1) Probability of obtaining no more than 1 pea with green pod among 10 offspring peas if probability of one individual pea to have green pod is 0.75.
2) Is it unusual to have no more than 1 pea with green pod?
A+ Answers
1.
In a histogram, the horizontal dimension shows:
the possible values the variable can have.
the intensity of the variable.
the mean score.
the frequency.
2.
Rejecting the null hypothesis at the .05 level means that:
there is more than a 5% chance of getting such an extreme result if the null hypothesis is true.
there is more than a 95% chance of getting such an extreme result if the research hypothesis is true.
there is less than a 5% chance of getting such an extreme result if the null hypothesis is true.
there is less than a 95% chance of getting such an extreme result if the research hypothesis is true.
3.
In principal, a distribution of means can be formed by:
calculating the mean of all the possible samples of a given size and dividing it by the variance.
using the sample's mean and variance divided by the population's parameters.
randomly estimating the population variance from the various samples of the same size, and using the sample mean in place of ยต.
randomly taking a very large number of samples from a population, each of the same size, and making a distribution of their means.
4.
The variance of a distribution of means is smaller than the original population variance because:
it is based on fewer individuals than is the original population.
it is an estimate of the sample parameters rather than of the original population.
extreme scores are less likely to affect a distribution of means.
the mean of a distribution of means is so different than the population mean.
5.
Professor Q has designed a repeated measures experiment. Which information does he NOT need when looking up the power of his planned study in a power table?
Whether a one- or two-tailed test will be computed
Number of difference scores
Estimated population variance of difference scores
Effect size
6.
In an analysis of variance, if the within-groups variance estimate is about the same as the between-groups variance estimate, then:
the null hypothesis should be rejected.
any difference between sample means is probably due to random sampling error.
an error has been made in computing the between-groups and the within-groups variance estimates.
any difference between sample means is probably due to a real difference caused by experimental conditions
7.
In a two-way analysis of variance, the degrees of freedom for each main effect are:
the number of cells minus the number of variables.
the number of variables minus the total scores within the column or row.
the number of levels of the variable minus 1
the total number of scores in that row or column minus 2
8.
Under what conditions can an experimenter be confident that X is the cause of Y if two variables, X and Y, are strongly correlated?
If people are randomly assigned to levels of X in a true experiment
If people are randomly assigned to levels of Y in a true experiment
If X is measured before Y
If Y is measured before X
9.
The main difference between the test for goodness of fit and the test for independence is that:
the goodness of fit test can be used only for 2 × 2 designs whereas the independence test is not limited to a particular design type.
expected frequencies are calculated for the independence test but not for the goodness of fit test.
the goodness of fit test is limited to one nominal variable whereas the independence test is not.
observed frequencies are compared to expected frequencies for the independence test but not for the goodness of fit test.
A+ Answers
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The following task, in which you are asked to conduct a small number of simulation trials, should be done with manual calculations. Please be aware that the simulation results of such a small number of trials would not be sufficient for one to draw valid conclusions in a real situation. A large number of trials run on a computer would be necessary in order to arrive at a valid conclusion. Random numbers are provided in the attached template; these numbers are discrete, uniform, and between 1 and 100 inclusive. Given: Management has asked you to help estimate the average cost per unit to produce a new product so that they can project profits at different selling prices. You will conduct a Monte Carlo simulation for cost behavior using provided probabilistic data for the following cost estimates. Cost per unit for materials, labor, and utilities and their probability distributions are provided in the attached worksheet. In your calculations, round to the nearest cent. Task: A. Complete the attached “Simulation Template” by doing the following (responses should include two decimal places): 1. Determine the following costs correctly: a. Average materials cost per unit b. Average labor cost per unit c. Average utilities cost per unit d. Average total cost per unit 2. Show your random interval tables you used to correctly determine the costs in parts A1a–A1d. a. Explain how you correctly used the random interval tables from part A2 to populate the “Simulation Template.” Note: When the files opens, enter your name and student ID in the respective boxes so the task questions and problems will populate the worksheet. If the attached template does not open or is missing information, please contact Ecare for assistance with opening the file. Note: Run 12 trials using the random numbers that are provided on the “Simulation Template” for each probability distribution. Use the random numbers in the exact sequence that they appear on the template for each cost. B. Determine the selling price per unit that should be established for this product using your simulation results 1. Explain how you arrived at the selling price from part B. Note: For your calculations in parts B and B1, assume that the company wants to realize an average markup of $20 on each unit sold. C. When you use sources, include all in-text citations and references in APA format
