Every business owner has an expertise.

They know how to provide goods, provide services,

and they typically know how to sell those.

They're really good at doing that.

They do not have an expertise in management of finances

and it's also not only not their expertise,

but they don't like doing it.

They need somebody almost like everybody needs a doctor,

but we don't need to go to medical school to do that.

Right? We just go to the doctor.

So people need a financial doctor every once in a while.

[ Music ]

>> B2B CFO is a partnership where we support executives

and CEOs to help them sleep better at night, by helping them

with their cash and profits.

I believe that young or small business owners should

understand their financial statements.

One of the key things that they need

to understand is how profitable they are.

They also need to understand what's driving profitability?

These things speak volumes to a bank

or to a lender, to an investor.

And if they don't understand those things, they're going

to have a hard time getting any capital to be able

to survive in the future.

>> Hosco Fittings manufacture stainless steel, cavity-free,

smooth-bore fittings, hosing and tubing, and accessories used

in fluid handling systems

for paint coatings and other materials.

>> Tom Murray is one of my clients.

He is the owner and CEO of Hosco Fittings.

>> My objective and the plan was to work for the rest

of my career at a large multinational corporation.

I would've been quite happy to do that.

I worked at Ford Motor Company for a while

and then eventually worked at ITW,

a very large multinational company, and Hosco was one

of the many brands that they had in their portfolio at the time.

It was determined by the bigger parent company

that it didn't fit.

It wasn't one of their core priorities.

So they decided to divest it.

>> I worked with him to develop the financial projections

that were needed in order to go out to banks.

>> We purchased the company and the business

and have been running it independently since then.

>> Oftentimes, for owners and CEOs,

they don't truly understand how the financials work,

but clearly Tom Murray did.

He understood it and he got it.

>> So this is our primary manufacturing facility

in Livonia, Michigan.

I can take you around and show you some of what we do here.

We're a very small business.

We have a total of ten people here.

We start with body blanks.

In this case, we're making ball valves used to close

or open the supply of fluid.

These are some of the hard assets that we have.

Here, we're inventorying hose and tubing

for the fluid handling system.

We could never afford to have someone

of Sheri's [assumed spelling] caliber as a full-time employee.

It was a perfect fit for us to have someone of her caliber,

her abilities to work with us.

>> So at this point let's go ahead

and we'll review the monthly financials for the month of May.

Some of the reports that I review with my owners

on a monthly basis are the monthly key metrics

for the current month.

We look at their income statement for the current month.

We look at the income statement for calendar year

to date and calendar year.

We can also look at the income statement

by month going forward.

So operating cash flow was strong.

It was above where our budget was,

the things that are driving that,

so inventory month on hand.

>> We meet on a monthly basis

for several hours to review financials.

She spends additional time throughout the month reviewing

some of our metrics and we share data back and forth.

So I would say on average it's probably ten

to 12 hours a month.

>> Some of this stuff is interesting for me,

because it has more of a trend wise, right,

what things that we're spending money on

and what things are we not.

On the income statement,

I'll show you top-line sales or revenues.

It will show you expenses.

So it's the answer to if you're making money

or if you're not making money at your business.

Then there's the balance sheet.

The balance sheet is kind of the offset to the income statement.

It shows an owner what do they own and how much

of it do they own with their own money and how much

of it do they own with somebody else's money.

Okay, so if we look at cash,

the accounts receivable days are at 70 days.

The accounts payable days are also in line

with where they should be.

>> Here on the floor sort of rolls

up into the financial statements that we look

at on a monthly basis, whether it's our working capital,

the inventory we have on the shelf, the labor and the people

who are out here doing the job, picking, manufacturing things,

the assets, the machine tools and equipment,

it all comes together out here on the floor.

[ Music ]

>> They shouldn't, in my mind, be looking at all the detail

that comes out of, say, QuickBooks.

[Background Music] They need to understand cash,

because if they ever expect to grow past, you know,

that one person with the laptop who has an Internet website,

they're going to need cash at a minimum for marketing

or for outside support.

So we're in a solid position

with operating cash flow going throughout the year.

>> We own the machinery and equipment.

And if we don't own it, the bank does.

So we have to make sure that we service our debt,

we're able to pay our taxes, make sure we make payroll.

>> It's been my experience that most business owners,

when I say most, 80 or 90%, do not understand cash flow

and the risks associated with cash flow.

That's not their passion.

Their passion is providing a good

or service or creating things.

We're talking about entrepreneurs.

We're talking about the geniuses of our society, actually.

And these geniuses are not interested in cash flow.

There is an assumption going in that everybody's going to be

so happy that they're just going to throw money at us

and it's just going to go in the bank

and then somebody's going to take care of it.

>> Being a small business owner is not all fun and games.

There are a lot of things that can keep you up at night.

It is very rewarding and exciting to be part of something

that you know at the end of today you've created

and done something that's good for you

and for everyone else involved in the business.

>> On a daily basis, I am helping owners be able

to realize their dream and the impact is immediate.

Can you guys think of anything else that's extraordinary

that we should be planning for on cash?

