FP100T Week 2 WileyPlus Exam SCORE 100 PERCENT

Question 1
A budget variance occurs when your actual expenses are ______ than your budgeted expenses.
less
more
different
all of the above

Question 2
Which of the following pays interest that is exempt from state and local taxation?

certificate of deposit
NOW account
series EE bond
inflation.

Question 3
If you write a check or use your debit card when there isn’t enough money in your account to cover the payment, this is known as

being unbanked.
skimming.
a stop payment.
an overdraft.

Question 4
Sophie wrote a check to a contractor who did not complete the job. She would like to make sure the contractor is unable to cash her check. She should go to her financial institution and request a(n)

overdraft protection.
stop payment.
wire transfer.
police report.

Question 5
A money market mutual fund is a mutual fund that invests in

stocks of the 500 largest companies in the United States.
investment quality corporate bonds.
short-term, low risk financial assets such as short-term government bonds.
long-term certificates of deposit.

Question 6
You have invested $1,000 in an account that promises APY of 3 percent per year. Assuming you leave the original investment and all earned interest in the account, and ignoring taxes, how long will it take to double your money?

72 years
24 years
12 years
4.16 years

Question 7
A savings account that pays a stated rate of interest if you agree to leave your money on deposit for a certain period of time is known as a

mutual fund.
series EE fund.
certificate of deposit.
money market account.
Question 8
For an account that compounds interest more often than once per year, the annual percentage yield will be

greater than the stated nominal yield.
less than the stated nominal yield.
equal to the stated nominal yield.
either greater than or less than the stated nominal yield, depending on the current interest rate environment

Question 9
Which of the following types of accounts is not insured for $250,000 by the Federal Deposit Insurance Corporation (FDIC)?

savings account at a commercial bank
money market mutual fund offered by an insurance company
checking account at an online bank
savings account at a savings and loan association

Question 10
Credit unions are a unique type of depository institution because credit unions

are primarily mortgage lenders.
tend to charge higher fees than commercial banks.
are nonprofit.
are insured by FDIC.

Question 11
Simone spent an average of $500 each month on groceries last year for herself and her family. She is now forecasting the family budget for next year. She read that an inflation rate of 5% is expected. How much should Simone budget for the monthly food expense next year?

$500
$525
$750
$475

Question 12
A ________ is an investment company that sells shares to investors and then invests the pool of funds in stocks, bonds, or other assets.

mutual fund
life insurance company
brokerage firm
credit union

Question 13
Which of the following tax credits best applies to a low-income person contributing to an IRA?

lifetime learning credit
retirement savings contribution credit
child tax credit
American Opportunity credit

Question 14
To calculate taxable income, which of the following must be subtracted from adjusted gross income?

adjustments to income
tax credits
FICA payroll tax
personal exemptions
Question 15
___________ taxes are used to finance Social Security and Medicare.

FSSA
FICA
SIS
FDIC
Question 16
Which of the following tax credits best applies to a parent of an undergraduate freshman?

retirement savings contribution credit
American Opportunity credit
lifetime learning credit
child tax credit

Question 17
Jim and Judy file taxes jointly as a married couple. They have a combined adjusted gross income of $97,651. They can claim two exemptions of $4,000 each. Their Schedule A itemized expenses are as follows: Interest on home mortgage, $11,986; Property taxes on home, $3,762; Total medical expenses, $1,345; and Charitable contributions, $900. What is their taxable income?

$71,648
$73,903
$81,003
$73,003

Question 18
To which of the following does the marginal tax rate apply?
last dollar of income
next dollar of income
no dollars of income
first dollar of income

Question 19
Your average tax rate will always be _______ your marginal rate.

the difference between your taxable income and
more than
the same as
less than or equal to

Question 20
Which of the following must be included in total income on federal income tax returns?

child support received
tips and bonuses
worker’s compensation benefits
insurance claim payments

Question 21
Which of the following is the formula for calculating the average tax rate?

taxes paid/taxable income
taxes paid/ adjusted gross income
taxable income/taxes paid
adjusted gross income/ taxes paid

Question 22
If you made a mistake on last year's tax return, you would file a

W4.
1040A.
1099.
1040X.
1040EZ

Question 23
The reduction in taxes owed as a result of a financial decision is known as the

average tax effect.
progressive tax effect.
opportunity cost
marginal tax effect.

