Question 1 Consider a market with the following supply (Qs) and demand (Qd) curves: Qd= 200-2p Qs=25 At the market equilibrium, what is the value of consumer surplus? Answer 0 156.25 625 3750 Infinite Question 2 Consider a market with the following supply (Qs) and demand (Qd) curves: Qd= 12-0.2p Qs=p At the market equilibrium, what is the value of total surplus? Answer 10 50 100 200 300 Question 3 Consider a market with the following supply (Qs) and demand (Qd) curves: Qd= 200-2p Qs=25 Suppose the government imposes a tax of 15 dollars for each unit sold on buyers. For each unit sold, what is the amount received and kept by producers in the post tax equilibrium? Answer 170 150 145 25 None of the above Question 4 Consider a market with the following supply (Qs) and demand (Qd) curves: Qd= 200-2p Qs=25 Suppose the government imposes on the buyer a tax of 15 dollars for each unit sold. What is the total tax revenue raised and deadweight loss following the imposition of the tax? Answer Revenue = 15, DWL= 0 Revenue = 15, DWL= 375 Revenue = 375, DWL = 0 Revenue =375, DWL = 375 None of the above Question 5 Assume that demand is perfectly elastic and the supply curve is upward sloping. The amount received and kept by sellers after a specific tax is imposed on buyers: Answer Is greater than prior to the tax Is less than prior to the tax. Is unchanged compared with the situation prior to the tax. Depends on the own price elasticity of supply. Both b and d are correct. Question 6 Consider the valuations placed on a piece of art by the following five buyers: If a second price auction is held and each bidder follows an optimal bidding strategy: Answer Catherine wins and receives positive surplus Catherine wins and receives zero surplus Bob wins and receives a positive surplus Bob wins and receives zero surplus. None of the above. Question 7 Assume that supply is perfectly elastic and demand is downward sloping. If a specific tax is imposed on buyers then following the imposition of the tax: Answer Consumer surplus is equal to zero. Producer surplus is equal to zero. The price paid by buyers will increase. The price received and kept by sellers remains unchanged. b, c and d are correct. Question 8 Assume that supply is perfectly elastic and demand is downward sloping. If a specific tax is imposed on buyers then following the imposition of the tax: Answer Total economic surplus is unchanged. Total economic surplus increases. Total economic surplus decreases. Producer surplus decreases and consumer surplus is unchanged. c and d are correct. Question 9 Consider a labour market in which the supply curve is given by: w= 100 + Ls (where w is the wage rate and Ls is the quantity of labour supplied). Further, assume that the demand for labour is given by w = 400 – 2Ld (where w is the wage rate and Ld is the quantity of labour demanded). Assume that the government imposes a minimum wage of 250. In this case the r ...

1. Question 1
Consider a market with the following supply (Qs) and demand
(Qd) curves:
Qd= 200-2p
Qs=25
At the market equilibrium, what is the value of consumer
surplus?
Answer
0
156.25
625
3750
Infinite
Question 2
Consider a market with the following supply (Qs) and demand
(Qd) curves:
Qd= 12-0.2p
Qs=p
At the market equilibrium, what is the value of total surplus?
Answer
10
50
100

2. 200
300
Question 3
Consider a market with the following supply (Qs) and demand
(Qd) curves:
Qd= 200-2p
Qs=25
Suppose the government imposes a tax of 15 dollars for each
unit sold on buyers. For each unit sold, what is
the amount received and kept by producers in the post tax
equilibrium?
Answer
170
150
145
25
None of the above
Question 4
Consider a market with the following supply (Qs) and demand
(Qd) curves:
Qd= 200-2p
Qs=25
Suppose the government imposes on the buyer a tax of 15
dollars for each unit sold. What is the total tax
revenue raised and deadweight loss following the imposition of
the tax?
Answer

3. Revenue = 15, DWL= 0
Revenue = 15, DWL= 375
Revenue = 375, DWL = 0
Revenue =375, DWL = 375
None of the above
Question 5
Assume that demand is perfectly elastic and the supply curve is
upward sloping. The amount received and
kept by sellers after a specific tax is imposed on buyers:
Answer
Is greater than prior to the tax
Is less than prior to the tax.
Is unchanged compared with the situation prior to the tax.
Depends on the own price elasticity of supply.
Both b and d are correct.
Question 6
Consider the valuations placed on a piece of art by the
following five buyers:
If a second price auction is held and each bidder follows an
optimal bidding strategy:
Answer

4. Catherine wins and receives positive surplus
Catherine wins and receives zero surplus
Bob wins and receives a positive surplus
Bob wins and receives zero surplus.
None of the above.
Question 7
Assume that supply is perfectly elastic and demand is downward
sloping. If a specific tax is imposed on
buyers then following the imposition of the tax:
Answer
Consumer surplus is equal to zero.
Producer surplus is equal to zero.
The price paid by buyers will increase.
The price received and kept by sellers remains unchanged.
b, c and d are correct.
Question 8
Assume that supply is perfectly elastic and demand is downward
sloping. If a specific tax is imposed on
buyers then following the imposition of the tax:
Answer
Total economic surplus is unchanged.
Total economic surplus increases.