The following task, in which you are asked to conduct a small number of simulation trials, should be done with manual calculations. Please be aware that the simulation results of such a small number of trials would not be sufficient for one to draw valid conclusions in a real situation. A large number of trials run on a computer would be necessary in order to arrive at a valid conclusion. Random numbers are provided in the attached template; these numbers are discrete, uniform, and between 1 and 100 inclusive. Given: Management has asked you to help estimate the average cost per unit to produce a new product so that they can project profits at different selling prices. You will conduct a Monte Carlo simulation for cost behavior using provided probabilistic data for the following cost estimates. Cost per unit for materials, labor, and utilities and their probability distributions are provided in the attached worksheet. In your calculations, round to the nearest cent. Task: A. Complete the attached “Simulation Template” by doing the following (responses should include two decimal places): 1. Determine the following costs correctly: a. Average materials cost per unit b. Average labor cost per unit c. Average utilities cost per unit d. Average total cost per unit 2. Show your random interval tables you used to correctly determine the costs in parts A1a–A1d. a. Explain how you correctly used the random interval tables from part A2 to populate the “Simulation Template.” Note: When the files opens, enter your name and student ID in the respective boxes so the task questions and problems will populate the worksheet. If the attached template does not open or is missing information, please contact Ecare for assistance with opening the file. Note: Run 12 trials using the random numbers that are provided on the “Simulation Template” for each probability distribution. Use the random numbers in the exact sequence that they appear on the template for each cost. B. Determine the selling price per unit that should be established for this product using your simulation results 1. Explain how you arrived at the selling price from part B. Note: For your calculations in parts B and B1, assume that the company wants to realize an average markup of $20 on each unit sold. C. When you use sources, include all in-text citations and references in APA format
A+ Answers
1) Calculate the variance and the standard deviation for the following sample data.
Scores: 10, 7, 9, 1, 2, 0, 6
Scores: 10, 7, 9, 1, 2, 0, 6
2) For each of the following samples:
Sample #1: 1, 0, 3, 6
Sample #2: 1, 3, 5, 4, 7
Sample #2: 1, 3, 5, 4, 7
a. Compute the mean.
b. Determine whether it would be better to use the computational or the definitional formula for SS.
c. Compute the SS.
3) For the following sample, use the computational formula to calculate SS. Then, compute the sample variance and standard deviation. Scores: 1, 3, 1, 1
4) Using the definitional formula, compute SS, variance and the standard deviation for the following sample of scores. Scores: 3, 6, 1, 6, 5, 3
5) Without some correction, sample variability is said to be "biased." Define the term biased, and explain how this bias is corrected in the formula for sample variance.
A+ Answers
1) Briefly summarize the roles of both Ho Chi Minh and Ngo Dinh Diem in the Vietnamese conflict. (Be sure to address their roles prior to U.S. involvement as well.) Explain (and thoroughly support your opinion with examples from the textbook) why Ho Chi Minh was ultimately more successful than Ngo Dinh Diem. (200 words)
2) A number of factors impacted American military performance in Vietnam during Johnson’s presidency, including weather conditions/terrain, mobilization and logistical support, inexperience of troops, and fear of Soviet/Chinese intervention. Determine which of those listed you think most impacted American performance, thoroughly explain this factor, and justify your choice concerning its significance. (200 words)
3) Despite Johnson's statement to leadership in South Vietnam that "...together we'll make the important decisions, things that we don't want the public to know" (Millett, Maslowski, and Feis, 2012, p. 517, For the common defense: A military history of the United States from 1607 to 201, 3rd ed), Vietnam was avidly covered by the media and televised throughout the nation.
It has been suggested by many that this coverage was a significant factor in America's withdrawal. Freedom of speech and freedom of press is guaranteed by the First Amendment, but can often lead to manipulation by the media, misinterpretation by the public, and even the endangerment of American troops. In your opinion, how transparent should government and military leaders and tactics be during times of war? Be sure to thoroughly support your response with pertinent examples from other American conflicts either past or present. (100-150 words)
Calculations Shown
9.13 Do students at your school study more than, less than, or about the same as students at other business schools? BusinessWeek reported that at the top 50 business schools, students studied an average of 14.6 hours per week. (Data extracted from “Cracking the Books,” Special Report/Online Extra, www.businessweek.com, March 19, 2007.) Set up a hypothesis test to try to prove that the mean number of hours studied at your school is different from the 14.6-hour-per-week benchmark reported by BusinessWeek.
a. State the null and alternative hypotheses.
b. What is a Type I error for your test?
c. What is a Type II error for your test?
