1
Assessment Task – Tutorial Questions Assignment 1
Unit Code: HA1020
Unit Name: Accounting Principles and Practices
Assignment: Tutorial Questions Assignment 1
Due: 11:30pm 15th May 2020
Weighting: 25%
Total Assignment Marks: 50 Marks
Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in
this unit
Unit Learning Outcomes Assessed:
1. Understand the logic and assumptions of accounting procedures;
2. Record business transactions in the journals and ledgers that make up a business accounting
system;
3. Prepare financial statements; and
4. Analyse and interpret financial statements.
Description: Each week students were provided with three tutorial questions of varying degrees of
difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard.
The Interactive Tutorials are designed to assist students with the process, skills and knowledge to
answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from
weeks 1 to 5 inclusive and submit these answers in a single document.
The questions to be answered are:
Week 1 Question (10 marks)
(Note this question is 1.3 in the Pre-recorded Tutorial Questions)
Compare and contrast Financial Accounting with Management Accounting. Specify at least three (3)
areas where Financial Accounting and Management Accounting are different. Support your answer
with examples. (10 marks)
2
Week 2 Question (10 marks)
(Note this question is 2.2 in the Pre-recorded Tutorial Questions)
Select two (2) of the following four (4) financial accounting assumptions listed below and explain in
your own words the meaning of each one you have selected: (10 marks)
(a.) accounting entity
(b.) accounting period
(c.) monetary
(d.) historical
Week 3 Question (10 marks)
(Note this question is 3.2 in the Pre-recorded Tutorial Questions)
Which of the following events listed below results in an accounting transaction for Clothing Ltd?
State a reason if it is not an accounting transaction.
1. Clothing Ltd signed a contract to hire a new store manager for a salary of $150,000 per annum.
The manager will start work next month.
2. The founder of Clothing Ltd., who is also a major shareholder, purchased additional stock in
another company.
3. Clothing Ltd borrowed $230,000 from a local bank.
4. Clothing Ltd purchased a sewing machine, which it paid for by signing a note payable.
5. Clothing Ltd issued 10,000 shares to a private investor, who is also a car business owner, in
return for a new delivery truck.
6. Two investors in Clothing Ltd sold their stock to another investor.
7. Clothing Ltd ordered some fabric to be delivered next week.
8. Clothing Ltd lent $250,000 to a member of the board of directors.
3
Week 4 Question (10 marks)
(Note this ques ...
The criminal activities of the Roaring Twenties included bootlegging of illegal liquor after Prohibition, bank robberies to obtain money, and corruption. Organized crime groups engaged in bootlegging and other illegal activities to profit from Prohibition. Notable criminal events included the 1919 Black Sox Scandal where players were bribed to throw the World Series, and the 1922 Teapot Dome Scandal where the Secretary of the Interior took bribes in exchange for oil field leases.
Christmas Border Word Template Creative DesigDawn Henderson
The journal entry provides few details, simply noting the date as September 24. As it is just a single date listed without any other information, the summary can only state the date recorded without additional context or insights gleaned from the entry.
Pronto Pizza is a family-owned pizza restaurant that started offering delivery several years ago, and the manager Tony Jr. has collected data on delivery times over the past month to analyze how to improve delivery and determine if they should keep their guarantee of delivering within 29 minutes. Tony asks for assistance interpreting the data to advise if the true average delivery time is over 25 minutes and how else the data could help improve their pizza delivery service.
BA490 - Course Project - Proposal for Expansion Opportunity Overse.docxrock73
BA490 - Course Project - Proposal for Expansion Opportunity Oversee
Course Overview
Business Policy and Strategy is the capstone course for business administration majors. This advanced course is designed to provide students with a general management perspective of the total business enterprise. Students learn new strategy formulation, implementation, and evaluation concepts and techniques. Students use this new knowledge, coupled with knowledge acquired from other courses, to chart the future direction of different types of organizations. The course builds on previous courses in diverse functional areas to offer insights and analytical tools which a general manager needs to plan and implement successful business policies and strategies. The course emphasizes the practical application of business theory to business problems.
Project Introduction
Purpose
You will select a company and then identify and analyze a strategy for its growth into an overseas market.
Course Objectives
· Discuss the nature of strategy formulation, implementation, and evaluation activities.
· Describe the nature and role of vision and mission statements in strategic management.
· Discuss ten major external forces that affect organizations: economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive.
· Discuss the importance of gathering competitive intelligence.
· Explain how to determine and prioritize a firm’s internal strengths and weaknesses.
· Explain how to develop a SWOT Matrix, SPACE Matrix, BCG Matrix, IE Matrix, and QSPM.
· Identify important behavioral, political, ethical, and social responsibility considerations in strategy analysis and choice.
· Explain market segmentation and product positioning as strategy implementation tools.
· Discuss the nature and role of research and development in strategy implementation.
· Explain how computer information systems can determine the success of strategy implementation efforts.
Project Logistics
There are four parts to the final course project. The first part of the project is the initial proposal, which will be submitted to the instructor for approval. The second part is research on opportunities and cultural challenges in the country you choose for your company’s expansion. Next, you will conduct a strategic audit on various areas. Finally, you will put it all together into a written analysis of your proposed strategic plan. A final presentation of the proposed plan will be the culmination of the project.
Deliverables
· Project Part 1: Project Proposal (requires instructor approval)
Assigned: Week 2
· Project Part 2: Cultural Exchange and Marketing Strategy
Assigned: Week 4
· Project Part 3: Strategic Audit
Assigned: Week 6
· Project Part 4: Final Proposal and Presentation
Assigned: Week 8
Project Part 1: Project Proposal
Assignment Requirements:
There are four parts to the final course project. The first part of the project is the initial proposa ...
We need your input!As the CFO of IPS, you are responsible for ma.docxnealralix138661
"We need your input!"
As the CFO of IPS, you are responsible for managing the IPS employee pension fund. Like any pension fund, yours has physical and financial assets, and liabilities. You must decide how the pension fund money will be invested. Your decisions will affect the well-being of your firm and its employees. As a successful fund manager, you know that an understanding of the time value of money is key.
You urge your staff to investigate the investment potential of a variety of financial products and services including money markets, real estate, stocks, and insurance products. Your goal is to realize the maximum benefit for your clients.
Since IPS is still a relatively small company, you are also responsible for decisions on product viability and financing. While your staff is investigating pension fund investments, you get the following email message from the CEO.
"Remember the production analysis you did on the Android01? I need you to put together an analysis of the suitability of the project. Crunch the numbers and give me an idea of the value of the project. Thanks for your help!"
You've barely had time to think about what you've read when you get another message from the CEO.
"Meant to ask you about the cost of capital. If we do decide to move forward with the Android01 project, we'll need to determine our best source of capital. As far as I can tell, we have three options:
a loan from the bank
collaboration with another firm
liquidation of securities owned by IPS
Compare the three financing options and estimate NPVs and IRRs from the costs and expected cash flows. Just include that in your analysis. Thanks again!"
This project will require you to determine the suitability of a candidate project using capital budgeting techniques based on time value of money, and taking care to distinguish between different forms of costs and revenues. You will determine the long-term capital requirements needed to support the organization and analyze different methods of financing.
Begin with "Step 1: Time Value of Money Calculations"
When you submit your project, your work will be evaluated using the competencies listed below. You can use the list below to self-check your work before submission.
3.1 Identify numerical or mathematical information that is relevant in a problem or situation.
3.2 Employ mathematical or statistical operations and data analysis techniques to arrive at a correct or optimal solution.
3.3 Analyze mathematical or statistical information, or the results of quantitative inquiry and manipulation of data.
3.4 Employ software applications and analytic tools to analyze, visualize, and present data to inform decision-making.
10.3 Determine optimal financial decisions in pursuit of an organization's goals.
10.4 Make strategic managerial decisions for obtaining capital required for achieving organizational goals.
When you submit your project, your work will be evaluated using the competencies listed below. You can use the li.
Essay Unit Plan. Online assignment writing service.Vickie Depasquale
The document provides instructions for a 5-step process for requesting and receiving an essay written by a writer on the HelpWriting.net site. The steps include creating an account, completing an order form with instructions and deadline, reviewing writer bids and choosing a writer, receiving the paper and authorizing payment or requesting revisions.
Advanced Project Management AssignmentThe purpose of this indi.docxnettletondevon
Advanced Project Management Assignment
The purpose of this individual assignment is to highlight both your theortical and practical knowledge of advances in project management. The assignment has three distinctive sections, which are linked to theory, practice and reflection (see Appendix A – Assignment Structure). Moreover, these sections are informed by the module learning outcomes (see Advanced Project Management handbook). In the theory section, the student is encouraged to undertake a critical literature review through the book chapters and papers that are identified in the workshops. Furthermore, students are expected to employ harvard style referencing. Reading around the topic areas is also encouraged for it demonstates scholarly initiative. In the practice section, findings and conceptual models from your group project work can be used, and also inform both the theortical and reflective sections of the assignment. The final section requires the student to reflect upon your theortical findings, and use of methodologies or methods during the group project work. Additionally, the student is expected to generate some lessons learnt which may lead to possible future project management learning and development actions. The style guide of the assignment is given in Applendix B, and marking scheme is given in Appendix C.
1.0 Theory Section
(Some possible ideas for guidance to each section (not every idea has to be covered))
· Limitations of the Traditional Approach to Project Management (15 marks)
· Characteristics of traditional project management;
· Identify relevant methods and tools associated with traditional project management;
· Connectivity with technical core (level 1 of Management of Projects);
· Symptoms (factors and measures) and causes of unsuccessful projects;
· Traditional life-cycle models and product creation;
· Factors and measures connected with efficiency;
· Doing the project right (‘the who’, ‘the how’);
· Emerging factors associated with project success;
· Projects as a given, hard systems thinking, analytical thinking;
· Instrumental image of project management, technical rationality, conditions for success;
· Role of the traditional project manager.
· Broader Factors, Besides the Technical Ones, to Enhance Project Performance (15 marks)
· Characteristics associated with strategic envelope (level 2 of Management of Projects);
· Connectivity of strategic envelope with the technical core;
· Projects as social processes, alternative process models to deal with problematic situations;
· Characteristics associated with complexity, uncertainty and problematic situations;
· Stakeholder and communication management;
· Factors and measures connected with effectiveness;
· Choosing the right project (‘the why’);
· Project front-ending, value creation, project strategy and business strategy;
· Project success factors;
· Value and benefits;
· Broadening the role of the project manager, reflective practitioner;
· Systems.
The criminal activities of the Roaring Twenties included bootlegging of illegal liquor after Prohibition, bank robberies to obtain money, and corruption. Organized crime groups engaged in bootlegging and other illegal activities to profit from Prohibition. Notable criminal events included the 1919 Black Sox Scandal where players were bribed to throw the World Series, and the 1922 Teapot Dome Scandal where the Secretary of the Interior took bribes in exchange for oil field leases.
Christmas Border Word Template Creative DesigDawn Henderson
The journal entry provides few details, simply noting the date as September 24. As it is just a single date listed without any other information, the summary can only state the date recorded without additional context or insights gleaned from the entry.
Pronto Pizza is a family-owned pizza restaurant that started offering delivery several years ago, and the manager Tony Jr. has collected data on delivery times over the past month to analyze how to improve delivery and determine if they should keep their guarantee of delivering within 29 minutes. Tony asks for assistance interpreting the data to advise if the true average delivery time is over 25 minutes and how else the data could help improve their pizza delivery service.
BA490 - Course Project - Proposal for Expansion Opportunity Overse.docxrock73
BA490 - Course Project - Proposal for Expansion Opportunity Oversee
Course Overview
Business Policy and Strategy is the capstone course for business administration majors. This advanced course is designed to provide students with a general management perspective of the total business enterprise. Students learn new strategy formulation, implementation, and evaluation concepts and techniques. Students use this new knowledge, coupled with knowledge acquired from other courses, to chart the future direction of different types of organizations. The course builds on previous courses in diverse functional areas to offer insights and analytical tools which a general manager needs to plan and implement successful business policies and strategies. The course emphasizes the practical application of business theory to business problems.
Project Introduction
Purpose
You will select a company and then identify and analyze a strategy for its growth into an overseas market.
Course Objectives
· Discuss the nature of strategy formulation, implementation, and evaluation activities.
· Describe the nature and role of vision and mission statements in strategic management.
· Discuss ten major external forces that affect organizations: economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive.
· Discuss the importance of gathering competitive intelligence.
· Explain how to determine and prioritize a firm’s internal strengths and weaknesses.
· Explain how to develop a SWOT Matrix, SPACE Matrix, BCG Matrix, IE Matrix, and QSPM.
· Identify important behavioral, political, ethical, and social responsibility considerations in strategy analysis and choice.
· Explain market segmentation and product positioning as strategy implementation tools.
· Discuss the nature and role of research and development in strategy implementation.
· Explain how computer information systems can determine the success of strategy implementation efforts.
Project Logistics
There are four parts to the final course project. The first part of the project is the initial proposal, which will be submitted to the instructor for approval. The second part is research on opportunities and cultural challenges in the country you choose for your company’s expansion. Next, you will conduct a strategic audit on various areas. Finally, you will put it all together into a written analysis of your proposed strategic plan. A final presentation of the proposed plan will be the culmination of the project.
Deliverables
· Project Part 1: Project Proposal (requires instructor approval)
Assigned: Week 2
· Project Part 2: Cultural Exchange and Marketing Strategy
Assigned: Week 4
· Project Part 3: Strategic Audit
Assigned: Week 6
· Project Part 4: Final Proposal and Presentation
Assigned: Week 8
Project Part 1: Project Proposal
Assignment Requirements:
There are four parts to the final course project. The first part of the project is the initial proposa ...
We need your input!As the CFO of IPS, you are responsible for ma.docxnealralix138661
"We need your input!"
As the CFO of IPS, you are responsible for managing the IPS employee pension fund. Like any pension fund, yours has physical and financial assets, and liabilities. You must decide how the pension fund money will be invested. Your decisions will affect the well-being of your firm and its employees. As a successful fund manager, you know that an understanding of the time value of money is key.
You urge your staff to investigate the investment potential of a variety of financial products and services including money markets, real estate, stocks, and insurance products. Your goal is to realize the maximum benefit for your clients.
Since IPS is still a relatively small company, you are also responsible for decisions on product viability and financing. While your staff is investigating pension fund investments, you get the following email message from the CEO.
"Remember the production analysis you did on the Android01? I need you to put together an analysis of the suitability of the project. Crunch the numbers and give me an idea of the value of the project. Thanks for your help!"
You've barely had time to think about what you've read when you get another message from the CEO.
"Meant to ask you about the cost of capital. If we do decide to move forward with the Android01 project, we'll need to determine our best source of capital. As far as I can tell, we have three options:
a loan from the bank
collaboration with another firm
liquidation of securities owned by IPS
Compare the three financing options and estimate NPVs and IRRs from the costs and expected cash flows. Just include that in your analysis. Thanks again!"
This project will require you to determine the suitability of a candidate project using capital budgeting techniques based on time value of money, and taking care to distinguish between different forms of costs and revenues. You will determine the long-term capital requirements needed to support the organization and analyze different methods of financing.
Begin with "Step 1: Time Value of Money Calculations"
When you submit your project, your work will be evaluated using the competencies listed below. You can use the list below to self-check your work before submission.
3.1 Identify numerical or mathematical information that is relevant in a problem or situation.
3.2 Employ mathematical or statistical operations and data analysis techniques to arrive at a correct or optimal solution.
3.3 Analyze mathematical or statistical information, or the results of quantitative inquiry and manipulation of data.
3.4 Employ software applications and analytic tools to analyze, visualize, and present data to inform decision-making.
10.3 Determine optimal financial decisions in pursuit of an organization's goals.
10.4 Make strategic managerial decisions for obtaining capital required for achieving organizational goals.
When you submit your project, your work will be evaluated using the competencies listed below. You can use the li.
Essay Unit Plan. Online assignment writing service.Vickie Depasquale
The document provides instructions for a 5-step process for requesting and receiving an essay written by a writer on the HelpWriting.net site. The steps include creating an account, completing an order form with instructions and deadline, reviewing writer bids and choosing a writer, receiving the paper and authorizing payment or requesting revisions.
