A Story of Friendship Essay Example For Students

A Story of Friendship Essay Fellowship isn't something you learn in school. Be that as it may, on the off chance that you havent took in the significance of fellowship, you truly havent picked up anything. At the point when I was youthful, I never knew the genuine significance of companionship. All the individuals that were around me were my family members, so I never thought about having companions. As I grew up, I got myself alone despite the fact that I had a major family and numerous cousins. I didnt have that exceptional companion who I could spend time with and advise everything to. At the point when I was ten years of age, I got truly discouraged in light of the fact that I didnt have any companions and my folks didnt recognize what to do to remove me from my downturn. Sooner or later, we realized that we were going to the US; this made me occupied and disregard my downturn for the remainder of the time that we were in Jordan. On November 19 2007, I showed up to the United States abandoning no companions me. It was increasingly hard to make companions when I couldnt talk any English. My life totally changed when I met my closest companion a year later. Coincidently, the young lady who I met at coaching meeting during summer and thought she was the most haughty individual on this planet turned into my closest companion. From the outset, I used to loathe her and she used to detest me for no specific explanation. We use to give each other the dirtiest look and I use to state to myself who does she think she is. We both communicate in a similar language so it was simple for the instructor to acquaint us with one another. I said to myself OMG I dont need to converse with her in any case I needed to. I said hey and she answered with a similar word yet I heard it with a scorn voice. From that point onward, we never talked during the whole guide meeting. In the fall of my rookies year, I met her at Western High School. We had a ton of classes together. At the point when I saw her close to me in financial matters class. I resembled OH NO not once more!! How am I going to stand her the entire year? At that point, my cousin proceeded to present herself and the two of them began talking. I felt that I misconstrued her and that she was extremely decent. I went up to her and advised her, Hi, you recollect me? She said indeed, obviously we went to the equivalent coaching meetings the previous summer. Since that day, we became companions and helped each other in homework. As the year went on, we were closest companions and like sisters. Our families turned out to be so near one another too. I have numerous recollections with her that I will always remember. One of my preferred recollections is I recall one time our educator disclosed to us you folks resemble magnet in any event, when I isolated both of you, you despite everything figured out how to converse with one another. However we despite everything battle a ton and contend about numerous things simply like any two closest companions. You will consistently observe us contending about anything besides by the day's end, we overlook everything that occurred. We resemble Tom and Jerry continually battling yet cant stand a day without one another. A large portion of our secondary school and even now in school educator dont get us since we contend and battle yet before the hour's over, theyll see us giggling and kidding like nothing had occurred. A few instructors and even our companions have revealed to us that we are insane. We bolster each other regardless of what occurs. She generally reveals to me you are the sister I generally wished to have and regardless of whether I had one I would not adore her as much as I love you.

Butler Lumber Company Case Study Essay

Synopsis of Facts. Head servant Lumber Company is a Pacific Northwest based wood merchant that sells pressed wood, moldings, and scarf and entryway items. The sole proprietor of Butler Lumber is Mark Butler, joined by one clerical specialist and ten representatives who center around fixes and work concentrated work. In light of Butler Lumber’s serious evaluating plan, it has seen fast development in the previous barely any years. Because of the quick development and a lack of money in 1990, Butler Lumber Company is trying to take out an extra advance all together for the business to support itself and develop in the coming years. Head servant Lumber has the choice to acknowledge a credit of $250,000 from Suburban National Bank, or acknowledge an unbound rotating 90-day note of $465,000 at 10.5% enthusiasm from Northrop National Bank. In the event that Mr. Head servant chooses to acknowledge the note from Northrop National bank, it will cut off the current ties with Suburban Na tional Bank and another relationship must be kept up. Issue. In the event that Mr. Steward acknowledges the credit from Suburban National Bank, he should consent to a made sure about advance that is supported by his genuine property that will go about as insurance for the concurred measure of $250,000. Because of Suburban National Bank’s requirements, Mr. Steward is hoping to locate another financial relationship that would permit him to arrange an a lot bigger unbound credit. The measure of the credit offered by Suburban National Bank has made Mr. Steward understand the company’s development potential †increment in deals, yet additionally understand the expansion in the red. Since he is constrained on his advance and has little money available, he has gone to exchange credit for as far back as scarcely any years. As advisors, we will explore the accompanying four key issues: * Should Butler Lumber disavow Suburban National bank so as to acquire a bigger advance from Northrop National Bank? * Why does Butler Lumber ha ve a money lack issue in the first place, and would they say they are right now utilizing their current assets productively? * How much extra financing does Butler Lumber need, and will they keep on requiring considerably more later on? * What kind of suggestions does the firm’s development propose? * Are there Alternative answers for Butler Lumber’s money deficiency issues? Examination. The requirement for money is clear; in any case, there could be different chances to raise the capital that is required. It is basic that Butler Lumber contemplates the expenses related with tolerating outer financing, and thus have the option to survey whether it is the best arrangement. On the off chance that depending on outside financing isn't conceivable, Mr. Head servant should scan for elective strategies to develop his business †regardless of whether it’s finding an alternate financing arrangement or an approach to create money by adjusting the board exercises. As we evaluate Butler Lumber’s activities from 1988 to 1990, plainly his dependence on exchange credit and a particular spotlight on having a serious estimating outline has permitted the organization to produce income so far. In spite of the fact that the organization had the option to create income at an expanding rate during the given years, Butler Lumber couldn't aggregate any trade out request to support activities pushing ahead. We will begin by evaluating one of the two quickly accessible alternatives introduced for Butler Lumber: Butler Lumber can stay with Suburban National Bank by tolerating their credit offer of $250,000. The main obvious preferred position of this alternative lies exclusively in the way that the relationship with the bank as of now exists. The detriments are found in the likelihood that Butler Lumber will require extra financing past the underlying credit sum, and the offered advance is presently made sure about (upheld by Mr. Butler’s genuin e property), flagging that the bank has questions that Butler Lumber will take care of the credit sum. In spite of the fact that Butler might be equipped for reimbursing the sum, it is unavoidable that the organization will require all the more financing. Due to the bank’s ongoing spotlight on the peril of Butler Lumber, this may modify their capacity to get all the more financing from Suburban National Bank. Mr. Steward could on the other hand decide to take the unbound spinning 90-day note of $465,000 at 10.5% enthusiasm from Northrop National Bank. The evident favorable circumstances are: it is a progressively adaptable alternative, it is an unbound credit that requires no insurance from Mr. Head servant, and it is of a bigger sum. The large impediments are: the end of the financial connection between Butler Lumber and Suburban National Bank, and the expanded premium cost on the credit. Another detriment of setting up a LOC with Northrop National Bank is the chance of limitations on the organization expressing that the net working capital be kept up at a level settled upon b y the two gatherings and any expansion in fixed resources with endorsement by Northrop. Additionally there would be impediments on withdrawals of assets from the business by Mr. Head servant. Another worry with the credit is that Butler Lumber would need to draw extra advances from Northrop in light of the fact that the organization can't repay the advance sum inside the multi day time frame because of the absence of money and fluid resources. - Why does Butler Lumber have a money deficiency issue in the first place ,and would they say they are presently utilizing their current assets proficiently? The â€Å"Sources and Uses of Funds delivers a depiction of the company’s incomes and delineates the explanation for Butler Lumber’s money shortfall. For as far back as two years, Butler Lumber has created negative income from tasks, which is disturbing for the firm. Given the run of the mill plan of action of a developing firm, Butler Lumber has seen increments in both the stock and receivable records. This bodes well in light of the fact that the more clients Mr. Head servant has, the more stock he needs to have close by and given his to some degree lazy methodology on installment assortment, the measure of receivables is normal also. This could be an issue for the firm, however on the off chance that Mr. Head servant has a technique to support activities until they can produce more money, it won't break the firm. As stock and receivables grow, a territory to focus on is whether these records are being turned over in an opportune, dynamic way. As found in the â€Å"Asset Utilization Analysis† table, the proportions for both receivable and stock demonstrate that it is requiring some investment to gather cash and an is clutching stock for any longer (almost 15% and 10% longer, separately). Unmistakably Butler Lumber isn't augmenting operational effectiveness and will collect additional expenses thus. - How much extra financing does Butler Lumber need, and will the firm keep on requiring considerably more later on? In the wake of breaking down and anticipating Butler Lumber’s 1991 Pro Forma Balance Sheet, we have chosen to isolate the projections while thinking about the present payable arrangement and furthermore thinking about limits. We have inferred that Butler Lumber will require extra financing of $409,000 under the present payables arrangement, and including buy limits, they will require $658,000 (found in Exhibit 1). These figures demonstrate precisely how Mr. Head servant has been working, depending on explicit installment terms with his providers and clients. Mr. Head servant is utilizing his records payable as a kind of influence (subsidizing) while he scans for outer financing, which is quantitatively spread out in Exhibit 4. So the inquiry becomes whether Mr. Head servant should exploit the 2% buy markdown or keep on depending on the providers installment adaptability. The genius forma investigation we created depends on late percent of deals from the years 1988-1990. - What kind of suggestions does the firm’s development recommend? NEED SOMETHING ABOUT HOW THE SALES GROWTH OVERSHOOTS THE SUSTAINABLE GROWTH - Are there Alternative answers for Butler Lumber’s money deficiency issues? In the event that Mr. Head servant doesn't or can't get the credit through Northrop National bank, an elective choice is Recourse Factoring. Plan of action Factoring is the auctioning off of Accounts receivables where the selling organization is as yet dependable in case of receivable default. A factor organization buys receivables from different organizations and gives the vital funding to a little charge. This can be valuable for organizations encountering issues with incomes. This could be a potential alternative for Butler Lumber since they have moderate paying customers and a broad money lack issue. Butler’s Receivable turnover has diminished from 9.92 in 1988 to 8.5 in 1991 demonstrating it is taking more time to recoup truly necessary money. In the event that Butler had the option to factor away their receivables they would have all the more working capital, an adaptable financing program that will increment just as their business increment and furthermore would assist Butler with exploiting buy limits. In the event that Butler found a Factoring organization to take on 75% of their receivables , $317,000 money would be opened up and take out the requirement for Additional financing. Regardless of whether Butler paid a little 2% figuring expense they would in any case effectively have the option to keep up their quick pace of development with the current $250,000 of financing through Suburban National Bank. Suggestion: Given the examination of the firm, all together for the firm to proceed with it will require outer financing. The proposal that we provide for Mr. Head servant is that he acknowledges the LOC from Northrop National Bank, however just if the credit does exclude any negative agreements, for example, limitations on: the offer of benefits, taking part in different organizations, and intentional prepayment of different obligation. This financing is required in light of the fact that the normal deals development surpasses the firm’s maintainable development rate and prompts a negative income as a result of the patterns Mr. Head servant has shown with respect to his payables and receivables.

