Multiple Choice Answers

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1. In which section of the Penn Foster library is the link “Evaluating Information on the Web”?
A. Virtual Reference Room
B. EDSeek
C. Guidebooks and Tips
D. Subject Guides

2. using online print reference sources covered in Information Literacy, answer the following question.
Geographically, Azerbaijan borders which of the following countries?
A. Iraq
B. Syria
C. Iran
D. Afghanistan

3. under the thesaurus on the Penn Foster Library, what is a synonym for the word impending?
A. Never
B. Later
C. Distant
D. Ominous

4. In the keyword search on EDSeek’s Home Page, enter the following statement: NASA* AND Mars*.
Based on the results from this search, choose the best answer to this question. Which of the following is
listed under the related subjects list?
A. Hubble telescope
B. Solar system
C. Milky Way
D. Space exploration

5. Access the Library of Congress library catalog at http://catalog.loc.gov and read the Basic Search Tips.
Then, find the information to answer the question. Who is listed as the publisher for the individual books in the Sookie Stackhouse series by Charlaine Harris?
A. Harcourt
B. McGraw Hill
C. Ace
D. Penguin

6. Which of the following sets of Dewey Decimal call numbers is in the correct order?
A. 010.1 ABR, 004.15 KWA 100.01 PRO, 100.1 BLU
B. 100.01 PRO, 100.1 BLU, 010. 1 ABR, 004. 15 KWA
C. 004. 15 KWA, 010. 1 ABR, 100.01 PRO, 100.1 BLU
D. 100. 1 BLU, 010.1 ABR, 004. 15 KWA, 100.01 PRO

7. using the Internet and the search skills you’ve learned in Information Literacy, answer the following
question. You may wish to use the search engines, meta-search engines, or virtual reference collections
discussed in the study unit. According to the 2010 U.S. Census, what is the most populated city in the
United States?
A. Los Angeles, California
B. San Francisco, California
C. Philadelphia, Pennsylvania
D. New York, New York

Multiple Choice Answers

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1. Which of the following is a method used to speed up cash receipts?
lock box.
electronic funds transfer.
writing a check.
a and b above.
b and c above.

2. All of the following are part of working capital except
accounts receivable.
inventory.
mortgage.
cash.
none of the above.

3. All of the following are part of working capital except
accounts receivable.
inventory.
mortgage.
cash.
none of the above.

4. Which of the following is the correct sequence of events?
pro forma balance sheet, pro forma cash budget, pro forma income statement
pro forma balance sheet, pro forma income statement, pro forma cash budget
pro forma income statement, pro forma cash budget, pro forma balance sheet
none of the above.

5. When using an ABC inventory analysis, the inventory items that make up approximately _______ percent but account for approximately ______ percent of total costs are classified as C items.
10-15, 75
10-15, 10-15
75-80, 10-15
75-80, 75-80

6. Randy Jones decided to run an ABC analysis of his 500 stock keeping inventory items. He found that his average inventory was $200,000 and that there were 50 items out of the 500 that cost him $153,000. These 50 items would be classified as ___ items.
A
B
C
D

7. Business obligations that are normally paid within one year are
equipment loans.
mortgages.
long-term debt.
short-term debt.

8. The primary concern in current liabilities management is to pay obligations
after they are due.
before they are due.
when they are due.
all of the above are concerns.

9. If a firm has $400,000 in credit sales and $100,000 in accounts receivable, accounts receivable turnover is.
25%.
4.
5.
14.

10. Marketable securities
consist of government securities only.
normally pay a higher rate of interest than checking accounts.
never require an investment strategy.
never offer any risk.

Multiple Choice Answers

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1. use the following information to answer this question: Bill’s Furniture has just completed the first year of operation for his business and has the following information: sales, $200,000; cost of goods sold, $140,000; rent, $18,000; utilities, $8,400; insurance, $2,000; depreciation on equipment, $3,500; and interest, $10,000. Your forecast indicates that your sales will increase by 20%. Your rental agreement provides for a 3 increase percent per year. Bill has just read an article indicating that utility costs in his area will increase by 10% next year. Also, Bill just received a notice from his insurance company stating that his quarterly premium will increase to $600 beginning the first quarter of next year. The depreciation expense on the equipment will not change; however, Bill’s loan amortization schedule indicates that interest expense next year will be $9,000. Pro forma sales for Bill’s second year of operation is __________.
A. $40,000.
B. $200,000
C. $240,000
D. $220,000

2. use the following information to answer this question: Bill’s Furniture has just completed the first year of operation for his business and has the following information: sales, $200,000; cost of goods sold, $140,000; rent, $18,000; utilities, $8,400; insurance, $2,000; depreciation on equipment, $3,500; and interest, $10,000. Your forecast indicates that your sales will increase by 20%. Your rental agreement provides for a 3 increase percent per year. Bill has just read an article indicating that utility costs in his area will increase by 10% next year. Also, Bill just received a notice from his insurance company stating that his quarterly premium will increase to $600 beginning the first quarter of next year. The depreciation expense on the equipment will not change; however, Bill’s loan amortization schedule indicates that interest expense next year will be $9,000. The projected rent expense for Bill’s second year of operation is __________.
A. $18,000.
B. $18,540.
C. $23,400.
D. $19,800.