Advanced Project Management AssignmentThe purpose of this indi.docxnettletondevon
Advanced Project Management Assignment
The purpose of this individual assignment is to highlight both your theortical and practical knowledge of advances in project management. The assignment has three distinctive sections, which are linked to theory, practice and reflection (see Appendix A – Assignment Structure). Moreover, these sections are informed by the module learning outcomes (see Advanced Project Management handbook). In the theory section, the student is encouraged to undertake a critical literature review through the book chapters and papers that are identified in the workshops. Furthermore, students are expected to employ harvard style referencing. Reading around the topic areas is also encouraged for it demonstates scholarly initiative. In the practice section, findings and conceptual models from your group project work can be used, and also inform both the theortical and reflective sections of the assignment. The final section requires the student to reflect upon your theortical findings, and use of methodologies or methods during the group project work. Additionally, the student is expected to generate some lessons learnt which may lead to possible future project management learning and development actions. The style guide of the assignment is given in Applendix B, and marking scheme is given in Appendix C.
1.0 Theory Section
(Some possible ideas for guidance to each section (not every idea has to be covered))
· Limitations of the Traditional Approach to Project Management (15 marks)
· Characteristics of traditional project management;
· Identify relevant methods and tools associated with traditional project management;
· Connectivity with technical core (level 1 of Management of Projects);
· Symptoms (factors and measures) and causes of unsuccessful projects;
· Traditional life-cycle models and product creation;
· Factors and measures connected with efficiency;
· Doing the project right (‘the who’, ‘the how’);
· Emerging factors associated with project success;
· Projects as a given, hard systems thinking, analytical thinking;
· Instrumental image of project management, technical rationality, conditions for success;
· Role of the traditional project manager.
· Broader Factors, Besides the Technical Ones, to Enhance Project Performance (15 marks)
· Characteristics associated with strategic envelope (level 2 of Management of Projects);
· Connectivity of strategic envelope with the technical core;
· Projects as social processes, alternative process models to deal with problematic situations;
· Characteristics associated with complexity, uncertainty and problematic situations;
· Stakeholder and communication management;
· Factors and measures connected with effectiveness;
· Choosing the right project (‘the why’);
· Project front-ending, value creation, project strategy and business strategy;
· Project success factors;
· Value and benefits;
· Broadening the role of the project manager, reflective practitioner;
· Systems.
IB Business and Management (Standard Level)
All material taken from the IB Business and Management Textbook:
"Business and Management", Paul Hoang, IBID Press, Victoria, 2007
The International Accounting Standards Board (IASB) is responsible for developing International Financial Reporting Standards (IFRS) to be used by companies around the world. The IASB follows a due process to develop standards that involves publishing discussion papers, exposure drafts, and allowing public comments. Currently there are over 40 IFRS standards. Recent standards address revenue recognition and leases. The IASB headquarters is located in London and their mission is to develop global standards to enhance the quality and comparability of financial information.
How To Write A Conclusion Paragraph For Compare ABrandy Grant
Web-based communication has had a large impact on public attitudes and political policymaking. It allows people to access information from a variety of sources rather than relying solely on word-of-mouth or media outlets. While this distribution of information can empower citizens, it may also lead to the spread of one-sided partisan views within social media echo chambers. Younger generations are more likely to use social media for political information, influencing public views.
Having Trouble Writing College Essay. How To Write An Exemplification ...Rebecca Bordes
The document provides instructions for how to request and complete an assignment writing request through the HelpWriting.net website. It outlines a 5-step process: 1) Create an account; 2) Complete an order form with instructions and deadline; 3) Review bids from writers and select one; 4) Receive the completed paper; 5) Request revisions if needed and authorize payment upon satisfaction. The process aims to match students with qualified writers to help complete assignments while allowing for revisions until the student is fully satisfied with the end product.
004 Definitionsay Thesis Statement Examples TempShannon Joy
The document provides instructions for creating an account and submitting assignment requests on the HelpWriting.net website. It outlines a 5-step process: 1) Create an account with a password and email, 2) Complete a form with assignment details, sources, and deadline, 3) Review writer bids and qualifications and select a writer, 4) Review the completed paper and authorize payment, 5) Request revisions until satisfied. It notes the site uses a bidding system and promises original, high-quality work with refunds for plagiarism.
uestion 1 (1 point)What would be the value of a savings accoun.docxwillcoxjanay
uestion 1 (1 point)
What would be the value of a savings account started with $1840 , earning 2 percent (compounded annually) after 19 years?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 1 options:
Answer
Save
Question 2 (1 point)
Brenda Young desires to have $32850 saved after 11 years from now for her kid's college fund. If she will earn 8 percent (compounded annually) on her money, what amount should she deposit now?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 2 options:
Answer
Save
Question 3 (1 point)
What amount would you have if you deposited $7000 a year for 12 years at 5 percent (compounded annually)?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 3 options:
Answer
Save
Question 4 (2 points)
What would be the net annual cost of the following checking account?
· Monthly fee : $7.35
· Processing fee: $0.50 per check
· Checks written: Average of 72 a month
Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.
Your Answer:
Question 4 options:
Answer
Save
Question 5 (1 point)
A few years ago, Michael Tucker purchased a home for $122000. Today the home is worth $162000. His remaining mortgage balance is $60000.
Assuming Michael can borrow up to 62 percent of the market value of his home, what is the maximum amount he can borrow?
Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.
Your Answer:
Question 5 options:
Answer
Save
Question 6 (1 point)
Kim Lee is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works in a shoe store, earning a gross income of $1010 per month. Her employer deducts a total of $190 for taxes from her monthly pay. Kim also pays $70 on credit card debt each month. The loan she needs for chiropractic school will cost an additional $170 per month.
Calculate her debt payments-to-income ratio with college loan. Don't forget to convert your answer to a percentage.
Make sure to include zeros and the period in your answer.
Round your answer to 2 decimal places. i.e. 20.12, 31.89, 10.02, 8.09, etc.
Do not include the "%" sign in your answer.
Your Answer:
Question 6 options:
Answer
Save
Question 7 (1 point)
Kim Lee is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at hom ...
The Topic Sentence Is A Key Element To Writing On Topic.Toya Shamberger
Here are the key advantages and disadvantages of MAP (modified atmosphere packaging) for meat:
Advantages:
- Inhibits growth of harmful anaerobic bacteria through use of oxygen and carbon dioxide gases, extending shelf life.
- Maintains raw meat color for longer with oxygen.
- Produces a tight seal with meat which prevents collapse of packaging.
Disadvantages:
- High concentrations of carbon dioxide can impart an acidic taste to the meat.
- Gases like nitrogen have low solubility which does not inhibit bacteria as effectively as other gases.
- Oxidation of fat is possible with oxygen, potentially impacting flavor.
- Packaging introduces an additional material cost compared to traditional overwrap
BBA 2201, Principles of Accounting I 1 Course Learnin.docxtarifarmarie
BBA 2201, Principles of Accounting I 1
Course Learning Outcomes for Unit VIII
Upon completion of this unit, students should be able to:
1. Examine the accounting cycle.
2. Identify business transactions.
3. Generate inventory systems and costing methods.
4. Appraise the classes and transactions of liabilities.
4.1 Describe the three main characteristics of liabilities.
4.2 Explain why it is important to classify liabilities into short and long term.
6. Analyze financial statements to inform decision makers.
8. Compare International Financial Reporting Standards (IFRS) to Generally Accepted Accounting
Principles (GAAP).
Course/Unit
Learning Outcomes
Learning Activity
1 Final Exam
2 Final Exam
3 Final Exam
4
Unit Lesson
Chapter 11
Chapter 14
4.1
Unit Lesson
Chapter 11
Chapter 14
Unit VIII Essay
4.2
Unit Lesson
Chapter 11
Chapter 14
Unit VIII Essay
6 Final Exam
7 Final Exam
8 Final Exam
Reading Assignment
Chapter 11: Current Liabilities and Payroll
Chapter 14: Long-Term Liabilities
UNIT VIII STUDY GUIDE
Liabilities
BBA 2201, Principles of Accounting I 2
UNIT x STUDY GUIDE
Title
Unit Lesson
Liabilities
In the accounting equation, assets = liabilities + equity, we can see that there are two claims to the assets of a
business—creditors and owners. The accounting equation can also be written as: assets – liabilities = equity.
In this equation, we can see that the liabilities of a business require the use of assets to satisfy the amount
owed.
A liability is an amount owed to lenders, suppliers, or government agencies and requires the use of assets or
future revenues to satisfy the debt. There are two categories of liabilities—current and long term. A current
liability is the amount owed that must be paid within one year or within the company’s operating cycle,
whichever is longer (Miller-Nobles, Mattison, & Matsumura, 2018).
The most common current liability is accounts payable. An account payable is an amount due a vendor or
supplies for products, supplies or services (Miller-Nobles et al., 2018). Retail businesses will also have sales
tax payable. Sales tax payable is the amount of sales tax collected by the retailer that must be remitted to the
tax agencies (Miller-Nobles et al., 2018). Because the accounts payable and sales tax payable are due within
one year (generally due within 30 days) they are a current liability.
Some businesses will receive cash payments in advance of providing a service, which is referred to as
unearned revenue (or deferred revenue). Many gyms and fitness centers will have deferred revenue. If you
have ever paid for a year’s membership at the beginning of the year to receive a discount, then you were
involved in a transaction with unearned revenue. The gym does not earn the revenue until they have provided
you with the monthly membership.
For example: If you were to purchase a one year.
Fin 401 Inspiring Innovation--tutorialrank.comPrescottLunt400
For more course tutorials visit
www.tutorialrank.com
By monday, February 23, 2015 solve the problem below, calculate the ratios, interpret the results against the industry average, and fill in the table on the worksheet. Then, provide an analysis of how those results can be used by the business to improve its performance.
Balance Sheet as of December 31, 2010
Gary and Company
The document discusses how DHL uses various computer systems to manage its global logistics operations on a daily basis. It highlights the benefits these systems provide, such as improved efficiency, but also notes potential drawbacks like limitations that need to be addressed. The report also examines how employee work environments and productivity can be affected by technology use.
This document summarizes three texts that discuss inequality and oppression: The Second Sex by Simone de Beauvoir, The Death of the Profane by Frantz Fanon, and Killing Rage by bell hooks. The Second Sex focuses on the oppression of women and their role as "other" compared to men. The Death of the Profane and Killing Rage describe the experiences of racism faced by Black people. Together these texts examine how oppression and inequality are related, with oppression defined as unjust treatment and inequality as a lack of equal status or rights.
The document provides instructions for ordering assignment writing help from HelpWriting.net. There is a 5-step process: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Writers will bid on the request and the customer chooses a writer. 4) The customer reviews the paper and pays upon approval. 5) Customers can request revisions to ensure satisfaction, and HelpWriting offers refunds for plagiarized work.
The existing business environment is very turbulent so corporate houses find it very difficult in managing their financial statement. In such scenario, financial management plays significant role for the companies for managing and organizing their financial data and
statements. In the following study different financial tools and techniques will be applied on the London Woods company to analyze its financial performance which will help it in decision making.
This document contains discussion questions and assignments for an accounting course divided into weekly modules. It covers topics like the accounting equation, debits and credits, financial statements, inventory costing methods, depreciation, ratios, and recommends completing a final paper analyzing the financial statements of a public company. The document provides resources and deadlines for the coursework.
The document discusses the advantages and disadvantages of division of labor. It notes that division of labor improves manufacturing and labor productivity by allowing specialization. However, it can also lead to worker exploitation, health effects from repetitive tasks, and uninspiring work. While corporations benefit from increased surplus value, the benefits for workers may not be significant due to these downsides. The document argues both sides of whether the advantages of division of labor outweigh the disadvantages for workers.
ORG423 Portfolio Project Final Paper Requirements 1. L.docxgerardkortney
ORG423 Portfolio Project
Final Paper Requirements
1. Length: The final paper must be 1000 words minimum
2. Structure: The paper will adhere to all APA requirements and include the following elements:
I. Title Page
II. Executive Summary (1 page / 300 words maximum length)
III. Introduction
IV. Content
a. Prioritized Skill List: Include a table showing your skills sorted in order of highest
score to lowest score. Include the key for your score rating. I recommend that you
do this in Excel and copy the table to Word. Use the following information to
prepare this table:
Score Capability Area
Ethos/Image
Audience Analysis and Strategy
Social Media and Other Written Communication
Oral Communication
Visual Communication
Dealing with Own Feelings
Dealing with Others
Cultural Communication Competence
Group and Team Communication and Dynamics
Organizational Communication
Internal Communication
External Communication
KEY
1 = Need lots of work in this area
2 = Need some work in this area
3 = Acceptable, but could be stronger
4 = Very good abilities, close to leadership communication level
5 = Excellent abilities, leadership communication level achieved
twarrington
CSUG - Copyright Stamp
b. Strengths Discussion: One or two narrative paragraphs describing what you consider
to be your communication strengths. Use the results from the Checklist and the skill
areas from the Prioritized Skill table as the basis for your discussion. Include specific
examples of the results you have achieved using these skills in your personal and
professional life.
c. Weakness Discussion: One or two narrative paragraphs describing what you
consider to be your communication weaknesses. Use the results from the Checklist
and the skill areas from the Prioritized Skill table as the basis for your discussion.
Include specific examples of the consequences you have encountered as a result of
a lack of these skills in your personal and professional life.
d. Goals, Programs, and Targets: For each skill area that you rated a 1 or a 2, prepare a
goal, program, and target. A goal is a statement of a skills-based outcome that you
want to achieve, a program is the description of the action steps that you will
undertake to achieve the outcome, and a target is a numerical measure of the
success of the effort and a date by which the program will be complete. Here is an
example:
Goal 1: Develop better oral communication skills when delivering impromptu
and extemporaneous presentations.
Program 1: Participate in 26 Toastmaster sessions for impromptu and
extemporaneous presentations over the next 14 months. Actively solicit
feedback from fellow members concerning areas for improvement, and change
my behaviors based on this feedback.
Target 1: By June 30, 2012, all of the feedback received from fellow members of
Toastmaster’s will note only positive comments and will n.
Here are a few key points about infant bonding:
- Bonding with an infant in the early stages of development is important for the child's social and emotional well-being. It helps the baby feel safe, secure, and able to form healthy attachments.
- However, bonding does not always happen instantly or naturally for some mothers and babies due to medical or mental health issues. Things like a NICU stay, postpartum depression, or a difficult delivery can make immediate bonding challenging.
- Even if bonding is difficult at first due to outside factors, it is still possible to form a strong attachment with time, care, and consistency. Having family support can help the mother-baby bond develop when medical issues interfere with
Essay Topics On The Aztecs. Online assignment writing service.Taina Myers
The document provides instructions for creating an account, submitting an assignment request, and receiving writing help on the HelpWriting.net site. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a 10-minute order form with instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Receive the paper and authorize payment if pleased. 5) Request revisions until satisfied, with a refund option for plagiarism.
1 of 5 S116 ACT301 Accounting Theory and Contemporary Is.docxhoney725342
This document provides instructions for an accounting assessment. It outlines:
1) The task which is a critical analysis of an accounting question and cases.
2) Formatting requirements for submitting the assessment such as font size and page numbering.
3) Requirements around word count and acceptable sources to reference.
4) Warnings against plagiarism and instructions on submitting and retaining a copy of the assessment.
1 Question Information refinement means taking the system requi.docxmercysuttle
1
Question: Information refinement means taking the system requirements you find during requirements determination and ordering them into tables, diagrams, and other formats that make them easier to translate into technical system specifications.
A
True
B
False
2
Question: Agile Methodologies focus on the roles that people perform.
A
True
B
False
3
Question: In the ____, like that shown in the accompanying figure, the result of each phase, which is called a deliverable or end product, flows sequentially into the next phase in the SDLC.
A
Interactive model
B
Requirements model
C
Waterfall model
D
Object model
4
Question: The goal of operational feasibility is to understand the degree to which a proposed system will likely solve the business problems or take advantage of opportunities.
A
True
B
False
5
Question: Which of the following focuses on the frequent production of working versions of a system that have a subset of the total number of required features?
A
Use-case modeling
B
Limited production
C
Structured analysis
D
Structured programming
E
Iterative development
6
Question: Component focusing allows the systems analyst to break a system into small, manageable, and understandable subsystems.
A
True
B
False
7
Question: Greater user involvement in the system development process usually results in ____.
A
Poorer communication
B
More satisfied users
C
Slower development times
D
Both b and c
8
Question: Agile approaches work best when the system being developed operates in a stable environment.
A
True
B
False
9
Question: Dependence of one part of the system on one or more other system parts best describes
A
Interrelated components
B
Component
C
Dependency
D
Cohesion
E
Boundary
10
Question: A systems development technique is the series of steps used to mark the phases of development for an information system.
A
True
B
False
11
Question: Analyzing an organization's activities to determine where value is added to products and/or services and the costs incurred best describes
A
Affinity clustering
B
Value chain analysis
C
Resource availability
D
Business process reengineering
E
Technical difficulty
12
Question: A ____ path includes all tasks that are vital to the project schedule.