The Double Declining Balance Method of Depreciation

The  Double Declining Balance Method of Depreciation Did you buy a computer or an equipment today? Wonder what if you had to sell it off in a year or two? How much would you get? No matter what you own, it won’t be of the same value tomorrow as it is today.While it’s no secret that depreciation happens, when it comes to taxes, you might be better off selecting one method over the other when it comes to calculating the depreciation value. And that’s what this article will be all  about.Before we start with the whole Double Declining Balance Method  though, let’s look into what depreciation is all about. If you are new to the term,  here is what you need to know;  Depreciation  is the reduction of a fixed asset’s registered cost using specific  methods  until the value of the asset falls extremely  low.When we say ‘fixed assets,’  we mean buildings, office equipment, furniture,  machinery and more. However,  although  the  land  is also an asset, we do not include it in the list because it is an asset that  cannot  be depre ciated. The value of an asset such as land  appreciates  over  time  unless there are other environmental reasons for devaluation.Here is a video that talks about it in detail. TYPES OF DEPRECIATIONTo determine  the value of an asset, you have different  types of depreciation  methods and formulas. Few common  ones are as below:Straight-Line Depreciation Method  â€" This is considered one of the simplest methods of all. In this  method,  you will make  the  simple  allocation of the depreciation  rate  every year during the useful life of an asset. Formula: Annual Depreciation Expense = (Cost of Asset/Remaining Value)/Useful life of the asset.Unit of Production Method  â€" This method is used to depreciate the asset based on the number of hours the asset  is  used, or the total production of units during  its  useful life. You may say  that  the unit of production method calculates the output proficiency of the asset in question, instead of considering the number of years used. Form ula:  Per Unit Depreciation = (Cost of Asset â€" Remaining Value)/Units produced during  its functioning  lifeDouble Declining Method  â€" Double declining method is an accelerated depreciation method.  In this method,  companies take maximum depreciation charges in the initial years of useful life of the asset to lower profits in the income statements, instead of the later years when the asset loses its value. The lowering of profits in the initial years  enables lower income taxes during that time. Formula:  Depreciation = 2 X Straight Line Depreciation % X  Book Value*  (beginning of the accounting period)Sum of the Years’ Digits Depreciation Method  â€" Quite close to the declining balance depreciation method, this method also results in accelerated depreciation during the  useful early  life of an asset. For assets that can produce more in the initial years but slows down in the future,  this method  is more useful  compared to the  straight line  depreciation. Formula:  Depr eciation for the Year = (Cost of Asset â€" Salvage Value) X Factor (every year)*Book Value  â€" An asset’s book value is its worth at a given point in time. It is equal to the asset’s cost basis, minus the accumulated depreciation amount.The formula to evaluate an asset’s book value:  Book  Value = Asset’s cost basis â€" Accumulated depreciationThe benefit and reasons  for  each method  are  different, and using the right one that suits your business depends on the type of asset you have. While the  straight line depreciation method sounds the most convenient to use with streamlined accounting calculations, the declining  balance method provides you a precise accounting of the asset’s value.In a nutshell, depending on the nature of the assets and your company’s choice, you can pick one best-suited  depreciation method.PARTIAL YEAR DEPRECIATIONThe purchase of an asset might not always happen  at  the beginning of the accounting year. Sometimes, you might have to purchase some assets in the middle of a fiscal year as well,  and  this complicates the calculation a bit.However, depending on what accounting methods you apply, depreciation on  these sort of assets  can be treated differently. One of the methods would be partial year depreciation, in which the depreciation is evaluated exactly when the asset is in use and the convention in which the depreciation falls.First,  you will need to determine the asset’s depreciation. Check  if it  was used  for the entire fiscal year. By using the asset’s existing  depreciation schedule, you can determine the depreciation of the asset.Further, to extract the amount of the asset’s monthly depreciation, divide the total anticipated depreciation for the year by 12. Multiply this amount by the  number  of  months of the fiscal that the asset  was owned. The result will  provide you with a total amount of depreciation for  a  partial  year.Note: Each asset you purchase will  be depreciated  differently. You wi ll need to be mindful of which method you are using to depreciate an asset before you start your evaluation.WHY SHOULD BUSINESSES RECORD DEPECIATION?So,  now that we know what depreciation is, and different kinds of methods of determining the value of assets are, here is why businesses should record depreciation.  Understanding  accounting concepts  will help your business do more.As explained above, the purpose of depreciation is to match the revenue generated by an asset for the business,  with the cost of the  fixed asset during  its  useful life. Further, the cost of the asset is moved to the income statement from the  balance sheet during that time.What if we don’t use depreciation in accounting?  In such  circumstances, we will be required to charge whatever assets we buy, immediately after.The drawback of not using depreciation in accounting also leads to  an  overstatement  of assets and net income  in the balance sheet and income statement respectively.  Other repercussio ns are that  the cost  of the fixed asset  isn’t considered  while setting the sales prices, and since the established prices  won’t  be high enough, the cost of the fixed asset may not  be covered  as a result.WHAT IS A DOUBLE DECLINING BALANCE METHOD?The double declining balance depreciation method  is used  for accounting the expense of a long-term asset. This method is an enhanced form of depreciation that  is recognized  during the initial few years of the fixed assets’ useful life. Some companies use this method to carry forward the taxes to future years, which is known as double declining balance depreciation.This method also takes the depreciation charges in these initial years and lowers profits on  the  income  statement, instead of considering those later. Reason being, most of the assets loses its value after some time.HOW DOES DOUBLE DECLINING DEPRECIATION WORK?As per the GAAP (Generally Accepted Accounting Principles), public companies record expenses in the same period as  the  revenue  generated from those expenses. For example, if a public company has bought an expensive asset and will be using it for several years, the  entire asset expense is not deducted in the year of  its  purchase. The deduction  is divided  into many years.This  is beneficial for assets that  lose  its value over a period, because though the depreciation expense of the asset might be larger in  its  initial life,  but  it will become smaller later.For  example, let’s assume you buy a machine for $50,000. You’ll expect it to run for  ten  years, and estimate a salvage value of $5,000. Under the  straight-line  depreciation method, your company will deduct $4,500 for  ten  years ($50,000 $5,000/10). With the double declining balance method, the deduction will be 20% of $50,000 ($10,000) in the first year, 20% of $40,000 ($8,000) in the second and so on.HOW TO CALCULATE DEPRECIATION UNDER THE DOUBLE DECLINING METHOD?Being an  entrepreneur  comes with its risks.  To be able to apply the double declining depreciation formula, you are required to know the asset’s useful life and price first.By dividing 100% by the asset’s useful life (in no. years) you get the asset’s  straight-line  depreciation rate. Further, by multiplying that rate by  two,  you’ll get you  double declining depreciation rate. With this  method,  you’ll see that the depreciation will continue until  the asset’s  salvage value.The salvage  value  of an asset is the resale  value  that you can estimate by the end of the asset’s useful life.  To  calculate the  cost of an asset that will depreciate, you can take the cost of the fixed asset and then minus the salvage value.To summarize we may look at the below pointers:During the time of purchase of an asset, you’ll need to determine the original costDetermine the asset’s salvage value (the selling value of the asset once  it’s  useful life is over)Determine the asset’s useful lifeEvaluate the asset’s d epreciation rate (1/useful life)To  find out the depreciation expense,  and then  multiply  the  book value of the period by twice the depreciation rateDeduct this from the beginning value for the ending period valueRepeat these steps to reach the salvage valueFor example: If you have an  asset that values $50,000, you’ll  estimate the salvage value to be around $5,000 in five years, by the time you are ready to sell it. That would mean, you will depreciate $45,000 over these many years. You will sell the asset for $5,000, and remove the asset from your accounting reports.Here are two formulas to calculate straight line and double declining depreciation rates:Straight line depreciation rate = depreciation expense/depreciable baseDouble declining depreciation rate = straight line depreciation rate X 2WHY WOULD A COMPANY USE DOUBLE-DECLINING DEPRECIATION ON ITS FINANCIAL STATEMENTS?You need to take a look at the  economics basics  to understand and answer the question.  Using double declining balance depreciation on the financial statements allows a  constant  blend of both depreciation expense and maintenance and  repairs expense, during the asset’s useful life.During the useful life of an asset, the repairs and maintenance expense  is  generally low therefore the depreciation expense is high. As time passes, the repairs and maintenance expense will rise, leading to lowered depreciation expense.In such  cases,  the company  reports  lower net income during the useful life of the asset, which is pretty early and is mostly not deemed acceptable.ADJUSTING DEPRECIATION CHARGES ON BALANCE SHEET, INCOME STATEMENT AND CASH FLOW STATEMENTTo understand how to adjust the depreciation charges on your balance sheet, income statement and cash flow statement, let us take an example of a machine that you purchased for a vital purpose in your company:If the cost of the machine is $50,000; the cash and equivalents will be reduced to that amount and will  be moved  to proper ty, plant and equipment section in the balance sheet.  Right then, an outflow of the $50,000 will be visible in the cash flow statement as well.Now, $12,500 is going to  be charged  to the income statement as depreciation expense for the first year, $10,000 in the second and this will continue for 3 4 years more. Though you’ll have already paid for the machinery in full during the time of purchase, however, the expense will be distributed over  time.With every passing year, the depreciation expense will be added to property, plant and equipment section, to reduce any  value  of the asset (this is also known as accumulated depreciation). As per the above example, after the first year, the accumulated depreciation will be $12,500, $10,000 in the second and so on.Once the machine’s  useful life is over, the carrying value of the asset will be very less. You might as well sell the machine, and whether profit or loss, this salvage value of the machine will be hence recorded in the i ncome statement. The amount received on selling the machine is the cash inflow in the cash flow statement, and this will  be registered  in the cash and equivalent section in the balance sheetRECORDING DOUBLE DECLINING BALANCE DEPRECIATION FOR ACCOUNTINGRecording your depreciation every month will keep your financial statements updated. As and when you  register  the depreciation of an asset, the depreciation expense and accumulated depreciation along with  the  net  value of your fixed assets will show in the profit loss statement and your balance sheet respectively. You will be required to record these expenses in a journal entry.To prove that  you own the fixed assets, you’ll need to own enough documentation, like title documentation or contracts, purchase receipts, and others as  proof.  Along with that, to track each asset, you will also need to create a  depreciation schedule.You might need to focus on  this especially if the amount of depreciation you log in the accounting , varies from the one  that  is logged  for tax purpose.What is a Depreciation  Schedule?A depreciation schedule breaks down a firm’s  long-term  asset’s depreciation.  This  is a calculation of the depreciation expense for the assets you purchased and then distributes the cost over the useful life of those  assets.  These schedules are not just for computing the expense but also to track the starting and ending  accumulated depreciation.This  schedule  allows a firm to track its  long-term  assets and analyze the depreciation over time.  You may conclude saying that it’s a description of the assets you purchase, it’s purchase date, cost, it’s useful life and its salvage value.Also, the depreciation schedule provides information on the method of depreciation, the current year’s depreciation,  accumulative depreciation  from the purchase date till today and the net book value of the asset.What is an Accumulated Depreciation?  â€"  Accumulated  depreciation  is  a fixed as set’s total depreciation, that  is charged  to expense from the time it was purchased and  was used. An accumulated depreciation account is a credit balance asset account; which means it will show on the balance sheet as a reduction from the fixed asset’s gross amount.The  accumulated depreciation amount  increases over time, as the depreciation  is charged  against the fixed assets. The actual cost of the asset is the gross cost, whereas the actual cost of the asset minus the accumulated depreciation amount (and any damage) is the asset’s net cost (carrying amount).When the asset is off  its  useful life, and you are planning to sell it, the accumulated depreciation amount is reversed, along with the actual cost of the asset.  This  eliminates all the record of the asset from the balance sheet of your company.ADVANTAGES OF USING THE DOUBLE DECLINING BALANCE METHOD IN ACCOUNTINGWe have constantly  reiterated on double declining balance  method  and also compared it to the  str aight line  depreciation method. So, below are  a  few  points,  to  sum up why it’s advantageous to use the double declining balance method in accounting.Double Declining Balance  â€" This method uses the depreciation rate to double the  straight line  depreciation rate. Let us give you an example  of  that. If the  straight  line  depreciation rate for a 5years asset is 10% each year, using the double declining balance method, the depreciation rate  is doubled  to 20%. Further, the distributed depreciation expense  is extracted  by using the depreciation rate to multiply the depreciation base.Matching Asset Value  â€" When you purchase an asset, you can rest assured that the asset will provide you with optimal usability, at least during the initial years.  For example, any technically sophisticated device may go outdated as and when  new products launch. The device  might not support the latest requirement,  and  this could happen within  a  few  years.  Since the device was  la test during the time of purchase, it  will provide  you  with  optimal usage in the initial years.Depreciation expense is meant to be a fixed asset’s cost  distribution  so that the actual benefit of the asset’s usage  is reflected  in  the same period.Maximizing Tax Deduction  â€"  As we keep mentioning,  the initial years of an asset’s usage adds more value to a  company  and generates  better profits and revenue compared to later years.  When this depreciation expense  is evenly distributed,  it might not help a company when  it  is used  for tax deduction.  In that case, companies need to apply the double declining balance method that gives higher depreciation expenses distributed in the initial years, to balance higher profits and revenues during the same period.Balancing Maintenance Costs  â€" The value of every asset drops with passing years and will require plenty of quality maintenance to keep it up-and-running for a long time. These costs may  be deducted  from the c ompany’s profits. In  these type of scenarios,  companies opt to distribute minimal depreciation expenses for the later years, to avoid adding more cost deductions to reduce profits.The double declining balance method distributes these depreciation expenses in  a  declining  method for the later years to balance the increased maintenance expenses,  with  the  least  depreciation expenses in the same period.Although  double  declining balance  isn’t  used  for tax purposes, a lot of companies apply this method for their internal accounting. Depreciation helps your accounts if you are planning on purchasing expensive assets.This  method  represents the value of electronics and cars precisely compared to other methods.  It’s because  vehicles, devices, furniture and  some  other types of  machinery  lose  value pretty quickly.DISADVANTAGES OF USING THE DOUBLE DECLINING BALANCE METHOD IN ACCOUNTINGNow that we learned about the advantages, below are  a  few  disadvantages as well t o consider before we move further. The double declining balance  method  also has few drawbacks over the straight-line depreciation method:Compared to the simple  straight line  depreciation method,  the  double  declining balance method is a little complicated.Since  the  majority  of your company’s assets will last more and will be used constantly during their useful life, depreciating the value at  an  accelerated  rate isn’t sensible. Also, it might not show the use of the assets precisely.Your company will not be as profitable later as in the early years. Therefore, it won’t be easy to gauge the  operating  profit of the company.ASSET ASSUMPTIONWhen we talk about  the term ‘depreciation,’  its  understood that it is a method that reduces a fixed asset’s registered cost until the value of the asset falls extremely low. If you purchased  a truck for delivery of your goods from one place to another,  look at how you will be using the truck to sell the goods.You can  as sume  the expense to charge  on  both the truck’s worth by the end of  its  useful life and its lifetime. These assumptions will affect the book value of the asset as well as the net income, and will also influence the earning of the asset after selling (if you would), for profit or loss compared to the  book  value.