3. use the following information to answer this question: Bill’s Furniture has just completed the first year of operation for his business and has the following information: sales, $200,000; cost of goods sold, $140,000; rent, $18,000; utilities, $8,400; insurance, $2,000; depreciation on equipment, $3,500; and interest, $10,000. Your forecast indicates that your sales will increase by 20%. Your rental agreement provides for a 3 increase percent per year. Bill has just read an article indicating that utility costs in his area will increase by 10% next year. Also, Bill just received a notice from his insurance company stating that his quarterly premium will increase to $600 beginning the first quarter of next year. The depreciation expense on the equipment will not change; however, Bill’s loan amortization schedule indicates that interest expense next year will be $9,000. Pro forma net income for Bill’s Furniture in the second year is __________.
A. $18,100.
B. $30.160.
C. $21,720.
D. $29,320.

4. Which of the following statements about forecasting is false?
A. Product life cycle influences the length of the forecast.
B. The forecasting horizon should be at least as long as your strategic plan.
C. The longer the time horizon the more accurate the forecast will be.
D. The longer the time horizon the more inaccurate the forecast will be.
E. There is an inverse relationship between forecast accuracy and time.

5. Which of the following is the most appropriate firm to use the survey of sales force?
A. Ace Hardware
B. Best Buy
C. Burger King
D. IBM
E. K-Mart

6. A transaction that is likely to cause an increase in a current liability is:
A. payment of accrued wages.
B. accrual of interest expense.
C. depreciation of equipment.
D. accrual of bad debts expense.

7. The payment of a current liability will:
A. decrease net income.
B. decrease working capital.
C. increase working capital.
D. not affect working capital.

8. A working capital loan will generally:
A. not have an interest rate.
B. require that interest (if any) be paid monthly.
C. not affect working capital.
D. be classified as a long-term liability.

9. Computing a borrower’s effective interest rate is another application of which of the following concepts?
A. Present value concept.
B. Current value concept.
C. Periodic interest concept.
D. None of the above.

10. Which of the following is a true statement regarding interest calculation methods?
A. Interest is calculated on either a straight basis or a delayed basis.
B. Interest is calculated on either a straight basis or an undiscounted basis.
C. If a borrower receives a loan on a discount basis, the APR will be less than the simple interest.
D. If a borrower receives a loan on a discount basis, the APR will be more than the simple interest rate.

11. A loan discount is:
A. a loan used to purchase a bond at a discount.
B. a discount market interest rate on a loan.
C. the same as a bond discount.
D. none of the above.

12. Cassady, Inc. borrowed $5,000 for 3 months at an APR of 10%. The amount of interest paid on this loan was:
A. $240
B. $120
C. $125
D. $500

13. Orpah, Inc. borrowed $12,000 for 4 months on a discount basis. The lender used an interest rate of 8% to calculate the discount. The amount of cash Orpah, Inc. actually had available to use from this loan was:
A. $11,040
B. $11,680
C. $12,000
D. $12,320

14. When borrowing money, the most important objective of the borrower should be to:
A. minimize monthly payments.
B. minimize the APR.
C. avoid borrowing on a discount basis.
D. make the maturity date as far in the future as possible.

15. Interest on a note payable is most appropriately accrued:
A. when the note is signed.
B. as of the end of each accounting period during which the note is a liability.
C. when principal payments on the note are made.
D. when the interest is paid.

16. Current maturities of long-term debt:
A. reflect overdue installments of bonds payable.
B. are classified with long-term debt.
C. represent cash that has been set aside for debt payments due within a year.
D. permit a more accurate determination of working capital.

17. The purpose of reporting Current Maturities of Long-Term debt is:
A. to report any portion of a long-term borrowing that is to be paid in the upcoming accounting period.
B. to reclassify a portion of debt from the concurrent section of the balance sheet to the current section of the balance sheet.
C. to properly classify liabilities.
D. all of the above.

18. When a supplier makes a downward adjustment in the amount owed by a creditor, the creditor will:
A. reduce the amount of the account payable to the supplier, and decrease an asset such as inventory.
B. increase the amount of the account payable to the supplier, and decrease an asset such as inventory.
C. reduce the amount of the account payable to the supplier, and increase cash.
D. reduce the amount of the account payable to the supplier, and decrease cash.

19. A magazine publisher has an account called “unearned subscription revenue”. The transaction that causes the balance of this account to decrease is:
A. cash is received from new subscribers.
B. magazines are printed for the publisher.
C. magazines are mailed to subscribers.
D. subscriptions are sold to new subscribers.

20. The adjusting entry to accrue interest expense results in:
A. an increase in interest expense.
B. a decrease in interest expense.
C. a decrease in cash.
D. a decrease in interest payable.