A
Vital
B
Baseline
C
Critical
D
Foundational
13
Question: Referencing enterprise solutions, the difference between the modules and traditional approaches is that the modules are integrated to focus on the business functional areas, rather than on business processes.
A
True
B
False
14
Question: The document sent to vendors asking them to propose hardware and software that will meet the requirements of your new system is called a
A
Requirements statement
B
Systems service request
C
Baseline Project Plan
D
Business case
E
Request for proposal (RFP)
15
Question: The first step in creating a WBS is to ____.
A
Mark all recognizable events
B
Determine ...
1 pageApaSourcesDiscuss how an organization’s marketing i.docxmercysuttle
1 page
Apa
Sources:
Discuss how an organization’s marketing information skills and resources contribute to its distinctive capabilities
Refereence
Cravens, D., & Piercy, N. (2013). Strategic marketing (10th ed.). New York: McGraw-Hill.
1 page
A
pa
S
ources:
Discuss how an organization’s marketing information skills and resources contribute to its distinctive
capabilitie
s
Refereence
Cravens, D., & Piercy, N. (2013). Strategic marketing (10th ed.). New York: McGraw
-
Hill
.
...
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uestion 1 (1 point)What would be the value of a savings accoun.docxwillcoxjanay
uestion 1 (1 point)
What would be the value of a savings account started with $1840 , earning 2 percent (compounded annually) after 19 years?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 1 options:
Answer
Save
Question 2 (1 point)
Brenda Young desires to have $32850 saved after 11 years from now for her kid's college fund. If she will earn 8 percent (compounded annually) on her money, what amount should she deposit now?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 2 options:
Answer
Save
Question 3 (1 point)
What amount would you have if you deposited $7000 a year for 12 years at 5 percent (compounded annually)?
Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)
Your Answer:
Question 3 options:
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Question 4 (2 points)
What would be the net annual cost of the following checking account?
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· Processing fee: $0.50 per check
· Checks written: Average of 72 a month
Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.
Your Answer:
Question 4 options:
Answer
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A few years ago, Michael Tucker purchased a home for $122000. Today the home is worth $162000. His remaining mortgage balance is $60000.
Assuming Michael can borrow up to 62 percent of the market value of his home, what is the maximum amount he can borrow?
Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.
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Question 5 options:
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Kim Lee is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works in a shoe store, earning a gross income of $1010 per month. Her employer deducts a total of $190 for taxes from her monthly pay. Kim also pays $70 on credit card debt each month. The loan she needs for chiropractic school will cost an additional $170 per month.
Calculate her debt payments-to-income ratio with college loan. Don't forget to convert your answer to a percentage.
Make sure to include zeros and the period in your answer.
Round your answer to 2 decimal places. i.e. 20.12, 31.89, 10.02, 8.09, etc.
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Here are the key advantages and disadvantages of MAP (modified atmosphere packaging) for meat:
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Disadvantages:
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- Packaging introduces an additional material cost compared to traditional overwrap
BBA 2201, Principles of Accounting I 1 Course Learnin.docxtarifarmarie
BBA 2201, Principles of Accounting I 1
Course Learning Outcomes for Unit VIII
Upon completion of this unit, students should be able to:
1. Examine the accounting cycle.
2. Identify business transactions.
3. Generate inventory systems and costing methods.
4. Appraise the classes and transactions of liabilities.
4.1 Describe the three main characteristics of liabilities.
4.2 Explain why it is important to classify liabilities into short and long term.
6. Analyze financial statements to inform decision makers.
8. Compare International Financial Reporting Standards (IFRS) to Generally Accepted Accounting
Principles (GAAP).
Course/Unit
Learning Outcomes
Learning Activity
1 Final Exam
2 Final Exam
3 Final Exam
4
Unit Lesson
Chapter 11
Chapter 14
4.1
Unit Lesson
Chapter 11
Chapter 14
Unit VIII Essay
4.2
Unit Lesson
Chapter 11
Chapter 14
Unit VIII Essay
6 Final Exam
7 Final Exam
8 Final Exam
Reading Assignment
Chapter 11: Current Liabilities and Payroll
Chapter 14: Long-Term Liabilities
UNIT VIII STUDY GUIDE
Liabilities
BBA 2201, Principles of Accounting I 2
UNIT x STUDY GUIDE
Title
Unit Lesson
Liabilities
In the accounting equation, assets = liabilities + equity, we can see that there are two claims to the assets of a
business—creditors and owners. The accounting equation can also be written as: assets – liabilities = equity.
In this equation, we can see that the liabilities of a business require the use of assets to satisfy the amount
owed.
A liability is an amount owed to lenders, suppliers, or government agencies and requires the use of assets or
future revenues to satisfy the debt. There are two categories of liabilities—current and long term. A current
liability is the amount owed that must be paid within one year or within the company’s operating cycle,
whichever is longer (Miller-Nobles, Mattison, & Matsumura, 2018).
The most common current liability is accounts payable. An account payable is an amount due a vendor or
supplies for products, supplies or services (Miller-Nobles et al., 2018). Retail businesses will also have sales
tax payable. Sales tax payable is the amount of sales tax collected by the retailer that must be remitted to the
tax agencies (Miller-Nobles et al., 2018). Because the accounts payable and sales tax payable are due within
one year (generally due within 30 days) they are a current liability.
Some businesses will receive cash payments in advance of providing a service, which is referred to as
unearned revenue (or deferred revenue). Many gyms and fitness centers will have deferred revenue. If you
have ever paid for a year’s membership at the beginning of the year to receive a discount, then you were
involved in a transaction with unearned revenue. The gym does not earn the revenue until they have provided
you with the monthly membership.
For example: If you were to purchase a one year.
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By monday, February 23, 2015 solve the problem below, calculate the ratios, interpret the results against the industry average, and fill in the table on the worksheet. Then, provide an analysis of how those results can be used by the business to improve its performance.
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This document contains discussion questions and assignments for an accounting course divided into weekly modules. It covers topics like the accounting equation, debits and credits, financial statements, inventory costing methods, depreciation, ratios, and recommends completing a final paper analyzing the financial statements of a public company. The document provides resources and deadlines for the coursework.
The document discusses the advantages and disadvantages of division of labor. It notes that division of labor improves manufacturing and labor productivity by allowing specialization. However, it can also lead to worker exploitation, health effects from repetitive tasks, and uninspiring work. While corporations benefit from increased surplus value, the benefits for workers may not be significant due to these downsides. The document argues both sides of whether the advantages of division of labor outweigh the disadvantages for workers.
ORG423 Portfolio Project Final Paper Requirements 1. L.docxgerardkortney
ORG423 Portfolio Project
Final Paper Requirements
1. Length: The final paper must be 1000 words minimum
2. Structure: The paper will adhere to all APA requirements and include the following elements:
I. Title Page
II. Executive Summary (1 page / 300 words maximum length)
III. Introduction
IV. Content
a. Prioritized Skill List: Include a table showing your skills sorted in order of highest
score to lowest score. Include the key for your score rating. I recommend that you
do this in Excel and copy the table to Word. Use the following information to
prepare this table:
Score Capability Area
Ethos/Image
Audience Analysis and Strategy
Social Media and Other Written Communication
Oral Communication
Visual Communication
Dealing with Own Feelings
Dealing with Others
Cultural Communication Competence
Group and Team Communication and Dynamics
Organizational Communication
Internal Communication
External Communication
KEY
1 = Need lots of work in this area
2 = Need some work in this area
3 = Acceptable, but could be stronger
4 = Very good abilities, close to leadership communication level
5 = Excellent abilities, leadership communication level achieved
twarrington
CSUG - Copyright Stamp
b. Strengths Discussion: One or two narrative paragraphs describing what you consider
to be your communication strengths. Use the results from the Checklist and the skill
areas from the Prioritized Skill table as the basis for your discussion. Include specific
examples of the results you have achieved using these skills in your personal and
professional life.
c. Weakness Discussion: One or two narrative paragraphs describing what you
consider to be your communication weaknesses. Use the results from the Checklist
and the skill areas from the Prioritized Skill table as the basis for your discussion.
Include specific examples of the consequences you have encountered as a result of
a lack of these skills in your personal and professional life.
d. Goals, Programs, and Targets: For each skill area that you rated a 1 or a 2, prepare a
goal, program, and target. A goal is a statement of a skills-based outcome that you
want to achieve, a program is the description of the action steps that you will
undertake to achieve the outcome, and a target is a numerical measure of the
success of the effort and a date by which the program will be complete. Here is an
example:
Goal 1: Develop better oral communication skills when delivering impromptu
and extemporaneous presentations.
Program 1: Participate in 26 Toastmaster sessions for impromptu and
extemporaneous presentations over the next 14 months. Actively solicit
feedback from fellow members concerning areas for improvement, and change
my behaviors based on this feedback.
Target 1: By June 30, 2012, all of the feedback received from fellow members of
Toastmaster’s will note only positive comments and will n.
Here are a few key points about infant bonding:
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This document provides instructions for an accounting assessment. It outlines:
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4) Warnings against plagiarism and instructions on submitting and retaining a copy of the assessment.
Similar to 1 Assessment Task – Tutorial Questions Assignment 1 .docx (20)
1 Question Information refinement means taking the system requi.docxmercysuttle
1
Question: Information refinement means taking the system requirements you find during requirements determination and ordering them into tables, diagrams, and other formats that make them easier to translate into technical system specifications.
A
True
B
False
2
Question: Agile Methodologies focus on the roles that people perform.
A
True
B
False
3
Question: In the ____, like that shown in the accompanying figure, the result of each phase, which is called a deliverable or end product, flows sequentially into the next phase in the SDLC.
A
Interactive model
B
Requirements model
C
Waterfall model
D
Object model
4
Question: The goal of operational feasibility is to understand the degree to which a proposed system will likely solve the business problems or take advantage of opportunities.
A
True
B
False
5
Question: Which of the following focuses on the frequent production of working versions of a system that have a subset of the total number of required features?
A
Use-case modeling
B
Limited production
C
Structured analysis
D
Structured programming
E
Iterative development
6
Question: Component focusing allows the systems analyst to break a system into small, manageable, and understandable subsystems.
A
True
B
False
7
Question: Greater user involvement in the system development process usually results in ____.
A
Poorer communication
B
More satisfied users
C
Slower development times
D
Both b and c
8
Question: Agile approaches work best when the system being developed operates in a stable environment.
A
True
B
False
9
Question: Dependence of one part of the system on one or more other system parts best describes
A
Interrelated components
B
Component
C
Dependency
D
Cohesion
E
Boundary
10
Question: A systems development technique is the series of steps used to mark the phases of development for an information system.
A
True
B
False
11
Question: Analyzing an organization's activities to determine where value is added to products and/or services and the costs incurred best describes
A
Affinity clustering
B
Value chain analysis
C
Resource availability
D
Business process reengineering
E
Technical difficulty
12
Question: A ____ path includes all tasks that are vital to the project schedule.
A
Vital
B
Baseline
C
Critical
D
Foundational
13
Question: Referencing enterprise solutions, the difference between the modules and traditional approaches is that the modules are integrated to focus on the business functional areas, rather than on business processes.
A
True
B
False
14
Question: The document sent to vendors asking them to propose hardware and software that will meet the requirements of your new system is called a
A
Requirements statement
B
Systems service request
C
Baseline Project Plan
D
Business case
E
Request for proposal (RFP)
15
Question: The first step in creating a WBS is to ____.
A
Mark all recognizable events
B
Determine ...
1 pageApaSourcesDiscuss how an organization’s marketing i.docxmercysuttle
1 page
Apa
Sources:
Discuss how an organization’s marketing information skills and resources contribute to its distinctive capabilities
Refereence
Cravens, D., & Piercy, N. (2013). Strategic marketing (10th ed.). New York: McGraw-Hill.
1 page
A
pa
S
ources:
Discuss how an organization’s marketing information skills and resources contribute to its distinctive
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s
Refereence
Cravens, D., & Piercy, N. (2013). Strategic marketing (10th ed.). New York: McGraw
-
Hill
.
...
1
R1
20
V1
1Vac
0Vdc R2
100
V
C1
3m
ECE2280 Homework #1
1. (a) Find 𝑉!/𝑉!
(b) Find the Thevenin equivalent between terminals a-b.
Assume that Vg is the input signal. Find the Thevenin equivalent between terminals a-b.
2. Use the solution from Problem 1.
(a)If Vg=2V DC, what is the output at Vo?
(b)If Vg=5V DC, what is the output at Vo?
(c)If Vg=sin(10t), what is the output at Vo? Make a rough sketch of Vo and Vg.
(d) Note that this is an amplifier – the output is linearly related to the input by a gain value. Mathematically, this is
expressed as:
𝑉𝑜𝑢𝑡
𝑉𝑖𝑛
= (𝑔𝑎𝑖𝑛)
For this circuit, what variable is Vout and Vin. What is the numerical gain value?
3. Sketch the following waveforms. Identify the dc component of the waveform and the ac component of the
waveform.
a. Vs=10cos(2πt)
b. Vs=3V+3cos(3t)
c. Vs=5V±0.5V
4. Explain in your own words the procedural steps for plotting Bode Plots. (Note: I would prepare this question for use
during an exam)
Use the following figure for Problems 5-10:
5. Derive the transfer function 𝐻 𝑠 =
!!
!!
by hand.
6 and 7. Use Multisim to draw the circuit and print it out.
8. Simulate the circuit in Mulitsim to obtain the Bode Plots for the circuit.
9. Use MATLAB and the result of the hand derivation to obtain the Bode Plots.
10. Sketch the straight-line approximation of the magnitude Bode plot on the same graph as that printed out in Problem 9.
Note that Multisim plots the results over frequency and the derived transfer function uses 𝜔.
+ _
10Ω
8v1
+
_
a
b
2v2
40Ω
+
v1
-
5Ω 40Ω
20Ω
6Ω
10Ω _
v2
+
Sales and Disposal of Assets
After reviewing the scenario, explain the impact that the adjusted basis has on the calculation of tax liability, and propose at least two (2) tax-planning strategies for reducing, eliminating, or deferring the payment of capital gains taxes. Also, discuss other alternatives aimed at optimizing deductions or reducing taxes, such as selling the property to an unrelated third party which, in turn, allows losses to be deductible expenses.
Imagine that you are a tax consultant and a client needs your advice on how to reduce his tax liability on the sale of depreciable assets that have not been fully depreciated. The client has identified three (3) long-term depreciable assets and assumes that he will be able to pay capital gains taxes on the profit from their sale. It would be to your client’s advantage to treat a taxable gain as long-term capital gain to which lower rates apply and a loss is categorized as an ordinary loss, which can offset ordinary loss, which can offset ordinary income. Discuss the treatment of gains and losses for Section 1231 and Section 1245 of the Internal Revenue Code, and recommend at least three (3) tax-planning strategies that would assist the client in reducing his tax liability. Provide support for you
1
PSYC 499: Senior Capstone
The Impact of the Social on the Individual
Class Syllabus
Spring/2020
Class Cycle: Monday - Sunday
Instructor: Tara West
Contact Information: [email protected]
Office Hours: Mondays, 2pm – 3pm (or by appointment)
NOTE: When emailing, please include your name and class in the subject line
Course Materials:
• Lesko, W.A. (2012). Readings in social psychology: General, classic, and contemporary
selections (8th ed.). New York, NY: Pearson. ISBN: 978-0-205-17967. (Required)
• American Psychological Association (2019). Concise Rules of APA Style (7th ed.).
Washington, DC: American Psychological Association. ISBN: 978-1433832178.
(Recommended)
Type of Course: Required
Field of Study: Psychology
Credits: 3 credits, undergraduate
Pre-requisites:
Completion of all required courses (Level 2 and Level 3) and permission.
Course Description:
All students will complete a senior research project under the direction of a faculty mentor, with a
topic within the track in which the student has completed at least three courses. This capstone
project will build upon work done in previous courses, allowing students to apply methods of
scholarly and/or action research to specific psychological issues. Projects may be completed in
small research groups or individually.
Course Summary:
This capstone project will build upon work completed in previous courses, allowing students to
apply methods of scholarly and/or action research to the field of Social Psychology, specifically the
impact of the social world on individuals.
Course Goals:
The objectives for this course include: gaining a theoretical knowledge base about the interplay
between individuals and their environments, gaining first-hand experience with the many steps
involved with research, the interpretation of research, and the presentation of research, using APA
formatting. Likewise, you will increase your familiarity with reading (and finding) primary sources.
Although only a few of you may pursue careers as researchers, all of you are consumers of research.
As such, a major goal for this course is to develop your capacity to critically think about, evaluate,
and critique the scientific evidence that is often presented in journal articles, newspapers,
magazines, and on television.
2
Learning Objectives/ Outcomes:
o Students should be able to:
• Conduct a review of research in a specific area of Psychology.