A Framework For Understanding Poverty - 778 Words

A Framework for Understanding Poverty Tammy D.Pernell University of West Alabama July 10, 2016 Introduction A Framework for Understanding Poverty by Ruby K. Payne builds a model for combating poverty by tackling it at the earliest level of perpetuation-in schools. Schools, Payne advocates, should be the first line of defense against encroaching poverty and also the most effective weapon to beat it back. Unlike most economic tools, schools should be fine-tuned and deployed according to strict frameworks. Payne identifies two types of poverty and list eight resources which makes one a candidate. The thrust is thus primarily on how to deal with poverty in schools and how to equip the students with tools and education†¦show more content†¦2. Identifies strengths and resources already found in the individual, family, school, and community and adds new information and a new perspective for creating and growing resources. 3. Offers economic diversity as a prism through which individuals and schools can analyze and respond to their issues. 4. Identifies skills, theories of change, program designs, partnerships, and ways of building schools where students achieve. 5. Encourages the development of strategies to respond to all causes of poverty. Payne indicates that all individuals brings with him/her the hidden rules of the class in which he/she was raised. Even though the income of the individual may rise significantly, many of the patterns of thought, social interaction, cognitive strategies, etc., remain with the individual. Schools and businesses operate from middle-class norms and use the hidden rules of middle class. The norms and hidden rules are not directly taught in schools or in businesses. Implications for Counseling A Framework for Understanding Poverty is a valuable tool to the helping profession. It has a lot of good information about the cultural differences between classes. It offers practical solutions to many problems commonly encountered when educators have problems with their students who live in poverty. The book helps educators to assist students who live in poverty survive in the middle-class world. Payne s work has been eye opening in

Penn State Abington Essay Samples - a Short Outline

Penn State Abington Essay Samples - a Short Outline If you're summarizing a point, you still need to attribute a source unless it's common understanding. If you enjoy reviewing the most recent music, these sites are ideal for you. Needless to say, speak to the staff there to find out more on current course offerings. Have a look at this big collection of awesome survey sites! Now while you're able to celebrate your achievement, it's still true that you must begin considering your initial steps for after graduation. This example demonstrates that even for an engineer with years of experience in the area, the basics of private essay writing remain the exact same. Have a look at this amazing comprehensive guide about ways to get hired! Check out these helpful guidelines about how to get ready for a digital career fair! Look at these suggestions on how to use your senior year to get ready for life after college! 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Manufacturing and Packaging Line Free Essays

CASE ANALYSIS MEMO – SESSION 06 Keurig 2012. 11. 07 Entrepreneurial Management Dr. We will write a custom essay sample on Manufacturing and Packaging Line or any similar topic only for you Order Now Sean M. Hackett Waseda Business School, MBA Fall, 2012 Panjapol wariratanaroj (pe)– #35112329-5 JOanna chen (joanna)– #35112318-7 li wei– #35122327-5 kemal SADULLAYEV (kemal)– #35129403-1 Gaetano d’imprima (tano)– #35129755-8 I. Identify/Define the Key Issues/Situation Analysis A. Key issues that will impact Keurig to survive, thrive and grow †¢ Strong bargaining power from a supplier: MTS, being the only supplier for the K-Cup packaging line, has a control over the machine. Having no substitution plan in place, Keurig is forced to follow MTS’s request to fulfill the K-Cup manufacturing capacity. †¢ Difficult to ‘reverse engineer’ the manufacturing technology: despite the alternatives of having new K-Cup suppliers, there is no assurance that the new suppliers could complete the project on-time and on-budget as the learning curve is hard to be built at an initial stage. †¢ Delays in the full roll-out of the new coffee brewing system: delays in manufacturing lines (both K-Cup’s production and brewing machines) caused a subsequent delay in distributing goods to consumers. Thus, it created risk of losing market opportunity to other competitors. B. Critical Success Factors †¢ Quality of the final product: despite marketing efforts and distribution channels, if either the final product (coffee) tastes bad or the brewer does not perform well, it can’t be sold. †¢ Consistent and sufficient funding prior to the product launch: in order to create an impact to the coffee market, the large amount of funding is required to support the operations. Ability to bring a brewer’s price down in a consumer segment while keeping the good quality product: considering the high quality coffees, people are more likely to purchase a less expensive household version especially at a supermarket or grocery, which has the highest percentage for buying locations. II. Mobilize Strategic Choices A. Choice 1 – Work with multiple packaging line manufacturers at the same time and take advantage of the brewer that would take Keurig more seriously – Pilla. 1. Significance of choice 1 †¢ The supplier in less favorable financial situations is more likely to pay attention to Keurig’s needs. In this case, Pilla also possesses the capability to support the brewer production. †¢ Keurig can prepare Pilgrim and Quantum for future production while MTS is currently manufacturing the K-Cup packaging lines. This will cover the delay time needed by Pilgrim and Quantum to deliver future productions. †¢ More risk averse, multiple suppliers will decrease Keurig’s dependency on suppliers. Delivery time and costs can be more efficiently managed. Also, Keurig can observe suppliers’ efficiencies before deciding the major supplier. †¢ Multiple packaging lines can provide larger supply of K-cups for future expansion. . Reasons why choice 1 may not be optimal †¢ More price negotiations and work in progress varied by suppliers. Also, the working procedures may be different and buyers-suppliers relationship may be more complexed. †¢ The standard of the final products can be varied by suppliers due to a slight difference in manufacturing capability and technology. †¢ The financially unstable suppliers can be unreliable. For example, they may be in risk of facing bankruptcy, or they may lower SGA expenses and it will affect the operations. B. Choice 2 – Continue cooperation with MTS and change brewer to Pilla . Significance of choice 2 †¢ Does not waste time on searching for alternative packaging line manufacturers. Hence, avoid the time to be consumed by ‘reverse engineering’ process. †¢ MTS already has experience in making the first packaging line. Moreover, the product quality delivered by MTS is already known and acceptable. †¢ Good communication with MTS would ensure on-time delivery of future packaging lines. †¢ Enjoy cost-benefits from possibility of lower price from Pilla. 2. Reasons why choice 2 may not be optimal †¢ MTS still have very large barga ining power for future productions. Thus, the cost for K-Cup packaging line activities could be driven up significantly. †¢ Pilla, being financially insecure, can be a risk for the roll-out schedule in case there is a problem in the manufacturing processes as it links to the packaging line. †¢ Single packaging line supplier and brewer means lower production capacity compared with Choice 1, this would limit Keurig’s future expansion plans to go into the consumer market. C. Choice 3 Internalize brewer production and work with multiple packaging line suppliers 1. Significance of choice 3 Keurig will gain more control over the production because it’ll be easier to forecast production capacity and there’ll be more inventory control. †¢ Kuerig already have the people and the capabilities that it needs. †¢ Finally gaining the learning curve: product brewers will help Keurig to reduce its production costs and thanks to this reduction it’ll be easier to sell more brewers to distributors at less price and less defected products. †¢ Working with multiple suppliers on the packaging line side will give them less bargaining power making us more â€Å"independent†. 2. Reasons why choice 3 may not be optimal A big amount of investment required in terms of money to internalize the production †¢ Keurig need to buy new assets and it will need time to set-up the production in the new factory. †¢ Keurig will face the risks concerning the manufacturing activity. III. Recommend a Specific Strategic Choice Recommendation: . Choice 1 – Work with multiple packaging line manufacturers at the same time and take advantage of the brewer that would take Keurig more seriously – Pilla. 1. Keurig will be much more independent and it’ll not face again anot her situation as those encountered with Vandelay and MTS. This choice, even if could be risky at the beginning due to possible delays in the delivery of the complete brewer system (K-cup+Brewer), will ensure Keurig not to rely too much to only one supplier with a lot of bargaining power. 2. Relying on many suppliers will give Keurig much more control over their suppliers’ prices, unleashing a competition between them to gain more and more orders. It’ll also help Keurig to draw up more precise budgets and business plans that will not be affected by suppliers’ whims. 3. Thinking on a future expansion, Keurig need to find new suppliers who can easily support the capacity it needs. Risks/Limitations: . Even if it is a good time to find new suppliers, the moment is very risky because we have a schedule that we need to respect to start building the company reputation. Delays and other on-the-road problem with the new suppliers could be fatal for Keurig. 2. Some of the new suppliers suffer financial problems that, if not solved, can surely affect Keurig. A. Recapitulation of why this choice is the right recommendation We have a marketing plan that can be fulfilled only if everything on the supply side goes as it was supposed to. In order to penetrate the market K-cups will be sold to the Office Manager at a price of 0. 0$, with no charge to the coffee machine. The price of a cup of coffee is higher than our direct competitors but compared to other premium coffee (as Starbucks) the quality is very high and the people who tried our coffee â€Å"loved† it. The wholesale price to the OCS distributors and to the Food Service suppliers will be at 0. 25$ per cup and initially we will give them the machine for free if they buy a certain amount of cups. That’s the real marketing strategy, because distributors play a central role in this indust ry, so we need to be able to offer (actually fill them up with) machines so they’ll push hard to introduce it inside the market. The free machine plus high margin (100%) per K-Cup will help us penetrate the market. However to do so we need an efficient supply chain that could grow with us and not take advantage of us. We need to take the risk and diversify our suppliers so we will be able to give our machines for free to distributor. We also need to get ready with our capacity for when the demand will grow. We can’t manage such changes in our business plan if we are to haggle with insolent suppliers. How to cite Manufacturing and Packaging Line, Papers