B2B CFO works with small and medium-sized companies to help them attain a clearer picture of their goals and finances. For companies unable to afford a full-time chief financial officer, B2B CFO is the ideal solution. With over twenty years of experience, the founder and CEO, Jerry Mills, has steadily built the largest supplier of temporary CFOs, helping growing companies understand the intricacies of the financial world. Jerry Mills says that some business owners are unable to achieve clarity in terms of cash flow and some do not want to, and that is when they need a “financial doctor.” Sheri Pawlik, who works for B2B CFO, says that the services offered by B2B CFO include spotting the drivers of profitability for a company. She believes that it is imperative for a firm’s CEO to understand financial statements as it will help them successfully land an investor or a lender in the future.

One such company that B2B CFO works with is Hosco Finishing System Components, a company that finds solutions for the paint delivery industry. The President, Tom Murray, having previously worked for Ford Motor Company, eventually found himself at ITW, another large multinational. The latter divested Hosco when it ceased to be compatible with ITW’s core priorities. B2B CFO helped Tom Murray kick-start his new career as the owner of Hosco. Since the purchase, he has been successfully running the company, which employs about ten people at its facility at Livonia, Michigan. Hosco Fittings manufactures stainless-steel cavity-free smooth board fittings, and hosing and tubing accessories used in fluid handling systems for paint coatings and other materials.

When Tom Murray engaged the services of Sheri Pawlik to manage his finances, she developed financial projections that he took to the banks to buy Hosco from ITW. On a monthly basis, she reviews the company’s financial statements, key metrics, and income statements. The income statements show top-line sales, revenues, and expenses, which indicate whether the company is making or losing money. She says that the balance sheet tells the owner what they own and how much of it they own with their own money and how much of it with somebody else’s. Sheri Pawlik believes that 101 books are not going to help an entrepreneur stay on the path to financial success; she says they need to “understand cash.” Tom Murray says that it is a solid operating cash flow that will keep the company well above water, with enough to pay banks, taxes, and make payroll.

According to Jerry Mills, nearly 90 per cent of “business geniuses” are not interested in cash flow. The entrepreneurs rather expect all of it to come together, and are more than willing to let set someone else deal with the nitty-gritties of finances. This is what B2B CFO and Sheri Pawlik do—make dreams come true today and help companies confidently look toward a sustainable future.

1. What are the advantages of hiring a temporary CFO for small- and medium-sized businesses?

2. How does B2B CFO help companies like Hosco get capital from financial institutions in order to survive?

3. Explain how firms like B2B CFO that offer temporary financial management services aid small- and medium-sized businesses.

This is the database

CREATE TABLE AIRCRAFT (
AC_NUMBER varchar(5) primary key,
MOD_CODE varchar(10),
AC_TTAF double,
AC_TTEL double,
AC_TTER double
);

INSERT INTO AIRCRAFT VALUES('1484P','PA23-250',1833.1,1833.1,101.8);
INSERT INTO AIRCRAFT VALUES('2289L','DC-90A',4243.8,768.9,1123.4);
INSERT INTO AIRCRAFT VALUES('2778V','MA23-350',7992.9,1513.1,789.5);
INSERT INTO AIRCRAFT VALUES('4278Y','PA31-950',2147.3,622.1,243.2);

/* -- */

CREATE TABLE CHARTER (
CHAR_TRIP int primary key,
CHAR_DATE date,
AC_NUMBER varchar(5),
CHAR_DESTINATION varchar(3),
CHAR_DISTANCE double,
CHAR_HOURS_FLOWN double,
CHAR_HOURS_WAIT double,
CHAR_TOT_CHG double,
CHAR_OIL_QTS int,
CUS_CODE int,
foreign key (AC_NUMBER) references AIRCRAFT(AC_NUMBER)
);

INSERT INTO CHARTER VALUES(10001,'2008-02-05','2289L','ATL',936,5.1,2.2,354.1,1,10011);
INSERT INTO CHARTER VALUES(10002,'2008-02-05','2778V','BNA',320,1.6,0,72.6,0,10016);
INSERT INTO CHARTER VALUES(10003,'2008-02-05','4278Y','GNV',1574,7.8,0,339.8,2,10014);
INSERT INTO CHARTER VALUES(10004,'2008-02-06','1484P','STL',472,2.9,4.9,97.2,1,10019);
INSERT INTO CHARTER VALUES(10005,'2008-02-06','2289L','ATL',1023,5.7,3.5,397.7,2,10011);
INSERT INTO CHARTER VALUES(10006,'2008-02-06','4278Y','STL',472,2.6,5.2,117.1,0,10017);
INSERT INTO CHARTER VALUES(10007,'2008-02-06','2778V','GNV',1574,7.9,0,348.4,2,10012);
INSERT INTO CHARTER VALUES(10008,'2008-02-07','1484P','TYS',644,4.1,0,140.6,1,10014);
INSERT INTO CHARTER VALUES(10009,'2008-02-07','2289L','GNV',1574,6.6,23.4,459.9,0,10017);
INSERT INTO CHARTER VALUES(10010,'2008-02-07','4278Y','ATL',998,6.2,3.2,279.7,0,10016);
INSERT INTO CHARTER VALUES(10011,'2008-02-07','1484P','BNA',352,1.9,5.3,66.4,1,10012);
INSERT INTO CHARTER VALUES(10012,'2008-02-08','2778V','MOB',884,4.8,4.2,215.1,0,10010);
INSERT INTO CHARTER VALUES(10013,'2008-02-08','4278Y','TYS',644,3.9,4.5,174.3,1,10011);
INSERT INTO CHARTER VALUES(10014,'2008-02-09','4278Y','ATL',936,6.1,2.1,302.6,0,10017);
INSERT INTO CHARTER VALUES(10015,'2008-02-09','2289L','GNV',1645,6.7,0,459.5,2,10016);
INSERT INTO CHARTER VALUES(10016,'2008-02-09','2778V','MQY',312,1.5,0,67.2,0,10011);
INSERT INTO CHARTER VALUES(10017,'2008-02-10','1484P','STL',508,3.1,0,105.5,0,10014);
INSERT INTO CHARTER VALUES(10018,'2008-02-10','4278Y','TYS',644,3.8,4.5,167.4,0,10017);