• Understand the strengths and weaknesses of scientific research.
• Interpret and generalize appropriately from research results.
• Evaluate the appropriateness of conclusions derived from psychological research.
• Use the concepts, language, and major theories of the discipline to account for
psychological phenomena in the context of social psychology.
• Use reasoning to recognize, develop, defend, and criticize arguments.
• Articulate how psycholo ...
1 Politicking is less likely in organizations that have· adecl.docxmercysuttle
1 Politicking is less likely in organizations that have
·
adeclining resources
·
high role ambiguity
·
clear performance appraisal systems
·
democratic decision making
2 In convergent periods, the role of executive management is to
·
develop new strategies for the problems at hand
·
shift middle managers to promote new views
·
reemphasize the mission and core values
·
challenge middle managers to reinvent their departments
3 Periods of convergence are those in which an organization
·
is in turmoil
·
seeks to improve its situation with relatively minor changes
·
must downsize to conserve resources
·
employs new strategies to advance the organization
4 Transformational change in an organization
·
is always necessary to some degree
·
is best delivered by a top-down plan
·
has no defined formula
·
is best delivered by a bottom-up plan
5 A person likely to participate in political behavior
·
believes he or she has little influence
·
has a desire for power
·
is a social nonconformist
·
is insensitive to social cues
6 To keep a strategy in focus, effective managers employ
·
rigid implementation
·
piecemeal implementation
·
simple goals
·
central themes
7 An influence tactic that relies on rank and enforcement of group goals is
·
legitimacy
·
coalitions
·
pressure
·
personal appeals
8 During organizational change, employee–management interfaces such as workshops and retreats
·
initiate
·
distract the participants from the real issues
·
help employees overcome downsizing issues
·
solve communication problems relatively short-term periods of high-energy action
9 Buck passing and scapegoating when politics is seen as a threat are forms of
·
defensive behaviors
·
offensive behaviors
·
suppression
·
aggression
10 A primary goal of politics in the workplace is to
·
exclude undesirable peers
·
form alliances
·
promote organizational goals
·
secure limited resources
11 Political behavior in the workplace
·
works only in an upward or lateral influence direction
·
attempts to influence decision making
·
is unlikely in a well-run organization
·
works only in a lateral influence direction
12 Impression management sends _____ messages that may be _____ under other circumstances.
·
false, true
·
ethical, unethical
·
true, false
·
convincing, unconvincing
13 The formulation and implementation of a strategy
·
are separate and sequential processes
·
must be completely defined before action is taken
·
are ongoing events within an organization
·
follow strict, unalterable guidelines
14 Surveys of seasoned managers reveal they believe politics in the workplace is
·
always unethical
·
part of some job requirements
·
a major part of organizational life
·
ineffective
15 With downward influence, power tactics preferred by U.S. managers include
·
personal appeals
·
inspirational appeals
·
coalitions
·
influence
16 Hard power tactics best influence those with which following characteristic?
·
High se ...
1 page2 sourcesReflect on the important performance management.docxmercysuttle
1 page
2 sources
Reflect on the important performance management theories and practices covered during the past six weeks. Describe one key point that you will apply to the work environment immediately. Highlight the specific course learning outcome(s) that relate(s) to this important takeaway. Also, mention the specific reading materials and/or theories that you found to be most applicable.
Required Text
Pulakos, E.D. (2009). Performance management: A new approach for driving business results. (1st ed.). West Sussex, United Kingdom: Wiley-Blackwell. ISBN: 9781405177610.
Chapter 9: Conclusion
Required References
de Leeuw, S., van den Berg, P (2011). Improving operational performance by influencing shopfloor behavior via performance management practices. Journal of Operations Management, 29, 3, 224-233. (Retrieved from http://www.isihome.ir/freearticle/ISIHome.ir-21006.pdf)
Fulmer, R.M., Stumpf, S.A. & Bleak, J. (2009). The strategic development of high potential leaders. Strategy & Leadership, 37(3), 17-22. (Retrieved from ProQuest).
Recommended References
Turnbull, H., Greenwood, R., Tworoger, L., & Golden, C. (2009). Diversity and inclusion in organizations: Developing an instrument for identification of skill deficiencies. Allied Academies International Conference. Academy of Organizational Culture, Communications and Conflict. Proceedings, 14(1), 28-33(Retrieved from ProQuest).
PLEASE HAVE THESE PARAGRAPH REWORDED IN YOUR OWN WORDS.
PLEASE DO NOT USE THE SAME WORDS AS IN THE PARAGRAPH.
· 1-According to chapter 8, a team is small number of people with similar skills who are committed to one ambition, performance goals, and pursuit for which they hold themselves accountable. In the other hand, a group is two or more people freely interacting who share norms and goals and have a common identity. The size of a group is limited by the potential for mutual interaction and mutual awareness. I was part of team during my military service, which I agree with the chapter that a team is more than just a group, because all my team members worked together towards a common goal and we all share responsibility for the team's success. The team I was part of was a 'fire team' that is a small military subunit of infantry designed to optimize bounding over watch, and fire and movement tactical within a hostile urban environment
·
· 2-At work, I am currently assigned to a group of customer service. This group or department consists of 12 employees, which all members have a shared knowledge of the group's objectives, but specific responsibilities are assigned to each of us. The purpose or objectives of our group is to troubleshoot technical problems, provide excellent customer support service, and address solutions to customers. The main factor of our group success is due to the manager in control of the group who also coordinate our individuals efforts. I would not change anything in my group, but I would add weekly meetings to see the end result ...
1 of 402.5 PointsUse Cramer’s Rule to solve the following syst.docxmercysuttle
1 of 40
2.5 Points
Use Cramer’s Rule to solve the following system.
x + 2y = 3
3x - 4y = 4
A. {(3, 1/5)}
B. {(5, 1/3)}
C. {(1, 1/2)}
D. {(2, 1/2)}
2 of 40
2.5 Points
Solve the following system of equations using matrices. Use Gaussian elimination with back substitution or Gauss-Jordan elimination.
x + y - z = -2
2x - y + z = 5
-x + 2y + 2z = 1
A. {(0, -1, -2)}
B. {(2, 0, 2)}
C. {(1, -1, 2)}
D. {(4, -1, 3)}
3 of 40
2.5 Points
Use Cramer’s Rule to solve the following system.
2x = 3y + 2
5x = 51 - 4y
A. {(8, 2)}
B. {(3, -4)}
C. {(2, 5)}
D. {(7, 4)}
4 of 40
2.5 Points
Use Cramer’s Rule to solve the following system.
4x - 5y = 17
2x + 3y = 3
A. {(3, -1)}
B. {(2, -1)}
C. {(3, -7)}
D. {(2, 0)}
5 of 40
2.5 Points
Use Cramer’s Rule to solve the following system.
4x - 5y - 6z = -1
x - 2y - 5z = -12
2x - y = 7
A. {(2, -3, 4)}
B. {(5, -7, 4)}
C. {(3, -3, 3)}
D. {(1, -3, 5)}
6 of 40
2.5 Points
Use Cramer’s Rule to solve the following system.
3x - 4y = 4
2x + 2y = 12
A. {(3, 1)}
B. {(4, 2)}
C. {(5, 1)}
D. {(2, 1)}
Reset Selection
7 of 40
2.5 Points
Use Cramer’s Rule to solve the following system.
x + y + z = 0
2x - y + z = -1
-x + 3y - z = -8
A. {(-1, -3, 7)}
B. {(-6, -2, 4)}
C. {(-5, -2, 7)}
D. {(-4, -1, 7)}
8 of 40
2.5 Points
Solve the following system of equations using matrices. Use Gaussian elimination with back substitution or Gauss-Jordan elimination.
3x1 + 5x2 - 8x3 + 5x4 = -8
x1 + 2x2 - 3x3 + x4 = -7
2x1 + 3x2 - 7x3 + 3x4 = -11
4x1 + 8x2 - 10x3+ 7x4 = -10
A. {(1, -5, 3, 4)}
B. {(2, -1, 3, 5)}
C. {(1, 2, 3, 3)}
D. {(2, -2, 3, 4)}
9 of 40
2.5 Points
Solve the following system of equations using matrices. Use Gaussian elimination with back substitution or Gauss-Jordan elimination.
x + y + z = 4
x - y - z = 0
x - y + z = 2
A. {(3, 1, 0)}
B. {(2, 1, 1)}
C. {(4, 2, 1)}
D. {(2, 1, 0)}
10 of 40
2.5 Points
Solve the system using the inverse that is given for the coefficient matrix.
2x + 6y + 6z = 8
2x + 7y + 6z =10
2x + 7y + 7z = 9
The inverse of:
2
2
2
6
7
7
6
6
7
is
7/2
-1
0
0
1
-1
-3
0
1
A. {(1, 2, -1)}
B. {(2, 1, -1)}
C. {(1, 2, 0)}
D. {(1, 3, -1)}
Reset Selection
11 of 40
2.5 Points
Use Gaussian elimination to find the complete solution to the following system of equations, or show that none exists.
2w + x - y = 3
w - 3x + 2y = -4
3w + x - 3y + z = 1
w + 2x - 4y - z = -2
A. {(1, 3, 2, 1)}
B. {(1, 4, 3, -1)}
C. {(1, 5, 1, 1)}
D. {(-1, 2, -2, 1)}
12 of 40
2.5 Points
Use Cramer’s Rule to solve the following system.
x + y = 7
x - y = 3
A. {(7, 2)}
B. {(8, -2)}
C. {(5, 2)}
D. {(9, 3)}
13 of 40
2.5 Points
Use Gaussian elimination to find the complete solution to each system.
x1 + 4x2 + 3x3 - 6x4 = 5
x1 + 3x2 + x3 - 4x4 = 3
2x1 + 8x2 + 7x3 - 5x4 = 11
2x1 + 5x2 - 6x4 = 4
A. {(-47t + 4, 12t, 7t + 1, t)}
B. {(-37t + 2, 16t, -7t + 1, t)}
...
1 of 6 LAB 5 IMAGE FILTERING ECE180 Introduction to.docxmercysuttle
1 of 6
LAB 5: IMAGE FILTERING
ECE180: Introduction to Signal Processing
OVERVIEW
You have recently learned about the convolution sum that serves as the basis of the FIR filter difference equation. The filter
coefficient sequence {𝑏𝑘} – equivalent to the filter’s impulse response ℎ[𝑛] – may be viewed as a one-dimensional moving
window that slides over the input signal 𝑥[𝑛] to compute the output signal 𝑦[𝑛] at each time step. Extending the moving
window concept to a 2-D array that slides over an image pixel array provides a useful and popular way to filter an image.
In this lab project you will implement two types of moving-window image filters, one based on convolution and the other
based on the median value of the pixel grayscale values spanned by the window. You will also gain experience with the
built-in image convolution filter imfilter.
OUTLINE
1. Develop and test a 33 median filter
2. Develop and test a 33 convolution filter
3. Evaluate the median and convolution filters to reduce noise while preserving edges
4. Study the behavior of various 33 convolution filter kernels for smoothing, edge detection, and sharpening
5. Learn how to use imfilter to convolution-filter color images, and study the various mechanisms offered by
imfilter to deal with boundary effects
PREPARATION – TO BE COMPLETED BEFORE LAB
Study these tutorial videos:
1. Nested “for” loops -- http://youtu.be/q2xfz8mOuSI?t=1m8s (review this part)
2. Functions -- http://youtu.be/0zTmMIh6I8A (review as needed)
Ensure that you have added the ECE180 DFS folders to your MATLAB path, especially the “images” and “matlab” subfolders.
Follow along with the tutorial video http://youtu.be/MEqUd0dJNBA, if necessary.
LAB ACTIVITIES
1. Develop and test a 33 median filter function:
1.1. Implement the following algorithm as the function med3x3:
TIP: First implement and debug the algorithm as a script and then convert it to a function as a final step. Use any
of the smaller grayscale images from the ECE180 “images” folder as you develop the function, or use the test
image X described in the Step 1.2.
(a) Create the function template and save it to an .m file with the same name as the function,
(b) Accept a grayscale image x as the function input,
http://youtu.be/q2xfz8mOuSI?t=1m8s
http://youtu.be/0zTmMIh6I8A
http://youtu.be/MEqUd0dJNBA
2 of 6
(c) Copy x to the output image y and then initialize y(:) to zero; this technique creates y as the same size and
data type as x,
(d) Determine the number of image rows and columns (see size),
(e) Loop over all pixels in image x (subject to boundary limits):
Extract a 33 neighborhood (subarray) about the current pixel,
Flatten the 2-D array to a 1-D array,
Sort the 1-D array values (see sort),
Assign the middle value of the sorted array to the current output pixel, and
(f) Return the median-filtered image y.
1.2. Enter load lab_5_verify to load the
1 Objectives Genetically transform bacteria with for.docxmercysuttle
1
Objectives
Genetically transform bacteria with
foreign DNA and induce
expression of genes encoded on
DNA to produce novel
Isolate chromosomal DNA from
Introduction
In this portion of the lab, you will perform a
procedure known as genetic
transformation. that a gene is
a piece of DNA that provides the
instructions for making (codes for) a
protein. This gives an organism a
particular trait. Genetic transformation
literally means change caused by genes,
involves the insertion of a gene into an
organism in order to change the organism’s
trait. transformation is used in
many areas of biotechnology. In
agriculture, genes coding for traits such as
pest, or spoilage resistance can be
genetically transformed into plants. In
bioremediation, bacteria can genetically
transformed with genes enabling them to
digest oil spills. In medicine, diseases
caused defective genes are beginning
to be treated by gene therapy; that is, by
genetically transforming a person’s
cells with healthy copies of the defective
gene that causes the
You will use a procedure to transform
bacteria with a gene that codes for Green
Fluorescent (GFP). The real-life
source of this gene is the bioluminescent
jellyfish Aequorea victoria.
Fluorescent Protein causes the jellyfish to
fluoresce and glow in the dark.
LAB TOPIC 10: Nucleic Acids and Genetic Transformation
Following the procedure,
the bacteria express their newly acquired
jellyfish gene and produce the fluorescent
which causes them to glow a
brilliant green color under ultraviolet
In this activity, you will learn about the
process of moving genes from one organism
to another with aid of a plasmid. In
nature, bacteria can transfer plasmids back
and forth allowing them to share
beneficial genes. This natural mechanism
allows bacteria to adapt to new
environments. The occurrence of
bacterial resistance to is due to
the transmission of
Genetic transformation involves
insertion of some new DNA into the E.
cells. In addition to one large
bacteria often contain one or more
circular pieces of DNA called
Plasmid DNA usually contains genes for
than one trait. Scientists can use a
called genetic engineering to insert
coding for new traits into a plasmid.
In case, the pGLO plasmid carries the
GFP that codes for the green
fluorescent protein and a gene (bla) that
codes for a protein that gives the
resistance to an antibiotic. The genetically
engineered plasmid can then be used to
genetically bacteria to give them
this new
Figure 10.1 Bacterial cell undergoing genetic transformation with the pGLO
plasmid
Exercise 10.1
Bacterial Transformation
2
Pre-lab exercises:
Since scientific laboratory investigations
are designed to get information about a
question, our first might be to
formulate some questions for this
Can we genetically transform an organism?
Which organism is
1. To genetically tra ...
1 of 8
Student name: …………….
Student ID: …………….
The Effect of Social Media on the English Language
2 of 8
Table Of Content:
Abstract 3
Introduction 3
Literature review 3
Significance of Research 4
Research Question 4
Methodology 4
Ethical Considerations 4
Limitations of the study 4
Expected results 5
Conclusion 5
References 6
Appendix 7
3 of 8
Abstract:
Giving the popularity of social networking sites lately, it has made an effect on the English
language either in a positive way by adding new words to the dictionary a negative way by misus-
ing the grammar and using incorrect abbreviated words like turning “you’re” to “your’. In this re-
search proposal I would like to investigate what the effect of using social networks has on the Eng-
lish language and see if it was more positive than negative and vice versa. I will be making a survey
page to collect data on the way people use these sites. Furthermore, we will see if people know the
importance of using proper English and try to make social networking sites improve our way of us-
ing the English language.
Introduction:
Technology has changed rapidly in the past five years, we became more reliant on our smart phones
and it completely changed the way we communicate with each other in our everyday life, it made it
easier for us to interact with people across the world with a single touch through social networking
sites, such as Twitter, Facebook and YouTube. Technology is clearly having some impact on the
English language and the words we use. Recently we saw how some Internet words have made it to
the Oxford dictionary this proves the impact it made, for example the word “Tweet” which means
according to the dictionary: “a posting made on the social networking service Twitter”. However,
some people think that it is okay to misuse Grammar or word spelling on social networking sites,
for instance, using “your” instead of “You’re”. So do these sites make a positive or a negative im-
pact on the English language?
