1. Acquired immunity that a fetus obtains from maternal antibodies that cross the placenta is called:

1. Artificially acquired natural immunity.
2. Naturally acquired passive immunity.
3. Naturally acquired active immunity.
4. Artificially acquired active immunity.

2. Which of the following are roles of the lymphatic system?

1. Filtering, recycling, and producing lymph.
2. Collecting surplus fluids.
3. Absorbing fat-soluble molecules from the digestive tract.
4. All of the above.

3. Which of the following cells plays a role in both specific and non-specific defenses?

1. Neutrophils
2. Lymphocytes
3. Macrophages
4. Eosinophils

4. What are the small proteins that are secreted by virally infected cells that protect neighboring cells and thwart further multiplication of viruses?

1. Interferon
2. Interleukins
3. Heparin
4. Histamine

QUESTION 5

Which of the following cells is a phagocyte?

1. Neutrophils
2. Monocytes
3. Eosinophils
4. All of the above.

QUESTION 6

Phagocytosis refers to which immune system response?

1. Decreased synthesis and distribution of immunoglobulin E.
2. Increased synthesis and distribution of immunoglobulin E.
3. Engulfment of any fluid materials.
4. Engulfment of molecular materials.

QUESTION 7

Which of the following is NOT true regarding lymphatic capillaries?

1. Lymphatic capillaries are the smallest lymphatic vessels.
2. Lymphatic capillaries are dead-end vessels.
3. Lymphatic capillaries are less porous than blood capillaries.
4. Lymphatic capillaries are more porous than blood capillaries.

QUESTION 8

Lymph flows:

1. Away from the heart only.
2. In a circular pattern within the tissues.
3. Into the capillaries.
4. Toward the heart only.

QUESTION 9

Which of the following is NOT an organ of the immune system?

1. Thymus
2. Spleen
3. Lymph Nodes
4. Esophagus

QUESTION 10

What is the purpose of a cytokine?

1. Digest pathogens
2. Engulf pathogens.
3. Increase body temperature.
4. Recruit immune cells.

QUESTION 11

The lining of the gastrointestinal tract are an example of what type of immune system defense?

1. Non-Specific
2. Pre-Determined
3. Specific
4. Spontaneous

QUESTION 12

Where are immune cells synthesized?

1. The liver.
2. The spleen.
3. The bone marrow.
4. The pancreas.

QUESTION 13

What are the proteins released by leukocytes to recruit other immune cells and regulate the immune response?

1. Interferon
2. Interleukins
3. Cytokines
4. Lymph

QUESTION 14

Specialized lymphatic capillaries that project into the small intestines are called:

1. Chyle
2. Lacteals
3. Lymphatic Trunks
4. Collecting Vessels

QUESTION 15

Which of the following is not a splenic function?

1. Destroy old blood cells.
2. Produce new blood cells.
3. Monitor blood flow.
4. Filter blood cells.

1. Blue Spruce Corp. purchased a new machine on October 1, 2019, at a cost of $134,000. The company estimated that the machine will have a salvage value of $20,000. The machine is expected to be used for 10,000 working hours during its 5-year life.

Compute the depreciation expense under straight-line method for 2019. (Round answer to 0 decimal places, e.g. 2,125.)
2019 Depreciation expense:

2. Yello Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2019, at a cost of $227,125. Over its 4-year useful life, the bus is expected to be driven 132,500 miles. Salvage value is expected to be $8,500.

Compute the depreciable cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)

Depreciation cost per unit:        per mile

3. In recent years, Sheffield Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. Information concerning the buses is shown as follows.

For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 124,000. Actual miles of use in the first 3 years were 2018, 26,000; 2019, 31,500; and 2020, 29,500.

For Bus #3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)

Depreciation expense:    per mile

USE CHART BELOW THIS

4. On January 1, 2019, Pina Colada Company purchased the following two machines for use in its production process.

Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. 2,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

5. At December 31, 2019, Sheffield Corp. reported the following as plant assets.

During 2020, the following selected cash transactions occurred.

Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Jack Tar, CFO of Sheetbend & Halyard, Inc., opened the company confidential envelope. It contained a draft of a competitive bid for a contract to supply duffel canvas to the U.S. Navy. The cover memo from Sheetbend?s CEO asked Mr. Tar to review the bid before it was submitted. The bid and its supporting documents had been prepared by Sheetbend?s sales staff. It called for Sheetbend to supply 100,000 yards of duffel canvas per year for 5 years. The proposed selling price was fixed at $30 per yard. Mr. Tar was not usually involved in sales, but this bid was unusual in at least two respects. First, if accepted by the navy, it would commit Sheetbend to a fixed-price, long-term contract. Second, producing the duffel canvas would require an investment of $1.5 million to purchase machinery and to refurbish Sheetbend?s plant in Pleasantboro, Maine. Mr. Tar set to work and by the end of the week had collected the following facts and assumptions: ? The plant in Pleasantboro had been built in the early 1900s and is now idle. The plant was fully depreciated on Sheetbend?s books, except for the purchase cost of the land (in 1947) of $10,000. ? Now that the land was valuable shorefront property, Mr. Tar thought the land and the idle plant could be sold, immediately or in the near future, for $600,000. ? Refurbishing the plant would cost $500,000. This investment would be depreciated for tax purposes on the 10-year MACRS schedule. ? The new machinery would cost $1 million. This investment could be depreciated on the 5-year MACRS schedule. ? The refurbished plant and new machinery would last for many years. However, the remaining market for duffel canvas was small, and it was not clear that additional orders could be obtained once the navy contract was finished. The machinery was custom-built and could be used only for duffel canvas. Its secondhand value at the end of 5 years was probably zero. ? Table 9?4 shows the sales staff?s forecasts of income from the navy contract. Mr. Tar reviewed this forecast and decided that its assumptions were reasonable, except that the forecast used book, not tax, depreciation. ? But the forecast income statement contained no mention of working capital. Mr. Tar thought that working capital would average about 10% of sales. Armed with this information, Mr. Tar constructed a spreadsheet to calculate the NPV of the duffel canvas project, assuming that Sheetbend?s bid would be accepted by the navy. He had just finished debugging the spreadsheet when another confidential envelope arrived from Sheetbend?s CEO. It contained a firm offer from a Maine real estate developer to pur- chase Sheetbend?s Pleasantboro land and plant for $1.5 millionin cash. Should Mr. Tar recommend submitting the bid to the navy at the proposed price of $30 per yard? The discount rate for this proj- ect is 12%. Year 1 2 3 4 5 1 Yards sold 100 100 1000 100 100 2 Price per yard 30 30 30 30 30 3 Revenue (1 x 2) 3000 3000 3000 3000 3000 4 cost of goods sold 2100 2184 2271.36 2362.21 2456.7 5 operating cash flow (3-4) 900 816 728.64 637.79 543.3 6 Depreciation 250 250 250 250 250 7 Income (5-6) 650 566 478.64 387.79 293.3 8 Tax at 35% 227.5 198.1 167.52 135.72 102.65 9 Net Income (7-8) $422.50 $367.90 $311.12 $252.07 $190.65 TABLE 9?4 Forecast income statement for the U.S. Navy duffel canvas project (dollar figures in thousands, except price per yard) Notes: 1. Yards sold and price per yard would be fixed by contract. 2. Cost of goods includes fixed cost of $300,000 per year plus variable costs of $18 per yard. Costs are expected to increase at the inflation rate of 4% per year. 3. Depreciation: A $1 million investment in machinery is depreciated straight-line over 5 years ($200,000 per year). The $500,000 cost of refurbishing the Pleasantboro plant is depreciated straight-line over 10 years ($50,000 per year.

MY QUESTION: What is the difference between profits and cash flow?What are the key factors affecting this decision that Mr. Tar should consider?

Thank you

Question 1: Roger Harkel, CEO of Bestafer, Inc. seeks to raise $2 million in a private placement of equity in his early stage venture. Harkel conservatively projects net income of $5 million in year 5 and knows that comparable companies trade at a price earnings ratio of 20X.

What share of the company would a venture capitalist require today if her required rate of return was 50%?

What if her required rate of return was only 30%?

If the company had 1M shares outstanding before the private placement, how many shares should the venture capitalist purchase?

What price per share should she agree to pay if her required rate of return was 50%? 30%?

(Note: Assume investment is in standard preferred stock with no dividends and a conversion rate to common of 1:1)

Roger feels that he may need as much as $12M in total outside financing to launch his new product. If he sought to raise the full amount in this round, how much of his company would he have to give up?

What price per share would the venture capitalist be willing to pay if her required rate of return was 50%? 30%?

Question 2: Benedicta Jones of Gorsam Capital likes Harkel’s plan, but thinks it is naïve in one respect: to recruit a senior management team, she believes Harkel will have to grant generous stock options in addition to the salaries projected in his business plan. From past experience, she thinks management should have the ability to own at least 15% share of the company by the end of year 5.