5. Total economic surplus decreases.
Producer surplus decreases and consumer surplus is unchanged.
c and d are correct.
Question 9
Consider a labour market in which the supply curve is given by:
w= 100 + Ls (where w is the wage rate and
Ls is the quantity of labour supplied). Further, assume that the
demand for labour is given by w = 400 –
2Ld (where w is the wage rate and Ld
is the quantity of labour demanded). Assume that the
government imposes a minimum wage of 250. In this
case the resulting deadweight loss is equal to:
Answer
0.
312.5
625
937.5
None of the above
Question 10
Consider a labour market in which the supply curve is given by:
w= 100 + Ls (where w is the wage rate and
Ls is the quantity of labour supplied). Further, assume that the
demand for labour is given by w = 400 –
2Ld (where w is the wage rate and Ld

6. is the quantity of labour demanded). Assume that the
government imposes a minimum wage of 150.
Following the imposition of the minimum wage consumer
surplus is equal to:
Answer
0
5625
10000
15000
None of the above.
Question 11
Assume that Tony and Julie have the following demand curves
for milk:
QTony = 100-4p
QJulie =50 - p
Assume that the market for milk is competitive and the market
price is equal to 10. At the market price, in
the competitive equilibrium:
Answer
Tony and Julie both consume the same amount of milk but have
different total consumer surpluses
Tony and Julie both consume the same amount of milk and have
the same total consumer surplus
Tony and Julie consume different amounts of milk and have
different total consumer surpluses
Tony and Julie consume different amounts of milk but have the

7. same total consumer surplus
None of the above.
Question 12
Assume that the demand curve and supply curves for computer
tablets is given by the following:
Qd= 10000 - 2p
Qs= 4p - 200
If the government imposes a tax of 60 that must be paid by the
seller the total amount of tax revenue raised
is equal to:
Answer
0
60
6520
391200
396000
Question 13
The supply curve of LNG, a substitute for petrol is given by the
following: p=100+Qs.The demand curve for
LNG is given by p=120-3Qd. Assume that the government has
decided that one way to reduce greenhouse
gas emissions is to encourage the use of ethanol. As a result, the
government provides a subsidy of 40 to
suppliers. Following the imposition of the subsidy, what is the
new equilibrium price?

8. Answer
40
45
65
75
105
Question 14
The supply curve of LNG, a substitute for petrol is given by the
following: p=100+Qs.The demand curve for
LNG is given by p=120-3Qd. Assume that the government has
decided that one way to reduce greenhouse
gas emissions is to encourage the use of ethanol. As a result, the
government provides a subsidy of 40 to
suppliers. What is the total subsidy payment that will the
government make as a result of this policy?
Answer
40
105
600
1800
4275
Question 15
The valuations for a rare 18th century French vase for five
individuals are listed below. In the event that the

9. vase is auctioned via a second price sealed bid auction where
individuals follow their optimal strategy which
of the following is true?
Individual Valuation
John 1000
Kate 5500
Lenny 4500
Molly 5000
Nerida 5000
Answer
Kate wins and has positive surplus.
Lenny wins and has positive surplus.
Lenny wins but has zero surplus
John wins and has positive surplus.
Either Molly or Nerida win but additional information is
required to determine who actually gets the
vase.
Question 16
Consider if the demand curve for insulin is given by Qd=100. If
the supply curve is given by p=100 + Qs
and the government pays a subsidy of 20 to insulin sellers for
each unit of insulin sold, the total amount paid
out for the subsidy will be qual to:
Answer
0

10. 20
100
1000
2000
Question 17
Which of the following is true?
Answer
Efficiency requires that the marginal COST of the last item
produced is higher for more efficient
producers.
At an efficient outcome, the total benefit of consuming a good
is equal for all consumers.
At an efficient outcome all producers have the same marginal
cost of production for the last item
produced.
At an efficient outcome it is possible to make one person better
off without making some one else
worse off.
Both b and c are correct.
Question 18
Consider if the demand curve for insulin is given by Qd=100. If
the supply curve is given by p=100 + Qs
and the government pays a subsidy of 20 to insulin sellers for
each unit of insulin sold which of the
following is true?
Answer