9.14 The quality-control manager at a light bulb factory needs to determine whether the mean life of a large shipment of light bulbs is equal to 375 hours. The population standard deviation is 100 hours. A random sample of 64 light bulbs indicates a sample mean life of 350 hours.
a. At the 0.05 level of significance, is there evidence that the mean life is different from 375 hours?
b. Compute the p-value and interpret its meaning.
c. Construct a 95% confidence interval estimate of the population mean life of the light bulbs.
d. Compare the results of (a) and (c). What conclusions do you reach?
9.25 A manufacturer of chocolate candies uses machines to package candies as they move along a filling line. Although the packages are labeled as 8 ounces, the company wants the packages to contain a mean of 8.17 ounces so that virtually none of the packages contain less than 8 ounces. A sample of 50 packages is selected periodically, and the packaging process is stopped if there is evidence that the mean amount packaged is different from 8.17 ounces. Suppose that in a particular sample of 50 packages, the mean amount dispensed is 8.159 ounces, with a sample standard deviation of 0.051 ounce.
a. Is there evidence that the population mean amount is different from 8.17 ounces? (Use a 0.05 level of significance.)
b. Determine the p-value and interpret its meaning.
9.48) Southside Hospital in Bay Shore, New York, commonly conducts stress tests to study the heart muscle after a person has a heart attack. Members of the diagnostic imaging department conducted a quality improvement project with the objective of reducing the turnaround time for stress tests. Turnaround time is defined as the time from when a test is ordered to when the radiologist signs off on the test results. Initially, the mean turnaround time for a stress test was 68 hours. After incorporating changes into the stress-test process, the quality improvement team collected a sample of 50 turnaround times. In this sample, the mean turnaround time was 32 hours, with a standard deviation of 9 hours.
a. If you test the null hypothesis at the 0.01 level of significance, is there evidence that the new process has reduced turnaround time?
b. Interpret the meaning of the p-value in this problem.
9.55 The U.S. Department of Education reports that 46% of full-time college students are employed while attending college. (Data extracted from “The Condition of Education 2009,” NationalCenter for Education Statistics, nces.ed. gov.) A recent survey of 60 full-time students at MiamiUniversity found that 29 were employed.
a. Use the five-step p-value approach to hypothesis testing and a 0.05 level of significance to determine whether the proportion of full-time students at MiamiUniversity is different from the national norm of 0.46.
b. Assume that the study found that 36 of the 60 full-time students were employed and repeat (a). Are the conclusions the same?
Calculations Shown
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1. (10 Points) EiffelPayneHospital, a for profit hospital, wants to issue bonds for a major expansion. An investor, Terry Noirs, is in the 40% tax bracket and would be interested in the bonds. Tax Exempt hospital bonds of the same risk pay 6% interest. What is the minimum rate Eiffel Payne can set for Terry to invest in the bonds?
2. (30 Points) Intensive Care Urology Practice (ICUP), a not-for-profit business, had revenues in 2014 of $96,000. Expenses other than depreciation were 75% of revenues and Depreciation was $10,000. All revenues were collected in cash, and all expenses, excluding depreciation, were paid in cash during the year. No other assets were purchased, and no money was borrowed.
A. Construct ICUP’s Income Statement.
B. What was ICUP’s Cash Flow for the year?
C. If (under GAAP) PU changed its depreciation method so that the Depreciation Expense doubled, what would be the new Net Income?
D. Again, if (under GAAP) ICUP changed its depreciation method so that the Depreciation Expense tripled, what would be the Cash Flow?
E. Comment on the results.
3. (20 Points) The following are account balances on December 31, 2014 for Intensive Care Urology Practice (ICUP), (in alphabetical order):
Accounts Payable $45,000
Accounts Receivable, $60,000
Cash $24,000
Equity (January 1, 2014) $176,000
Expenses (includes taxes) $82,000
Inventory $91,000
Long-term Debt $105,000
Long-term Investments $30,000
Net Property & Equipment $135,000
Revenues $96,000
Create I.C. Optometry’s Balance Sheet (Hint: Not all of the accounts above are balance sheet accounts - you may need to calculate I.C.’s income!)