Given her beliefs, what share of the company should Benedicta insist on today if her required rate of return is 50%? 30%?

1. Read carefully the below problem text and write the following proposal sections in paragraph format:

1. Analysis of the problem
2. The reasons
3. Proposed solutions
4. Risk to the organisation if the proposed changes are not made

Hunter Co.:

The Hunter Company is a chain of restaurants that are widely distributed across the Kingdom of Saudi Arabia. The business started in 1995 with one branch in Jeddah. It was very successful as it was always crowded and widely complimented by customers in terms of food quality, hygiene and service level. The company then created an expansion strategy to meet the increasing demand. Between 2000 and 2015, The Hunter Co. has opened 50 branches in 30 cities in Saudi Arabia. However, Hunter Co. reported 30% drop in earnings for the second quarter of 2015. In an attempt to understand the causes of such drop, The Hunter company has discovered that customer satisfaction level massively dropped! While gathering information related to the reasons behind the major drop in customer satisfaction, the following comments were given from customers. Many complaints about inappropriate staff behavior. Moreover, complaints about food quality. The service varies from time to time and from a branch to another. Long waiting time. Employees are not taking care of hygiene and cleanliness. In general, they confirm that the food and service quality are below the standards set by the company. The following comments were given by the restaurant staff: Salary is different for the same levels in different restaurants. Nobody cares about how we feel. The company`s CEO says that quality is a priority, but they have brought low quality raw materials to save money. High staff turnover pressure on existing serving staff and managers. The Hunter restaurant is under a real threat of going out of business. They need for transformation to re-gain customer trust.

Alisha and Diva are the directors and shareholders in Flowers First Pty Ltd. They have been having cash flow problems with respect to acquiring a third vehicle (with equipment) to expand their business. They approach Ali to invest in Flowers First Pty Ltd. Ali has offered to invest $100,000 into Flowers First Pty Ltd on the basis that he will be issued with 50 Ordinary shares in the company (equating to 20% of the Company). At a general meeting of shareholders Ali is appointed non-executive director of the company.

Flowers First Pty Ltd’s cash flow position has improved as a result of the investment from Ali, and substantial profits are earned in the following two years. Ali becomes aware that Alisha and Diva have increased their salaries as executive directors (CEO and CFO) and have also declared bonuses to themselves. Ali becomes concerned that no dividends have been declared and at the next board meeting raises his concerns including his objection to the increase in directors’ salary. Alisha and Diva took offence to this an actioned the following:

• At a directors meeting (no notice provided to Ali) a resolution was passed to assign a recent RSPCA contract to a new company formed by Alisha and Diva as the sole shareholders.
• Alisha and Diva then called a General meeting with shareholders (no notice provided to Ali) and resolved that Ali will be removed as director of the company.
• At the General Meeting of shareholders, the director’s decision to assign the RSPCA contract was ratified by the shareholders with a vote of 80% (Ali not being present).

Ali comes to you with the following questions. You are required to answer:

a)         Can Ali bring a personal or derivative action against Alisha and Diva, and what should Ali consider in making this decision?                                                             

b)         If Ali brings a personal action, should he bring it under the general law or make an oppression claim under s 232 Corporations Act 2001 (CTH)?                       

c)         What remedies should Ali seek?

Alisha and Diva are the directors and shareholders in Flowers First Pty Ltd. They have been having cash flow problems with respect to acquiring a third vehicle (with equipment) to expand their business. They approach Ali to invest in Flowers First Pty Ltd. Ali has offered to invest $100,000 into Flowers First Pty Ltd on the basis that he will be issued with 50 Ordinary shares in the company (equating to 20% of the Company). At a general meeting of shareholders Ali is appointed non-executive director of the company.

Flowers First Pty Ltd’s cash flow position has improved as a result of the investment from Ali, and substantial profits are earned in the following two years. Ali becomes aware that Alisha and Diva have increased their salaries as executive directors (CEO and CFO) and have also declared bonuses to themselves. Ali becomes concerned that no dividends have been declared and at the next board meeting raises his concerns including his objection to the increase in directors’ salary. Alisha and Diva took offence to this an actioned the following:

• At a directors meeting (no notice provided to Ali) a resolution was passed to assign a recent RSPCA contract to a new company formed by Alisha and Diva as the sole shareholders.
• Alisha and Diva then called a General meeting with shareholders (no notice provided to Ali) and resolved that Ali will be removed as director of the company.
• At the General Meeting of shareholders, the director’s decision to assign the RSPCA contract was ratified by the shareholders with a vote of 80% (Ali not being present).