/* -- */

CREATE TABLE CREW (
CHAR_TRIP int,
EMP_NUM int,
CREW_JOB varchar(20),
primary key (CHAR_TRIP, EMP_NUM)
);

INSERT INTO CREW VALUES(10001,104,'Pilot');
INSERT INTO CREW VALUES(10002,101,'Pilot');
INSERT INTO CREW VALUES(10003,105,'Pilot');
INSERT INTO CREW VALUES(10003,109,'Copilot');
INSERT INTO CREW VALUES(10004,106,'Pilot');
INSERT INTO CREW VALUES(10005,101,'Pilot');
INSERT INTO CREW VALUES(10006,109,'Pilot');
INSERT INTO CREW VALUES(10007,104,'Pilot');
INSERT INTO CREW VALUES(10007,105,'Copilot');
INSERT INTO CREW VALUES(10008,106,'Pilot');
INSERT INTO CREW VALUES(10009,105,'Pilot');
INSERT INTO CREW VALUES(10010,108,'Pilot');
INSERT INTO CREW VALUES(10011,101,'Pilot');
INSERT INTO CREW VALUES(10011,104,'Copilot');
INSERT INTO CREW VALUES(10012,101,'Pilot');
INSERT INTO CREW VALUES(10013,105,'Pilot');
INSERT INTO CREW VALUES(10014,106,'Pilot');
INSERT INTO CREW VALUES(10015,101,'Copilot');
INSERT INTO CREW VALUES(10015,104,'Pilot');
INSERT INTO CREW VALUES(10016,105,'Copilot');
INSERT INTO CREW VALUES(10016,109,'Pilot');
INSERT INTO CREW VALUES(10017,101,'Pilot');
INSERT INTO CREW VALUES(10018,104,'Copilot');
INSERT INTO CREW VALUES(10018,105,'Pilot');

/* -- */

CREATE TABLE AC_CUSTOMER (
CUS_CODE int primary key,
CUS_LNAME varchar(15),
CUS_FNAME varchar(15),
CUS_INITIAL varchar(1),
CUS_AREACODE varchar(3),
CUS_PHONE varchar(8),
CUS_BALANCE double
);

INSERT INTO AC_CUSTOMER VALUES(10010,'Ramas','Alfred','A','615','844-2573',0);
INSERT INTO AC_CUSTOMER VALUES(10011,'Dunne','Leona','K','713','894-1238',0);
INSERT INTO AC_CUSTOMER VALUES(10012,'Smith','Kathy','W','615','894-2285',896.53);
INSERT INTO AC_CUSTOMER VALUES(10013,'Olowski','Paul','F','615','894-2180',1285.18);
INSERT INTO AC_CUSTOMER VALUES(10014,'Orlando','Myron',NULL,'615','222-1672',673.21);
INSERT INTO AC_CUSTOMER VALUES(10015,'O''Brian','Amy','B','713','442-3381',1014.55);
INSERT INTO AC_CUSTOMER VALUES(10016,'Brown','James','G','615','297-1228',0);
INSERT INTO AC_CUSTOMER VALUES(10017,'Williams','George','','615','290-2556',0);
INSERT INTO AC_CUSTOMER VALUES(10018,'Farriss','Anne','G','713','382-7185',0);
INSERT INTO AC_CUSTOMER VALUES(10019,'Smith','Olette','K','615','297-3809',453.9);