A+ Answers
. While all industries have some individual characteristics, the health services industry is truly unique. The two primary sources of uniqueness are:
a. the significant financial losses and the third-party payment system.
b. the large amount of government intervention and the significant financial losses.
c. the large number of not-for-profit organizations and the significant financial
losses.
d. the large amount of government intervention and the third-party payment system.
e. the large number of not-for-profit organizations and the third-party payment system.
a. the significant financial losses and the third-party payment system.
b. the large amount of government intervention and the significant financial losses.
c. the large number of not-for-profit organizations and the significant financial
losses.
d. the large amount of government intervention and the third-party payment system.
e. the large number of not-for-profit organizations and the third-party payment system.
2. Finance activities do not include;
a. making decisions on production activity,
b. inventory management,
c. financial risk management,
d. working capital management,
e. new financing decisions,
a. making decisions on production activity,
b. inventory management,
c. financial risk management,
d. working capital management,
e. new financing decisions,
3. The healthcare sector is composed of a wide variety of industries, except
a. medical equipment and supplies industries,
b. the health services industry,
c. life insurance industry,
d. managed care industry,
e. all of the above are part of the healthcare sector.
a. medical equipment and supplies industries,
b. the health services industry,
c. life insurance industry,
d. managed care industry,
e. all of the above are part of the healthcare sector.
4. In the health services industry, the role of regulation is to protect all of the following except;
a. the health of the public,
b. the safety of the public,
c. the welfare of the public,
d. providers of health services,
e. regulation protects all of the above.
a. the health of the public,
b. the safety of the public,
c. the welfare of the public,
d. providers of health services,
e. regulation protects all of the above.
5. Health services industry regulation include;
a. licensure,
b. rate setting,
c. review programs,
d. certificate of need,
e. all of the above.
6. Which of the following is not a limitation of Proprietorships?
a. Limited liability,
b. Impermanence of the business,
c. Difficulty in transferring ownership,
d. Difficulty in attracting substantial amounts of capital,
e. All of the above are limitations.
7. Which of the following is not a limitation of partnerships?
Unlimited liability,
B .Permanence of the business,
c. Difficulty in transferring ownership,
d. Difficulty in attracting substantial amounts of capital,
e. All of the above are limitations.
8. Which of the following is a main advantage of corporation?
a. Lower taxes
b. Limited life
c. Limited liability
d. Difficulty in transferring ownership
e. Separation & specialization of duties
9. Which of the following is not an important tax benefit to not-for-profit corporations:
the usable earnings of a not-for-profit corporation are greater than those of a similar for-profit entity,
b. not-for-profit corporations can issue municipal bonds, and hence pay lower interest rates on their debt financing,
c. not-for-profit businesses have access to contribution capital, because contributions to such organizations are tax deductible to the donor,
d. Income earned by investors is taxed at a lower rate,
e. all of the above are advantages.
10. Which of the following is an advantage of PPOs over HMOs?
a. PPOs require beneficiaries to use preselected gatekeeper physicians who serve as the initial contact and authorize all services received.
b. PPOs are more likely than HMOs to provide preventive services.
c. PPOs assume responsibility for quality assurance, because the enrollees are constrained to use only the PPO panel of providers.
d. PPOs do not mandate that beneficiaries use specific providers
e. All of the above are advantages.
a. licensure,
b. rate setting,
c. review programs,
d. certificate of need,
e. all of the above.
6. Which of the following is not a limitation of Proprietorships?
a. Limited liability,
b. Impermanence of the business,
c. Difficulty in transferring ownership,
d. Difficulty in attracting substantial amounts of capital,
e. All of the above are limitations.
7. Which of the following is not a limitation of partnerships?
Unlimited liability,
B .Permanence of the business,
c. Difficulty in transferring ownership,
d. Difficulty in attracting substantial amounts of capital,
e. All of the above are limitations.