Literature review:
A research titled “5 Ways That Social Media Benefits Writing the English language” written by
Mallary Jean Tenore in 2013 mentioned some ways that social media benefits writing and language,
such as how it increases the awareness of mistakes, when people make grammatical or spelling mis-
takes people will point them out via these websites therefore we become more aware of our spelling
and grammar thus improving our language. She also talked about how it creates new words and
meaning, such as “googled”, “tweeted”, “Friended”. She said that it also spotlight short writings
meaning it valued short storytelling with Vine videos where you have just six seconds to give a
message and in twitter you only have 140 characters to use which forces you to make every word
count.
4 of 8
Another research called Social networkin ...
1
MATH 106 QUIZ 4 Due: by 11:59 PM, Sunday, September 22, 2013,
(take-home part) via the Assignment Folder
NAME: _______________________________
I have completed this assignment myself, working independently and not consulting anyone except the
instructor.
INSTRUCTIONS
The take-home part of Quiz 4 is worth 75 points. There are 10 problems (5 pages), some with multiple parts.
This quiz is open book and open notes. This means that you may refer to your textbook, notes, and online
classroom materials, but you must work independently and may not consult anyone (and confirm this with
your submission). You may take as much time as you wish, provided you turn in your quiz no later than
Sunday, September 22, 2013.
Show work/explanation where indicated. Answers without any work may earn little, if any, credit. You
may type or write your work in your copy of the quiz, or if you prefer, create a document containing your work.
Scanned work is acceptable also. In your document, be sure to include your name and the assertion of
independence of work.
General quiz tips and instructions for submitting work are posted in the Quizzes conference.
If you have any questions, please contact me via Private Message in WebTycho.
1. (4 pts) Determine how many six-character codes can be formed if the first, second, third, and
fourth characters are letters, the fifth character is a nonzero digit, the sixth character is an odd
digit, and repetition of letters and digits are allowed. (A digit is 0, 1, 2, .., or 9.) Show your
work . 1. ______
A. 720
B. 175,760
C. 790,920
D. 20,563,920
2. (4 pts) Suppose that a multiple choice exam has seven questions and each question has five
choices. In how many ways can the exam be completed? Show your work. 2. ______
A. 35
B. 4,096
C. 16,807
D. 78,125
2
3. (4 pts) Given the feasible region shown to
the right, find the values of x and y that
minimize the objective function 8x + 7y.
Show your Work. 3. _______
A. There is no minimum.
B. (x, y) = (6, 0)
C. (x, y) = (3, 2)
D. (x, y) = (1, 4)
E. (x, y) = (0, 7)
4. (4 pts) Six customers in a grocery store are lining up at the check-out. In how many different
orders can the customers line up? Show your work. 4. _______
A. 6
B. 36
C. 720
D. 46,656
5. (4 pts) A restaurant’s menu has six appetizers, four entrees, and five beverages. To order dinner, a
customer must choose one entrée and one beverage, and may choose one appetizer. (That is, a dinner
must include one entrée and one beverage, but not necessarily an appetizer. An appetizer is optional.)
How many different dinners can be ordered? Show your work. ...
1 MN6003 Levis Strauss Case Adapted from Does Levi St.docxmercysuttle
1
MN6003 Levis Strauss Case:
Adapted from: “Does Levi Strauss still fit
America?” by Caroline Fairchild October 6, 2014,
Fortune Magazine and “Levi Strauss - The Boss
and the yogi” Jul 12th 2014 from the Economist
It used to be the only name in denim. Today the
161-year-old family owned company is just one
name among hundreds. Can anyone bring the
blue jeans pioneer back to its old glory? Enter
Chip Bergh—a former P&G brand whiz who once
made razorblades cool. Chip Bergh is not an
“apparel guy,” he says, while walking through
Levi’s Stadium in Santa Clara, California, the new
home of the San Francisco 49ers. Levi’s 20-year,
$220 million investment in the naming rights for
the 49ers stadium is part of a larger push to tap
into the nostalgia Bergh believes everyone has
for the brand. Despite the setting, Bergh isn’t
really a “sports guy” either. He is much more of a
company man. “I still bleed Procter & Gamble
blue,” he says about his former employer.
A crowd full of fans wearing your clothing is the
fantasy of anyone heading an apparel company.
But at Levi—the largest jeans company in the
world and the undisputed founder of the
category—the fantasy has been far from reality
for a long time. The creator of the 501 has
struggled to keep its brand relevant for what
Bergh calls Levi’s “Lost Generation.” For 120
years the term “Levi’s” was synonymous with
“blue jeans.” Then came the turn of the 21st
century, when a fashion explosion in denim
suddenly gave shoppers a range of high-end
choices—including brands like 7 For All Mankind
(founded in 2000) and True Religion (2002),
whose labels sounded more like cults than pants.
At the same time, lower-end rivals that had been
kicking around for a while (Lee and Wrangler)
began nibbling away at market share and
consumers defected to cheaper jeans, sold by
“fast-fashion” retailers like Zara and H&M. Levi
got lost in the middle. With $7.1 billion in 1996
sales, the company used to be bigger than Nike.
By 2003, Levi’s revenues had bell-bottomed out
to $4.2 billion. Over the next decade, sales rose
only barely as the company failed to translate
affection for the brand into actual purchases.
Levi’s design team was late to key trends, like
colored denim for women and more tailored jeans
for men. Once in the top quintile of
the Fortune 500, Levi dropped off the list in 2012.
That kind of decline would be a challenge for any
new CEO, yet Bergh, a 57-year-old vegan and
former U.S. Army captain, is bringing a discipline
to the company that had been missing for nearly
20 years. He has taken an axe to the company’s
inflated cost structure and is convinced that he
can make Levi grow again. While still relying
heavily on the classic pieces of clothing that are
the seam of the denim giant’s business (think the
button-fly jean, the white pocket tee, the trucker
jacket), Bergh is now investing i ...
1
NAME__________________
EXAM 1
Directions: Answer the following questions on the attached sheets of paper. Please adhere
to the following guidelines to reduce any suspicions of cheating:
1. KEEP YOUR EYES ON YOUR OWN EXAM AT ALL TIMES.
2. KEEP YOUR ANSWERS COVERED AT ALL TIMES.
3. Do not communicate with any other student during the exam.
4. Do not use any unauthorized prepared material during the exam.
5. Only acceptable calculators may be used on the exams.
6. Do not leave the room at any time before handing in your exam.
7. SHOW ALL OF YOUR WORK (answers may not be accepted without work
shown)
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1. A stone is thrown straight up with a speed of 25.0 m/s from the top of a building 55.0 m
tall.
a. How far above the ground will the stone go?
b. How long until the stone hits the ground?
c. What is the speed of the stone just before it hits the ground?
d. If a ball is thrown downward from the top of the same building with a speed of
25.0 m/s, will its speed just before hitting the ground be greater than, less than, or
equal to the speed of the stone just before it hits the ground? Explain. (Hint:
What is the speed of the stone when it returns to the height it was thrown?)
3
2. A ball is thrown from the top of a building of height 40m at an angle of 20˚ above the
horizontal and with an initial speed of 15m/s. Use the assumptions of projectile motion
to answer the following questions.
a. How high above the ground will the ball travel?
b. What speed will the ball have at the maximum height?
c. What is the direction of the velocity of the ball at the maximum height?
d. How far has the ball traveled horizontally when it hits the ground?
e. What will be the speed of the ball when it hits the ground?
4
3. Consider the frictionless system below. The pulley is massless and frictionless, and the
string is massless. The mass of each block is ma = 2.0 kg, mb = 1.0 kg, mc = 2.0 kg, and
md = 1.0 kg.
a. What is the acceleration of the system?
b. What is the tension in the string between block a and block b?
c. What is the tension in the string between block b and block c?
d. What is the tension in the string between block c and block d?
e. If the system is initially at rest, how long will it take block d to fall 3.0 m?
5
4. Two equal mass ...
1
Name: Chem 9, Section:
Lab Partner: Experiment Date:
Synthetic Polymers and Plastics
Part A: Physical Characteristics
Find or choose one type of each of the following plastic polymers, and report the following
characteristics:
Plastic
number
Short Name
(HDPE,
LDPE, etc)
Clear
(yes or no)
Opaque
(yes or no)
Flexibility
(can be
bent?)
Durability
(hard or
soft)
Breakability
(can be
cracked?)
Recyclable
(yes or no)
1
2
3
4
5
6
7
Part B: Density Tests
Report for plastic samples in each liquid: sinks rapidly, sinks slowly, floats on top, floats below surface
Plastic
number
1:1 ethanol/water
density = 0.94 g/cm
3
Water
density = 1.0 g/cm
3
10% NaCl solution
density = 1.08 g/cm
3
1
2
3
4
5
6
Relative Plastic Densities:
Less than 0.94 g/cm
3
Less than 1.0 g/cm
3
Less than 1.08 g/cm
3
More than 1.08 g/cm
3
Ranking of densities:
(lowest) _______ _______ _______ _______ _______ _______ (highest)
2
Part C: Polymer Bouncy Balls
Polymer Ball composition Approximate height bounced Physical characteristics
Ball #1:
Ball #2
Ball #3
Questions
1. Which of the Big Six plastics was the most flexible?
2. Which of the Big Six plastics would be the best material for each of the following examples?
Use short names to identify each plastic (e.g. HDPE).
a replacement for a glass window ?
a take-out container for food?
a flexible, expandable bag for carrying items?
a lightweight bottle cap?
3. An unknown plastic floats in a 10% NaCl solution but sinks in water. What is the range of
possible density values this plastic may have? Suggest the composition of this plastic.
3
4. Why is it important to dislodge any adhering bubbles in the density tests?
5. PET plastic (number 1) is the most valuable waste plastic at the present time. Suggest a way
to separate it commercially from other waste plastics.
6. Sometimes plastic containers are made from two polymers and not just one. What would
happen to the water density test if HDPE and PVC were mixed?
7. Why are plastic recyclers very concerned about identifying the different polymers and not
mixing them together?
8. The figure below depicts polymerization of polystyrene (PS). Circle the original monomers
and determine how many monomers are present.
4
9. Polyvinylchloride (PVC) is composed of the vinyl chloride monomer. The monomer
structure and general reaction are shown at right.
Draw a polyvinyl chloride polymer composed of five
monomers arrange ...
1 pageapasources2Third Party LogisticsBriefly describe .docxmercysuttle
1 page
apa
sources:2
Third Party Logistics
Briefly describe the basic types of third party logistics (3PL) organizations.
• Identify some of the best practices that leading companies using 3PLs have embraced.
• What value-added considerations would you take into account when considering the use of a 3PL?
• Which 3PL would provide the most suitable service to your organization? (Forwarder and Warehousing are the ones my company use.)
• What 3PLs does your organization currently use? (My company uses a freight forwarder)
What other 3PLs could you recommend to your management? Domestic Transportation.
WAVfiles/behave.wav
WAVfiles/cat_meow_x.wav
WAVfiles/cow3.wav
WAVfiles/goat2.wav
WAVfiles/gold.wav
WAVfiles/imamog.wav
WAVfiles/reach.wav
WAVfiles/README.txt
Title Artist
===== ======
behave Austin Powers
cat_meow_x Kitty
cow3 Miss Cow
goat2 Goaty
gold Snowman
imamog Mog
reach Woody
rudolph Rudolph
theme Archie and Edith
warning_alien Robot
wizoz5 Munchkins
WAVfiles/rudolph.wav
WAVfiles/theme.wav
WAVfiles/warning_alien.wav
WAVfiles/wizoz5.wav
...
1 Pageapasources2Review the Food Environment Atlas maps for.docxmercysuttle
1 Page
apa
sources:2
Review the Food Environment Atlas maps for variables that seem to affect your selected state the most.
Select a state and variables you consider relevant to represent the food environment in you chosen state.
1) Include at least two food categories from the following list:
? ACCESS
? STORES
? RESTAURANTS
? ASSISTANCE
? INSECURITY
? PRICES_TAXES
? LOCAL
2) Include at least two health variables in each of the selected food categories. Find the name and descriptions of variables in the Food Environment Atlas Resources: Excel Data and Documentation Download.
Write a 200- to 300-word plan that includes
? your selected state (Texas);
? selected food categories and health variables; and
? reasons for selection. Are your variables expressed in numbers or percentages?
Optional: Discuss choices in discussion with classmates and instructor. Write a summary of your discussion to include with this assignment.
...
1 Lab 3 Newton’s Second Law of Motion Introducti.docxmercysuttle
1
Lab 3: Newton’s Second Law of Motion
Introduction
Newton’s Second law of motion can be summarized by the following equation:
Σ F = m a (1)
where Σ F represents a net force acting on an object, m is the mass of the object moving
under the influence of Σ F, and a is the acceleration of that object. The bold letters in
the equation represent vector quantities.
In this lab you will try to validate this law by applying Eq. 1 to the almost frictionless
motion of a car moving along a horizontal aluminum track when a constant force T
(tension in the string) acts upon it. This motion (to be exact the velocity of the moving
object) will be recorded automatically by a motion sensor. The experimental set up
for a car moving away from the motion sensor is depicted below.
If we consider the frictionless motion of the cart in the positive x-direction chosen in
the diagram, then Newton’s Second Law can be written for each of the objects as
follows:
T Ma (2)
and
– gT F ma (3)
From this system of equations we can get the acceleration of the system:
2
gF
a
m M
(4)
Because the motion of the car is not frictionless, to get better results it is necessary to
include the force of kinetic friction fk experienced by the moving car in the analysis.
When the cart is moving away from the motion detector (positive x-direction in the
diagram) Newton’s Second Law is written as follows for each of the moving objects
m and M:
1 1– kT f Ma (5)
and
1 1– gT F ma (6)
Since it is quite difficult to assess quantitatively the magnitude of kinetic friction
involved in our experiment we will solve the problem by putting the object in two
different situations in which the friction acts in opposite directions respectively while
the tension in the string remains the same.
When the cart M is forced to move towards the motion detector (negative x-direction
in the diagram), the corresponding Newton’s Second Law equations will change as
follows:
2 2kT f Ma (7)
and
2 2gT F ma (8)
Note that in equations 5, 6, 7, and 8 the direction of acceleration represented by vector
a has been chosen in the same direction as the direction of motion.
We are able to eliminate the force of kinetic friction on the final result, by calculating
the mean acceleration from these two runs:
1 2
2
ave
slope slope
a
(9)
Combing the equations (5) – (8) we derive the equation to calculate the value of
gravitational acceleration:
avea M mg
m
(10)
3
Equipment
Horizontal dynamics track with smart pulley and safety stopper on one end; collision
cart with reflector connected to a variable mass hanging over the pulley; motion
detector connected to the Science Workshop interface recording the velocity of the
moving cart.
Procedure:
a) Weigh the cart (M) and the small mass (m) hanger.
b) Open the experiment file “New ...
1 Marks 2 A person can be prosecuted for both an attempt and .docxmercysuttle
1
Marks: 2
A person can be prosecuted for both an attempt and the completed crime.
Choose one answer.
a. False
b. True
Question 2
Marks: 2
According to Hicks v. U.S.,150 U.S. 442 (1893)one can be held criminally liable by “merely speaking words of encouragement.”
Choose one answer.
a. True
b. False
Question 3
Marks: 2
According to MPC §1.07, conspirators in a completed crime may be punished for the conspiracy, as well as the completed crime.
Choose one answer.
a. True
b. False
Question 4
Marks: 2
According to your reading, in some states it is a more serious offense to break into a car and steal a tape player than it is to steal the entire car.
Choose one answer.
a. false
b. true
Question 5
Marks: 2
According to your reading, the charge of forgery includes each of the following elements except
Choose one answer.
a. the false making or altering
b. of a legally significant instrument
c. with intent to defraud
d. a court of law or financial institution
Question 6
Marks: 2
According to your reading, the legal term of art most often employed to distinguish murder from manslaughter is
Choose one answer.
a. causation
b. vicarious liability
c. burden of proof
d. malice aforethought
Question 7
Marks: 2
According to your reading, the Model Penal Code considers the solicitor to be as dangerous as the perpetrator of the completed crime.
Choose one answer.
a. false
b. true
Question 8
Marks: 2
According to your reading, the problems with corporate criminal liability include
Choose one answer.
a. Determining who to charge
b. determining punishment
c. the wording of criminal statutes
d. all of the above
Question 9
Marks: 2
Although they are similar, embezzlement differs from larceny in which of the following ways?