/* -- */

CREATE TABLE EARNEDRATING (
EMP_NUM int,
RTG_CODE varchar(5),
EARNRTG_DATE date,
primary key (emp_num, rtg_code)
);
INSERT INTO EARNEDRATING VALUES(101,'CFI','1998-02-18');
INSERT INTO EARNEDRATING VALUES(101,'CFII','2005-12-15');
INSERT INTO EARNEDRATING VALUES(101,'INSTR','1993-11-08');
INSERT INTO EARNEDRATING VALUES(101,'MEL','1994-06-23');
INSERT INTO EARNEDRATING VALUES(101,'SEL','1993-04-21');
INSERT INTO EARNEDRATING VALUES(104,'INSTR','1996-07-15');
INSERT INTO EARNEDRATING VALUES(104,'MEL','1997-01-09');
INSERT INTO EARNEDRATING VALUES(104,'SEL','1995-03-12');
INSERT INTO EARNEDRATING VALUES(105,'CFI','1997-11-18');
INSERT INTO EARNEDRATING VALUES(105,'INSTR','1995-04-17');
INSERT INTO EARNEDRATING VALUES(105,'MEL','1995-08-12');
INSERT INTO EARNEDRATING VALUES(105,'SEL','1994-09-23');
INSERT INTO EARNEDRATING VALUES(106,'INSTR','1995-12-20');
INSERT INTO EARNEDRATING VALUES(106,'MEL','1996-04-02');
INSERT INTO EARNEDRATING VALUES(106,'SEL','1994-03-10');
INSERT INTO EARNEDRATING VALUES(109,'CFI','1998-11-05');
INSERT INTO EARNEDRATING VALUES(109,'CFII','2003-06-21');
INSERT INTO EARNEDRATING VALUES(109,'INSTR','1996-07-23');
INSERT INTO EARNEDRATING VALUES(109,'MEL','1997-03-15');
INSERT INTO EARNEDRATING VALUES(109,'SEL','1996-02-05');
INSERT INTO EARNEDRATING VALUES(109,'SES','1996-05-12');

/* -- */

CREATE TABLE EMPLOYEE (
EMP_NUM int primary key,
EMP_TITLE varchar(4),
EMP_LNAME varchar(15),
EMP_FNAME varchar(15),
EMP_INITIAL varchar(1),
EMP_DOB date,
EMP_HIRE_DATE date
);
INSERT INTO EMPLOYEE VALUES(100,'Mr.','Kolmycz','George','D','1942-06-15','1987-03-15');
INSERT INTO EMPLOYEE VALUES(101,'Ms.','Lewis','Rhonda','G','1965-03-19','1988-04-25');
INSERT INTO EMPLOYEE VALUES(102,'Mr.','VanDam','Rhett','','1958-11-14','1992-12-20');
INSERT INTO EMPLOYEE VALUES(103,'Ms.','Jones','Anne','M','1974-10-16','2005-08-28');
INSERT INTO EMPLOYEE VALUES(104,'Mr.','Lange','John','P','1971-11-08','1996-10-20');
INSERT INTO EMPLOYEE VALUES(105,'Mr.','Williams','Robert','D','1975-03-14','2006-01-08');
INSERT INTO EMPLOYEE VALUES(106,'Mrs.','Duzak','Jeanine','K','1968-02-12','1991-01-05');
INSERT INTO EMPLOYEE VALUES(107,'Mr.','Diante','Jorge','D','1974-08-21','1996-07-02');
INSERT INTO EMPLOYEE VALUES(108,'Mr.','Wiesenbach','Paul','R','1966-02-14','1994-11-18');
INSERT INTO EMPLOYEE VALUES(109,'Ms.','Travis','Elizabeth','K','1961-06-18','1991-04-14');
INSERT INTO EMPLOYEE VALUES(110,'Mrs.','Genkazi','Leighla','W','1970-05-19','1992-12-01');

/* -- */

CREATE TABLE MODEL (
MOD_CODE varchar(10) primary key,
MOD_MANUFACTURER varchar(15),
MOD_NAME varchar(20),
MOD_SEATS double,
MOD_CHG_MILE double
);
INSERT INTO MODEL VALUES('DC-90A','Beechcraft','KingAir',8,2.67);
INSERT INTO MODEL VALUES('MA23-250','Piper','Aztec',6,1.92);
INSERT INTO MODEL VALUES('PA31-950','Piper','Navajo Chieftain',10,2.34);

/* -- */

CREATE TABLE PILOT (
EMP_NUM int primary key,
PIL_LICENSE varchar(25),
PIL_RATINGS varchar(25),
PIL_MED_TYPE varchar(1),
PIL_MED_DATE date,
PIL_PT135_DATE date
);
INSERT INTO PILOT VALUES(101,'ATP','SEL/MEL/Instr/CFII','1','2008-04-12','2007-05-16');
INSERT INTO PILOT VALUES(104,'ATP','SEL/MEL/Instr','1','2007-06-10','2008-03-23');
INSERT INTO PILOT VALUES(105,'COM','SEL/MEL/Instr/CFI','2','2008-02-25','2008-02-12');
INSERT INTO PILOT VALUES(106,'COM','SEL/MEL/Instr','2','2008-04-02','2007-12-24');
INSERT INTO PILOT VALUES(109,'COM','SEL/MEL/SES/Instr/CFII','1','2008-04-14','2008-04-21');

/* -- */

CREATE TABLE RATING (
RTG_CODE varchar(5) primary key,
RTG_NAME varchar(50)
);
INSERT INTO RATING VALUES('CFI','Certified Flight Instructor');
INSERT INTO RATING VALUES('CFII','Certified Flight Instructor, Instrument');
INSERT INTO RATING VALUES('INSTR','Instrument');
INSERT INTO RATING VALUES('MEL','Multiengine Land');
INSERT INTO RATING VALUES('SEL','Single Engine, Land');
INSERT INTO RATING VALUES('SES','Single Engine, Sea');

Answer the following questions based on the above database:

     

1. (4 Points) Create a view named “ATL_CHARTERS_V” that includes the following “For each charter of aircraft to Atlanta (STL), print the charter date, charter hours flown, and the corresponding customer last name, first name, area code, and phone number”. Your answer should include both the SQL statement for view creating along with the contents of the view (you get the contents of the view by select * from ATL-CHARTERS_V).