Pepsi Inc

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This part of the project focuses on forces outside the company that may affect the future financial performance of the company.
Using the firm you have already analyzed, please search the notes and other sources for the following:
1. How many countries is your firm currently doing business in? Does the firm plan on expanding? (This will be in the MD&A and the Notes.)
2. What are the specific risks to doing business in the countries your firm is located in? Discuss specific economic, political, and social risks.
3. Are there any companies your firm has acquired or merged with, or had a joint-venture / other agreement in the past? Check goodwill and check the notes.
4. What type of advantages did your firm obtain by engaging in activities listed in question 3?
5. Google for news stories, company announcements, etc. concerning your firm. (minimum for a grade of 80% are three stories.) Are there any advantages or disadvantages not mentioned previously faced by your firm, ie law suits, supplier problems, R&D breakthroughs, etc.?
6. Provide an overall explanation for your firm, include your financial analysis and the other information above? Is this firm a good long-term or short-term investment, or neither?

Hard Rock

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At the Hard Rock Cafe, like many organizations, project management is a key planning tool. With Hard Rock’s constant growth in hotels and cafes, remodeling of existing cafes, scheduling for Hard Rock Live concert and event venues, and planning the annual Rockfest, managers rely on project management techniques and software to maintain schedule and budget performance.
“Without Microsoft Project,” says Hard Rock Vice-President Chris Tomasso, “there is no way to keep so many people on the same page.” Tomasso is in charge of the Rockfest event, which is attended by well over 100,000 enthusiastic fans. The challenge is pulling it off within a tight 9-month planning horizon. As the event approaches, Tomasso devotes greater energy to its activities. For the first 3 months, Tomasso updates his MS Project charts monthly. Then at the 6-month mark, he updates his progress weekly. At the 9- month mark, he checks and corrects his schedule twice a week.
Early in the project management process, Tomasso identifies 10 major tasks (called level 2 activities in a work breakdown structure, or WBS):talent booking, ticketing, marketing/PR, online promotion, television, show production, travel, sponsorships, operations, and merchandising. Using a WBS, each of these is further divided into a series of subtasks. The following table identifies 26 of the major activities and subactivities, their immediate predecessors, and time estimates. Tomasso enters all of these into the MS Project software. Tomasso alters the MS Project document and the time line as the project progresses. “It’s okay to change it as long as you keep on track,” he states.
Activity Description Predecessor Normal Time (weeks) Normal Cost Crash Time (weeks) Crash Cost
A Finalize site and building contracts — 7 $7,500 4 $11,500
B Select local printer A 3 $500 2 $800
C Hire production manager A 3 $1,200 2 $1,700
D Design promotional Web site B 5 $6,000 3 $9,000
E Set TV deal D 6 $4,000 4 $6,500
F Hire director E 4 $1,200 3 $1,700
G Plan for TV camera placement F 2 $500 2 $500
H Target headline entertainers B 4 $2,000 3 $3,500
I Target support entertainers H 4 $2,000 3 $3,500
J Travel accommodations for talent I 10 $9,000 7 $16,000
K Set venue capacity C 2 $300 1 $400
L Ticketmaster contract D 3 $1,400 2 $1,900
M On-site ticketing L 8 $7,000 6 $11,000
N Sound and staging C 6 $9,000 5 $12,000
O Passes and stage credentials G 7 $4,000 5 $5,800
P Travel accommodations for staff B 20 $15,000 15 $23,000
Q Hire sponsor coordinator B 4 $600 3 $800
R Finalize sponsors Q 4 $1,000 3 $1,400
S Define/place signage for sponsors R 3 $3,000 2 $4,200
T Hire operations manager A 4 $1,200 2 $1,800
U Develop site plan T 6 $6,000 5 $8,500
V Hire security director T 7 $1,500 5 $3,000
W Set police/fire security plan V 4 $1,000 3 $1,600
X Power, plumbing, AC, toilet services U 8 $4,000 6 $7,000
Y Secure merchandise deals B 6 $6,000 3 $7,500
Z Online merchandise sales Y 6 $5,000 4 $7,500
The day of the rock concert itself is not the end of the project planning. “It’s nothing but surprises. A band not being able to get to the venue because of traffic jams is a surprise, but an ‘anticipated’ surprise. We had a helicopter on stand-by ready to fly the band in,” says Tomasso.
On completion of Rockfest in July, Tomasso and his team have a 3-month reprieve before starting the project planning process again.
Source: Professor Barry Render, Jay Heizer and Beverly Amer.
Please turn in a paper of one to two pages (page counting does not include cover and reference list) discussing the following questions:

1. Identify the critical path and its activities for Rockfest. How long does the project take (what is the duration time)?
2. which activities have a slack time of 8 weeks or more ?
3. Identify some major challenges a project manager faces in events such as this one.
4. why is a work breakdown structure useful in a project such as this ? take the 26 activities and break them into what you think should be level-2, level-3 and level-4 tasks.