8. Which of the following is a main advantage of corporation?
a. Lower taxes
b. Limited life
c. Limited liability
d. Difficulty in transferring ownership
e. Separation & specialization of duties
9. Which of the following is not an important tax benefit to not-for-profit corporations:
the usable earnings of a not-for-profit corporation are greater than those of a similar for-profit entity,
b. not-for-profit corporations can issue municipal bonds, and hence pay lower interest rates on their debt financing,
c. not-for-profit businesses have access to contribution capital, because contributions to such organizations are tax deductible to the donor,
d. Income earned by investors is taxed at a lower rate,
e. all of the above are advantages.
10. Which of the following is an advantage of PPOs over HMOs?
a. PPOs require beneficiaries to use preselected gatekeeper physicians who serve as the initial contact and authorize all services received.
b. PPOs are more likely than HMOs to provide preventive services.
c. PPOs assume responsibility for quality assurance, because the enrollees are constrained to use only the PPO panel of providers.
d. PPOs do not mandate that beneficiaries use specific providers
e. All of the above are advantages.
11.Tricare is a part of which third party payer category?
a. Medicare Medicaid
b. Medicare
c. Public Insurers
d. Commercial health insurance
e. Blue Cross/Blue Shield organizations
a. Medicare Medicaid
b. Medicare
c. Public Insurers
d. Commercial health insurance
e. Blue Cross/Blue Shield organizations
12.Which of the following are not stakeholders in a not-for-profit business;
a. patients,
b. creditors,
c. suppliers,
d. managers,
e. employees,
f. staff physicians,
g. the community at large,
h. all of the above are stakeholders.
a. patients,
b. creditors,
c. suppliers,
d. managers,
e. employees,
f. staff physicians,
g. the community at large,
h. all of the above are stakeholders.
13.The incentive to perform only those procedures that are truly medically necessary describes which reimbursement method?
a. global pricing
b. per diem reimbursement
c. capitation reimbursement
d. cost-based reimbursement
e. per diagnosis reimbursement
f. charge-based reimbursement
g. prospective payment reimbursement
a. global pricing
b. per diem reimbursement
c. capitation reimbursement
d. cost-based reimbursement
e. per diagnosis reimbursement
f. charge-based reimbursement
g. prospective payment reimbursement
14. The incentive to have lavish and conveniently located facilities describes which reimbursement method?
a. global pricing
b. per diem reimbursement
c. capitation reimbursement
d. cost-based reimbursement
e. per diagnosis reimbursement
f. charge-based reimbursement
g. prospective payment reimbursement
a. global pricing
b. per diem reimbursement
c. capitation reimbursement
d. cost-based reimbursement
e. per diagnosis reimbursement
f. charge-based reimbursement
g. prospective payment reimbursement
15. The incentive to perform procedures that have the highest profit potential describes which reimbursement method?
a. global pricing
b. per diem reimbursement
c. capitation reimbursement
d. cost-based reimbursement
e. per diagnosis reimbursement
f. charge-based reimbursement
g. prospective payment reimbursement
a. global pricing
b. per diem reimbursement
c. capitation reimbursement
d. cost-based reimbursement
e. per diagnosis reimbursement
f. charge-based reimbursement
g. prospective payment reimbursement
16. The incentive to increase length of hospital stay would occur with which reimbursement method?
a. global pricing
b. per diem reimbursement
c. capitation reimbursement
d. cost-based reimbursement
e. per diagnosis reimbursement
f. charge-based reimbursement
g. prospective payment reimbursement
a. global pricing
b. per diem reimbursement
c. capitation reimbursement
d. cost-based reimbursement
e. per diagnosis reimbursement
f. charge-based reimbursement
g. prospective payment reimbursement
17. Which of the following is true about Generally accepted accounting principles (GAAP):
a. GAAP can be thought of as a set of government regulations that have evolved through the years to guide the preparation and presentation of financial statements.
b. GAAP were designed to provide the information needed by stockholders, creditors, and other interested parties to make the best-informed decisions, primarily investment decisions.
c. The Securities and Exchange Commission (SEC) creates GAAP standards.
d. The Financial Accounting Standards Board (FASB) reviews businesses’ Financial records for compliance to GAAP.
e. All of the above are false.
a. GAAP can be thought of as a set of government regulations that have evolved through the years to guide the preparation and presentation of financial statements.
b. GAAP were designed to provide the information needed by stockholders, creditors, and other interested parties to make the best-informed decisions, primarily investment decisions.
c. The Securities and Exchange Commission (SEC) creates GAAP standards.
d. The Financial Accounting Standards Board (FASB) reviews businesses’ Financial records for compliance to GAAP.
e. All of the above are false.