2. (4 Points) Modify the MODEL table to add the following attribute: (Note: use ALTER TABLE and UPDATE commands for this question.)

Attribute name	Attribute Description	Attribute type
MOD_LIFT_ WEIGHT	Amount of weight each model can lift	Numeric

Once the attribute has been added, update the values of all rows as per following values:

Attribute values for MOD_LIFT_WEIGHT

10,000 for Mod_code = DC-90A

5,000 for Mod_code = MA23-250

20,000 for Mod_code = PA31-950

3. (4 Points) Create a trigger named trg_charter_hours that will automatically update the AIRCRAFT table after a new CHARTER row is added. Use the CHARTER table’s CHAR_HOURS_FLOWN to update the AIRCRAFT table’s AC_TTAF, AC_TTEL, and AC_TTER values.

The meaning for the AIRCRAFT table columns are as follows:

AC_TTAF: Total time on the air frame

AC_TTEL: Total time on the left engine (Also used to record single engine hours) AC_TTER: Total time on the right engine.

So in the trigger, you need to increase all of them with value of CHAR_HOURS_FLOWN

4. (4 Points) Create a trigger named trg_cust_balance that will automatically update the AC_CUSTOMER table’s CUS_BALANCE before a new CHARTER row is added. Use the CHARTER table’s CHAR_TOT_CHG as the update source (Assume that all charter charges are charged to the customer balance.) In addition to the CHAR_TOT_CHG, add $25 for every quart of oil

used on the charter.

5. (4 Points) Create a stored procedure to update model charge per mile attribute. Procedure takes the model number as a parameter. The procedure increases the charge for this model by 25%.

6. (4 Points) Create a stored procedure that will take an Employee number and percentage, then update the corresponding employee’s hourly salary by the input percentage (increase the hourly salary, so you are giving the employee a raise).

Hint: Alter Employee table to add the hourly_salary field, update it with a value of 30 for all rows in the table, before creating the procedure.

1. Equilibrium price is $10 in a perfectly competitive market. For a perfectly competitive firm, MR=MC at 1200 units of output. At 1200 units, atc is $23 and avc is $18. The best policy for this firm is to ___ in the short run. Also, this firm earns ___ of ___ if it produces and sells 1200 units. a.shut down, losses, 15,600 b.shut down, losses, 9,600 c.continue to produce, losses, $15,600 d.continue to produce, profits, $15,600

2. Ultimately, market supply curves are upward sloping because of a.the law of diminishing marginal returns b.economies of scale c.average fixed cost falling continually as more output is produced d.the law of the short-run marginal cost revenue e.specialization

3. The long-run industry supply curve is the graphic representation of the quantity of output that the industry is prepared to a.supply at different prices after the entry and exit of firms is completed b.supply at a single price after the entry and exit of firms is completed c.purchase at different prices after the entry and exit of firms is completed d.purchase at different prices after the entry of firms is completed e.supply at different prices after the exit of firms is completed

4. When an industry is described as a decreasing-cost, increasing-cost, or constant-cost industry, the “cost” that is being referred to is a.marginal cost b.average total cost c.average variable cost d.sunk cost e.fixed cost

5. Which of the following comments is true? A.a perfectly competitive firm that seels to maximize profits will not be resource-allocative efficient b.If the demand curve and the marginal revenue curve weren’t the same curve for a perfectly competitive firm, then the firm would not be resource-allocative efficient c.resource allocative efficiency exists when a firm produces its output at the lowest possible per-unit cost (lowest atc) d.productive efficiency exists when firms produce the quantity of output at which price equals marginal cost e.c and d

6. A public franchise is a right granted a.to one firm by another firm, for example, McDonalds corporation grants restaurant owners a franchise to make its hamburgers b.to a firm by gov. that prevents other firms from producing the same product or service c.to a cooperative of buyers that allows the group to purchase goods at wholesale prices d.by gov. That enables a person to engage in arbitrage

7. Which of the following is the best example of a barrier to entry into a monopolistic industry? A.diminishing returns b.comparative advantage c.high elasticity of demand d.a public franchise

8. Which of the following is not an example of a legal barrier industry? A.beautician’s license b.patent c.exclusive ownership of raw materials d.public franchise e.copyright

9. A monopolist can sell 16000 units at a price of $100 per unit. Lowering price by $1 raises the quantity of demand by 500 units. What is the change in total revenue resulting from this price change? A.33,500 b.12,500 c.65,500 d.-33,500

10. Your school pays one rate for the first million kilowatts of electricity and a lower rate for any power it uses over one million kilowatts. What is occurring here? A.perfect price discrimination b.second degree price discrimination c.third degree discrimination d.economies of scale

Make sure that all statistical analysis to be done in Excel and/or StatCrunch and answer all parts:

You will be performing an analysis on heights in the US population, broken out by gender. You will need to know that US heights for males and females both follow an approximately normal distribution. The average height for women is 63.7 inches and a standard deviation of 2.7 inches. The average height for men is 69.1 inches and a standard deviation of 2.9 inches. You will use these numbers in your calculations.