SOAP note case study

Subjective section R.A is a 16-year-old female with type 1diabetes first diagnosed 5 years ago. She is also obese and has hypothyroidism. She was binge drinking, but quit 2 years ago upon being advised that alcohol could worsen her health condition.Advertising We will write a custom case study sample on SOAP note case study specifically for you for only $16.05 $11/page Learn More Unless when she has an emergency, she usually comes to the hospital for follow-up every month. Today, she has come for routine follow-up. Although she is asymptomatic, her blood pressure is 170/99 mmHg. She does not report any episodes or symptoms of hypoglycemia. She was using insulin, but stopped 8 months ago after she improved her condition. Objective analysis R.A has a healthy appearance and she is not characterized by signs of acute distress. Upon being physically examined, it is shown that she has a height of 165cm, weight of 90kg and a pulse rate of 86 beats per minute. T he physical examination also reveals that she has a blood pressure of 170/99 mmHg. She does not present with retinopathy or thyromegaly (the retina is healthy and the thyroid glands are not inflamed). Also, she does not have diabetic foot ulcers that are common in diabetic patients. Laboratory tests show that she has proteinuria, a cholesterol level of 230mg/dL, normal TSH levels, Hb level of 9.5%, creatinine level of 1.7mg/dL, glucose level of 190mg/dL, HDL and LDL of 134 and 35mg/dL respectively. Also, laboratory results reveal that she has normal electrolytes. Assessment analysis Related complications These are complications with which the patient presents. They are the following: Hypertension Dyslipidemia Nephropathy that is confirmed by proteins in the blood. It is an indication that kidney nephrons are not functioning well to ultra-filter blood. Thus, excreted urine has traces of proteins (Ludvigsson et al., 2008). Risk factors Risk factors could worsen type 1 diabetes in th e patient. They are the following factors: Obesity, which is indicated by a body mass index (BMI) of greater than 25. Kidney malfunction (indicated by a high creatinine value of 1.7mg/dL). Hypertension (readings are greater than 140/90 mmHg). A1C/= 5.7%. Therapeutic goals Clinical efforts should focus on controlling glycemia to A1C level less than 7%. (However, caution should be taken so that hypoglycemia cannot be caused in the process of controlling blood sugar). It should be a goal to prevent cardiovascular disease from occurring in the patient (This could be a serious complication). Reduce blood pressure to values lower than 130/80 mmHg. This is the recommended upper limit of blood pressure for diabetic patients (Ludvigsson et al., 2008). Cardiovascular disease risks should be reduced by encouraging the patient to feed on food that helps to maintain healthy cholesterol levels. For healthy persons, the low density lipoprotein (LDL) should not exceed 100 (Ludvigsson et al., 200 8). Current medication R.A says that she is not on medications. A treatment should be initiated to lower A1C and help to control symptoms associated with type 1diabetes and other conditions. Other therapies may also be started to help to prevent complications that are foreseeable in the near future (Bergenstal et al., 2010).Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Plan Further laboratory tests and work-up Tests to assess liver functions. Biochemical liver tests determine levels of biochemical compounds crucial in regulating normal physiological functions. Elevated levels of biochemical in the liver would indicate that liver functions are altered. In order to confirm that the patient has hypertension, blood pressure test would be repeated. If found to be normal, then the test will have to be conducted by many laboratories to determine the true values (Ludvigsson et al., 2008, Bergenstal et al., 2010). CBC should be conducted so that infections can be ruled out or monitored. It is important to rule out infections in the patient because they could lead to worsening of her condition. Also, it is important to manage the infections with the right medications. More history is needed that will capture the following details: List of effective and failed medications. A detailed family history to establish whether there are any relatives who have suffered from the same condition (type 1 diabetes) and the time of onset. Immunizations received in the past and their clinical implications. A review would be done to assess whether previous immunizations could have interfered with the normal immune system of the patient. Trends of adhering to medications offered in the past and barriers that hindered the patient from adhering to the medications. The medical history will help to select the best therapies to provide and ways of addressing barriers that could make the pat ient not take medications as prescribed (Ludvigsson et al., 2008). Treatment recommendations The diabetic patient will be put on insulin. In addition, she needs to adopt a healthy lifestyle that will involve feeding on a balanced diet characterized by significant amounts of carbohydrates. Also, body exercises will greatly help the patient to live a healthy life (Chase et al., 2008). Her blood pressure problem could be addressed by taking lisinopril 10mg daily. Monitoring Insulin use requires routine monitoring of blood glucose levels (Bergenstal et al., 2010). Carbohydrate and fat dietary intake should be monitored. Total fat dietary intake should not be greater than 7% of the total number of sources of calories (Bergenstal et al., 2010). Health education Educational approaches should aim to inform the patient about ways of using medications so that they could improve her condition. Also, she will be taught how to maintain a healthy lifestyle. Healthy lifestyle changes will inv olve a healthy diet and aerobic exercises like walking and running (Chase et al., 2008; Bergenstal et al., 2010). Follow-up and referrals A1C should be routinely monitored for a period of 3 months. Hypertension should be assessed at every routine visit. LDL follow-up assessments could be done every 1-2 years. Referrals will be recommended when her conditions worsen. They would involve being referred to physicians or healthcare facilities dealing with specific health conditions. Cultural interventions No cultural interventions are recommended for this patient. Nursing theorist The care, core and cure nursing theory would be used to offer care to the diabetic patient. The nursing theory was formulated by Lydia E. Hall and it asserts that a patient should set his or her goals (George, 2010). If the patient in the case study sets her goals, then she would work toward achieving them, and she would be influenced by her feelings and value system. The nursing theory would greatly impact t he patient to improve her condition.Advertising We will write a custom case study sample on SOAP note case study specifically for you for only $16.05 $11/page Learn More References Bergenstal, R. M., Tamborlane, W. V., Ahmann, A., Buse, J. B., Dailey, G., Davis, S. N†¦. Wood, M. A. (2010). Effectiveness of sensor-augmented insulin-pump therapy in type 1 diabetes. New England Journal of Medicine, 363(4), 311-320. Chase, H. P., Fiallo-Scharer, R., Messer, L., Gage, V., Burdick, P., Laffel, L†¦. Xing, D. (2008). Continuous glucose monitoring and intensive treatment of type 1 diabetes. N Engl J Med, 359(14), 1464-76. George, J. B. (2010). Nursing theories. Upper Saddle River, NJ: Prentice Hall. Ludvigsson, J., Faresjà ¶, M., Hjorth, M., Axelsson, S., Chà ©ramy, M., Pihl, M†¦. Casas, R. (2008). GAD treatment and insulin secretion in recent-onset type 1 diabetes.  New England Journal of Medicine, 359(18), 1909-1920. This case study on SOAP note case study was written and submitted by user Cyrus Moran to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

How to Write an Opinion Essay

How to Write an Opinion Essay How to Write an Opinion Essay How to write an opinion essay? In simple terms, an opinion essay is a text, which reflects your personal opinion on any topic: interests, books, authors, places, etc. The essay should argue our personal opinion about something, through which others have already said, for example. Know your subject In the beginning is the issue, because every opinion is always an opinion on something. The world is full of issues because it is full of questions, but not all issues are equal. Sometimes we are interested in the world as it is, sometimes we are interested in the world values and debate issues, and finally, sometimes we want to influence the world and issues debated decision. So, yes, opinions differ: in front of a fact, opinion is to explain, face a problem valuing the view, and at a crossroads the review is to select the best course of action. So, first of all we must know the nature of the subject. Writing an opinion essay – 6 important tips It is very common in schools that teachers assign an essay on a specific topic; the following steps will help you write a good opinion essay: 1. Choice of topic for an opinion essay You must begin with something that you really like; for example, your favorite music. 2. What is the opinion that you give about your topic? At this point one must wonder, for example, whether your favorite music is pop; what uses these genre elements to be characterized as such? 3. Read other sources that talk about your topic For this you collect other opinions and compare your view with them, always arguing with our knowledge and experience. 4. Start writing your opinion essay This point is very important because sometimes we are afraid to face the blank page. You write what you think, all about your feelings, experiences, examples to argue and specialized information that we have already read in some sources. 5. It is important that you quote your sources when writing If someone said, for example, the definition of pop, from it you can state who said it. Since there you can continue doing the trial. 6. You should note that an opinion essay is a type of free text Once you’ve rehearsed the themes and forms, to begin with, you can be guided by the simple formula: introduction, development and conclusion. In the introduction you put the leaders of your subject, in developing your views on the subject and, in the end, the final details after you have carefully analyzed the theme. When writing an opinion essay, it is important to first think about something you really like, from what you know. But if it is a school assignment and you do not know much about the subject, it is important to read. One important type is the literary essay, where you can mix all possible ways. Try it out, a specific theme never runs out completely. You can finish one, but then you can change your opinion. So, you can write another essay on the same but different. The important thing is to try, defend and argue that you feel and think.