Question 24
What is the FICA payroll tax used to pay for?
neither Social Security nor Medicare
Social Security
both Social Security and Medicare
Medicare

Question 25
Which of the following is an expense that is subtracted from total income to arrive at adjusted gross income?

child care tax credit
lottery winnings
individual retirement account contributions up to the legal limit
long-term capital gains

     

ACC290 Week 4 Apply Exercise SCORE 100 PERCENT

Question 1

1. On June 1, 2019, Cain Company, a new firm, paid $5,100 rent in advance for a six-month period. The $5,100 was debited to the Prepaid Rent account.
2. On June 1, 2019, the firm bought supplies for $7,200. The $7,200 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,925 were on hand.
3. On June 1, 2019, the firm bought equipment costing $54,000. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.

Prepare end-of-June adjusting entries for Cain Company.

Question 2

1. A firm purchased a two-year insurance policy for $6,720 on July 1, 2019. The $6,720 was debited to the Prepaid Insurance account.
2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a one-year period. The firm paid $15,360 in advance and debited the amount to Prepaid Advertising.

Prepare end-of-month adjusting entries for each of the above situations.

 

Question 3

On January 31, 2019, the general ledger of Palmer Company showed the following account balances.
 

ACCOUNTS
Cash	61,500
Accounts Receivable	21,000
Supplies	7,500
Prepaid Insurance	6,700
Equipment	90,000
Accum. Depr.—Equip.	0
Accounts Payable	15,200
Sadie Palmer, Capital	80,450
Fees Income	109,500
Depreciation Exp.—Equip.	0
Insurance Expense	0
Rent Expense	9,100
Salaries Expense	9,350
Supplies Expense	0

Additional information:
 

1. Supplies used during January totaled $4,950.
2. Expired insurance totaled $1,675.
3. Depreciation expense for the month was $1,450.

Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.

 

Question 4

Assume that a firm reports net income of $89,000 prior to making adjusting entries for the following items: expired rent, $6,900; depreciation expense, $8,100; and supplies used, $3,500.

Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?

 

Question 5

Desoto Company must make three adjusting entries on December 31, 2019.
 

1. Supplies used, $10,200 (supplies totaling $16,400 were purchased on December 1, 2019, and debited to the Supplies account).
2. Expired insurance, $7,400; on December 1, 2019, the firm paid $44,400 for six months’ insurance coverage in advance and debited Prepaid Insurance for this amount.
3. Depreciation expense for equipment, $5,000.

Required:
Prepare the journal entries for these adjustments and post the entries to the general ledger accounts

 

Question 6

A total of $3,600 in supplies was purchased during the year. At the end of the year $860 of the supplies were left. The adjusting entry needed at the end of the year is:

 

Multiple Choice

    debit Supplies Expense $3,600; credit Supplies $3,600

    debit Supplies Expense $2,740; credit Supplies $2,740

    debit Supplies Expense $860; credit Supplies $860

    debit Supplies $2,740; credit Supplies Expense $2,740

 

Question 7

MacGyver Company bought equipment on January 3, 2019, for $34,800. At the time of purchase, the equipment was estimated to have a useful life of 4 years and a salvage value of $960. Using the straight-line method, the amount of one year's depreciation is

 

Multiple Choice

    $960

    $5,800

    $470

    $8,460

 

Question 8

Equipment costing $22,000 with an estimated salvage value of $1,600 and an estimated life of 5 years was purchased on October 31, 2019. Using the straight-line depreciation method, what is the amount of depreciation expense to be recorded at December 31, 2019?

 

Multiple Choice

    $340

    $5,100

    $680

    $1,600

 

Question 9

On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1,560. The correct adjusting entry on December 31, 2019, is:

Multiple Choice

    debit Insurance Expense $520; credit Prepaid Insurance $520

    debit Insurance Expense $1,170; credit Prepaid Insurance $1,170

    debit Prepaid Insurance $130; credit Insurance Expense $130

    debit Prepaid Insurance $1,560; credit Insurance Expense $1,560

 

Question 10

On October 25, 2019, the company paid $26,400 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include:

Multiple Choice

    an $8,800 debit to Rent Expense.

    a $4,400 credit to Cash.

    a $26,400 credit to Rent Expense.

    a $4,400 credit to Prepaid Rent.

