Betty Vinson was the director of management reporting at WorldCom. She had worked there for five years when the fraud was uncovered and received two promotions during that time. Vinson’s salary increased from $50,000 when she started to $80,000 in 2002. Vinson reported to Buford Yates, director of general accounting, who reported to David Myers, senior vice president, and controller, who then reported to CFO Scott Sullivan. (See Figure 1 for an organizational chart.) A hard worker who often stayed late or brought work home, Vinson considered herself lucky to land the job at WorldCom, as it was located in her hometown of Clinton, Miss. Vinson graduated from Mississippi College in 1978 and married her college sweetheart, Tom Vinson, a printing-equipment salesman who earned $40,000 a year. The couple had one daughter and lived a typical suburban lifestyle. Prior to working at WorldCom, Vinson worked as an accountant for various banking enterprises in Louisiana and Kansas City from 1978 to 1996. She also earned the Certified Public Accountant (CPA) credential during that time.

Problems began to emerge in the telecommunications industry in the late 1990s. The industry had over expanded, and every company was beginning to feel the effects, including WorldCom. By 2000, WorldCom’s expenses were increasing faster than revenues. In September 2000, WorldCom had to find $828 million to meet earnings targets expected by Wall Street. Vinson and her accounting colleagues found $50 million, but it wasn’t nearly enough. Senior management instructed her and her accounting coworkers to reduce reserve accounts for line costs to cover this shortfall. Reserves had been set aside based on estimates of potential losses, but they needed to have enough reason to reduce the reserve. Meeting earnings targets wasn’t a valid reason. Sullivan pressed Myers and Vinson’s boss, Yates, to make this adjustment. Yates told his accounting team that he had reservations, too, but that Sullivan promised this was a one-time adjustment. They all agreed to go along with the accounting adjustment. Vinson felt uncomfortable with this and considered resigning. The corporate accounting department’s discomfort with the entries prompted Sullivan to call the accountants into his office. He used an analogy that WorldCom was an aircraft carrier, and they needed to land the planes that were in the air. He urged them to wait until the planes had landed, and then they could leave the company if they still wanted to. Sullivan assured them that nothing they would do was illegal and that it wouldn’t be repeated. After talking to her husband, Vinson decided against resigning because of her family’s dependence on her salary and health insurance. In April 2001, the gap in meeting earnings targets was $771 million. The reserve pools weren’t large enough to cover this gap. Sullivan’s new strategy was to shift line costs, recorded as expenses, to capital expenditure accounts. Yates objected. Sullivan insisted it was the only way to cover this gap. Vinson and her coworker both felt cornered; this was clearly fraudulent accounting. The only choices now were to resign or make the entries. The three-person accounting team identified the capital accounts to use, and Vinson made the entries to transfer the $771 million. She backdated entries to February in the computer system and then indicated to colleagues at WorldCom that she was going to look for another job. These entries continued quarterly through April 2002. The Securities & Exchange Commission (SEC) was informed of the problem in June 2002 as a result of the efforts of the WorldCom internal audit team. The SEC would ultimately charge CFO Scott Sullivan, Controller David Myers, and accountants Buford Yates, Troy Normand, and Betty Vinson. According to the SEC complaint: “At the direction of WorldCom senior management, Vinson and other WorldCom employees caused WorldCom to overstate materially its earnings in contravention of generally accepted accounting principles (GAAP) for at least seven successive fiscal quarters, from as early as October 2000 through April 2002. Vinson knew or was reckless in not knowing, that these entries were made without supporting documentation, were not in conformity with GAAP, were not disclosed to the investing public, and were designed to allow WorldCom to appear to meet Wall Street analysts’ quarterly earnings estimates

Paraphrase one of Yates’ arguments?

This argument best describes the ____________________________________ “reason and rationalization” of GVV because?

In response to Mr. Yate’s argument, Betty and Troy could have countered?

Question 1

What are agents of socialization?

Group of answer choices

a:Indivuduals, groups. and institutions involved in the socilization process

b:individuals involved in the socilization process

c:groups involved in the socilization process

d:institutions involved in the socilization process

Question 2

Which of the following is typically the earliest agent of socialization?

Group of answer choices

a:School

b:mass media

c:workplace

d:family

Question 3

What is social stratification?

Group of answer choices

a:A socioeconomic system that provides for the betterment of a society

b:A socioeconomic system that manipulates people for profit

c:a socioeconomic system that divides society’s members into categories ranking from high to low, based on things like wealth, power, and prestige

d:The ways in which a sociaoeconomic system pertains to social control and deviance

Question 4

What is meritocracy?