18.In a Health Services corporation, who would directly be responsible for correct accounting of the firm’s activities:
treasurer
comptroller
c.chief financial officer
d.vice president–finance
e.none of the above
19.In the following except: healthcare finance framework agency problems can exist between all of the
a. managers and staff,
b. suppliers and customers,
c. stock holders and managers,
d. debt holders and stockholders,
e. all of the above.
20.Which accounting concept allows a business to make a onetime change in how they expense an item.
a. accounting period
b. accounting entity
c. going concern
d. objectivity
e. full disclosure
f. conservatism
g. consistency
h. materiality
21.Which accounting concept requires preparers to base their data on event documentation such as invoices and contracts?
a. accounting period
b. accounting entity
c. going concern
d. objectivity
e. full disclosure
f. conservatism
g. consistency
h. materiality
22.Which accounting concept deals with the expense of a Doctor’s commute to the hospital?
a. accounting period
b. accounting entity
c. going concern
d. objectivity
e. full disclosure
f. conservatism
g. consistency
h. materiality
23.Which accounting concept would allow organizations to write-off patient accounts that are not likely to be collected
a. accounting period
b. accounting entity
c. going concern
d. objectivity
24.Which accounting concept allows the purchase of small tools, which may be used for several years, to be expensed in one year?
a. accounting period
b. accounting entity
c. going concern
d. objectivity
e. full disclosure
f. conservatism
g. consistency
h. materiality
i. consistency
25.Which of the following is part of accrual accounting?
a. Net income and cash flow will always be equal,
b. Revenues are recognized when paid,
c. Expenses are recognized when paid
d. Revenue is recognized when a service is rendered, rather than when the payment is actually received,
e. All of the above are part of Accrual Accounting.
26.Which of the following is not a main purpose of Depreciation expense?
a. Lower net income to save taxes,
b. Recoup the cost of large assets that were purchased,
c. To lower the value of the asset to its true market value,
d. To match the expense of the assets over the periods it was paid for.
e. None of the above are the main purpose of depreciation.
27.Which of the following would be accounted for at the same amount on the Income Statement and the Statement of Cash Flows?
a. The cash purchase of supplies,
b. The cash purchase of inventory,
c. The purchase of large equipment,
d. The issuance of bonds for a major expansion,
e. Medical services performed that are billed to a third party payer.
28.Which of the following Stakeholders would be most concerned with the Balance Sheet?
a. Donors
b. Patients
c. Creditors
d. Third party payers
e. Government regulators
29.Which of the following is true about the Balance Sheet?
a.The balance sheet balances Revenues and expenses,
b.It expresses the accounting identity: Assets = Liabilities + Equity,
c.The balance sheet shows the current value of the organization,
d.The balance sheet reports assets, liabilities and income of the business as of a single point in time,
e.All of the above are true
30.What is a unique feature of many not-for-profit healthcare balance sheets?
a. The balance sheet is influenced each year by the amount of net income reported
on the income statement,
treasurer
comptroller
c.chief financial officer
d.vice president–finance
e.none of the above
19.In the following except: healthcare finance framework agency problems can exist between all of the
a. managers and staff,
b. suppliers and customers,
c. stock holders and managers,
d. debt holders and stockholders,
e. all of the above.
20.Which accounting concept allows a business to make a onetime change in how they expense an item.
a. accounting period
b. accounting entity
c. going concern
d. objectivity
e. full disclosure
f. conservatism
g. consistency
h. materiality
21.Which accounting concept requires preparers to base their data on event documentation such as invoices and contracts?
a. accounting period
b. accounting entity
c. going concern
d. objectivity
e. full disclosure
f. conservatism
g. consistency
h. materiality
22.Which accounting concept deals with the expense of a Doctor’s commute to the hospital?
a. accounting period
b. accounting entity
c. going concern
d. objectivity
e. full disclosure
f. conservatism
g. consistency
h. materiality
23.Which accounting concept would allow organizations to write-off patient accounts that are not likely to be collected
a. accounting period
b. accounting entity
c. going concern
d. objectivity
24.Which accounting concept allows the purchase of small tools, which may be used for several years, to be expensed in one year?
a. accounting period
b. accounting entity
c. going concern
d. objectivity
e. full disclosure
f. conservatism
g. consistency
h. materiality
i. consistency
25.Which of the following is part of accrual accounting?
a. Net income and cash flow will always be equal,
b. Revenues are recognized when paid,
c. Expenses are recognized when paid
d. Revenue is recognized when a service is rendered, rather than when the payment is actually received,
e. All of the above are part of Accrual Accounting.