 

         

ACC290T Week 4 Apply Exercise SCORE 100 PERCENT

Question 1

1. On June 1, 2019, Cain Company, a new firm, paid $5,100 rent in advance for a six-month period. The $5,100 was debited to the Prepaid Rent account.
2. On June 1, 2019, the firm bought supplies for $7,200. The $7,200 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,925 were on hand.
3. On June 1, 2019, the firm bought equipment costing $54,000. The equipment has an expected useful life of 10 years and no salvage value. The firm will use the straight-line method of depreciation.

Prepare end-of-June adjusting entries for Cain Company.

Question 2

1. A firm purchased a two-year insurance policy for $6,720 on July 1, 2019. The $6,720 was debited to the Prepaid Insurance account.
2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a one-year period. The firm paid $15,360 in advance and debited the amount to Prepaid Advertising.

Prepare end-of-month adjusting entries for each of the above situations.

 

Question 3

On January 31, 2019, the general ledger of Palmer Company showed the following account balances.
 

ACCOUNTS
Cash	61,500
Accounts Receivable	21,000
Supplies	7,500
Prepaid Insurance	6,700
Equipment	90,000
Accum. Depr.—Equip.	0
Accounts Payable	15,200
Sadie Palmer, Capital	80,450
Fees Income	109,500
Depreciation Exp.—Equip.	0
Insurance Expense	0
Rent Expense	9,100
Salaries Expense	9,350
Supplies Expense	0

Additional information:
 

1. Supplies used during January totaled $4,950.
2. Expired insurance totaled $1,675.
3. Depreciation expense for the month was $1,450.

Complete the worksheet through the Adjusted Trial Balance section. Assume that every account has the normal debit or credit balance. The worksheet covers the month of January.

 

Question 4

Assume that a firm reports net income of $89,000 prior to making adjusting entries for the following items: expired rent, $6,900; depreciation expense, $8,100; and supplies used, $3,500.

Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?

 

Question 5

Desoto Company must make three adjusting entries on December 31, 2019.
 

1. Supplies used, $10,200 (supplies totaling $16,400 were purchased on December 1, 2019, and debited to the Supplies account).
2. Expired insurance, $7,400; on December 1, 2019, the firm paid $44,400 for six months’ insurance coverage in advance and debited Prepaid Insurance for this amount.
3. Depreciation expense for equipment, $5,000.

Required:
Prepare the journal entries for these adjustments and post the entries to the general ledger accounts

 

Question 6

A total of $3,600 in supplies was purchased during the year. At the end of the year $860 of the supplies were left. The adjusting entry needed at the end of the year is:

 

Multiple Choice

    debit Supplies Expense $3,600; credit Supplies $3,600

    debit Supplies Expense $2,740; credit Supplies $2,740

    debit Supplies Expense $860; credit Supplies $860

    debit Supplies $2,740; credit Supplies Expense $2,740

 

Question 7

MacGyver Company bought equipment on January 3, 2019, for $34,800. At the time of purchase, the equipment was estimated to have a useful life of 4 years and a salvage value of $960. Using the straight-line method, the amount of one year's depreciation is

 

Multiple Choice

    $960

    $5,800

    $470

    $8,460

 

Question 8

Equipment costing $22,000 with an estimated salvage value of $1,600 and an estimated life of 5 years was purchased on October 31, 2019. Using the straight-line depreciation method, what is the amount of depreciation expense to be recorded at December 31, 2019?

 

Multiple Choice

    $340

    $5,100

    $680

    $1,600

 

Question 9

On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1,560. The correct adjusting entry on December 31, 2019, is:

Multiple Choice

    debit Insurance Expense $520; credit Prepaid Insurance $520

    debit Insurance Expense $1,170; credit Prepaid Insurance $1,170

    debit Prepaid Insurance $130; credit Insurance Expense $130

    debit Prepaid Insurance $1,560; credit Insurance Expense $1,560

 

Question 10

On October 25, 2019, the company paid $26,400 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include:

Multiple Choice

    an $8,800 debit to Rent Expense.

    a $4,400 credit to Cash.

    a $26,400 credit to Rent Expense.

    a $4,400 credit to Prepaid Rent.

 

         

BUSI510 Week 1 Assignment

Work answer the following questions in your text and submit the answers and any supporting spreadsheets to the Week One Dropbox.

• Application Question 2, page 14
• Application Question 5, pages 44-45

   

HCS341 Week 2 Assignment

Write a 700- to 1,050-word paper that examines the effect of legal, safety, and regulatory requirements on the human resources process. Your paper should focus on employee-related regulations established by the United States, such as the Department of Labor, the U.S. Equal Employment Opportunity Commission (EEOC), the Americans with Disabilities Act of 1990, and the Department of Homeland Security.