11. In the new equilibrium producer surplus is higher but there is a
deadweight loss
In the new equilibrium producer surplus is lower and there is a
deadweight loss
In the new equilibrium producer surplus is higher but there is no
deadweight loss
In the new equilibrium producer surplus is lower but there is no
deadweight loss
None of the above
Question 19
The demand curve for carrots is downward sloping and the
supply curve is vertical. Assume that poor
weather leads to a decrease in supply. If total expenditure on
carrots increases, we can say that:
Answer
Price has increased in the new equilibrium
Price has decreased in the new equilibrium
In terms of own price elasticity, demand is inelastic over the
relevant range of the demand curve
Both a and c are correct
Both b and c are correct
Question 20
Assume that the demand curve is given by the following: p=100
and the supply curve is given by Q=p-25. If
the government puts in place a tax of 10 that must be paid by

12. the buyer the deadweight loss that results is
equal to:
Answer
0.
5.
12.5.
50.
None of the above
EncinoDental
0
0 /EncinoDentalStudio
// /
To whom it may concern:
This letter is intended to briefly outline the expectation and
processes required of student taking part of
our internship program with Encino dental Studio.
We expect the intern Mohammed Algobla to contribute in the
accounting department in our office.
The duties that Mohammed Algobla will be assigned for are the
following:

13. Acts as the liaison between insurance companies and the dental
office for submitting claims
Submits balance sheets and profit/loss reports to the dentist
process the payroll
May also delegate put reports together for the accountant and
pay taxes for the business
Help structuring the business to best handle taxation.
Retrieves numbers and reports from the dentist or bookkeeper,
then files the necessary tax forms
Possibly handles payroll And W-2's for payroll.
The internship starts at May 12, 2015 till August 15, 2015. At
the end of this program, the intern will be
well knowledgeable and have experienced a lot of accounting
concepts.
Sincerely,
Amir Jamsheed, DDS
16055 Ventura Blvd. I Phone: 888 443 7332
Suite 1126, Encino, CA, 91436 Fax: 818 501 0538
I Email: [email protected]
Website: www.EncinoDentalStudio.com
Page 1
FINAL INTERNSHIP REPORT

14. 4
Final Internship Report
Running head: FINAL INTERNSHIP REPORT
1
Final Internship Report
Introduction
This final internship report describes the activities I Ahmad,
carried out during a 10-week, full-time internship at the Encino
Dental Studio. This is a requirement for all students to apply the
knowledge and experience gained while studying in the
accounting program.
Organizational Structure
Internship organization
Encino Dental Studiois an organization based in Ventura Blvd,
Encino, California. Encino Dental Studio is a dental clinic

15. offers best deals on:
· Orthodontics
· Dental implants
· Root canals
· Wisdom teeth extractions and
· Dental crowns
Culture
Encino Dental Studiois shared by the members of the company
and it is based on the mission statement, long term vision and
business goals of the company.
Mission statement
The firm’s mission statement aims at achieving the following:
· Keeping patients teeth healthy and saving patients’ money.
· Provide patients with outstanding state of the art oral health
care services in a comfortable professional environment.
Service delivery
· Encino Dental Studio looks for options to utilize the patient’s
insurance coverage so that they avoid using hard cash.
· Encino Dental Studio offers evening appointments so that
patients do not have to keep off from their day schedules.
· Encino Dental Studio has an emergency line in case of any
emergency at any time.
Marketing and Communication
· Encino dental studio uses social media networkas a main tool
for marketing and promoting event activities.
· Posting blogs and articles: Promoting Encino dental studio
through blogs and articles, writing about the services, offers,
new dentists, locations and conditions.
· Facebook Use: Searching and connecting with the people,
sharing resources online,
· LinkedIn Use: Searching and connecting with the people,
sharing online resources, create discussions revolving around
events and make contacts to invite the Encino dental studio
LinkedIn group.
· Website through www.encinodentalstudion.com, events and
special offers are updated on a daily basis and various

16. conditions.
Encino Job Description
As an intern at the Encino Dental Studio, the duties performed
in the Accounting and Marketing Department included:
· Acting as a liaison between insurance companies and the
dental office by submitting claims
· Submitting balance sheets and profit or loss reports to the
dentist
· Processing the employees’ payroll
· Placing reports together for the accountant and paid taxes for
the business
· Helping in structuring the business in the best way to handle
taxation
· Retrieving numbers and reports from the dentist or the
bookkeeper then filed the necessary tax forms
· Handling payroll and w-2’s for payroll
Other duties during the internship included:
· Participating in the monthly meetings of the organization’s
Department of Accounting and Marketing
· Working with the Executive Director and the staff of all
departments to improve on the marketing strategies of the
company
· Development and improvement of promotional materials
· Working on simple tasks such as designing a basic database to
track patients and members
· Writing materials for the clinic’s web site and communicating
with the visitors.
In overall, the results of the internship are satisfying and
contributing positively to career growth. The firm provided an
invaluable chance for;
· Using the class knowledge and apply it in a real organization.
· Seeing some differences in functioning that resulted from
efforts put into the job tasks.
Due to the character of the internship and the short time period
spent at Encino Dental Studio, long-term recommendation
would require more work and time, but I took this experience as