Steps (all statistical analysis to be done in Excel and/or StatCrunch):

1. Collect the heights from 5 females and 5 males that you know. Make sure that you put all heights into inches. Include yourself in the analysis (as one of the 10).

2. Normal Distribution application:

a. Calculate z-scores for each of the selected people and provide interpretations for at least 2 of your z-scores (after looking up probabilities on the table). You also need to include interpretations that indicate how “rare” your observations are in the body of your paper. (Ex: Individual A from my sample with a height of ______ had a corresponding z-score of _____. This means that _______% of people are taller/shorter than him/her)

b. Include one graphic that shows the normal curve along with labels for the middle 68%, 95% and 99.7%. Also show where your own height is on the curve along with an interpretation of how relatively “tall” or “short” you are in comparison with the rest of your gender.

c. Calculate the mean of your male heights and female heights and compare this with the population mean (is it above/below – why is it not exact).

d. Calculate z-scores for the average heights of WNBA and NBA players (typically much taller than the average person) and also male jockeys (typically quite a bit shorter than the average person). Provide interpretations for each.

3. Binomial Experiment application:

a. In order to be considered for a tier 1 point guard in women’s basketball, you need to be 5’8”. Let’s consider a “success” as finding a woman who is 5’8” or taller. The probability of success is approximately 5%. If we consider a sample of 1000 women, calculate the mean and the standard deviation of the binomial random variable.

b. Calculate the range of “normal” observations (not unusual) for the number of women that we would expect to be 5’8” or taller in a sample of 1000 women and use it in a sentence.

c. Use a binomial calculator to calculate the probability of selecting*:

i. Less than 40 women who are 5’8” or taller

ii. Exactly 60 women who are 5’8” or taller

iii. Between 50 and 80, inclusive, women who are 5’8” or taller

iv. More than 70 women who are 5’8” or taller

v. At least 60 women who are 5’8” or taller

*Don’t just give answers here, use complete sentences. Graphs would be a nice addition here (StatCrunch screen grabs or Excel graphs).

d. Can we use the normal distribution as an approximation for the binomial in this case? Why or why not? If yes, what is the probability that we would choose less than 40 women who are 5’8” or taller using this approximation? How does this value compare with the value calculated in part c(i) above?

John and Nina Hartwick, married 14 years, have a 10-year old daughter, Rita. Eight years ago, they purchased a home on which they owe a mortgage of $160,000. The home is appraised at $220,000. They also owe $6,000 on a two-year old automobile. The automobile is worth $12,000. All of their furniture (value $15,000) and second car (value $6,000) is paid for, but they owe a total of $18,120 on two high interest rate credit cards (19.99%). John is employed as an engineer and makes $85,000 a year. Nina works from home as a part-time graphic designer and earns $22,000 a year. Their combined monthly income after deductions for taxes and their portion of employer-sponsored health care is $6,200. John is eligible for his company’s 401(k), but he does not contribute. His employer will match 100% up to 3% of his contributions. Nina’s company does not offer a 401(k).About six months ago, the Hartwick’s had what they now describe as a “financial meltdown”. It all started one Monday afternoon when the transmission on their second car had to be replaced. Although they thought it would be an easy fix, the mechanic told them the transmission would need a complete overhaul. Unfortunately, the warranty on the automobile’s drive-train component was for 5 years or 50,000 miles. Since this car was just over 6 years old, they would have to pay for the repair, and the mechanic said it would cost about $2,100 to rebuild the transmission. They thought about buying a new car, but they did not think they could afford two car payments. At the time, they had about $3,500 in their savings account, which they had been saving for a summer vacation, and now they had to use their vacation money to fix the transmission. They have $2,000 in their checking account. Their Traditional IRA is valued at $51,000, and is in a Certificate of Deposit that earns 3% per year.For the Hartwick’s, the fact that they did not have enough money to take a vacation was a wake-up call. They realized they were now in their mid-30s and had serious cash problems. According to John, “We do not waste money to do the things we want to do.” But according to Nina, “The big problem is that we never have enough money to start an investment program that could pay for our daughter’s education or fund more money into our retirement account.” They would both like to retire when they reach the age of 65They decided to take a big first step in an attempt to solve their financial problems. They began by examining their monthly expenses for the past month. See page 3 for cash inflows and outflows.Once the Hartwick’s realized they have a $250 surplus each month, they plan on replacing the $2,100 taken from their savings account to pay for repairing the transmission. Now it was time to take the next step.