Include your thoughts on the following statement:

• “Common sense and compassion in the workplace have been replaced by litigation.”

Include at least 3 references.

    

PUA5306 Unit II Essay

Instructions

Review the video Ask Me Why I Care: J. Fred Silva, Senior Policy Advisor, California Forward available at the link below. The transcript for this video is available here.

Public Service Stories – Ask Me Why I Care. (2015, October 14). Ask me why I care: J. Fred Silva, senior policy advisor, California Forward [Video]. Retrieved from https://www.youtube.com/watch?v=oEs1fdU0Afo&t=37)

Emphasizing the old days when community and civic leaders communicated on a regular basis, Fred Silva, Senior Policy Advisor, supporting California local government, also provides advice for students interested in public policy development. Based on the unit lesson and Mr. Silva’s advice on solving public policy challenges, select a local or national policy issue, then outline and specifically delineate each policy process variable(s).

Your paper should include:

• an introductory paragraph identifying the public policy topic and background;
• Six comprehensive paragraphs – each paragraph heading will be listed as:
• Problem Definition and Analysis: In this paragraph, answer the questions of who, what, why, where, when, and how much.
• Drafting Policy Options: In this paragraph, identify policy options.
• Policy Decision Implications: In this paragraph, identify which stakeholders and what will be changed.
• Measuring Alternatives: In this paragraph, identify realistic and practical options.
• Ethical Implications: In this paragraph, identify what groups’ values or cultures may be affected.
• Desirable Conclusions: In this paragraph, describe the policy selected and why it was selected; and
• a summary. Conclude your remarks by illustrating why public policy option was selected, why it was the best option or not the best, and identify what lessons you learned from your research.

             

ACC290 Week 3 Apply Exercise SCORE 100 PERCENT

Question 1

Selected activity of Mason Consulting Services follow.
 

DATE			TRANSACTIONS
2019
Sept.		1	Zack Mason invested $44,000 in cash to start the firm.
		4	Purchased office equipment for $4,900 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
		16	Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,900 in full payment.
		20	Purchased supplies for $360; paid immediately with Check 1002.
		23	Returned damaged supplies for a cash refund of $90.
		30	Issued Check 1003 for $2,600 to Den, Inc., as payment on account for Invoice 9823.
		30	Withdrew $1,400 in cash for personal expenses.
		30	Issued Check 1004 for $900 to pay the rent for September.
		30	Performed services for $3,050 in cash.
		30	Paid $355 for monthly telephone bill, Check 1005.

Prepare journal entries for the transactions incurred during September of 2019.

 

Question 2

Selected activity of Mason Consulting Services follow.
 

DATE			TRANSACTIONS
2019
Sept.		1	Zack Mason invested $54,000 in cash to start the firm.
		4	Purchased office equipment for $5,900 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.
		16	Purchased an automobile that will be used to visit clients; issued Check 1001 for $13,900 in full payment.
		20	Purchased supplies for $460; paid immediately with Check 1002.
		23	Returned damaged supplies for a cash refund of $140.
		30	Issued Check 1003 for $3,400 to Den, Inc., as payment on account for Invoice 9823.
		30	Withdrew $2,400 in cash for personal expenses.
		30	Issued Check 1004 for $1,400 to pay the rent for September.
		30	Performed services for $2,450 in cash.
		30	Paid $405 for monthly telephone bill, Check 1005.

Post the above transactions into the appropriate Ledger accounts.

 

Question 3

The following transactions took place at the Cook Employment Agency during November 2019.
 

DATE			TRANSACTIONS
Nov.	5		Performed services for Job Search, Inc., for $28,000; received $13,000 in cash and the client promised to pay the balance in 60 days.
	18		Purchased a graphing calculator for $365 and some supplies for $515 from Office Supply; issued Check 1008 for the total.
	23		Received Invoice 1602 for $1,500 from Automotive Technicians Repair for repairs to the firm’s automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days.

 
Prepare journal entries for the above transactions.

 

Question 4

On June 10, 2019, an employee of Williams Corporation mistakenly debited Telephone Expense rather than Utilities Expense when recording a bill of  $985 for the May utility service. The error was discovered on June 30. Prepare a general journal entry to correct the error.