Mistakes With Regard

Mistakes With Regard Mistakes With Regard Mistakes With Regard By Maeve Maddox The English word regard has multiple meanings as both noun and verb. A common error is to attach an s to the noun in certain expressions. Incorrect: In congressional questioning, assessment of Clintons performance at State in regards to the Benghazi attack was split by party line.- US News World Report. Correct : In congressional questioning, assessment of Clintons performance at State in regard to the Benghazi attack was split by party line. Incorrect: Texas Tech wants all or nothing in regards to AM  rivalry- NBC Sports. Correct : Texas Tech wants all or nothing in regard to AM  rivalry. Incorrect: Yoga outfit said to stretch truth in regards to assets - New York Post. Correct : Yoga outfit said to stretch truth in regard to assets. Incorrect: IRS Provides Guidance With Regards to Same-Sex Married Couples - Nova Southeastern University site. Correct : IRS Provides Guidance With Regard to Same-Sex Married Couples. Incorrect: If he was seen to be taking the party line and demonstrating strong leadership with regards to opposing the bill, this would do his chances no harm whatsoever.- UK History Learning site. Correct : If he was seen to be taking the party line and demonstrating strong leadership with regard to opposing the bill, this would do his chances no harm whatsoever. When does regard take an s? 1. When it is used to close a letter: Best regards, George 2. When it is preceded by as: As regards  the  issue of  complexity, this is quite evident: the brain is one of the most complex systems we know. 3. When it is used as a third person present tense singular verb: Respect is very important in the way  Scorsese  works with actors and also the way he  regards his  audience. Related posts: In Regard to Your Letter In Regards To Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:Grammar Test 1"Wracking" or "Racking" Your Brain?List of Prefixes and Suffixes and their Meanings

European Union Financial Transaction Tax Essay Example | Topics and Well Written Essays - 2500 words

European Union Financial Transaction Tax - Essay Example The proposed transaction tax is different from a resolution levy or bank levy. Some governments have it in mind to impose bank levy in order to insure banks against future bailouts. However, this issue remains a matter of controversy amongst member states of European Union. The executive of the European Commission was to carry out a study to determine if it is appropriate to impose the tax on European Union alone. Tobin-style taxation method was imposed on EU’s sector of finance for purposes of generating direct revenue. The European Commission also suggested reduction of levies existing in the 27 state members. The new transaction tax was to ensure that the financial sector paid its fair share since it had been under-taxed for long (Collins 2011). The proposal effectively introduces a new minimum of rating taxes and harmonizes different taxes that exist in the EU’s financial transactions. This initiative will further aid in reducing competitive single market distortion , will discourage trading activities that are risky, and it will complement measures for regulations that are meant for avoiding crises in the future (Davidson 2002). The taxes will be levied on every transaction between institutions of finance as long as any of the involved parties in the transaction is within the EU location. The targeted institutions include; insurance companies, investment firms, pension funds, banks, hedge funds amongst others. House mortgages, insurance contracts contributions, bank loans to medium and small enterprises, spot transactions of currency exchange and issuance of shares and bonds on primary market will not be subjects to taxation (Mooslechner, Schuberth and Weber 2006). However, taxes will be imposed for secondary markets bond trading (Stigler 1971). The institution of finance is required to pay the rate of tax as per its residential country regardless of the actual trade location. The tax will cover all the transactions involving Europeans firms w ithout considering where the transactions took place. In this case, the brokers transacting on behalf of clients, are in a position to pass the tax unto the client. The European Union is composed of 27 state members amongst whom some are for the implementation of the transaction tax while others like the United Kingdom are opposing it. The government of the United Kingdom threatens to use its veto power to stop the proposal implementation unless it is introduced globally. The member states that are for the implementation suggest that the taxing should be implemented within the few member states euro zone and exclude the states that are reluctant. The general public opinion is that the financial transaction tax should be implemented be it global or within the European Union. People feel that it is a high time the sector of finance helped in repairing the damage resulting from economic crisis. The commission had launched consultations with the public in order to obtain feedback from t he stakeholders on the financial sector taxation initiative. The consultations are to aid in testing assumptions, collecting evidence relating to the definitions of problems, assessing impacts of set policy options and consulting on detailed aspects of the design and feasibility of policy options. Critics are stating that, Britain would disproportionately shoulder the negative consequences of the financial tra

Early Modern Europe, Paradise Lost by Charles Milton Essay

Early Modern Europe, Paradise Lost by Charles Milton - Essay Example ddle of the action, telling the tale about how Satan fell, and then proceeding on to recreating different components of epic action such as the recollection of a previous golden world and the fantastic depiction of a battle, which in itself is an epic on its own. In Book IX, the epic tragedy is recounted. It is in this part wherein epic components are reordered (as what happened in many parts of the tale to suit specific thematic requirements) in such a way that underscores the Christian cultural purposes, specifically about transcendental concerns instead of the secular. For example, the reader is made to â€Å"listen† to Satan’s famous monologue. The soliloquy reflected clearly his state of mind and provided for an excellent prelude to an extensive discourse on the religious theme of man’s fall from grace and universality of such condition as demonstrated in the manner which angel fell as well. This device – the lyric and discursive genres - has been emb edded in various parts of the narrative and engages the reader when Milton wanted to depict a religious point such as an individual’s personal struggle. Milton used tragedy to underscore Christian purposes as well. For instance, the reactions to the Fall reflected the Aristotelian conception of classical tragedy wherein the plot involved a drastic change in the protagonists fate from happiness to misery. This device is particularly effective in Milton’s depiction of a Christian heroic protagonist. In lines 13 through 48 of Book IX, for instance, it was stated that true heroism is not about military greatness or some courtly grandeur. The Fall provided an excellent backdrop to underscore the idea that heroism can be had in man’s spiritual struggle. There is the Christian reference to the phrase â€Å"of patience and heroic martyrdom,† [32] which would be repeated through Books X-XII. Milton rejected the well-beaten path in epic narration by celebrating the ideal individual as well as his relations with