17. an opportunity to provide the accounting standards and policies
organization with some advanced ideas I learned while a student
in the Accounting program at the University.
Chapter Three: Internship description
I selected Encino Dental Studio since it is the largest dental
clinic in the region and considering am an international student
from Saudi Arabia, we use Aetna insurance cover, which is
accepted here. I wanted to do my internship abroad to
experience the international business world, to learn, improve
and develop new sets of skills. One of my main goals is to
improve my English and wanted a new challenge.
The reason I choose California for my internship was influenced
by fact that my uncle stays here well over 20 years. I selected
Encino Dental Studio as my company of choice because it was
more convenient for me in terms of cost and time saving. I also
considered its accounting department composition inline of
accounting standards and policies, tax policies and reforms and
the qualified professionals working there and I was convinced at
the end of my internship program I would have achieved a lot in
terms of skills and experience.
I learned of Encino Dental Studio through my uncle who has a
friend working as a dentist there. I studied and understood the
structure and activities of the clinic through him, I wrote an
application letter seeking internship to the human resource
manager and received an invitation for an interview a month
after application. I was successful to get the internship position.
I received a letter of acceptance with full details of the duties
and responsibilities was expected to perform and the number of
hours per week.
As a native of the Saudi and an intern, I was not familiar with
the national and federal laws governing financial accounting
and reporting hence, I needed prior training to be able to work
efficiently. Thus, the first task was to become familiar with the
organizational documents, including federal and regional laws
regulating the activity of dental clinic, as well as preparation of
financial statements. The second critical task was to work

18. closely with all departments in order to understand the
operating principles, practices and the challenges facing the
Encino Dental Studio all s part of training.
The colleagues were very hospitable and helpful. Encino dental
studio had other interns; they were from different majors and
had different specialties. Some of them were also international
students. This was very useful as we learned and shared the
knowledge with each other. The fact that there are very many
employees was somehow a challenge interacting with all of
them to learn what was required.
At first, the work and communication was done very fast
which I had problems with accents as I am a foreigner. I also
noticed the different communications tools they were working
with such as Facebook, Twitter and LinkedIn. This was a great
opportunity for me to learn because I had little knowledge of
these communication tools. Overall, the introduction with my
company went really well.
Internship experience
Specific tasks
The main task at Encino Dental Studio was to;
· Act as a liaison between insurance companies and the dental
office for submitting claims.
Owing to the fact that am from Saudi and we are covered by
Aetna insurance which is accepted at Encino Dental Studio, I
was an asset as I was able to bring in patients using Aetna
insurance especially Saudi students studying in the USA. This
improved the clinic’s revenue collection.
· Preparing and submitting balance sheets, profits, and loss
reports to the dentist was the other main task. The financial
statements were prepared in accordance to the International
Accounting Standards and International Financial Reporting
Standards this is important as it enables comparability of
financial information between and among different
organizations.
· Processing of payrolls for all the employees. The payroll
refers to the total of all financial records of salaries for an

19. employee, bonuses, wages and deductions. The payroll and the
taxes the therein affect the net income of the organization and
we had to observe the federal, state and regulations in the
preparation.
Other Responsibilities
While the overall task involved working at the accounts
department, I also had other responsibilities that my superiors
delegated.
· I was responsible for putting monthly financial reports
together for the accountant and filing taxes for the clinic. This
involved ensuring that the reports give consistent information. I
was given a format and the information that was to be included
in the report
· I was charged with structuring the business to handle taxation
matters in terms of tax returns, tax allowances and tax
compliance. Paying of taxes is a requirement as a source of
revenue for all countries. I retrieved numbers and reports from
the dentist then filed the necessary tax reforms to the relevant
authorities.
The courses I am undertaking now at school helped me a lot
during my internship program. The accounting concepts and
taxation courses were of great impact and I gained information
that is more practical.
Conclusion
There is a high degree of Independence at Encino dental studio
is high. Working for Encino dental studio offers the freedom to
prepare and implement work at a student’s own pace. The
period of the internship has been very educational. Encino
dental studio offered opportunities to learn and develop in many
areas. I gained a lot of skills and experience, especially in the
accounting field. A lot of the tasks and activities that I have
worked on during my internship are familiar with what I am
currently studying. I worked in many departments where I did
different work, this gave me an insight of areas I want work in
after my studies. The area that I found most interesting is

20. taxation. As a bonus, I got additional experience in the
marketing roles. I learned how to structure marketing strategies
and promotional activities, by coming up with a marketing plan,
I had to do lots of research where I had to find the best way of
marketing an offer.