercial bank lending

11. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from

12. (TCO 7) Which monetary policy tool was created in response to the financial crisis of 2007-2008? (

13. (TCO 7) The Federal Reserve could reduce the money supply by

14. (TCO 8) Which of the following products is a leading import of the United States?

15. (TCO 8) The principal concept behind comparative advantage is that a nation should

16. (TCO 8) If a nation imposes a tariff on an imported product, then the nation will experience a(n)

17. (TCO 8) A key difference between import quotas and voluntary export restraints (VERs) is that the

18. (TCO 8) Tariffs and import quotas would benefit the following groups, except

19. (TCO 8) A major goal of the World Trade Organization is to

20. (TCO 9) French and German farmers wanting to buy equipment from an American manufacturer based in the U.S. will be

1. Remittances of Mexican workers in the U.S. to their families in Mexico are included in the U.S. balance of payments as a debit in the section on

2. (TCO 9) A trade deficit means a net

3. (TCO 9) If an American can purchase 40,000 British pounds for $90,000, the dollar rate of exchange for the pound is

4. (TCO 9) When the exchange rate between pounds and dollars moves from $2 = 1 pound to $1 = 1 pound, we say that the dollar has

5. (TCO 9) The monetary system for conducting international trade is usually described as a system of

6. (TCO 8) a) Explain four problems with the argument that trade protection is needed to protect American jobs.  b) Describe the economic reasons why businesses use offshoring

7. (TCO 6) a) Explain the tools used to pursue expansionary and contractionary fiscal policy.  During which phases of the business cycle would each be appropriate?  b) Explain what is meant by a built-in stabilizer and give two examples.

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