1. Compare and contrast the fields of clinical psychology and counseling psychology. Describe each specialization. In what ways are they similar? In what ways do they differ? Include three similarities and three differences in your answer.

2. When psychologists conduct scientific studies, they have one of three goals: to describe, to correlate, or to experiment. Describe each goal, including how they differ from one another.

3. You're sitting in the theater watching a movie when the fire alarm goes off. You jump and get out of your seat to leave the theater, but the alarm stops and an announcement is made that the alarm was unintentional and there is no emergency. You calm down and go back to enjoying your movie.

Name and explain the roles of the divisions of the autonomic nervous system in your responses.

4. Explain two ways in which the left and right hemispheres of the cerebrum differ in function.

5. Define and differentiate between sensation and perception. Use an example to illustrate your descriptions. Be sure to use the term that describes the conversion of environmental energy into neural signals.

6. Define and differentiate between bottom-up and top-down processing. Give an example of each in a single sensory experience.

The following transactions apply to Park Co. for 2016:

1. Received $50,000 cash from the issue of common stock.

2. Purchased inventory on account for $180,000.

3. Sold inventory for $250,000 cash that had cost $140,000. Sales tax was collected at the rate of 5 percent on the inventory sold.

4. Borrowed $50,000 from First State Bank on March 1, 2016. The note had a 7 percent interest rate and a one-year term to maturity.

5. Paid the accounts payable (see transaction 2).

6. Paid the sales tax due on $190,000 of sales. Sales tax on the other $60,000 is not due until after the end of the year.

7. Salaries for the year for the one employee amounted to $46,000. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income tax withheld was $5,300.

8. Paid $5,800 for warranty repairs during the year.

9. Paid $36,000 of other operating expenses during the year.

10. Paid a dividend of $2,000 to the shareholders.

Adjustments:

11. The products sold in transaction 3 were warranted. Park estimated that the warranty cost would be 3 percent of sales.

12. Record the accrued interest at December 31, 2016.

13. Record the accrued payroll tax at December 31, 2016. Assume no payroll taxes have been paid for the year. Do NOT record any federal or state unemployment tax expense or liability.

Prepare an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for 2016.

Stoddard Contractors performs residential construction. Stoddard builds a house for the Nymans in Richardson, TX. In July, 2016, the Nymans notify Stoddard that cracks are appearing in the living room walls. Stoddard sends their construction manager to the Nymans’ home to investigate, and he confirms the existence of the cracks. He tells the Nymans the cracks are due to normal settlement of the home and that simple cosmetic repairs are all that is necessary. In August, 2016, Stoddard purchases a CGL policy from Iowa Casualty. In October, 2016, the Nymans notice the cracking is continuing and the cracks themselves are more severe. They hire an engineer to inspect, and the engineer concludes the cracking is due to an improperly constructed foundation. The Nymans send a demand letter to Stoddard claiming faulty construction and seek the cost to repair the foundation and the house. Stoddard asks Iowa Casualty to cover the claim. (answer in terms of the CGL policy)

Will Iowa Casualty cover the claim? Why or why not? Hint (1): No lawsuit has been filed so there is no Duty to Defend issue. Hint (2): None of the policy’s exclusions apply.

Two construction companies were vying for market share dominance. Company A embraced total quality, whereas company B did not. After an initial transition created by various change initiatives, during which company A lost some of their employees because of the quality initiative, a period of equilibrium and growth ensued. Customer were surveyed, employees were trained, and team began working on customer value and satisfaction improvements. At first company B was not concerned with company A Actually Company B hired the former employees from company A and watched as company A’s employees talked to customers and spent their off-season conducting employee training and forming problem and project teams However things changed. Company B began losing customers, to its rival, and they were replaced with other customers who had strained credit and multiple grievances. In addition, some of Company B’s finest employees left Company A despite promises of higher salaries and future bonuses. Company B decided to mimic Company A’s quality program by hiring an outside consultant. Time was spent advertising for and screening an appropriate consultant. The consultant was empowered to lead the program, with the blessing and support of the owner and president. The consultant met with the executive team and later with the employees and laid out the vision for the new quality program. This included training all employees in the concept and principle of total quality. Shortly with after the training sessions ended, teams were assembled with specific issues to solve. Meanwhile, valuable of- seasons time was expended, and the new construction seasons was drawing near. The new season meant employee workloads increased, which in turn required more employee work hours. Profit opportunities quickly replaced quality meetings and employees were left angry and confused. The initial hope of more involvement with work activities, netter contact with customers, and increased communications was replaced with frustration and cynicism. Before much could be done, the new construction season was in full swing. Later, as Company B’s construction season came to end, the consultant had difficulty finding volunteers to staff the quality teams. Conscripts were found, and teams resumed their work. Team meetings were plagued with personal attacks, finger pointing and conflict. Employees were threatened and some times fired before the whole quality program was solved. What went wrong? Why couldn’t company B mimic company A’s apparent success with quality? What might you have done differently?