Choose one answer.
a. embezzlement requires asportation
b. the claim of right defense is generally not applicable to larceny
c. embezzlement does not require intent
d. none of the above
Question 10
Marks: 2
An aider and abettor or accessory before the fact must
Choose one answer.
a. be a principal of the crime
b. discourage the commission of the crime
c. solicit the commission of the crime
d. aid or encourage the commission of a crime
11
Marks: 2
An effective abandonment defense to aiding and abetting, or to accessory before the fact, will
Choose one answer.
a. vary with aid
b. depend on the type of solicitation made
c. all of the above
d. none of the above
Question 12
Marks: 2
Assault and battery are
Choose one answer.
a. civil torts, not crimes
b. handled the same in all jurisdictions
c. handled the same in civil and criminal proceedings
d. handled differently from jurisdiction to jurisdiction
Question 13
Marks: 2
At Common Law, which of the following elements is not accurate regarding the crime of Burglary?
Choose one answer.
a. Trespassory breaking and entering
b. Of the dwelling of anoth ...
1 Marks 1 Post Traumatic Stress Disorder (PTSD)Choose one .docxmercysuttle
1
Marks: 1
Post Traumatic Stress Disorder (PTSD):
Choose one answer.
a. is exclusive to Vietnam Veterans
b. is a psychological illness characterized by panic attacks, nightmares, depression, guilt and flashbacks
c. can be caused by any highly emotional event
d. both b and c above
Question 2
Marks: 1
Which of the following is not a role of a crisis interventionist?
Choose one answer.
a. To encourage and allow the client to "make the decisions".
b. To tell the client exactly what he/she should do, when he/she should do it, and how he/she should do it.
c. To enable the client to become aware of possible solutions to the crisis.
d. To allow the client to vent emotions.
Question 3
Marks: 1
A victim's pain:
Choose one answer.
a. may often last weeks, months, or even years after the incident
b. usually goes away after the court process is completed
c. usually goes away after an advocate explains the legal system
d. usually goes away after receipt of financial reimbursement for personal and property losses
Question 4
Marks: 1
Which of the following does NOT create law:
Choose one answer.
a. U.S. Congress
b. National Association for the Advancement of Colored People
c. U.S. Environmental Protection Agency
d. Colorado Supreme Court
Question 5
Marks: 1
Which of the following is not considered to be a responsibility of a victim advocate?
Choose one answer.
a. To consider the job a serious commitment.
b. To litigate the victim's case.
c. To maintain confidentiality in all issues pertaining to clients.
d. To keep informed on relevant issues through ongoing training.
Question 6
Marks: 1
Which of the following is a goal of perpetrator counseling?
Choose one answer.
a. Counseling done in hopes to keep perpetrators from committing further crimes.
b. To encourage the perpetrator to commit more crimes
c. To meet the urgent physical and emotional needs of a victim.
d. To provide support and reassurance at the scene of the crime or shortly thereafter.
Question 7
Marks: 1
What court-related service involves monitoring court activity to make sure victims are being treated fairly by judges and attorneys?
Choose one answer.
a. Witness Alert
b. Court Watch
c. Restitution Assistance
d. Legislative Advocacy
Question 8
Marks: 1
Which of the following puts the statutes in the correct chronological order (earliest to most recent) by their date of enactment?
Choose one answer.
a. Violence Against Women Act; Victims of Crime Act; Victims & Witness Protection Act; Victims Rights & Restitution Act
b. The Victims of Crime Act; Victims Right & Restitution Act; Violence Against Women Act; Victims & Witness Protection Act
c. The Victim & Witness Protection Act; Violence Against Women Act; The Victims of Crime Act; Victims Rights & Restitution Act
d. The Victim & Witness Protection Act; The Victims of Crime Act; Victims Rights & Restitution Act; Violence Against Wome ...
1 List of Acceptable Primary Resources for the Week 3 .docxmercysuttle
1
List of Acceptable Primary Resources for the Week 3 and Week 5
Assignments
These are the primary resources that you can cite when explaining a moral theory in order to fulfill the
relevant portion of the resources requirement. Readings included in the “Required Readings” list are
indicated with a *.
Utilitarianism:
*Mill, J. S. Utilitarianism, in the original version in the textbook, or in the version by Jonathan
Bennett retrieved from www.earlymoderntexts.com.
Haines, W. (n.d.). Consequentialism. Internet Encyclopedia of Philosophy. Retrieved from
http://www.iep.utm.edu/conseque/
Singer, P. (2003). Voluntary euthanasia: A utilitarian perspective. Bioethics, 17(5/6), 526-541.
Retrieved from the EBSCOhost database.
Deontology:
* Kant, I. (2008). Groundwork for the metaphysic of morals. In J. Bennett (Ed. & Trans.), Early
Modern Philosophy. Retrieved from http://www.earlymoderntexts.com/pdfs/kant1785.pdf
(Original work published in 1785).
Virtue Ethics:
* Aristotle. (350 B.C.E.). Nicomachean ethics (W. D. Ross, Trans.). Retrieved from
http://classics.mit.edu/Aristotle/nicomachaen.html
Annas, J. (2006). Virtue ethics. In D. Copp (Ed.), The Oxford Handbook of Ethical Theory (pp. 515–
36). Oxford: Oxford University Press. Retrieved from
https://www.sesync.org/sites/default/files/resources/case_studies/10-kenyaecotourism-
handbook.pdf
Hursthouse, R. (2012). Virtue ethics. In E. Zalta (Ed.), The Stanford Encyclopedia of Philosophy.
Retrieved from http://plato.stanford.edu/entries/ethics-virtue/
MacIntyre, A. (1984). After virtue. Notre Dame, IN: University of Notre Dame Press. Chapters 14-15
are included in the Chapter 6 readings of the textbook.
Feminist/Care Ethics:
*Held, V. Feminist transformations of moral theory. Included in the Chapter 6 readings of the
textbook.
*Gilligan, C. (1982). In a different voice: Psychological theory and women’s development.
Cambridge, MA: Harvard University Press. Retrieved from
https://lms.manhattan.edu/pluginfile.php/26517/mod_resource/content/1/Gilligan%20In%20
a%20Different%20Voice.pdf
http://insite.bridgepoint.local/dept/ops/pni/Navigator Images/Ashford Logo New.jpg
http://www.earlymoderntexts.com/
http://www.iep.utm.edu/conseque/
https://www.sesync.org/sites/default/files/resources/case_studies/10-kenyaecotourism-handbook.pdf
http://plato.stanford.edu/entries/ethics-virtue/
https://lms.manhattan.edu/pluginfile.php/26517/mod_resource/content/1/Gilligan%20In%20a%20Different%20Voice.pdf
2
* Noddings, N. (2010). Maternal factor: Two paths to morality. Berkeley, CA: University of
California Press. Retrieved from the ebrary database.
http://insite.bridgepoint.local/dept/ops/pni/Navigator Images/Ashford Logo New.jpg
...
A Free 200-Page eBook ~ Brain and Mind Exercise.pptxOH TEIK BIN
(A Free eBook comprising 3 Sets of Presentation of a selection of Puzzles, Brain Teasers and Thinking Problems to exercise both the mind and the Right and Left Brain. To help keep the mind and brain fit and healthy. Good for both the young and old alike.
Answers are given for all the puzzles and problems.)
With Metta,
Bro. Oh Teik Bin 🙏🤓🤔🥰
How to Setup Default Value for a Field in Odoo 17Celine George
In Odoo, we can set a default value for a field during the creation of a record for a model. We have many methods in odoo for setting a default value to the field.
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
Level 3 NCEA - NZ: A Nation In the Making 1872 - 1900 SML.pptHenry Hollis
The History of NZ 1870-1900.
Making of a Nation.
From the NZ Wars to Liberals,
Richard Seddon, George Grey,
Social Laboratory, New Zealand,
Confiscations, Kotahitanga, Kingitanga, Parliament, Suffrage, Repudiation, Economic Change, Agriculture, Gold Mining, Timber, Flax, Sheep, Dairying,
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...EduSkills OECD
Andreas Schleicher, Director of Education and Skills at the OECD presents at the launch of PISA 2022 Volume III - Creative Minds, Creative Schools on 18 June 2024.
1. 1
Assessment Task – Tutorial Questions Assignment 1
Unit Code: HA1020
Unit Name: Accounting Principles and Practices
Assignment: Tutorial Questions Assignment 1
Due: 11:30pm 15th May 2020
Weighting: 25%
Total Assignment Marks: 50 Marks
Purpose: This assignment is designed to assess your level of
knowledge of the key topics covered in
this unit
Unit Learning Outcomes Assessed:
1. Understand the logic and assumptions of accounting
procedures;
2. Record business transactions in the journals and ledgers that
make up a business accounting
system;
3. Prepare financial statements; and
4. Analyse and interpret financial statements.
2. Description: Each week students were provided with three
tutorial questions of varying degrees of
difficulty. These tutorial questions are available in the Tutorial
Folder for each week on Blackboard.
The Interactive Tutorials are designed to assist students with
the process, skills and knowledge to
answer the provided tutorial questions. Your task is to answer a
selection of tutorial questions from
weeks 1 to 5 inclusive and submit these answers in a single
document.
The questions to be answered are:
Week 1 Question (10 marks)
(Note this question is 1.3 in the Pre-recorded Tutorial
Questions)
Compare and contrast Financial Accounting with Management
Accounting. Specify at least three (3)
areas where Financial Accounting and Management Accounting
are different. Support your answer
with examples. (10 marks)
3. 2
Week 2 Question (10 marks)
(Note this question is 2.2 in the Pre-recorded Tutorial
Questions)
Select two (2) of the following four (4) financial accounting
assumptions listed below and explain in
your own words the meaning of each one you have selected: (10
marks)
(a.) accounting entity
(b.) accounting period
(c.) monetary
(d.) historical
Week 3 Question (10 marks)
(Note this question is 3.2 in the Pre-recorded Tutorial
Questions)
Which of the following events listed below results in an
accounting transaction for Clothing Ltd?
State a reason if it is not an accounting transaction.
1. Clothing Ltd signed a contract to hire a new store manager
for a salary of $150,000 per annum.
The manager will start work next month.
4. 2. The founder of Clothing Ltd., who is also a major
shareholder, purchased additional stock in
another company.
3. Clothing Ltd borrowed $230,000 from a local bank.
4. Clothing Ltd purchased a sewing machine, which it paid for
by signing a note payable.
5. Clothing Ltd issued 10,000 shares to a private investor, who
is also a car business owner, in
return for a new delivery truck.
6. Two investors in Clothing Ltd sold their stock to another
investor.
7. Clothing Ltd ordered some fabric to be delivered next week.
8. Clothing Ltd lent $250,000 to a member of the board of
directors.
5. 3
Week 4 Question (10 marks)
(Note this question is 4.3 in the Pre-recorded Tutorial
Questions)
The financial year end for Riverwood Ltd is 30 June.
a. Prepaid insurance as at 1 July 2015 was $4,000. This
represents the cost of one year’s insurance
policy that expires on 30 June 2016.
b. Commissions to sales personnel for the five day working
week ending 2 July 2016, totaling $9,600,
will be paid on 2 July.
c. Sales revenue for the year included $570 of customer deposits
for products that have not yet been
shipped to them.
d. A total of $900 worth of stationery was charged to the office
supplies expense during the year.
On 30 June about $490 worth of stationery is still
considered useful for next year.
e. The company has a bank loan and pays interest annually (in
arrears) on 31 December.
The estimated total interest cost for the calendar year
ended 31 December 2016 is $500.
6. Required:
(a.) Show the effect of each of the situations above (a. – e.) on
the accounting equation on 30 June
2016. (5 marks)
(b.) Provide the adjusting journal entry for each of the
situations above (a. – e.) on 30 June 2016.
(5 marks)
4
Week 5 Question (10 marks)
7. (Note this question is 5.3 in the Pre-recorded Tutorial
Questions)
SRP Ltd has the following unadjusted trial balance as at 31 Dec
2015.
Account Titles Debit ($) Credit ($)
Cash 19,600
Accounts Receivable 7,000
Supplies 1,300
Prepaid Insurance 900
Equipment 27,000
Accumulated Depreciation 12,000
Other Assets 5,100
Accounts Payable 7,500
Share Capital (3000 shares outstanding all year) 16,000
Retained Profit 10,300
Service Revenue 48,000
COGS 32,900
8. Total 93,800 93,800
Note: Data not yet recorded as at 31 Dec 2015 includes the
following five (5) transactions:
1) Depreciation expense for 2015 was $3,000.
2) Insurance expired during 2015 was $450.
3) Wages earned by employees but not yet paid on 31 December
2015 was $2,100.
4) The supplies count on 31 December 2015 reflected $800
remaining supplies on hand to be
used in 2016.
5) Income tax expense was $3,150.
Required: (10 marks)
1) Record the 2015 adjusting entries.
2) Prepare an income statement and a classified balance sheet
for 2015 to include the effect of
the five (5) transactions listed above.
3) Prepare closing entries.
9. 5
Submission Directions:
The assignment has to be submitted via Blackboard. Each
student will be permitted one submission
to Blackboard only. Each student needs to ensure that the
document submitted is the correct one.
Academic Integrity
Academic honesty is highly valued at Holmes Institute. Students
must always submit work that
represents their original words or ideas. If any words or ideas
used in a class posting or assignment
submission do not represent the student’s original words or
ideas, the student must cite all relevant
sources and make clear the extent to which such sources were
used. Written assignments that include
material similar to course reading materials or other sources
should include a citation including source,
author, and page number.
In addition, written assignments that are similar or identical to
those of another student in the class is
also a violation of the Holmes Institute’s Academic Conduct
and Integrity Policy. The consequence for
10. a violation of this policy can incur a range of penalties varying
from a 50% penalty through to
suspension of enrolment. The penalty would be dependent on
the extent of academic misconduct
and the student’s history of academic misconduct issues. All
assessments will be automatically
submitted to Safe-Assign to assess their originality.
Further Information:
For further information and additional learning resources,
students should refer to their Discussion
Board for the unit.
CHAPTER 8 Searching for Mortgage Information Online
131
Chapter 8
IN THIS CHAPTER
» Looking at some safe surfing ideas
» Checking out mortgage sites
Searching for Mortgage
Information Online
Computers, tablets, and smartphones are amazing tools. Used
wisely, they may save you time and money. However, like other
tools (such as a ham-mer), used incorrectly (remember the last
time you whacked your finger
with a hammer?) or for the wrong purpose (tapping a glass
11. window comes to
mind), today’s technology can cause more harm than good.
Some people have mistaken assumptions about using their
computers and tablet
or phone apps to help them make important financial decisions.
Some believe and
hope that fancy technology can solve their financial problems or
provide unique
insights and vast profits. Often, such erroneous musings
originate from propa-
ganda put forth through “fake news” or social media about how
all your problems
can easily be solved if you just have the right app, spend more
time on particular
websites, and so on.
As computers, technology, and apps continue to proliferate, we
take seriously our
task of explaining how, where, and when to use the Internet to
help you make
important mortgage decisions. In this chapter, we highlight key
concepts and
issues for you to understand as well as list a few of our favorite
websites.
Griswold, R. S., Tyson, E., & Tyson, E. (2017). Mortgage
management for dummies. Retrieved from
http://ebookcentral.proquest.com
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132 PART 3 Landing a Lender
Obeying Our Safe Surfing Tips
Before we get to specific sites that are worthy of your time, in
this section we
provide an overview of how we suggest using (and not being
abused by) your
mortgage-related web surfing or cure-all app. Specific sites, and
especially apps,
will come and go, but these safe surfing tips should assist you
with assessing any
site or app that you may stumble upon.
Shop to find out about rates and programs
The best reason that we can think of to access the Internet when
you’re looking
for a mortgage is to discover more about the going rate for the
various types of
loans you’re considering. Despite all the cautions we raise in
this chapter, shop-
ping for a mortgage online has some attractions:
14. » No direct sales pressure: Because you don’t speak or meet
with a mortgage
officer (who typically works on commission) when you peruse
mortgage rates
online, you can do so without much pressure. That said, some
sites and apps
are willing to give out specific loan information only after you
reveal a fair
amount of information about yourself, including how to get in
touch with you.
However, on one site where you must register (with all your
contact informa-
tion and more) to list your loan desires, take a look at how the
site pitches
itself to prospective mortgage lenders: “FREE, hot leads! Every
lead is HOT,
HOT, HOT because the borrower has paid us a fee to post their
loan request.”
Although the advantages of online shopping are many, being
savvy and
discrete with who and how you contact prospective lenders is
worthy of a
cautionary reminder. You may think you’re the one shopping,
but on many
sites and apps, you are the one being “sold” to aggressive
marketers of loan
products that may not be what you need. Worse yet, many of
these unscrupu-
lous hucksters don’t even have the loan products and terms they
tease on
their website and their real goal is to lure you in and then turn
around and sell
your information to others. You’ll soon find yourself inundated
with unwanted
emails, texts, and even phone calls.