1. How would you rate the financial status of the Hartwick’s before their second automobile broke down? Provide a discussion of the strengths (minimum of four) and weaknesses (minimum of four) of the Hartwick’s current financial situation.

Case: You are the owner of YumRunner, a food delivery service that allows customers to order food from their favourite restaurants and have it delivered to their homes through your app. Your company has been in operation for five years, and you service the Mississauga area only. YumRunner is a locally-owned and operated business. You’re eco-friendly in that your delivery persons ride bicycles and motorized scooters (as opposed to driving cars). You pay your delivery persons competitive wages and emphasize the importance of excellent customer service. As a result, YumRunner regularly receives positive online reviews, and has built up a steady clientele over the past five years. When you started YumRunner in 2015, you charged restaurants a 20% commission for each delivery order that was placed through your service (e.g. if a customer ordered a $10 meal from a restaurant through your app, YumRunner would earn $2 on it). Now, due to inflation and rising costs in labour, you have decided to raise your commission rate to 23%. This higher rate is in line with what many other food delivery services charge. You must now write to all of the restaurants who use your company’s delivery service to let them know of your commission rate increase. Your task: Write an indirect negative news letter to Jerry Capra, manager of Jerry’s Pizzeria, in which you explain your need to raise your commission rate. Your letter should clearly explain the reasons why your commission rate is increasing, while highlighting any alternatives or other reader benefits that you can. It is important that your letter maintains goodwill, as Jerry’s Pizzeria is a big client. You will need to invent an address both for Jerry’s Pizzeria and for YumRunner’s headquarters. Your letter should be between ¾ page and one page long, and follow all the proper formatting for an indirect business letter. Use formal writing style, and include a formal greeting which includes the receiver’s honorific title and last name, as well as a formal sign-off. Include all elements of a business letter (see p. 217 of your textbook for a sample). Use graphic highlighting to emphasize key information. Your message should be clear and well-written, and promote goodwill on behalf of your organization. Before you begin, consult the marking rubric on p. 2. *Tips: Do not copy the wording from this case; it would not be appropriate in your letter. You will need to invent several details to make the scenario more realistic, and to give your reader all the information he needs in order to understand why you are raising your commission rate (and to prevent him from cutting ties with YumRunner altogether). You wish to avoid having him email you with follow up questions (this wastes time), so be thorough in your letter! Remember the GOALS of a negative letter: • Help your reader understand and accept the bad news by making your message clear and fair. • Project a positive, professional image of you and your organization. • Convey empathy and sensitivity. Don’t sound accusatory! • Maintain goodwill.

For mallard ducks and Canada geese, what percentage of nests are successful (at least one offspring survives)? Studies in Montana, Illinois, Wyoming, Utah, and California give the following percentages of successful nests (Reference: The Wildlife Society Press, Washington, D.C.). x: Percentage success for mallard duck nests 17 86 59 47 29 y: Percentage success for Canada goose nests 24 18 18 51 51 (a) Use a calculator to verify that Σx = 238; Σx2 = 14,216; Σy = 162; and Σy2 = 6,426. Σx Σx2 Σy Σy2 (b) Use the results of part (a) to compute the sample mean, variance, and standard deviation for x, the percent of successful mallard nests. (Round your answers to two decimal places.) x s2 s (c) Use the results of part (a) to compute the sample mean, variance, and standard deviation for y, the percent of successful Canada goose nests. (Round your answers to two decimal places.) y s2 s (d) Use the results of parts (b) and (c) to compute the coefficient of variation for successful mallard nests and Canada goose nests. (Round your answers to one decimal place.) x y CV % % Write a brief explanation of the meaning of these numbers. What do these results say about the nesting success rates for mallards compared to Canada geese? The CV is the ratio of the standard deviation to the mean; the CV for Canada goose nests is higher. The CV is the ratio of the standard deviation to the mean; the CV for Canada goose nests is equal to the CV for mallard nests. The CV is the ratio of the standard deviation to the mean; the CV for mallard nests is higher. The CV is the ratio of the standard deviation to the variance; the CV for Canada goose nests is higher. The CV is the ratio of the standard deviation to the variance; the CV for Canada goose nests is equal to the CV for mallard nests. The CV is the ratio of the standard deviation to the variance; the CV for mallard nests is higher. Would you say one group of data is more or less consistent than the other? Explain. The x data group is more consistent because the standard deviation is smaller. The two groups are equally consistent because the standard deviations are equal. The y data group is more consistent because the standard deviation is smaller.

Read and answer the question:

Summary

Wal-Mart’s stock tumbled on the news that the company was investigating possible violations of the Foreign Corrupt Practices Act. According to information leaked to the press, Wal-Mart may have been bribing Mexican government officials in order to gain the zoning approvals it needed to build stores in the country. What makes the story especially interesting was the fact that the company appears to have known about the violations for several years, yet seemingly chose to do nothing.

While Wal-Mart had no legal obligation to disclose the fact that it was looking into the situation some years ago, analysts agree that the company had an ethical responsibility to make some disclosure, particularly given that the retail giant seems to have done little with the knowledge of a potential violation. Investigators will be looking to see whether the company gained an unfair competitive advantage as a result of its illegal activity.