Group of answer choices

a:the social structure that denies any upward mobility

b:The benefits that come only through education

c:An ideal system of rewards for even the laziest among us

d:an ideal system in which personal effort—or merit—determines social standing

Question 5

Structural mobility occurs when:

Group of answer choices

a:an individual moves up the class ladder

b:an individual moves down the class ladder

c:a large group moves up or down the class ladder due to societal changes

d:a member of a family belongs to a different class than his or her siblings

Question 6

The behaviors, customs, and norms associated with a class are known as:

Group of answer choices

a:class traits

b:power

c:prestige

d:underclass

Which taxpayer is potentially eligible to receive the Child Tax Credit? In each scenario, the child mentioned is the taxpayer's only dependent or potential dependent, and the taxpayer provided more than half the child's support.

A. Abigail has a daughter, Malena, who is 7 years old at the end of 2019. Malena lived in Mexico for all of 2019 and is not a U.S. citizen, U.S. national, or U.S. resident alien.

B. Lucia has a niece, Alejandra, who was 9 years old at the end of 2019. Alejandra is not a citizen of the United States. Alejandra does have an Individual Taxpayer Identification Number (ITIN), and she lived in Mexico for all of 2019.

C. Ian has a nephew, Dylan, who is a resident alien. Dylan was 16 years old at the end of 2019. Dylan lived with Ian all year. Dylan obtained a social security number valid for employment before the due date of the return.

D. Perry has a son, Ryan, who was 17 years old at the end of 2019. Ryan is a citizen of the United States and qualifies as a dependent on Perry's 2019 tax return.

Part 2: Wilcoxon Rank-Sum Test

Let us consider another hypothetical situation. The WHO wants to compare the mortality rates of children under the age of five years of underdeveloped and developed regions of the world. There were two independent samples of ten countries from each of the groups drawn at the same time, and the yearly mortality rates of children under the age of five years (per 100,000) inhabitants were reported (MRate1 and MRate2).

Table 2: Mortality Rates of Children

Using the Minitab statistical analysis program to enter the data and perform the analysis, complete the following:

• Run the Wilcoxon rank-sum test to show whether there is a statistically significant difference between the mortality rates of children under the age of five years of the regions. Results may be used in making decisions regarding which region needs to receive help to improve the public health issues of morality.
• Obtain the difference in the mortality rates and whether there is a statistically significant difference.
• In a Microsoft Word document, provide a written interpretation of your results.

Jaide and Jim plan to send their daughter Sarah (currently 7-year old) to university at the age of 18 for a 4-year undergraduate program in Ontario Tech. University. They intend to invest ANNUALLY in a GIC account, which pays 3.5% interest per year. That is, the first annual deposit occurs today (i.e. 7th birthday) until she turns 17. The university tuition currently is $8,000 per year. It is estimated that the tuitions grow at the inflation rate (2% per year). Tuitions will be paid at the beginning of each year (i.e. when Sarah is 18,19,20, and 21). Assume there is no tax to be paid on the account upon withdrawal. How much should the parents save each year to be able to fully fund their daughter’s university tuition expenses?

The administration at a university is interested in studying if any relationship exists between quality of academic experience at the school and whether the student is a major in the College of Humanities and Social Sciences (HSS major) or has a major in the College of Business (Business major). The school randomly surveys 10 seniors who are HSS students and 10 seniors who are Business students and asks them to rate the quality of their academic experience on a scale of 1-10, where 10 is extremely high and 1 is extremely low. Here are the data:

The HSS majors have a mean of 7.5 and a variance of 3.6, whereas the Business majors have a mean of 6.5 and a variance of 2.9.

Answer the following questions:

1. What is the null hypothesis? (1 point)

2. What is the research hypothesis? (1 point)

3. What is the dependent variable? (1 point)

4. Write out the results of an independent samples t-test using these data. In other words, provide the numerical answers: t-statistic, your critical value of t (or p-value), and degrees of freedom. (4 points)

5. Write a paragraph to explain the results of the hypothesis test using statistics from the problem with alpha=0.05. This should be two or more formal sentences to describe your findings and conclusions.

What is your favorite color? A large survey of countries, including the United States,
China, Russia, France, Turkey, Kenya, and others, indicate that most people prefer the color
blue. In fact, about 24% of the population claim blue as their favorite color (Reference: Study by
J. Bunge and A. Freeman-Gallant, Statistics Center, Cornell University). Suppose a random
sample of 56 college students were surveyed and 12 of them said that blue is their favorite
color. Does this information imply that the color preference of all college students is different
from that of the general population? Use 5% level of significance.
a. Identify the underlying distribution and state why.
b. State the null hypothesis.
c. State the alternative hypothesis.
d. Circle one: One Tail Test / Two Tail Test.
e. State the critical value for the hypothesis test.
f. Illustrate graphically the rejection region.
g. Compute the test statistic.
h. Find the p-value for the test statistic.
i. Give the significant statement for the hypothesis test: At the ________ level of significance,
there is ______________________ evidence to reject the null hypothesis.
j. State the critical value for the estimation of the confidence interval.
k. Construct a 95% confidence interval for the true proportion of people who prefer color blue.
i. Margin of error:
ii. Confidence Interval:
l. Give the confidence statement for the confidence interval: I am _________ confident that the
true ____________________ of individuals who prefer color blue is between ____________
and ______________.