Ali comes to you with the following questions. You are required to answer:

a)       Can Ali bring a personal or derivative action against Alisha and Diva, and what should Ali consider in making this decision?

b)       If Ali brings a personal action, should he bring it under the general law or make an oppression claim under s 232 Corporations Act 2001 (CTH)?   

c)       What remedies should Ali seek?                                           

1. Please list and discuss the roles played by the concept of new technology as it relates to the decision to build factory #5: Even if sales volume is flat, profits are low, and interest rates are high, why would a firm desire to build factory #5, at least in theory?

2. What is residential construction and sales volume, exactly? How many housing units are built, and sold, in this country in a typical year (before March, 2020)?

3. What are six of the occupations that are involved in this sector of the economy? That is, when there is a 20% drop in this activity, residential construction and sales volume, which workers lose their jobs? Why?

4. What could our government do to help cause a rise in residential construction and sales volume in our economy? Please list and discuss three actions that our government could take, at least in theory. What are the forces that may cause a rise or a drop in this area of the economy in the next 12 to 24 months?

New Plant and Equipment Construction, Residential Construction and Sales Volume: One of the greatest factors influencing the volume of factory (new plant and equipment) construction is the R&D (research and development) of new technology. Of course, WE HAVE TO BUILD THE NEW FACTORY! In our factory #5 example, the R&D AND CONSTRUCTION of Factory #5 may result in a. a dramatic drop in the cost per unit (the cost per pair of shoes, in our hypothetical) and/or b. The introduction of a product that is..... NEW! And IMPROVED!, thus causing a rise in Demand, where, if it captures the imagination of the consumer, we may RAISE THE PRICE and increase profits by a great amount. Let’s say that our price per pair currently is $30 per pair, and our cost per pair currently is $27, for a profit of $3 per pair. If a new method of mass producing shoes that saves on labor costs is “invented”, for lack of a better word, we will want and need to build this new factory. Let’s say that Factory #5 lowers the cost per pair to $21 by using less than half of the workers used by Factory #4. We will build this new factory! $30 per pair minus $21 per pair yields a profit of $9 per pair!!!! BUT WE MUST SELL THOSE NEW SHOES!!! If our rivals are building this factory, and we do not.... We will die. (We have rivals) - VERY few firms are true monopolies. Factory #5 may mass produce TWO million pairs of shoes compared to #4 with one million pairs in yearly output. We may build factory #5, then shut down factory #1... thus resulting in FEWER WORKERS ON OUR PAYROLL... SAD BUT TRUE.....Our sales could be dropping along with our profits. Interest rates may rise. We will still need to build that factory. Especially if the product mass produced by this new factory causes a rise in Demand. YET THERE IS A FINITE SUPPLY OF LOANABLE FUNDS AND EQUITY FINANCING available, thus, we have a tragedy: some firms are doing so well that they wish to expand---but are denied financing. What is the proper role of the government? The Obama Admin. lent money directly to Tesla in order for them to expand in Fremont. This may be called ‘industrial policy’. It worked out well. If not, Obama may have been a one term President, even though he was an excellent leader by any metric. Yet the government could be criticized for ‘playing favorites’ since THERE IS A FINITE SUPPLY OF FUNDING that the government may access. If the ‘new’ Mercedes Benz assembly plant built in Alabama (yes, this is on U.S. soil) represented a new and improved SUV, then why did this German firm build the plant here? On U.S. soil? Cheaper labor (the U.S. workers make less and have fewer benefits than their German counterparts),---incredible, but true...the firm will enjoy lower distribution costs (all those rich people on the east coast of the U.S. will buy our cars), and it is easier to ship them from Alabama than from Germany, while avoiding any possible hikes in tariffs the Trump Admin may levy NOW OR LATER---- do you trust Trump? Are you feeling lucky today? How about the next 20 years? I mean, your buyers are here on the East Coast, and Alabama offered HUGE tax incentives to Daimler (Mercedes Benz) to build the plant in Alabama instead of South Carolina, home to a BMW plant. Alabama had to ‘outbid’ South Carolina for the new factory. Also, the German firm avoids any and all possible labor disruptions by dockworkers in the U.S.---now, and for the next 20 years. We do not care if the firm’s headquarters are in Germany. If they build the factory on U.S. soil, then the expenditure is part of the Total Spending on U.S. goods and services = C+ I+ G+(X-M) equation. More on this later!