 

 

Question 5

On August 22, 2019, an employee of Bell Company mistakenly debited the Repair Expense account rather than the Truck Expense account when recording a bill of $725 for repairs. The error was discovered on October 1. Prepare a general journal entry to correct the error.

 

 

Question 6

 

 

The journal entry to record the purchase of equipment for a $210 cash down payment and a balance of $620 due in 30 days would include

 

Multiple Choice

    a debit to Equipment for $210 and a credit to Accounts Payable for $620.

    debit to Equipment for $830 and a credit to Cash for $830.

    a debit to Equipment for $830, a credit to Cash for $210, and a credit to Accounts Payable for $620.

    a debit to Equipment for $210 and a credit to Cash for $210.

 

Question 7

The Accounts Payable account has a $4,700 credit balance. An entry for the payment of $1,850 on the amount owed is recorded and posted. The new balance of the Accounts Payable account is

 

Multiple Choice

    a $6,550 debit balance.

    a $2,850 debit balance.

    a $6,550 credit balance.

    a $2,850 credit balance.

 

Question 8

Bertrand Inc. performed services for clients in the amount of $2,000 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary?

 

Multiple Choice

    Debit Cash $2,000; credit Accounts Receivable $2,000

    Debit Accounts Receivable $2,000; credit Fees Income $2,000

    Debit Fees Income $2,000; credit Cash $2,000

    Debit Accounts Receivable $2,000; credit Cash $2,000

 

Question 9

Bertrand Inc. purchased some shop equipment for $6,100 in cash. By mistake, the journal entry debited the Office Equipment account rather than the Shop Equipment account. What correcting entry would be necessary?

 

Multiple Choice

    Debit Cash $6,100; credit Shop Equipment $6,100

    Debit Shop Equipment $6,100; credit Office Equipment $6,100

    Debit Office Equipment $6,100; credit Shop Equipment $6,100

    Debit Office Equipment $6,100; credit Cash $6,100

 

         

 

BUSI535 Week 3 Writing Assignment 3

Instructions

Read Application Case “Improving a College Recruitment Program,” and address the questions below (Heneman III, pages 260-262).

1. What topics should be covered in the training program? Explain how the recruitment briefing conducted by Marianne could have been more effective.
2. What materials and training aids will be needed for the program? Tell why the materials and training aids would be needed. How did you decide these would be needed? 
3. What skills should the trainees practice during the training? Select the top two skills (in your opinion) and state why these skills are more important than the others?
4. Who should conduct the training? Provide information to support your answer.
5. What other changes might have to be made to ensure that the training has a strong impact on the managers and that during the recruitment process they are motivated to use what they learned in training?

          

BUSI535 Week 2 Assignment 2 Submission of Research Paper Topic and Outline

Instructions

Submit your Research Paper topic and outline. There are many key topics that will be addressed that are based on recruitment, selection, and placement strategies. You can choose your topic from the preselected list of twenty-six topics (available in the Activities area of Week 2 Instructional Materials); however, you are also permitted to choose an original topic idea that must still be preapproved by the instructor. Your outline for the Research Paper must include background information, thesis statement, main topic, key details with supporting facts, and conclusion.

Expectations:

• It is due by Sunday 11:59 p.m. CT.
• The outline should be thorough and formatted based on the outline format.
• Provide 5 references that are properly formatted using the APA format.

       

BUSI535 Week 1 Writing Assignment 1

Instructions

Assess Application Case: Staffing Strategy for a New Plant (Heneman III, pages 40-41). Your task is to state a tentative response to each question that will be the basis for your discussion at the meeting. What geographic location might be best for the plant in terms of attracting sufficient quantity and quality of labor, especially for the key jobs? Provide information to support your choice of location. Should the plant manager come from inside the current managerial ranks or be sought from the outside? Why is your selection a better choice versus the other? What are the advantages/disadvantages of each? Should staffing be based on just the person-job match or also on the person-organization match? Differentiate between the two and explain why this is a complex decision. Would it make sense to initially staff the plant with a flexible workforce by using temporary employees and then shift over to a core workforce if it looks like the plant will be successful? What are the advantages and disadvantages of using a flexible workforce versus a core workforce in this situation? In the early stages, should the plant be fully staffed, understaffed, or overstaffed? Why is your choice a preferred method? Explain why the other two choices are not preferential. Based on the case, will employee retention likely be a problem, and if so, how will this affect the viability of the new plant?