Price Of Palm Oil In Malaysia Economics Essay

Price Of Palm Oil In Malaysia Economics Essay INTRODUCTION The most commercial product that contributed to our national income is palm oil product. Nowadays, palm oil is the one of the major oils and fats that is produced and traded in the world where Malaysia is the second largest exporter to produce the palm oil in this world in terms of production and export and this sector contributes more than 30% of the total income to our country. But in 2003, Malaysia become largest producer and Indonesia is a second largest. Because of many land in Indonesia opened to plant the palm oil and exceed the hectares of plantation in Malaysia, Indonesia become the largest producer in the world follow by Malaysia. It is all because of the tremendous increase in production and export volume of palm oil to fulfill the world demand of palm oil. The success story of the Malaysian Palm oil industry was due to the synergistic effort of the Malaysian Palm Oil Board (MPOB) and the industry in carrying out RD and marketing activities. These non-stop efforts have led to higher production and exports, making palm oil always readily available in the world market. But oil palm also facing challenges in enhancing productivity, increasing workflow efficiency and maximizing profits. As the second leader in the palm oil industry, it is worthwhile monitoring the development of its crude palm oil (CPO) production and price. But the prices of palm oil not pegged by the government, it always fluctuated every time year depending on the economic condition. There are many uses of palm oil in our daily life, such as edible oil and soap. Nowadays, the value of palm oil has been increasing quickly because of the decreasing the import tariffs for palm oil and the land for palm oil plantation also increased to expand their business to produce more product of palm oil. Other than that, the Malaysian palm oil also face some effective competitive strength. There are many factor that influence the price of palm oil such as hectares of land, supply of palm oil, export of palm oil, and consumption of palm oil. But before make this research, we must obtain data from other resources to examine the model to test it with econometric model. This study will provide data for 29 years annually in terms of prices of palm oil its production, export and its consumption. Econometric model were developed to analysis the relationship between this prices of palm oil and its economic variable whether the relationship is significant or not. This economic variable test one by one to check the relationship. This study will determine by ordinary least square method to test the independent variable. LITERATURE REVIEW The previous study have been made to understand the impact of palm oil based-biodiesel demand on palm oil prices (Ramli; Roslan and Ayatollah, K 2007). Nowadays biodiesel has become an important fuel to our society. It is because of the growing concern for the environment. Demand for the biodiesel has become higher, and that effect to the volume of palm oil available in the market that putting its prices increased sharply since July 2006. That days, the prices of palm oil influenced by the stock, supply, production. From July 2006 onwards, biofuel become a serious fuel of his renewable production. Biodiesel mainly from palm has increased the demand and altered the economics of palm oil. This study using the autoregressive integrated moving average (ARIMA). This method have been proven to forecast the palm oil prices from July 2006 to end 2007. Supporting to this journal, the prices of petroleum and vegetable oil down to be moving slowly together. (Anna Awad, Fatimah, 2009). This previous studies have been made to find the long term relationship the prices of crude oil and vegetable oil. They using the Engle-Granger two-stage to do the method. This study use data over the period from January 1983 to March 2008. The two products show the result of the strong evidence of a long relationship. Began in the 1970s until 21 century, the price for all commodities increased between January 2000 and March 2008. The increased of the prices caused by the increased petroleum price more than 300%, while food prices increased 107% during the same period and vegetables oil increased of 192%. Besides that,(Mohd Nasir, 2003) said that Malaysia is the largest producer and Indonesia is the second largest producer. This two country is the exporter where they contribute 89.6% of palm oil trade in the world and 83.5 % of production. They also export crude palm oil (CPO) and other than that processed palm oil (PPO). The Malaysia exporting quantities of CPO increased from 0.4 million tones to 1.3 million tones in 2000 and 2001, followed by exports of Indonesian CPO increased from 1.8 to 2.0 million tones. Both country also contributed PPO which is the larger share of palm products. CPO and PPO in Malaysian were lower than Indonesia in 2001 and 2002. Both countries products imposed by the tariffs with the objectives initially raising revenue. For example, in Malaysia is to encouraging down stream while for Indonesia it reflected to consumer down. Both country have been imposed taxes on export, and there is a difference way the exports duty payable. (Ahmad Borhan and Mohd Arif, 2009) said that the prices of palm oil and it comprises crude palm oil and processed palm oil is a strong indicator of the level of palm oil stock. The stock of palm oil has been hovered around 1 million tones. With this amount, the volume has become the psychological which prices tend to be bullish and bearish, respectively. The end of stock fully depends on the export of palm oil and its production. While local consumption and import play minor roles. The Malaysian palm oil industry has estimated that 1.8 million tones could become the new level of palm oil stock. But it all based on change in the supply and demand factors. (James, 2008) said that the prices of crude palm oil (CPO) has a strong relationship with stock according to the conventional economics. The economics of oils and fats had changed in the last two years, that cause both prices and rising in tandem according to traditional economic theory. Because of created the new role played by biodiesel, the strong signs of a linkages also created. The palm oil prices should take into one account of two factors, the petroleum price and the amount of oil stocks. The price band can determines by prices of petroleum. While the stocks can show high or low palm oil prices. Malaysias economic development has indeed been impressive by the contribution of the palm oil industry. (Sabri, Salmiah,Faizah and Nik Abdullah, 2008). It also changing the market trends and rapid development and has continued to pose challenge. The development of oil and fats industry are provides and has undergone in terms of world balance. In the previous journal, (Mohd Basri, Mohd Arif, and Jamil, 2008) said that in the past, there have been spikes in the palm oil prices, especially to the demand and supply imbalance of oils and fats. But since mid 2006, spikes have become more sustained. Besides that, spikes also been attributed to the supply and demand of edible oils and fats and also to the increasing demand for the fuel. Because of the increased of palm oil, the demand curve shifted to the right. The prices of oils have been increased slightly. (Ayat K Faizah, Ramli Abdullah and Nurul Hufaidah, 2007) study on how to examines volatility spill over. The study focus on between the domestic prices of palm oil and what major factor to the prices volatility. From the research, palm oil has moderate price volatility. And effort should be made to sustained the price of crude palm oil (CPO) to minimize volatility in other prices caused of the prices of (CPO) become a price leader among the other palm oil products. There was a model to developed to forecast prices of palm oil products in domestic. (Ramli and Mohd Alias, 2006). Malaysia also known the worlds biggest exporter of the palm oil and associated with palm oil. Because of the largest exporter the world, it become important for the country to lead the commoditys production and its price and can be used to determine the country revenue or in process of decision making. The objective of this paper is to analyses them econometrically and to forecast. The paper forecast that in the future, the production of palm oil can increased. By 2020, the production of palm oil can reach 22 million tones. Prices of palm oil also can fluctuated but in the future, its amount of prices increasing gradually. (Basri; Mohd Fauzi; Mohd Noor Mamat and Rosli, 2007) analyses the impact of lifting the export tax on Malaysian crude palm oil. Firstly, the equation is developed, especially on processed palm oil (PPO) and crude palm oil(CPO). The study comes out with the conceptual model of the Malaysian palm oil market model, such as the palm oil supply, oil palm area, imports and exports of palm oil products, domestic consumption, domestic price relationship and stocks IntermediationConceptual Framework. Independent variable Dependent var. Factor/supporting Price of palm oil Relationship Production (supply) Export Consumption Land area (Hectares) Mediating Independent variable There are 4 factor that influences the price of palm oil. There are production (supply), export, consumption and land area in hectares. This independent variable also can support the price of palm oil. Production can influences the prices of palm oil by the supply in the market, the more supply in the market, the more it can influences the prices of palm oil. It mean that, if the supply exceed the demand of the market, many unit of production are waste because of the demand not equal to the unit of production in the market. So to increase the demand in the market, firm can reduces prices of the production in order to attract the demand of the market. Low prices of the production can increased the demand of the production in the market. Export also can influences the prices of palm oil in the market by having a export more than import in the market can make a country deficit in terms of profit. Same like production, but export trade in other country and make a international business in order to gain profit. If have much demand in palm oil from other country, it means that, we should export more to achieved the demand from other country. From this situation, our country can take advantages to increase the prices of palm oil respectively. Consumption also can influences the prices of palm oil. It depends on how the consumer fully utilized the use of palm oil. If the consumer already knew the use of the palm oil, easy to them to know how important the palm oil in our society. Because of that, the consumer will ask for the palm oil and directly increased the demand for palm oil. Other than that, land area of plantation also can influences the prices of palm oil. If we plant more trees of palm oil in land, we are producing more palm oil in the market. If the supply of the palm oil in the market exceed than demand, than many surplus to that product. So to overcome this problem, firm must reduced the prices of palm oil to attract consumer to buy the palm oil. But it is good to the firm if the demand more than supply, then the firm can increased the price of palm oil in order to gain profit. Dependent variable The price of palm oil is depend to this four factor, this four factor can influences the prices of palm oil whether wants to increased or decreased. DATA METHODOLOGY LEAST SQUARE METHOD (SINGLE REGRESSION) and (MULTIPLE REGRESSION) The framework developed in this study is drawn both from econometric method (which is based on the economic theory) and the system dynamics approach. This section discusses the econometric model using least square method. Its to correlate and examine the relationships among dependent variable and independent variable. It is a economic theory form with statistical methods. Factor determinants of prices of palm oil in Ringgit Malaysia (RM). consists of 4 factor that influence the price of palm oil, there are production (supply), export in tones, consumption of palm oil and land area of plantation of palm oil in hectares. The first step is finding time series data from 1980 to 2009, which influence the price of palm oil to make a research and then describe it according to the econometric model. To regress the econometric model we must use the data which influence the prices of palm oil. So this 4 factor is the important data to make a research. After regress, we can identified relationship between dependent and independent variables. These 4 factor also known as independent variable and price of palm oil also known as dependent variable which price of palm oil depend on this 4 independent variable whether to increase or decrease. The prices of palm always fluctuate depend on this 4 independent variable. To test this independent variable had a relationship between price or not, the econometric model by using least square method use to test one by one of this independent variable whether this independent variable has a relationship between dependent variable. After test this econometric model, we look to the T-statistics, R-squared, Durbin-Watson stat. if t-stat are less than 2, this means that there is no relationship between independent variable and dependent variable and also known as is not significant. If more than 2, there is a relationship between independent variable and dependent variable. After test one by one, we should regress all dependent variable using multiple regress because of explanatory variable is more than one to check whether all independent variable significant or not. 4. MODEL LISTING AND FINDING Least square method-POPt=+bX Between dependent variable and independent variable Variable C Std-error T-stat R-Squared DW-stat Prob PROD 483.2153 1.51E05 -3.55 0.310563 0.264663 0.0014 EXP 626.5528 0.000104 -2.42 0.173625 0.311140 0.0220 CONS 435.8310 01.73E-05 -3.64 0.321860 0.254297 0.0011 L.AREA 97.77170 1.86E-05 7.67 0.678609 0.571303 0.0000 Analysis of data: Used e-view to regress and estimation using Ordinary least square based on dependent variable and independent variables from the data collected. PPOt=price of palm oil in the market PROD=production of palm oil(supply) EXP=export of palm oil to the world demand (tones) CONS=consumption of palm oil in this market L.AREA=landarea of palm oil plantation in Malaysia (hectares) Result of regression between POPt and PROD Dependent variable: POPt and Independent variable: PROD POPt=483.2153-5.37E-05t t-statistic=-3.55.ignore sign negative, accept Ho, because there is a relationship between price and production because t-statistic shows that it is significant and above 2. So production can influence the price of palm oil respectively. R-Squared =0.310563 Explanation. 31.05% of the changes in the dependent variables can be explained by the independent variables. 68.95% cannot be explained by the regression analysis due to some omission of independent variables. Std-error=1.51E05 Explanation. The smaller the value of SEE, the closer the data points/actual points to the regression line. DW-statistics=0.264663 Explanation. There is a problem in auto-correlation because DW show value less than 2. Probability=0.0014 Explanation. The variable is significant at 0.05 (5%) significant level or 95% confidence level. If the probability is less than 0.05, it means that 95% confidence interval accepted and there is a relationship between dependent variable and independent variable. Result of regression between POPt and EXP Dependent variable: POPt and Independent variable: EXP POPt=626.5528-0.000252t t-statistic=-2.42. ignore sign negative, also accept Ho, because there also a relationship between price and export because t-statistic shows that it is significant and above 2. So export also can influence the price of palm oil respectively. R-Squared=0.173625 Explanation. 17.36% of the changes in the dependent variables can be explained by the independent variables. 82.64% cannot be explained by the regression analysis due to some omission of independent variables. Std-error=0.000104 Explanation. The smaller the value of SEE, the closer the data points/actual points to the regression line. DW-statistics=0.311140 Explanation. There also have a problem in auto correlation because DW show value less than 2. Probability=0.0220 Explanation. The variable is significant at 0.05 (5%) significant level or 95% confidence level. If the probability less than 0.05, it means that 95% confidence interval accepted and there is a relationship among dependent variable and independent variable. Result of regression between POPt and CONS Dependent variable: POPt and Independent variable: CONS POPt=435.8310-6.31E-05t t-statistic=-3.64. ignore sign negative. accept Ho, because there is a relationship between price and export because t-statistic shows that it is no significant and above 2. So consumption can influence the price of palm oil respectively. R-Squared=0.321860 Explanation. 32.18% of the changes in the dependent variables can be explained by the independent variables. 67.82% cannot be explained by the regression analysis due to some omission of independent variables. Std-error=01.73E-05 Explanation. The smaller the value of SEE, the closer the data points/actual points to the regression line. DW-statistics=0.254297 Explanation. There is a problem in auto correlation because DW show value less than 2. Probability=0.0011 Explanation. This variable also significant 0.05 (5%) significant level 95% confidence level. If probability less than 0.05, it means that 95% confidence interval accepted and there is a relationship among dependent variable and independent variable. Result of regression between POPt and LANDAREA Dependent variable: POPt and independent variable: L.AREA POPt=97.77170+0.000143t t-statistic=7.67. accept Ho, because there is a relationship between prices and landarea because t-statistic shows that it is significant and above 2. So landarea can influence the price of palm oil respectively. R-Squared=0.678609 Explanation. 67.86% of the changes in the dependent variables can be explained by the independent variables. 32.14% cannot be explained by the regression analysis due to some omission of independent variables Std-error=1.86E-05 Explanation. The smaller the value of SEE, the closer the data points/actual points to the regression line. DW-statistics=0.571303 Explanation. Also have a problem in auto correlation because DW show value less than 2 Probability=0.0000 Explanation. The variable is significant at 0.05 (5%) significant level or 95% confidence level. If the probability less than 0.05, it means that 95% confidence interval accepted and there is a relationship between dependent variable and independent variable. Multiple Regression Test using first difference Dependent variable=POPt Coefficient Probability Dlnpdc -2.234175 0.0724 Dlnland 0.417220 0.1939 Dlnexp 1.778560 0.0036 Dlncnsptn 0.794493 0.1748 C -0.041683 0.4468 R-squared=0.520161 Durbin Watson=1.511417 Dlnprice=-0.041683+0.794493+1.778560+0.417220-2.234175 We using the first difference method because we want to make the data significant. Before regress the data using first difference, we must log all the data to make the probability below than 0.005, in order to make the data significant. After regress, we found that only probability for Dlnexp less than 0.005. Mean that only dlnexp significant and other independent variable not significant because over than 0.005. Other independent variable not significant because of multicollinearity and autocorrelation problem. Multicollinearity defined that, there is no linear relationships among the explanatory variables. Autocorrelation can be defined as correlation between members of observations ordered in time (as in time series data) CONCLUSION AND RESULT Malaysian is the second producer in the world who produce palm oil. These production can improved our country economy by exporting the palm oil market to other country because our country contribute 89.6 of palm oil trade in the world. Palm oil have many used in our daily life, used of palm oil influence the demand of palm oil in market. More demand of palm oil in market, more increased the price of palm oil per tones. After finished doing this proposal, there are 4 factor that determinant the price of palm oil in Malaysian palm oil market. This 4 factor are production of palm oil, export of palm oil, consumption of palm oil and hectares of plantation of palm oil. This 4 factor test one by one to check whether there is a relationship between this factor to the price. To test it, we use least square method in econometrics. And this all four factor can influence the price of palm oil because t-statistic more than 2. Multiple regression also has been test, and only one independent variable was significant and other independent variable not significant.

