Interview Notes

• Jeff and Linda got married in December of 2018.
• They are both U.S. citizens with valid Social Security numbers.
• They do not elect to file a joint return for 2018.
• Jeff worked all year and received wages of $32,000. He received full health insurance coverage from his employer all year.
• Linda worked part-time at a book store January through September. She earned $9,000 for the year. In November, she started working at the library. She had health insurance through her employers, except for the month of October when she was unemployed.

1. Jeff may need to make a shared responsibility payment. True/False

2. Linda does not need to make a shared responsibility payment because she qualifies for an exemption under the short coverage gap criteria.True/False

Interview Notes

• Ava is 43, divorced, and earned $38,000 in wages.
• Ava's 20-year-old son, David, is unmarried and a full-time student working towards a degree in Business Administration. David lives on campus during the school year and spent the summer at home with his mother.
• David does not have a felony drug conviction.
• Ava paid $4,000 of David's tuition that was not covered by his scholarship.
• Ava provided more than half of her son's support and all the cost of his room and board on campus.
• David's only income was $3,800 in wages.
• Ava and David are U.S. citizens and have valid Social Security numbers.

3. Ava cannot claim her son for the earned income credit because he did not live with her for more than half the year and does not meet the residency test.

A. True, David only lived with his mother during the summer, which was less than six months.

B. False, attendance at school is considered a temporary absence and this time is counted as time that her child lived with her.

Interview Notes

• Ava is 43, divorced, and earned $38,000 in wages.
• Ava's 20-year-old son, David, is unmarried and a full-time student working towards a degree in Business Administration. David lives on campus during the school year and spent the summer at home with his mother.
• David does not have a felony drug conviction.
• Ava paid $4,000 of David's tuition that was not covered by his scholarship.
• Ava provided more than half of her son's support and all the cost of his room and board on campus.
• David's only income was $3,800 in wages.
• Ava and David are U.S. citizens and have valid Social Security numbers.

4. David is Ava’s qualifying person for which of the following? (Select all that apply)

A. Head of Household filing status

B. Credit for other dependents

C. Education credit

D. Child tax credit

Interview Notes

• Ellen is 62. During the interview, she mentions that she always filed a joint return with her husband who died in 2014.
• Ellen has not remarried and she pays all the cost of keeping up her home. She earned $28,500 in wages for 2018.
• Ellen provides all the support for her two grandchildren who lived with her all year. Tricia is 12 years old and Evan is 16 years old.
• She does not have enough deductions to itemize.
• Her income tax before credits is $1,050.
• Ellen, Tricia, and Evan are all U.S. citizens with valid Social Security numbers.

5. What is the amount of Ellen's standard deduction?

A. $24,000

B. $19,600

C. $18,000

D. $12,000

6. The maximum amount of additional child tax credit that Ellen is able to claim per qualifying child is:

A. $500

B. $1,000

C. $1,400

D. $2,000

Interview Notes

• Christopher and his wife Amanda have lived in the United States since 2012 and have Individual Taxpayer Identification Numbers (ITINs).
• Christopher is 45 and Amanda is 40. They have been married since 2000. They both worked in 2018 and their combined wages for the year were $40,000.
• They have one child, Jennifer, who is 3 years old and lived with them all year. Jennifer is a U.S. citizen and has a valid Social Security number.
• In order for them to work, they paid $5,000 in daycare for Jennifer. The statement from the daycare provider includes the provider's name, address, valid Employer Identification Number, and the amount paid for Jennifer's care.
• Christopher and Amanda provided all the support for Jennifer and all the costs of keeping up their home.

7. Can Christopher and Amanda claim Jennifer as a qualifying child for the earned income credit (EIC)?

A. Yes, because their income is below the threshold for claiming EIC.

B. Yes, because Jennifer is 3 years old and lives with her parents.

C. No, because Christopher and Amanda both have ITINs.

D. Both A and B.

8. Which credits can Christopher and Amanda claim on their tax return?

A. Child and dependent care credit

B. Child tax credit

C. Credit for other dependents

D. Both A and B

Interview Notes

• Mathew and Ashley are both 28 years old.
• Mathew and Ashley are not married to each other and lived together all year. Mathew has never been married. Ashley is still legally married to another man, but she does not want to file a joint return with her spouse.
• Ashley earned $27,000 in wages during 2018. Mathew received $13,000 in wages.
• Mathew has two children from a previous relationship. Mark is 9 and Kevin is 6 years old. Mark and Kevin lived with Mathew and Ashley for all of 2018. Mark and Kevin did not provide over half of their own support.
• Ashley paid all the rent, utilities, and household expenses. Mathew did not pay any household expenses.
• Mathew, Ashley, Mark, and Kevin are all U.S. citizens with valid Social Security numbers.