26.Which of the following is not a main purpose of Depreciation expense?
a. Lower net income to save taxes,
b. Recoup the cost of large assets that were purchased,
c. To lower the value of the asset to its true market value,
d. To match the expense of the assets over the periods it was paid for.
e. None of the above are the main purpose of depreciation.
27.Which of the following would be accounted for at the same amount on the Income Statement and the Statement of Cash Flows?
a. The cash purchase of supplies,
b. The cash purchase of inventory,
c. The purchase of large equipment,
d. The issuance of bonds for a major expansion,
e. Medical services performed that are billed to a third party payer.
28.Which of the following Stakeholders would be most concerned with the Balance Sheet?
a. Donors
b. Patients
c. Creditors
d. Third party payers
e. Government regulators
29.Which of the following is true about the Balance Sheet?
a.The balance sheet balances Revenues and expenses,
b.It expresses the accounting identity: Assets = Liabilities + Equity,
c.The balance sheet shows the current value of the organization,
d.The balance sheet reports assets, liabilities and income of the business as of a single point in time,
e.All of the above are true
30.What is a unique feature of many not-for-profit healthcare balance sheets?
a. The balance sheet is influenced each year by the amount of net income reported
on the income statement,
b. The three major categories of assets are current assets, long-term investments,
A+ Answers
1. Quality management is an organizational commitment to continuous process of improvement that expands the definition of customer to include everyone involved in the organization.
True
False
2. Health insurance and retirement plans are examples of voluntary benefits.
True
False
3. A SWOT analysis is a process for determining an organization’s core competency.
True
False
4. The Age Discrimination in Employment Act of 1967 protects only employees over 55 years of age from discrimination.
True
False
5. Affirmative action is a practice in organizations that includes actively seeking, hiring and promoting women and minorities to correct past discriminatory injustices.
True
False
6. Career development has a shorter time focus than employee development.
True
False
7. The Privacy Act of 1974 requires federal government agencies to allow anyone to have access to individual personnel files and there is no individual consent needed.
True
False
8. Three basic methods of job evaluation are currently in use: ordering, classification, and point methods.
True
False
9. HRM activities are mildly affected by what occurs outside the organization.
True
False
10. The fact that organizations are no longer constrained by national borders illustrates that the world has become a global village.
True
False
11. The bulk of cross-cultural training is language training.
True
False
12. Continuous improvement programs aim at constantly improving the quality of products and services.
True
False
13. The Fair Compensation Wages Act passed in 1963 and mandates that organizations compensate men and women doing the same job in the organization with the same rate of pay.
True
False
14. Probably one of the most complex functions of international human resource management is the design and implementation of an equitable compensation program.
True
False
15. Most organizations take a ‘melting pot’ approach to diversity.
True
False
PART II: Complete the following multiple choice questions. Please highlight your answer selection.|
For example: An apple is a…..
a. Fruit
b. Vegetable
c. Poultry
d. Starch
16. Which of the following is not a key ingredient to design an effective team appraisal system?
a. Measure individual performance, not team performance.
b. Measure both team and individual performance.
c. Tie team results to organizational goals.
d. Begin with the team’s customers and its work process to satisfy customers’ needs.
17. Performance-based rewards are considered to be:
a. incentive systems
b. piecework pay plans
c. both a and b
d. only a
18. HRM typically provides which of these types of training to temporary employees?
a. Orientation.
b. Retirement planning.
c. Benefits options.
d. Career management.
19. Which of the following describes the “Strategy” phase of the strategic planning process?
a. Determining what business the organization will be in.
b. Setting goals and objectives.
c. Determining how goals and objectives will be attained.
d. Determining what jobs need to be done and by whom.
20. Studies on the benefits of job enrichment as a reward are inconclusive on which of these dimensions?
a. Productivity.
b. Turnover costs.
c. Employee commitment.
d. Employee satisfaction.