2nd Midterm Sample Exam

Sample Term Test 2A 1. A variable X has a distribution which is described by the density curve shown below: What proportion of values of X fall between 1 and 6? (A) 0. 550 (B) 0. 575 (C) 0. 600 (D) 0. 625 (E) 0. 650 2. Which of the following statements about a normal distribution is true? (A) The value of  µ must always be positive. (B) The value of ? must always be positive. (C) The shape of a normal distribution depends on the value of  µ. (D) The possible values of a standard normal variable range from ? 3. 49 to 3. 49. (E) The area under a normal curve depends on the value of ?. 3.The values in parentheses are the probabilities of each team winning their respective game. Game Game Game Game Game 1: 2: 3: 4: 5: Finland (0. 43) USA (0. 28) Japan (0. 11) Denmark (0. 33) France (0. 18) vs. vs. vs. vs. vs. Germany (0. 57) Switzerland (0. 72) Canada (0. 89) Sweden (0. 67) Scotland (0. 82) 20. The outcome of interest is the set of winners of the ? ve games. How many outcomes are con tained in the sample space? (A) 5 (B) 10 (C) 25 (D) 32 (E) 64 21. In a sports game, the â€Å"favourite† is the team with the higher probability of winning and the â€Å"underdog† is the team who is less likely to win.What is the probability that at least one underdog wins? (A) 0. 93 (B) 0. 74 (C) 0. 80 (D) 0. 67 (E) 0. 59 22. A recently married couple plans to have two children. The outcome of interest is the gender of each of the two children. Consider the event that exactly one of the couple’s children will be a boy. Which of the following is the complement of this event? (A) two boys (B) two girls (C) one girl (D) at least one girl (E) zero or two girls 23. A manufacturer of automobile batteries claims that the distribution of battery lifetimes has a mean of 54 months and a variance of 36 months squared.Suppose a consumer group decides to check the claim by purchasing a sample of 50 of these batteries and subjecting them to tests to determine their lifetime. Assuming the manufacturer’s claim is true, what is the probability that the sample has a mean lifetime less than 52 months? (A) 0. 1292 (B) 0. 3707 (C) 0. 0091 (D) 0. 4909 (E) 0. 3483 24. A recycling plant compresses aluminum cans into bales. The weights of the bales are known to follow a normal distribution with standard deviation eight pounds. In a random sample of 64 bales, what is the probability that the sample mean di? ers from the population mean by no more than one pound? A) 0. 3413 (B) 0. 4772 (C) 0. 6826 (D) 0. 9544 (E) 0. 1587 25. The monthly mortgage payment for recent home buyers in Winnipeg has a mean of $732, and a standard deviation of $421. A random sample of 125 recent home buyers is selected. The approximate probability that their average monthly mortgage payment will be more than $782 is: (A) 0. 9082 (B) 0. 4522 (C) 0. 4082 (D) 0. 0478 (E) 0. 0918 26. Weights of pears in an orchard follow a normal distribution with mean 195 grams and standard deviation 40 grams.A random sample of ? ve pears is selected. What is the probability that the total weight of the pears is greater than one kilogram (i. . , 1,000 grams)? (A) 0. 2795 (B) 0. 3897 (C) 0. 2451 (D) 0. 3264 (E) 0. 4129 27. The fact that the sample mean does not tend to over- or underestimate the population mean makes the sample mean: (A) resistant. (B) unbiased. (C) e? cient. (D) a statistic. (E) a parameter. 28. A random variable X follows a uniform distribution with mean 3 and standard deviation 1. 73. We take a random sample of size 100 from this distribution and calculate the sample mean X. The sampling distribution of X is: (A) approximately normal with mean 3 and standard deviation 0. 173. B) uniform with mean 3 and standard deviation 1. 73. (C) approximately normal with mean 3 and standard deviation 0. 0173. (D) uniform with mean 3 and standard deviation 0. 173. (E) approximately normal with mean 3 and standard deviation 1. 73. 29. The sampling distribution of a statistic is : (A) the density function of the population from which the sample was selected. (B) the distribution of values taken by the statistic in all possible samples of the same size from the same population. (C) the distribution of the population from which the sample is drawn. D) approximately normally distributed if the sample is large enough, regardless of the shape of the population from which the sample is drawn.(E) all of the above. 30. Which of the following variables has a binomial distribution? (I) You repeatedly roll a fair die. X = number of rolls needed to observe the number 6 for the third time. (II) Tim Hortons is holding its annual â€Å"Roll Up the Rim to Win† promotion. Customers can check under the rim of a co? ee cup to see if they have won a prize. You buy one cup of co? ee from Tim Hortons each day for a week. X = number of times you win a prize during the week. III) A quality control inspector in a factory routinely examines samples of ? ber-optic cable being produced to check for defects. The inspector examines a 100-foot length of cable. X = number of defects found on the cable. (A) I only (B) II only (C) I and II only (D) II and III only (E) I, II, and III 31. There are four patients on the neo-natal ward of a local hospital who are monitored by two sta? members. Suppose the probability (at any one time) of a patient requiring attention by a sta? member is 0. 3. Assuming the patients behave independently, what is the probability at any one time that there will not be su? cient sta? o attend to all patients who need them? (A) 0. 0756 (B) 0. 1104 (C) 0. 0837 (D) 0. 0463 (E) 0. 2646 The next two questions (32 and 33) refer to the following: According to the Canadian Blood Services website, 9% of Canadians have type B blood. 32. If a sample of 8 donors is selected, what is the probability that less than two of them will have type B blood? (A) 0. 8424 (B) 0. 9711 (C) 0. 3721 (D) 0. 4703 (E) 0. 1576 33. Suppose we select a random sample of 175 blood donors and calculate the proportion p ? of individuals with type B blood. The standard deviation of p is: ? (A) 0. 0216 (B) 0. 0358 (C) 0. 0417 (D) 0. 0598 (E) 0. 0647The next two questions (34 and 35) refer to the following: It is known that 53% of students at a large university are female and 47% are male. 34. If we take a random sample of 12 students at the university, what is the probability that exactly seven of them are female? (A) 0. 1734 (B) 0. 1834 (C) 0. 1934 (D) 0. 2034 (E) 0. 2134 35. If we take a random sample of 200 students at the university, what is the approximate probability that less than half of them are male? (A) 0. 7291 (B) 0. 8023 (C) 0. 7852 (D) 0. 8508 (E) 0. 7517 Sample Term Test 2B 1. A random variable X is described by the density curve shown below: The probability of P (3 ?X ? 6) is equal to: (A) 0. 55 (B) 0. 45 (C) 0. 375 (D) 0. 40 (E) 0. 60 2. A random variable X follows a uniform distribution on the interval from 10 to 15. What proportion of values of X are greater than 13. 2? (A) 0. 18 (B) 0. 88 (C) 0. 36 (D) 0. 12 (E) 0. 28 3. Which of the following statements about a normal distribution is true? (A) The mean of a normal distribution must always be greater than zero. (B) For a standard normal distribution, P (Z < z) = P (Z > ? z) for any value z. (C) The height of a normal density curve must always be equal to one. (D) All values must fall within three standard deviations of the mean. E) The standard deviation of a normal distribution must always be greater than one. 4. A variable X follows a normal distribution with mean 10 and standard deviation 5. Another variable Y follows a normal distribution with mean 25 and standard deviation the 10. The maximum height of the density curve for X is (i) maximum height for the density curve for Y, and the area under the density curve for X is (ii) the area under the density curve for Y. (A) (i) greater than, (ii) less than (B) (i) less than, (ii) greater than (C) (i) equa l to, (ii) equal to (D) (i) greater than, (ii) equal to (E) (i) less than, (ii) less than 5.Weights of apples grown in an orchard are known to follow a normal distribution with mean 160 grams. It is known that approximately 99. 7% of apples have weights between 124 and 196 grams. What is the standard deviation of weights of all apples grown in the orchard? (A) 9 grams (B) 12 grams (C) 18 grams (D) 24 grams (E) 36 grams 6. A variable Z has a standard normal distribution. What is the value b such that P (b ? Z ? 0. 36) = 0. 2470? (A) ? 1. 22 (B) ? 0. 68 (C) ? 0. 27 (D) ? 0. 39 (E) ? 0. 55 The next two questions (7 to 8) refer to the following: Percentage grades in a large geography class follow a normal distribution with mean 67. and standard deviation 12. 5. 7. What proportion of students in the class receive percentage grades between 60 and 70? (A) 0. 2650 (B) 0. 2750 (C) 0. 2850 (D) 0. 2950 (E) 0. 3050 8. The professor decides to assign a grade of A+ to the students with the top 8% of the grades, and a grade of A to the next best 12%. What is the minimum percentage a student needs to earn a grade of A? (A) 77 (B) 78 (C) 79 (D) 80 (E) 81 9. The contents of bottles of water follow a normal distribution with mean  µ and standard deviation 4 ml. What proportion of bottles have ? ll volumes within 1 ml of the mean? (A) 0. 1974 (B) 0. 987 (C) 0. 6826 (D) 0. 4013 (E) unable to calculate without the value of  µ 10. A candy company manufactures hard candies in ? ve di? erent ? avours, according to the following probability distribution, where k is some constant: Cherry Root Beer Flavour Probability 0. 21 k Strawberry Orange Peppermint 0. 27 k 0. 14 If you select a candy at random, what is the probability that it will be fruit-? avoured? (A) 0. 48 (B) 0. 67 (C) 0. 68 (D) 0. 72 (E) 0. 86 11. Event A has probability of 0. 4 to occur and Event B has a probability of 0. 5 to occur. Their union (A or B) has a probability of 0. 