A proposed bridge on the interstate highway system is being considered at the cost of 5 million dollars. It is expected the bridge will have a life of 30 years. Construction costs will be paid by government agencies. Operation and maintenance costs are estimated to be 180,000 per year. Benefits to the public are estimated to be 1,100,000 per year. The building of the bridge will result in an estimated cost of 250,000 per year to the general public. The project requires a return of 10 percent.

Determine the benefit/cost (B/C) ratio.

0.02

1.20

1.55

ArticPalmTree Ltd. is evaluating the following two independent short-term financing arrangements.  What is the annual percentage cost for each financing alternative?

a. A 30-day loan secured against inventory from First Financial Co. with the following terms: (3 points)

1. • Inventory value equals $27 million
   • The financing company will lend up to 50% of the inventory value.
   • 0.20% processing fee (every 30 days) based on the total inventory value
   • Loan rate is 6% annually.
   • Calculate the effective annual interest rate.

b. Delay payments we make to our suppliers: (2 points)

• We currently have terms of 2/10 net 30 days and pay on the 10^th day.
• We now will pay on the 30^th day
• Calculate the effective annual interest rate.

Georges Hotel has the following sales procedures: The hotel uses duplicated and pre-numbered guest checks to record customers’ orders; the manager is in charge of monitoring the guest checks. She stores them in a storage container which is kept locked until she is ready to issue them to the servers. At the beginning of each shift, the manager issues the guest checks to the servers and records the amount given to each person on a blank sheet of paper. The server takes the order from the customers and records the information on the guest checks. She then presents the kitchen with one copy of the guest check for them to prepare the order and she keeps the other copy to be handed in at the end of the shift. The server informs the cashier of the order by word of mouth. In the event that there were any errors during the shift, servers are allowed to destroy the guest checks.

1. Identify three problems in the sales procedure of the Hotel, explain how they could be detrimental and suggest a control procedure that could be used to address each problem

2. Name three key personnel normally involved in a Hotel’s front office accounting functions. Of the three, chose one and briefly describe their role.

IKEA’s decision to redesign its European-style sofas to better meet the needs of its American consumers

Multiple Choice

• created value for U.S. buyers.

• allowed for premium pricing.

• increased value creation but decreased production costs.

• generated the average consumer price between U.S. buyers and European buyers.

• resulted in a standardized design for U.S. and European buyers.

IKEA’s ability to design functional, attractive furniture at a reasonable price that can be sold in a similar way across multiple countries is an example of

Multiple Choice

• a core competence.

• a low cost strategy.

• perceived value.

• value.

• a differentiation strategy.

IKEA maintains a global network of suppliers across 50 countries. This benefit of this strategy is that it allows IKEA to

Multiple Choice

• eliminate head-to-head competition in local markets.

• improve the functional design of its product line.

• avoid maintaining physical locations near competitors.

• achieve the location economies associated with producing its product in the optimal location.

• quickly design its products.

In China, IKEA has opened stores near public transportation, while in most Western countries, IKEA’s stores are located in suburban shopping areas. This strategy is consistent with

Multiple Choice

• a differentiation strategy.

• a low cost strategy.

• global standardization.

• pressures for local responsiveness.

• pressures for cost reduction.

Tullis Construction enters into a long-term fixed price contract to build an office tower for $10,000,000. In the first year of the contract Tullis incurs $3,000,000 of cost and the engineers determined that the remaining costs to complete are $5,000,000. Tullis billed $4,000,000 in year 1 and collected $3,500,000 by the end of the end of the year.

Ocean Cruiseline offers nightly dinner cruises departing from several cities on the East Coast of the United States including​ Charleston, Baltimore, and Alexandria. Dinner cruise tickets sell for

$50

per passenger.

Ocean

​Cruiseline's variable cost of providing the dinner is

$20

per​ passenger, and the fixed cost of operating the vessels​ (depreciation, salaries, docking​ fees, and other​ expenses) is

$210,000

per month. The​ company's relevant range extends to

18,000

monthly passengers. The breakeven sales are

7,000

tickets sold.a. Compute the operating leverage factor when

Ocean

Cruiseline sells

8,750

dinner cruises.   b. If volume increases by

10​%,

by what percentage will operating income​ increase? c. If volume decreases by

6​%,

by what percentage will operating income​ decrease?

a. Compute the operating leverage factor when

Ocean

Cruiseline sells

8,750

dinner cruises. ​(Round your answer to one decimal​ place.)

​First, identify the​ formula, then compute the operating leverage factor.

b. If volume increases by

10​%,

by what percentage will operating income​ increase? ​(Round the percentage to the nearest whole​ percent.)

c. If volume decreases by

6​%,

by what percentage will operating income​ decrease? ​(Round the percentage to the nearest whole​ percent.)