21. During a job analysis, which of these tasks are performed?
a. Promotion patterns and succession plans are identified.
b. An estimation of the labor supply is verified.
c. Duties and responsibilities of a job are matched with pay grades.
d. Skills, knowledge and abilities necessary to perform a job are determined.
22. Which of the following is the most widely used individual incentive plan?
a. Piecework plan
b. Scanlon plan
c. Merit pay
d. Competency-based plan
23. Jason, a satellite architect, accepted an overseas assignment for his company when the company agreed to provide a car and chauffeur, a beach villa, a sailboat, and a lump sum payment of $600,000. What kind of pay factor was used?
a. base pay.
b. differentials.
c. bonuses.
d. incentives.
24. Lee, an account manager for a large IT provider, has set his quota for next year 20% higher and decided to improve customer satisfaction quality by 10%. What MBO step was Lee performing?
a. Goal setting.
b. Monitoring.
c. Performance evaluation.
d. Formal review.
25. How has technology changed HRM practices?
a. Recruiting using the web generates smaller, more focused applicant pools.
b. Employee training is often delivered on demand rather than through scheduled courses.
c. Electronic resumes take more time to evaluate than paper resumes.
d. Nearly 20% of HR managers are involved in surveillance o
1. Cultural sensitivity is most often taught to employees before overseas assignments through which of these techniques?
a. Lectures, movies.
b. Video recordings and embassy tours.
c. Interactive simulations and lectures.
d. Role playing, simulations, and meeting former international assignees.
2. External HRM influences are categorized into the general areas of……
a. dynamic environment
b. labor unions
c. governmental legislation
d. all of the above
3. Which of the following is not true regarding employee training?
a. It focuses on future jobs in the organization.
b. It is present-day oriented.
c. It focuses on individuals’ current jobs.
d. It is a learning experience.
4. Charles, director of training for a large organization, is looking at the completion rates for the annual clerical training program that is required for promotion to advanced clerical worker. The information presented shows figures for these groups of employees: Caucasian; Hispanic; African American; Asian; Other. What kind of HR report is Charles studying?
a. ADA audit.
b. EEO audit.
c. Indoctrination analysis.
d. Culture/language readiness.
5. The selection process may include all of the following steps, except:
a. background investigation.
b. screening interview.
c. application form.
d. medical history evaluation.
6. The invisible barrier that blocks females and minorities from ascending into the upper levels of an organization.
a. glass shielding
b. glass ceiling
c. minority overhead
d. glass discrimination
7. Successful recruiting efforts are indicated by all of these outcomes, except:
a. turnover increases.
b. training costs go down.
c. more job seekers know about available jobs.
d. the applicant pool is increasingly diverse.
8. Who should make the actual hiring decision?
a. The HR manager
b. The general manager
c. The manager in the department where the vacancy exists.
d. The recruiter
9. Meeting with a group of employees to collectively determine what their job entails.
a. job evaluation method
b. group interview method
c. analysis evaluation
d. group evaluation
10. The varied personal characteristics that make the workforce heterogeneous.
a. workforce diversity
b. rightsizing
c. globalization
d. contingent workforce
11. As the assistant of the HR manager, you are updating and rewriting the employee handbook. Which of the following is not a key ingredient of an effective employee handbook?
a. The employee handbook should be pertinent to employees’ needs.
b. The employee handbook should provide quick and easy answers to questions about benefits and employment policies.
c. The employee handbook should set the parameters within which employees are expected to perform.
d. The employee handbook should make clear to employees that their job is secure as long as they meet performance standards.
12. Maizie, a charge nurse in a large hospital, is frustrated with a phone call. She is thumbing through Joe’s file, looking for a patient consent signature before she can answer questions from Joe’s secretary, “How is Joe?” What health issue is relevant to Maizie’s predicament?
a. Traditional.
b. HMO.
c. PPO.
d. HIPAA.
13. Process of discovering potential candidates for actual or anticipated organizational vacancies.
a. recruiting
b. staffing
c. internal search
d. employee referral
14. Which of the following is not a step in a job analysis process?
a. Understand the purpose of the job analysis
b. Understand the roles of the jobs in the organization.
c. Benchmark positions
d. Determine the pay level of jobs
15. Which of the following is the arm of the federal government empowered to handle discrimination in employment cases?
a. Fair Employment Commission
b. Fair Labor Standards Commission
c. Equal Employment Opportunity Act
d. Equal Employment Opportunity Commission
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