17. CHAPTER 8 Searching for Mortgage Information Online
133
Quality control is often insufficient
Particularly at sites where lenders simply pay an advertising fee
to be part of the
program, you should know that quality control may be
nonexistent or not up to
your standards. “We make your loan request available to every
online lender in the
world,” boasts one online mortgage listing service. We don’t
know too many bor-
rowers willing to work with just any old mortgage company!
Some sites don’t
check to see whether a participating lender provides a high level
of service or
meets promises and commitments made to previous customers.
Again, if you’re going to go loan shopping on the Internet,
examine each site to
see how it claims to review listed lenders. One site we’re
familiar with claims to
demand strict ethics from the companies it lists — no
lowballing or bait-and-
switch tactics — and says it has removed several dozen lenders
from its list for
such violations. That makes us think that the site should do a
better job of screen-
ing lenders upfront!
Beware simplistic affordability calculators
Be highly skeptical of information about the mortgage amount
that you can afford.
Most online mortgage calculators simplistically use overall
income figures and the
18. current loan interest rate to calculate the mortgage amount a
borrower can
“afford.” These calculators are really spitting out the maximum
a bank will lend
you based on your income. As we discuss in Chapter 1, this
figure has nothing to
do with the amount you can really afford.
Such a simplistic calculation ignores your larger financial
picture: how much (or
little) you have put away for other long-term financial goals
such as retirement or
college educations for your children. Thus, you need to take a
hard look at your
budget and goals before deciding how much you can afford to
spend on a home;
don’t let some slick Java-based calculator make this decision
for you.
Don’t reveal confidential information
unless . . .
Suppose that you follow all our advice in this chapter, and you
find your best
mortgage deal online. You may find yourself solicited to apply
for your mortgage
online as well. However, as you gather your confidential
financial documents, you
may have an unsettling feeling and wonder just how safe and
wise it is to be
entering this type of information into an Internet site.
Griswold, R. S., Tyson, E., & Tyson, E. (2017). Mortgage
management for dummies. Retrieved from
http://ebookcentral.proquest.com
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134 PART 3 Landing a Lender
We applaud your instincts and concerns! Here’s what you
should do to protect
yourself:
» Do your homework on the business. In Chapter 7, we suggest
a variety of
questions to ask and issues to clarify before deciding to do
business with any
lender — online or offline.
» Review the lender’s security and confidentiality policies. On
reputable
lender websites, you’ll be able to find the lender’s policies
regarding how it
handles the personal and financial information you may share
21. with it. We
recommend doing business only with sites that don’t sell or
share your
information with any outside organization other than for the
sole purpose of
verifying your creditworthiness needed for loan approval. Be
sure to choose
secure sites that prevent computer hackers from obtaining the
information
you enter.
If you’re simply not comfortable — for whatever reason —
applying for a loan
online, know that most online mortgage brokers and lenders
offer users the abil-
ity to apply for their loan offline (at an office or via loan papers
sent through the
regular mail). They may charge a slightly higher fee for this
service, but if it makes
you feel more comfortable, consider it money well spent.
Be sure to shop offline
You may find your best mortgage deal online. However, you
won’t know it’s the
best unless and until you’ve done sufficient shopping offline as
well. Why shop
offline? You want to be able to see all your options and find the
best one. Online
mortgage options aren’t necessarily the cheapest or the best.
What good is a quote
for a low mortgage rate that a lender doesn’t deliver on or that
you won’t qualify
for because of your specific property, location, or financial
situation? Remember:
Personal service and honoring commitments is highly important.
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CHAPTER 8 Searching for Mortgage Information Online
135
them a chance to meet or beat your best offer. You may be
pleasantly surprised
with the results.
Mortgage websites and apps are best used to research the
current marketplace
rather than to actually apply for and secure a mortgage. The
reason: Mortgage
lending is still largely a locally driven and relationship-based
business that varies
based on nuances of a local real estate market.
Beware of paid advertising masquerading
as directories
Some sites on the Internet and apps offer “directories” of
mortgage lenders. Most
sites charge lenders a fee to be listed or to gain a more visible
listing. And, just as
with any business buying a yellow pages listing or Google ad,
higher visibility ads
cost more. Here’s how one online directory lured lenders to
advertise on its site:
Sure, our basic listing is free, but we have thousands of
25. mortgage companies in
our directory. A free listing is something like a five-second
radio advertisement at
2:00 a.m. on an early Sunday morning. To make your listing
really work for you, you
must upgrade your listing.
Upgrade, here, is a code word for pay for it! For example, a
“gold listing” on this site
costs $600 per year for one state and $360 for each additional
state. What does
that amount of money get the lender?
A Gold Listing sorts your company name to the top of all
listings. In addition, the
Gold Listings receive a higher typeface font and a Gold Listing
icon next to their
name.
Then there is the “diamond listing,” the “platinum listing,” the
“titanium list-
ing,” and you get the idea.
On another directory site, you can find a “directory
enhancement program,”
which for $125 per year enabled a lender to buy a boldface
listing and for $225 per
line per year place descriptive text under the listing. Thus,
prospective borrowers
visiting these sites are looking at the mortgage equivalent of an
online Yellow
Pages advertising directory rather than a comprehensive or low-
cost lender
directory.
If you’re considering using an Internet site or app to shop for a
28. are paying to be listed.
Perusing Our Recommended
Mortgage Websites
In addition to seeking only the highest-quality sources for you,
dear reader, we
don’t want you wasting your time on a wild goose chase for
some unreliable
website or app that’s here today and gone tomorrow. In this
section, we recom-
mend a short list of our favorite mortgage sites. Yes, many more
sites and apps are
out there, but we don’t want to bore you with a huge laundry
list of mortgage-
related sites. And, please remember as we discuss in Chapter 7,
mortgages are
distributed through numerous types of mortgage lenders and
brokers. The Inter-
net and the app craze are just simply another way that these
players can reach
prospective customers.
Useful government sites
Various government agencies provide assistance to low-income
homebuyers as
well as veterans. The U.S. Department of Housing and Urban
Development’s web-
site (see Figure 8-1) at www.hud.gov provides information on
the federal govern-
ment’s FHA loan program as well as links to listings of HUD
and other government
agency–listed homes for sale (foreclosed homes for which the
owners had FHA
loans; see
https://portal.hud.gov/hudportal/HUD?src=/topics/homes_for_
29. sale). On this site, you can also find links to other useful federal
government
housing–related websites.
Also, if you’re a veteran, check out the VA’s website (see
Figure 8-2; www.
benefits.va.gov/homeloans) operated by the U.S. Department of
Veterans
Affairs. In addition to information on VA loans, veterans and
nonveterans alike are
eligible to buy foreclosed properties on which there was a VA
loan (see the website
http://listings.vrmco.com).
The Federal Citizen Information Center
(www.pueblo.gsa.gov/housing.htm)
offers numerous free and low-cost pamphlets on home financing
topics such as
securing home equity loans, avoiding loan fraud, finding
mortgages and home
improvement loans to make your home more energy efficient,
and qualifying for
a low down payment mortgage. You also want to know the
required lender disclo-
sures so you know what the lender must tell you and what it
means.
Griswold, R. S., Tyson, E., & Tyson, E. (2017). Mortgage
management for dummies. Retrieved from
http://ebookcentral.proquest.com
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138 PART 3 Landing a Lender
Fannie Mae (www.fanniemae.com) has many resources for
mortgage borrowers
and homebuyers. In addition to helping you find mortgage
lenders for home pur-
chases, improvements, or refinances, the site can also turn you
onto helpful
worksheets and counseling agencies. Freddie Mac
(www.freddiemac.com) offers
similar (although not as extensive) resources.
Finally, if you’re trying to fix your problematic credit report,
don’t waste your
money on so-called credit-repair firms, which often
overpromise — and charge
big fees for doing things that you can do yourself. In addition to
following our
credit-fixing advice in Chapters 2 and 3, also check out the
Federal Trade Com-
mission’s website (www.ftc.gov) for helpful credit-repair and
other relevant
advice regarding borrowing.
Mortgage information and shopping sites
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http://www.freddiemac.com
http://www.ftc.gov
http://www.hsh.com
CHAPTER 8 Searching for Mortgage Information Online
139
Many online mortgage brokers and lenders provide rate quotes
and assist with
your loan shopping. The interactive features of some sites even
allow prospective
borrowers to compare the total cost of loans (including points
and fees) under dif-
ferent scenarios (how long you keep the loan and what happens
to the interest
rate on adjustable-rate mortgages). Interpreting these
comparisons, however,
requires a solid understanding of mortgage lingo and pricing.
Two other sites that we like are www.bankrate.com and
www.realtor.com. Bank
Rate’s site offers lots of information and perspectives on many
types of consumer
loans including mortgages. Realtor.com’s Mortgage section is
more focused on
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2015 V43 4: pp. 993–1034
DOI: 10.1111/1540-6229.12105
REAL ESTATE
ECONOMICS
A Tale of Two Tensions: Balancing Access
to Credit and Credit Risk in Mortgage
Underwriting
Marsha J. Courchane,* Leonard C. Kiefer** and Peter M.
Zorn***
Over the years 2000–2007, mortgage market underwriting
conditions eased in
response to public policy demands for increased
homeownership. This eas-
ing of acceptable credit risk in order to accommodate increased
access to
42. credit, when coupled with the unanticipated house price
declines during the
Great Recession, resulted in substantial increases in
delinquencies and fore-
closures. The response to this mortgage market crisis led to
myriad changes in
the industry, including tightened underwriting standards and
new market regu-
lations. The result is a growing concern that credit standards are
now too tight,
restricting the recovery of the housing market. Faced with this
history, policy an-
alysts, regulators and industry participants have been forced to
consider how
best to balance the tension inherent in managing mortgage
credit risk without
unduly restricting access to credit. Our research is unique in
providing explicit
consideration of this trade-off in the context of mortgage
underwriting. Using
recent mortgage market data, we explore whether modern
automated under-
writing systems (AUS) can be used to extend credit to
borrowers responsibly,
with a particular focus on target populations that include
minorities and those
with low and moderate incomes. We find that modern AUS do
offer a potentially
valuable tool for balancing the tensions of extending credit at
acceptable risks,
either by using scorecards that mix through-the-cycle and stress
scorecard ap-
proaches or by adjusting the cutpoint—more relaxed cutpoints
allow for higher
levels of default while providing more access, tighter cutpoints
accept fewer
44. and delinquency
and foreclosure rates increased throughout the country. In
response, underwrit-
ing standards tightened and legislation was passed imposing
more stringent
regulations on the mortgage industry, particularly the Dodd-
Frank Act reg-
ulations, which introduced both Qualified Mortgage (“QM”) and
Qualified
Residential Mortgage (“QRM”) standards. While providing
assurance that
the performance of recent mortgage originations will reduce the
likelihood of
another housing crisis, this tightening of standards comes at a
significant cost
in terms of access to credit. Balancing the tension between
access to credit
and the management of credit risk remains an ongoing concern.
The rich history of mortgage performance data over this period
offers an
opportunity to better distinguish mortgage programs and
combinations of
borrower and loan characteristics that perform well in stressful
economic en-
vironments from those that do not. The relaxed underwriting
standards of the
2000s provide plentiful performance information on borrowers
who stretched
for credit, but then experienced the stressful post-origination
environment of
declining house prices and rising unemployment. While many of
these loans
performed poorly, a large number performed well. Our goal is to
identify the
characteristics that distinguish between these two groups.
45. We specifically examine whether the recent data can be used to
create a mod-
ern automated underwriting scorecard that effectively and
responsibly extends
mortgage credit to the general population, and to underserved or
targeted bor-
rowers who reside in low-income communities, make low down
payments
and have poorer credit histories. Our analysis focuses on
mortgage under-
writing, rather than mortgage pricing. This reflects the two-
stage approach
to mortgage lending broadly practiced in the United States—
originators first
underwrite applications to determine whether they qualify for
origination, and
then price the loans that are originated successfully.
1For example, former United States Department of Housing and
Urban Development
(HUD) Secretary Mel Martinez states in 2002 that “The Bush
Administration is
committed to increasing the number of Americans, particularly
minorities, who own
their own homes.”
A Tale of Two Tensions 995
There are four steps necessary to complete this exercise. First,
we empirically
estimate a mortgage delinquency model. Second, we convert the
estimated
delinquency model to an underwriting scorecard for assessing
46. risk, where
higher scores signify higher risk. Third, we determine a
scorecard value (a
“cutpoint” or risk threshold) that demarcates the marginal risk
tolerance—
score values equal to or below the cutpoint are viewed as
acceptable risk;
score values above the cutpoint are not. Fourth, we process
borrowers through
this prototype of an automated underwriting system. We then
determine the
proportion of the population of mortgage applicants that is
within acceptable
risk tolerances, and the historic performance of these
“acceptable” loans.
The main data we use for this analysis are loan-level
observations from
CoreLogic on mortgages originated in the conventional (prime
and subprime)
and government sectors from 1999 through 2009. For each of
the three market
sectors, we separately estimate the probability that borrowers
will become
90-days or more delinquent on their loans within the first three
years after
origination. Included in the model are standard controls for
borrower and loan
characteristics, as well as for key macroeconomic factors
affecting mortgage
performance post-origination (specifically, changes in house
prices, interest
rates and unemployment rates).
Underwriting scorecards provide ex ante assessments of
mortgage risk at
47. origination, so creating scorecards requires appropriate
treatment of the
post-origination variables in our estimated models. Two broad
approaches are
possible. One approach attempts to forecast post-origination
variables across
borrower locations and over time. The other approach sets post-
origination
variables to constant values for all borrowers and all time
periods. We use
the latter approach. Specifically, we create two separate
scorecards. The first
scorecard sets post-origination values of house prices, interest
rates and un-
employment rates to their constant long run average levels (a
“through-the-
cycle” scorecard). The through-the-cycle scorecard is inherently
“optimistic”
with respect to credit risk, and therefore reflects a focus on
access to credit.
The second scorecard sets post-origination values of house
prices, interest
rates and unemployment rates to the varying ex post values
defined by the
Federal Reserve in an adverse scenario (a “stress” scorecard) as
defined in the
2014 supervisory stress test for very large banking
organizations.2 The stress
scorecard focuses on “tail” events that are unlikely to occur and
is meant to
prevent crisis outcomes such as those observed during the Great
Recession.
This scorecard therefore represents a focus on credit risk
management.
2See http://www.federalreserve.gov/bankinforeg/stress-
48. tests/2014-appendix-a.htm.
996 Courchane, Kiefer and Zorn
The next challenge requires choosing appropriate scorecard
cutpoints for
delimiting loans within acceptable risk tolerances. This, in
combination with
the choice of scorecard, is where much of the tension between
credit access
and credit risk resides. Higher cutpoints provide greater access
at the cost of
increasing credit risk; lower cutpoints limit credit risk but
restrict access.
As the choice of a cutpoint is a complicated policy/business
decision, we
provide results for a variety of possible cutpoints, ranging from
a low of a
5% delinquency rate to a high of a 20% delinquency rate. In an
effort to put
forward a possible compromise between access and credit risk,
we explore in
more detail results for alternative cutpoints that are market-
segment-specific;
5% for prime loans, 15% for subprime loans and 10% for
government loans.
We argue that these values represent reasonable risk tolerances
by approxi-
mating the observed delinquency rates in these segments
between 1999 and
2001.
The combination of scorecards and cutpoints creates working
49. facsimiles of
modern AUS, and we apply these systems to both the full and
target pop-
ulations.3 For this exercise, our “target” population is defined
as borrowers
with loan-to-value (“LTV”) ratios of 90% or above, with FICO
scores of 720
or below or missing, and who are located in census tracts with
median in-
comes below 80% of area median income. This group is
generally reflective
of “underserved” borrowers for whom there is particular policy
concern.
We find that automated underwriting, with a judicious
combination of score-
card and cutpoint choice, offers a potentially valuable tool for
balancing the
tensions of extending credit at acceptable risks. One approach
entails using
scorecards that mix the through-the-cycle and stress scorecard
approaches
to post-origination values of key economic variables. Moving
closer to a
through-the-cycle scorecard provides more focus on access to
credit. Moving
closer to a stress scorecard provides more focus on the control
of risk. The
second approach is to adjust the cutpoint—more relaxed
cutpoints allow for
higher levels of default while providing more access, tighter
cutpoints have
accept fewer borrowers while allowing less credit risk.
Previous Literature
50. A considerable body of research has examined outcomes from
the mortgage
market crisis during the past decade. Of particular relevance for
this research
3We weight the data using weights based on the proportion of
the target population in
the Home Mortgage Disclosure data (“HMDA”) to ensure that
the target population
in our data is representative of the target population in HMDA.