If the company is found to have violated the Foreign Corrupt Practices Act it could face fines, and possibly have to return some of the profits it earned as a result. In addition, because it seems that top level executives were aware of the bribes when they occurred, there could be further penalties. Wal-Mart’s current CEO, Mike Duke, was head of Wal-Mart International at the time of the bribes.

Discussion Questions

1. If the allegations against Wal-Mart prove to be true, the company will certainly be penalized for its illegal behavior. Consider, though whether the Foreign Corrupt Practices Act puts U.S. firms at a competitive disadvantage in foreign markets. Does it actually encourage unethical behavior by firms?
2. Is it ethical for U.S. lawmakers to prohibit bribery in foreign markets? What are the implications of the Foreign Corrupt Practices Act on employment and economic development in countries like India and Mexico?
3. Suppose you are a U.S. supplier to Wal-Mart Mexico. Do you agree with the Foreign Corrupt Practices Act? How does it affect you? Do you feel that U.S. lawmakers have the right to limit the activities of U.S. firms in foreign markets?
4. How might the organization culture at Wal-Mart encourage managers to make unethical decisions? Discuss the expectations of shareholders. Do you think shareholders would look the other way if Wal-Mart bribed Mexican officials to speed up its approvals?

Can someone rewrite this in past tense, passive voice?

To begin the first experiment, you must first calibrate the Spectrophotometer. First transfer water into the cuvette, wipe cuvette and place into the spectrophotometer, then calibrate the instrument. Once calibrated construct a calibration curve for the food dye dilutions of red, yellow, and blue. Begin with transferring the color dilution series to the cuvettes and wipe the cuvettes. Place a cuvette into the spectrophotometer and enter the desired analytical wavelength, in this case we started with blue, so we entered 628 nm, and press go. Measure and save the absorbance for each sample in the color dilution series. Remember when doing so to save the absorbance values in the “current data table”. After measuring the absorbance of each sample in the color dilution series, create a calibration curve with the saved data. Enter the slope for the best fit line into your notebook. Repeat for the following color dilution series. Next to determine the concentration of the unknown sample (x) we repeat the process of transferring the unknown sample into cuvette and recording the absorbance, using the correct analytical wavelength. Finally, calculate the concentration for the unknown sample using the calibration curve.

            In the second experiment prepare colored dye mixtures in a clean test tube. Using red, blue, and yellow make 3 mixtures that are different be sure to stir mixtures. Using the concentration of each colored solution, calculate the theoretical concentration for each color in the mixture and record your data in your notebook. In the next part in experimental determination of dye concentration use a pipet as you did in the first experiment, make sure you calibrate the instrument first and then measure the absorbance of each mixture using the correct analytical wavelengths given. Use the calibration curve and determine the experimental concentration of each color dye in the mixture and record each concentration. Calculate the absolute and percent errors, then evaluate the accuracy of each theoretical concentration. In the last experiment there is an unknown sample of a mixture of red and yellow food dyes. Repeat the process of measuring the absorbance of this mixture using the correct given wavelengths. Once recorded use the molar absorptivities given and calculate the concentration for each colored dye in the mixture and record in your notebook.

Instructions: Please use the information below and the attached spreadsheet (excel) to reconcile company general ledger and bank statement as of March 31, 2019. The assignment is small volume transactions and general concept you can use in professional and personal life. Press F2 button to determine if I inserted a formula and read the formulas created in column C. They are suggestive you can delete and create your own. Information: Some of the work has been completed for you in terms of reconciling each transaction in general ledger to bank statements to determine the outstanding items. The items below are your responsibility to record propertly. XYZ Company general ledger dated 03/31/2019 ending balance is $308,733.00 Bank statement dated 03/31/2019 states XYZ Company ending balance is $300,000.00 The bookkeeper determined 03/30/2019 deposit for $20,000.00 was recorded in the general ledger but not deposited at the bank until 04/02/2019 (the following accounting cycle) Payments were issued in the form of checks and recorded on general ledger but did not clear the bank: 1) CK# 1010 $50.00 2) Ck# 1013 $150.00 3) Ck# 1020 $ 2000.00 The bank collected and deposited into the bank $9,820.00 (Accounts Receivable $9,800.00 & Interest Income $20.00) The bank assessed and deducted the following transactions: 1) Accounts Receivable payment was returned (NSF) $520.00 2) Bank assessed monthly service charges of $100.00 3) Check printing fee of $133.00 Answer: $317,800.00 After the bank reconciliation balances you will need to create journal entries for all transactions not recorded in the company general ledger. XYZ Company Bank Reconciliation Statement Month Ending March 31, 2019 Bank Statement Subtotal Total Date: March 31, 2019 Bank statement ending balance Add: Deposits in transit - Deduct: Outstanding checks - Adjusted balance as of March 31, 2019 - General Ledger Subtotal Total Balance from last reconciliation Date: March 31, 2019 Add: Deposits cleared bank not posted to General Ledger - Deduction: Consists of bank fees and entry error - Adjusted balance as of March 31, 2019 -