9. Which of the following statements is true?

A. Both Ashley and Mathew's filing status is Single.

B. Ashley is eligible to claim Head of Household and Mathew must file Single.

C. Ashley's filing status is Married Filing Separately and Mathew's filing status is Single.

D. Ashley's filing status is Married Filing Separately and Mathew's filing status is Head of Household.

10. Who can claim Mark and Kevin as qualifying children for earned income credit?

A. Ashley

B. Mathew

C. Both Mathew and Ashley

Interview Notes

• George and Helen have an 18-year-old son, Joshua, who lived with them all year and is a college student.
• George and Helen provided all the support for Joshua and all the costs of keeping up their home.
• Joshua worked during the year and received wages of $2,000. He had $140 of federal withholding.
• The Reeds have a balance due on their return and are unsure what to do.
• George, Helen, and Joshua are U.S. citizens with valid Social Security numbers.

11. What actions should George and Helen take to prevent having a balance due next year?

A. They should use the withholding calculator.

B. They should adjust their Form W-4 to increase withholding.

C. There is no way to prevent a balance due.

D. Both A and B.

12. What options do George and Helen have if they are not able to full pay their balance due by the due date of the return?

A. Wait to file their return until they have the money to pay the full amount owed.

B. File Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

C. Pay as much as they can by the due date of the return and request a payment plan.

D. Both A and C.

13. George and Helen ask if their son Joshua should file a tax return for 2018. How should the volunteer respond?A. Joshua is exempt from filing because he is a student.

B. Joshua does not have to file because he is their dependent and they can claim his income on their tax return.

C. Joshua must file based on the 2018 filing threshold for children and other dependents.

D. Joshua should file a tax return to claim a refund of his withholding.

14. What is the amount of gambling winnings claimed on Jacob's and Martha's 2018 tax return?

A. $0

B. $1,300

C. $2,000

D. $2,500

15. Jacob and Martha can claim $2,000 of qualified education expenses to calculate Daniel's American opportunity credit.True/False

16. How much of Martha and Jacob's Social Security is taxable?

A. $0

B. $6,851

C. $7,169

D. $26,350

17. The amount of Martha and Jacob's standard deduction is $________.

18. Which of the following items are included in the total payments on Jacob and Martha's tax return?

A. Federal income tax withheld from Forms W-2 and 1099

B. $400 applied from 2017 return

C. Refundable credits

D. All of the above

19. What form must be used to split Jacob and Martha’s refund?

A. Form 8888, Allocation of Refund (Including Savings Bond Purchases)

B. Form 8880, Credit for Qualified Retirement Savings Contributions

C. Form 8862, Information To Claim Earned Income Credit After Disallowance

D. There is no form. A refund can't be split.

20. Does Emily have to pay a shared responsibility payment on her tax return?

A. Yes, she did not have full health coverage for 12 months of the year.

B. No, she can claim a short coverage gap exemption on her tax return.

21. The amount of Emily's education credit claimed on her tax return is $________.

22. Emily's total federal income tax withheld is $________.

23. What is the total credit amount shown on Form 2441, Child and Dependent Care Expenses?

A. $0

B. $600

C. $660

D. $792

24. Emily is eligible to claim the child tax credit on her 2018 tax return.True/False

25. Emily is subject to the 10% additional tax from her 401(k) distribution.True/False

Mohave Corp. makes several varieties of beach umbrellas and accessories. It has been approached by a company called Lost Mine Industries about producing a special order for a custom umbrella called the Ultimate Shade (US). The special-order umbrellas with the Lost Mine Company logo would be distributed to participants at an upcoming convention sponsored by Lost Mine. Lost Mine has offered to buy 3,500 of the US umbrellas at a price of $36 each. Mohave currently has the excess capacity necessary to accept the offer. The following information is related to the production of the US umbrella:   

1. Compute the incremental profit (or loss) from accepting the special order.

2. Should Mohave accept the special order?

3. Suppose that the special order had been to purchase 4,000 umbrellas for $33.00 each. Recompute the incremental profit (or loss) from accepting the special order under this scenario.

4. Assume that Mohave is operating at full capacity. Calculate the special-order price per unit at which Mohave would be indifferent between accepting or rejecting the special order.

Women athletes at the a certain university have a long-term graduation rate of 67%. Over the past several years, a random sample of 36 women athletes at the school showed that 22 eventually graduated. Does this indicate that the population proportion of women athletes who graduate from the university is now less than 67%? Use a 10% level of significance.

(a) What is the level of significance? State the null and alternate hypotheses. H0: p = 0.67; H1: p < 0.67 H0: p = 0.67; H1: p ≠ 0.67 H0: p = 0.67; H1: p > 0.67 H0: p < 0.67; H1: p = 0.67

(b) What sampling distribution will you use? The Student's t, since np > 5 and nq > 5. The standard normal, since np < 5 and nq < 5. The Student's t, since np < 5 and nq < 5. The standard normal, since np > 5 and nq > 5. What is the value of the sample test statistic? (Round your answer to two decimal places.)

(c) Find the P-value of the test statistic. (Round your answer to four decimal places.)