7 to occur.Then: (A) A and B are mutually e xclusive. (B) A and B are not mutually exclusive. (C) A and B are independent. (D) A and B are dependent. (E) both (B) and (C). 12. You have two unfair coins. On any given ? ip, the ? rst coin has a 40% chance of landing on Heads and the second coin has a 25% chance of landing on Heads. If you ? ip both coins, what is the probability that at least one of them lands on Heads? (A) 0. 10 (B) 0. 45 (C) 0. 55 (D) 0. 65 (E) 0. 90 13. A fair six-sided die will be rolled. De? ne A to be the event that an even number is rolled and de? ne B to be the event that a prime number is rolled.Which of the following events is the intersection of A and B? (A) {2} (B) {2, 3, 5} (C) {2, 3, 4, 5, 6} (D) {3, 5} (E) {1, 2, 3, 4, 5, 6} 14. Suppose it is known that 61% of Winnipeg adults read the Winnipeg Free Press, 29% read the Winnipeg Sun and 18% read both newspapers. What is the probability that a randomly selected adult in Winnipeg reads only one of the two papers (but not both)? Hint: Draw a Venn diag ram. (A) 0. 54 (B) 0. 50 (C) 0. 45 (D) 0. 72 (E) 0. 47 The next two questions (15 and 16) refer to the following: A hockey players compiles the following facts: †¢ Her team wins (W) 60% of their games. She scores a goal (G) in 30% of her games. †¢ She gets a penalty (P) in 40% of her games. †¢ In 38% of her games, her team wins and she scores a goal. †¢ In 24% of her games, her team wins and she gets a penalty. †¢ in 15% of her games, she scores a goal and gets a penalty. 15. In any given game, what is the probability that the player scores a goal or gets a penalty? (A) 0. 85 (B) 0. 55 (C) 0. 70 (D) 0. 65 (E) 0. 58 16. Which of the following statements is true? (A) W and G are independent. (B) G and P are mutually exclusive (disjoint). (C) W and P are independent. (D) W and G are mutually exclusive (disjoint). (E) G and P are independent. 7. Weights of oranges sold at a supermarket follow a normal distribution with mean 0. 22 pounds and standard deviation 0. 04 pounds. If you randomly select four oranges, what is the probability that their total weight is less than 1 pound? (A) 0. 9719 (B) 0. 8508 (C) 0. 9332 (D) 0. 7967 (E) 0. 8340 The next two questions (18 and 19) refer to the following: The time X taken by a cashier in a grocery store express lane follows a normal distribution with mean 90 seconds and standard deviation 20 seconds. 18. What is the ? rst quartile (Q1) of the distribution of X? (A) 73. 8 seconds (B) 85. 0 seconds (C) 69. 4 seconds (D) 81. seconds (E) 76. 6 seconds 19. What is the probability that the average service time for the next three customers is between 80 and 100 seconds? (Assume the next three customers can be considered a simple random sample. ) (A) 0. 6156 (B) 0. 4893 (C) 0. 7212 (D) 0. 5559 (E) impossible to calculate with the information given The next two questions (20 and 21) refer to the following: The amount X spent (in $) by customers in the grocery store express lane follow some right-skewed distri bution with mean $24 and standard deviation $15. 20. What is the probability that the average amount spent by the next three customers is more than $20? Assume the next three customers can be considered a simple random sample. ) (A) 0. 4619 (B) 0. 6772 (C) 0. 8186 (D) 0. 7673 (E) impossible to calculate with the information given 21. What is the probability that the next 40 customers spend less than $1,000 in total? (Assume the next 40 customers can be considered a simple random sample). (A) 0. 5199 (B) 0. 6064 (C) 0. 6628 (D) 0. 5784 (E) 0. 6331 22.The distribution of weights of chocolate bars produced by a certain machine is normal with mean 253 grams and standard deviation 3 grams. A sample of ? ve of these chocolate bars is selected. There is only a 2. % chance that the average weight of the sample will be below: (A) 250. 37 grams. (B) 254. 10 grams. (C) 252. 63 grams. (D) 251. 54 grams. (E) 249. 82 grams. The next two questions (23 and 24) refer to the following: A bimodal prob ability distribution is one with two distinct peaks. A random variable X follows a bimodal distribution with mean 15 and standard deviation 4, as shown below: 23. Suppose that you take a random sample of 10,000 observations from the population above and make a histogram. You expect the histogram to be: (A) approximately normal with mean close to 15 and standard deviation close to 0. 004. (B) bimodal with mean close to 15 and standard deviation close to 0. 04. (C) approximately normal with mean close to 15 and standard deviation close to 0. 04. (D) bimodal with mean close to 15 and standard deviation close to 4. (E) approximately normal with mean close to 15 and standard deviation close to 4. 24. Suppose that you take 10,000 random samples of 10,000 observations from the population above and that for each sample, the mean x is calculated. A histogram of resulting x’s ? ? would be:(A) approximately normal with mean close to 15 and standard deviation close to 0. 0004. B) bimodal with mean close to 15 and standard deviation close to 0. 04. (C) approximately normal with mean close to 15 and standard deviation close to 0. 04. (D) bimodal with mean close to 15 and standard deviation close to 4. (E) approximately normal with mean close to 15 and standard deviation close to 4. 25. The Central Limit Theorem states that: ? (A) when n gets large, the standard deviation of the sample mean X gets closer and v closer to ? / n. (B) regardless of the population distribution of a random variable X, when n gets large, ? the sampling distribution of X is approximately normal. C) if a random variable X follows a normal distribution, then when n gets large, the ? sampling distribution of X is exactly normal. ? (D) when n gets large, the sample mean X gets closer and closer to the population mean  µ. ? (E) when n gets large, the sample mean X becomes an unbiased estimator of the population mean  µ. 26. Which of the following variables has a binomial distribution? (A) You roll ? ve fair dice, each with face values of 1 through 6. X = total number of dots facing up on the ? ve dice. (B) An airplane carrying 100 passengers has two emergency exits, one at the front of the plane and one at the back.The airplane makes an emergency landing. X = number of people who leave the plane through the front exit. (C) A paper boy delivers the newspaper to every house on your block. X = number of houses that get their newspaper on time tomorrow morning. (D) You repeatedly ? ip two quarters simultaneously until both quarters land on Heads. X = number of ? ips required for both quarters to land on Heads. (E) A student randomly guesses the answer to each of the 40 multiple choice questions on this exam. X = number of multiple choice questions the student gets correct. 27. The probability that a certain machine will produce a defective item is 1/4.If a random sample of six items is taken from the output of this machine, what is the probability that there will be at least ? ve defectives in the sample? (A) 1 4096 (B) 3 4096 (C) 4 4096 (D) 18 4096 (E) 19 4096 28. Event A occurs with probability 0. 12. Event B occurs with probability 0. 88. If A and B are mutually exclusive (disjoint) events, then (A) P(A and B) = 0. 11 (B) P(A and B) = 0. 00 (C) P(A or B) = 1. 00 (D) P(A or B) = 0. 11 (E) both (B) and (C) are correct 29. A random variable X follows a binomial distribution with parameters n and p. If the mean and the variance of X are 3. 6 and 2. 2 respectively, then the values of the parameters n and p are, respectively: (A) 6 and 0. 6. (B) 18 and 0. 2. (C) 24 and 0. 15. (D) 12 and 0. 3. (E) 12 and 0. 4. 30. A student driving to university must pass through seven sets of tra? c lights. Suppose it is known that each set of tra? c lights are red 35% of the time and that all lights function independently. What is the probability that the student will have to stop at two or more sets of lights on her to university? (A) 0. 6828 (B) 0. 2985 (C) 0. 4893 (D) 0. 7662 (E) 0. 5997 The next three questions (31 and 33) refer to the following: We have a small deck of ten cards.Five of the cards are red, three are blue and two are green. We randomly select four cards from the deck with replacement. That is, after we select a card and record the colour, we put the card back in the deck and thoroughly shu? e them before we select another card. 31. Let X be the number of blue cards that are selected. The distribution of X is: (A) binomial with parameters n = 4 and p = 0. 1. (B) binomial with parameters n = 10 and p = 0. 3. (C) binomial with parameters n = 10 and p = 0. 4. (D) binomial with parameters n = 4 and p = 0. 3. (E) normal with parameters  µ = 1. 2 and ? = 0. 92. 32. Let A be the event that the ? st selected card is the only red card in our four selections. Which of the following events is mutually exclusive (disjoint) from the event A? (A) Second card selected is blue. (B) No green cards are selected. (C) Third selected card is the on ly green. (D) Same number of red and blue cards are selected. (E) Same number of blue and green cards are selected. 33. What is the probability that the ? rst two selected cards are the same colour? (A) 0. 38 (B) 0. 25 (C) 0. 29 (D) 0. 33 (E) 0. 41 The next two questions (34 and 35) refer to the following: Suppose it is known that 8% of males are colour blind. 4. In a random sample of 20 males, what is the probability that exactly 3 of them are colour blind? (A) 0. 1212 (B) 0. 1313 (C) 0. 1414 (D) 0. 1515 (E) 0. 1616 35. In a random sample of 500 males, what is the approximate probability that at least 10% of them are colour blind? (A) 0. 03 (B) 0. 04 (C) 0. 05 (D) 0. 06 (E) 0. 07 Answers Question 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Term Test 2A A B A A B B B A B E A E C E B D C B D D C E C C E B B A D B C A A E B Term Test 2B A C B D B C E B A B E C A A B C C E A E C A D C B E E E D D D E A C C