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis? Are the data statistically significant at level α? At the α = 0.10 level, we reject the null hypothesis and conclude the data are statistically significant. At the α = 0.10 level, we reject the null hypothesis and conclude the data are not statistically significant. At the α = 0.10 level, we fail to reject the null hypothesis and conclude the data are statistically significant. At the α = 0.10 level, we fail to reject the null hypothesis and conclude the data are not statistically significant.

(e) Interpret your conclusion in the context of the application. There is sufficient evidence at the 0.10 level to conclude that the true proportion of women athletes who graduate is less than 0.67. There is insufficient evidence at the 0.10 level to conclude that the true proportion of women athletes who graduate is less than 0.67.

Women athletes at the a certain university have a long-term graduation rate of 67%. Over the past several years, a random sample of 42 women athletes at the school showed that 23 eventually graduated. Does this indicate that the population proportion of women athletes who graduate from the university is now less than 67%? Use a 1% level of significance.

(a) What is the level of significance? State the null and alternate hypotheses. H0: p = 0.67; H1: p < 0.67 H0: p = 0.67; H1: p > 0.67 H0: p = 0.67; H1: p ≠ 0.67 H0: p < 0.67; H1: p = 0.67

(b) What sampling distribution will you use? The standard normal, since np > 5 and nq > 5. The Student's t, since np < 5 and nq < 5. The standard normal, since np < 5 and nq < 5. The Student's t, since np > 5 and nq > 5.

What is the value of the sample test statistic? (Round your answer to two decimal places.)

(c) Find the P-value of the test statistic. (Round your answer to four decimal places.)

d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis? Are the data statistically significant at level α?

At the α = 0.01 level, we reject the null hypothesis and conclude the data are statistically significant.At the α = 0.01 level, we reject the null hypothesis and conclude the data are not statistically significant.    At the α = 0.01 level, we fail to reject the null hypothesis and conclude the data are statistically significant.At the α = 0.01 level, we fail to reject the null hypothesis and conclude the data are not statistically significant.

(e) Interpret your conclusion in the context of the application.

There is sufficient evidence at the 0.01 level to conclude that the true proportion of women athletes who graduate is less than 0.67.

There is insufficient evidence at the 0.01 level to conclude that the true proportion of women athletes who graduate is less than 0.67.    

-if a company's selling price for inventory falls below the cost of the inventory, the value of the inventory asset is adjusted. TRUE-FALSE

-Units of production is the most accurate depreciation method. TRUE - FALSE

-Double declining balance depreciation calculates depreciation expense by multiplying the cost less residual value by a depreciation rate. TRUE-FALSE

-Warranty costs are depreciated over the life of the warranty. TRUE - False

-Warranties offered by a company on its products are liabilities. TRUE - False

-Which of the following differences on a bank reconciliation does not require the company to make an adjusting journal entry? A: Bank service charges B: Interest earned C: EFT collection from a customer D: Outstanding checks.

- Corny Inc. has the following information for its bank account in the month of May: Blance in cash T-Account, May 31 $5575 outstanding checks 584 deposits in transit 2500 bank service charges 75 interest earned on account 25 what is corny’s correct amount of cash at may 31? A: 5500 B:5525 C:5550 D:7466

1. I am interested in asking people what they think about the current election and who their favorite candiate is. I decide to go to random subdivisons and city blocks and ask 15 people from each region who their favorite candiate is. I decide to go to random subdivisons and city blocks and ask 15 people from each region who their favorite candiate is. This is an example of:

a. Stratified sampling

b. Simple Random Sampling

c. Systematic Sampling.

d. Cluster Sampling

2. If we have two unbiased estimators, the next thing we are interested in checking is if they are:

a. Efficient

b. Consistent

3. 77% Of people have a gpa of 3.0 or higher. Suppose we take a random sample of 500 students.

a. What is the standard error of the proportion

b. What is the probabilty that 80% or more of those people will have a gpa higher than 3.0

4. In 2010, the average finshing time for marathons across the US was approximately 278 minutes, with a standard deviation of approximately 63 minutes. what finishing time defines the fastes 7.93% of runners?

a. 366.83

b. 189.17

c. 348.76

d. 405.78

Chemical equations are theoretical models of the rearrangements of individual atoms in chemical change.

Applying these models to the real world of the lab bench requires measuring out quantities of atoms and molecules in the same relative proportions as in the equation.

Explain why both a balanced equation and a periodic table are necessary to proceed from a theoretical equation to a predictable quantity of products.

Balanced Chemical equation helps us to predict how much of a product can be produced from given amount of the reactant or how much reactant is required to prepare a given amount of the product. Balanced chemical equation is based on law of conservation of mass and the periodic table is used to assign massed to different reactants of products.

   Use the following balanced chemical equation to illustrate your explanation.

2 Li(s) + CuCl₂(aq) => 2 LiCl (aq) + Cu (s)

How many grams of solid Copper can I produce if I use 28 grams of Lithium and excess amounts of copper II chloride? Explain your answer and show calculations.