This allows us to draw
inferences to the full population.
A Tale of Two Tensions 997
are studies that examine specific underwriting standards and
products that
may be intended for different segments of the population, or
that address the
balancing of access to credit and credit risk.
A recent paper by Quercia, Ding, and Reid (2012) specifically
addresses the
balancing of credit risk and mortgage access for borrowers—the
two tensions
on which we focus. Their paper narrowly focuses on the
marginal impacts of
setting QRM product standards more stringently than those for
QM.4 They
find that the benefits of reduced foreclosures resulting from the
more stringent
product restrictions on “LTV” ratios, debt-to-income ratios
(“DTI”) and credit
scores do not necessarily outweigh the costs of reducing
51. borrowers’ access
to mortgages, as borrowers are excluded from the market.
Pennington-Cross and Ho (2010) examine the performance of
hybrid and ad-
justable rate mortgages (ARMs). After controlling for borrower
and location
characteristics, they find that high default risk borrowers do
self-select into
adjustable rate loans and that the type of loan product can have
dramatic im-
pacts on the performance of mortgages. They find that interest
rate increases
over 2005–2006 led to large payment shocks and with house
prices declin-
ing rapidly by 2008, only borrowers with excellent credit
history and large
amounts of equity and wealth could refinance.
Amromin and Paulson (2009) find that while characteristics
such as LTV,
FICO score and interest rate at origination are important
predictors of defaults
for both prime and subprime loans, defaults are principally
explained by house
price declines, and more pessimistic contemporaneous
assumptions about
house prices would not have significantly improved forecasts of
defaults.
Courchane and Zorn (2012) look at changing supply-side
underwriting stan-
dards over time, and their impact on access to credit for target
populations
of borrowers.5 They use data from 2004 through 2009,
specifically focusing
52. on the access to and pricing of mortgages originated for
African-American
and Hispanic borrowers, and for borrowers living in low-income
and minor-
ity communities. They find that access to mortgage credit
increased between
2004 and 2006 for targeted borrowers, and declined
dramatically thereafter.
The decline in access to credit was driven primarily by the
improving credit
mix of mortgage applicants and secondarily by tighter
underwriting standards
4For details of the QRM, see Federal Housing Finance Agency,
Mortgage Market Note
11-02. For details of the QM, see
http://files.consumerfinance.gov/f/201310_cfpb_qm-
guide-for-lenders.pdf.
5See also Courchane and Zorn (2011, 2014) and Courchane,
Dorolia and Zorn (2014).
998 Courchane, Kiefer and Zorn
associated with the replacement of subprime by FHA as the
dominant mode
of subprime originations.
These studies all highlight the inherent tension between access
to mortgage
credit and credit risk. They also stress the difficulty in finding
the “cor-
rect” balance between the two, and suggest the critical
importance of treat-
ing separately the three mortgage market segments—prime,
53. subprime and
government-insured (FHA)—because of the different borrowers
they serve
and their differing market interactions. The research also
provides some op-
timism that a careful examination of recent lending patterns will
reveal op-
portunities for responsibly extending credit while balancing
attendant credit
risks.
Data
Our analysis uses CoreLogic data for mortgages originated
between 1999
and 2009. The CoreLogic data identify prime (including Alt-A),
subprime
and government loans serviced by many of the large, national
mortgage
servicers. These loan-level data include information on
borrower and loan
product characteristics at the time of origination, as well as
monthly updates
on loan performance through 2012:Q3. Merged to these data are
annual
house price appreciation rates at a ZIP code level from the
Freddie Mac
Weighted Repeat Sales House Price Index, which allow us to
update borrower
home equity over time.6 We prefer this house price index to the
FHFA’s,
as the latter are not available at the ZIP code level. The
CoreLogic data
do not provide Census tract information, so we use a crosswalk
from ZIP
codes to 2000 Census tracts.7 We also merge in county-level
54. unemployment
rates from the Bureau of Labor Statistics, which are seasonally
adjusted by
Moody’s Analytics.8 Finally, we include changes in the
conventional mortgage
market’s average 30-year fixed mortgage (“FRM”) rate reported
in Freddie
Mac’s Primary Mortgage Market Survey.9
The CoreLogic data are not created through a random sampling
process and
so are not necessarily representative of the overall population,
or our target
6While these data are not publicly available, the metro/state
indices can be found
which are available at:
http://www.freddiemac.com/finance/fmhpi/.
7Missouri Census Data Center, available at:
http://mcdc.missouri.edu/
websas/geocorr12.html.
8The unemployment rate is from the BLS Local Area
Unemployment Statistics
(http://www.bls.gov/lau/).
9These data are available publicly at:
http://www.freddiemac.com/pmms/pmms30.htm.
A Tale of Two Tensions 999
population. This is not a problem for estimating our
delinquency model, but it
does create concern for drawing inference with our scorecards.
To address this
potential concern, we apply appropriate postsample weights
55. based on HMDA
data to enhance the representativeness of our sample. We
develop weights by
dividing both the HMDA and the CoreLogic data into
categories, and then
weight so that the distribution of CoreLogic loans across the
categories is the
same as that for HMDA loans. The categories used for the
weighting are a
function of loan purpose (purchase or refinance), state, year of
origination and
loan amount. Because we rely on a postsample approach and
cannot create
categories that precisely define our target population, our
weighting does not
ensure representativeness of the CoreLogic data for this group.
Nevertheless,
it likely offers a significant improvement over not weighting.
We also construct a holdout sample from our data to use for
inference. This
ensures that our estimated models are not overfitted. The
holdout sample was
constructed by taking a random (unweighted) sample of 20% of
all loans in
our database. All summary statistics and estimation results
(Tables 1 and 2
and Appendix) are reported based on the unweighted 80%
estimation sample.
Consistent with our focus on identifying responsible credit
opportunities, we
restrict our analysis to first lien, purchase money mortgage
loans. Summary
statistics for the continuous variables used in our delinquency
estimation are
found in Table 1. Table 2 contains summary statistics for the
56. categorical
variables.
As shown in Table 1, the average LTV at origination is 97% for
government
loans. This is considerably higher than for the prime market,
where first
lien loans have LTVs less than 80%, on average.10 We also
observe the
expected differences in FICO scores, with an average FICO
score in the prime
sector of 730, 635 for subprime and 674 for government loans.
The prime
market loan amount (i.e., unpaid principal balance, or UPB, at
origination)
averages $209,000 with the government loan amount the lowest
at a mean of
$152,000. The mean value in the subprime population is below
that for prime
at $180,000. DTI ratios do not differ much between prime and
government
loans, and the DTI for subprime is unavailable in the data. As
DTI is a key
focus in the efforts of legislators to tighten underwriting
standards, we use it
when available for estimation. The equity measures post-
origination reflects
the LTV on the property as house prices change in the area.
All three markets faced significant house price declines, as
captured by the
change in home equity one, two or three years after origination.
For all three
10The mean LTV for subprime mortgages is surprisingly low at
83%, although this
57. likely reflects the absence of recording second lien loans, which
would lead to a higher
combined LTV.
1000 Courchane, Kiefer and Zorn
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1002 Courchane, Kiefer and Zorn
Table 2 � Summary statistics for categorical (class) variables
(80% estimation
sample)—statistics not weighted.
All Prime Subprime Government
ARM 12.60% 48.50% 4.72% 14.91%
Balloon 0.39% 4.91% 0.05% 0.82%
FRM-15 7.68% 1.61% 1.16% 5.63%
FRM-30 68.25% 22.31% 90.14% 67.79%
FRM-Other 4.48% 1.71% 2.73% 3.81%
Hybrid 6.59% 20.97% 1.20% 7.04%
Other 41.05% 33.13% 43.57% 40.71%
Retail 33.70% 21.20% 22.12% 29.87%
Wholesale 25.25% 45.67% 34.31% 29.42%
Full Documentation 29.83% 49.38% 41.80% 34.52%
Missing 38.89% 18.44% 42.30% 37.35%
Not Full Documentation 31.27% 32.19% 15.90% 28.13%
Owner Occupied 83.43% 85.88% 91.84% 85.48%
Not Owner Occupied 16.57% 14.12% 8.16% 14.52%
Condo 13.82% 7.75% 6.97% 11.70%
Single Family 86.18% 92.25% 93.03% 88.30%
mortgage market segments, post-origination equity measures
(post-origination
100. estimated LTV) averaged over 90%. Post-Origination
unemployment rates are
highest, on average, in the geographies with government loans,
although the
differentials among market segments fell after three-year post-
origination.
Table 2 presents the summary statistics for the categorical
(class) variables
in our sample. Some expected results emerge. The subprime
segment has the
largest share of loans originated through the wholesale channel
at 45.7%,
while the wholesale share for the prime segment was only
25.2%. Nearly half
(48.5%) of subprime loans were “ARM” loans, while only
22.3% of subprime
loans were the standard 30-year FRM product. In contrast,
69.1% of prime
loans were 30-year FRMs and an additional 7.8% were 15-year
FRMs. Nearly
all of the government loans (91.2%) were 30-year FRMs. The
documentation
figures are somewhat surprising, with nearly half (49.4%) of
subprime loans
indicating full documentation. The low share of full
documentation loans in
the prime sector (about 30%) likely reflects the inclusion of
Alt-A loans,
which are defined to be prime loans in the CoreLogic data.11
In our analyses, we focus on access to credit and credit risk
outcomes for all
borrowers. However, many homeownership and affordable
lending programs
101. 11Historically, Alt-A loans were originated through prime
lenders, offering their more
credit worthy customers a simpler origination process.
A Tale of Two Tensions 1003
focus more narrowly on assessing opportunities for responsibly
extending
mortgage credit to borrowers with low down payments and poor
credit his-
tories, or who are otherwise underserved by the prime market
(“target pop-
ulation”). As a result of long standing public policy objectives
focused on
the value of homeownership, both government insured mortgage
programs
(such as FHA) and the GSEs have long held missions to meet
the needs of
underserved borrowers, including low income, minority and
first-time home-
buyers.12 Programs meeting this mission are tasked with
balancing access to
credit for borrowers with any attendant increases in credit risk.
Therefore, aside from our focus on the opportunities provided to
the full pop-
ulation of borrowers, we also provide an analysis of scorecard
outcomes for a
specific target population. We define this target population as
borrowers who
receive first lien, purchase money mortgages on owner-occupied
properties
located in census tracts with median incomes below 80% of the
area median
102. income, with FICO scores less than or equal to 720 and with
LTV ratios
greater than or equal to 90%.
Limiting our analysis to borrowers who live in lower income
census tracts is
especially constraining, as many borrowers with high LTVs and
lower FICO
scores live elsewhere. However, our data lack accurate income
measures, and
public policy considerations encourage us to include an income
constraint in
our definition of the target population.13 As a consequence,
loans to target
borrowers account for a small percentage of the total loans
made during our
period of study (roughly 4%). We can be assured, however, that
our target
population is composed of borrowers who are an explicit focus
of public
policy.
Figure 1 provides a graphical illustration of the HMDA-
weighted distribution
of target population loans in our sample across the three market
segments.
The dramatic shift over time in the share going to the
government sector is
obvious, as is the reduction in the number of loans originated to
the target
population by all three segments, combined, post-crisis.
12Both the Community Reinvestment Act (CRA) and the
Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (the 1992 GSE Act)
encouraged mortgage
103. market participants to serve the credit needs of low- and
moderate-income borrowers
and areas.
13For example, GSE affordable goals are stated with respect to
low- and moderate-
income borrowers and neighborhoods.
1004 Courchane, Kiefer and Zorn
Figure 1 � Target population by year and market segment
(weighted).
Analysis
Our analysis begins with the estimation of mortgage
performance models over
the crisis period. We use loan-level origination data from 1999
through 2009
to estimate models of loans becoming 90-days or more
delinquent in the first
three years after origination. These models include standard
borrower and loan
characteristics at origination, as well as control variables
measuring changes
in house prices, unemployment rates and interest rates post-
origination. They
also include several interaction terms for the borrower, loan and
control
variables.
We then use our estimated delinquency models to specify two
underwrit-
ing scorecards—a through-the-cycle scorecard and a stress
scorecard.14 We
104. next apply various cutpoints (risk thresholds) to our scorecards
to define
levels of acceptable risk. By definition, loans with risk scores
(delinquency
probabilities) at or below the cutpoint are assumed to be within
appropriate
(acceptable) risk tolerances.
The scorecard and cutpoint combinations provide working
prototypes of an
AUS. Our final step applies these prototypes to the full and
target populations
and assesses the results.
Estimating the Models
We estimate three separate delinquency models based on an
80% sample
of first-lien, purchase money mortgage loans in our data.
Separate models
14Additional scorecards constructed using “perfect foresight”
and macroeconomic
forecasts are available from the authors upon request.
A Tale of Two Tensions 1005
were estimated for prime loans (including Alt-A loans),
subprime loans and
government loans, using an indicator provided in the CoreLogic
data to as-
sign each loan to its appropriate segment.15 We estimate
separate models for
each market sector because we believe that there is clear market
105. segmenta-
tion in mortgage lending. In the conventional market the
lenders, industry
practices, market dynamics and regulatory oversight have
differed between
the prime and subprime segments.16 A similar distinction exists
between the
conventional and government segments—the latter focuses on
first-time bor-
rowers and lower income households. Moreover, acceptable risk
tolerances
will necessarily vary across segments, as may concerns
regarding access to
credit.
Our process differs from the typical construction of
underwriting systems in
two important ways. First, while the CoreLogic data are
reasonably rich in
variables, they do not contain the detailed credit variables, such
as tradeline
balance to limits, number of open tradelines and presence of
mortgage late
payments, which are a key component of most underwriting
models. As
a result, our model assesses risk less accurately than production
versions.
Second, typical models are estimated on historical data, but the
resulting
scorecards are applied to future applications (i.e., out of
sample). However,
lacking knowledge and data on future states of the world, we
use historical
assessments and apply our scorecard to the 20% holdout sample.
Thus, our
scorecard may assess risk more accurately than production
106. versions, given that
the data were contemporaneously generated. However, we
believe that this is
not a critical concern because we seek to illustrate how certain
scorecard and
cutpoint combinations might affect outcomes under future
stressful market
conditions.
The dependent variable in our estimation is a loan becoming 90
days or
more delinquent in the first three years after origination.
Continuous ex-
planatory variables include borrower FICO scores, mortgage
market interest
rates (Freddie Mac Primary Mortgage Market Survey rates),
updated LTVs
(derived using the Freddie Mac House Price Index) and local
unemploy-
ment rates.17 The models also include categorical explanatory
variables for
15Because this field is determined at CoreLogic, we are unable
to define the specific
parameters around the determination of subprime.
16This structural segmentation also loosely translates into
separation on the basis of
risk—the prime segment generally caters to lower risk
borrowers, while the subprime
segment generally caters to higher risk borrowers—however, the
distinction along this
dimension is far from perfect. We are segmenting by market
structure, not simply by
market risk.
17We include variables estimated to model post-origination
home equity one-
107. year, two-year and three-year post-origination. If equity one-
year post-origination
1006 Courchane, Kiefer and Zorn
loan amount ($50,000–$150,000, $150,000–$250,000,
$250,000–$350,000,
$350,000–$450,000 and greater than $450,000); documentation
type (full
documentation, low documentation and missing documentation);
origination
channel (retail, wholesale and other); original LTV (less than
40%, 40–60%,
60–75%, 75–80%, 80–85%, 85–90%, 90–95%, 95–105%, 105
to–115% and
greater than 115%); product type (ARM, balloon, 15-year FRM
[“FRM-15”],
30-year FRM [“FRM-30”] and other FRM and hybrids [“FRM-
other”]) and
condo and owner occupancy indicators. Finally, interactions
were included
between FICO score of borrower and whether FICO was
missing, FICO
score and loan amount, loan amount and LTV and FICO score
and LTV.18
The estimation results, based on the 80% sample, are presented
in Appendix
Tables A.1.a (prime), A.2.a (subprime) and A.3.a (government).
Goodness-
of-fit plots, applied to the holdout sample, are found in Figures
A.1.b (prime),
A.2.b (subprime) and A.3.b (government). Most of the variables
in the prime
108. delinquency model (Figure A.1) had the expected signs. Loans
with LTV
ratios less than 80%, full documentation loans, retail channel
loans, loans
under the conforming limits and FRM loans are all less likely to
become
delinquent. As FICO score increases, the delinquency
probability falls. Loans
with higher LTV values have higher delinquency rates, with the
loans in the
over 100 LTV categories most likely to go delinquent. Owner
occupants are
less likely to become delinquent.
Most of the subprime results (Figure A.2.a) are similar to those
in the prime
model with a few exceptions. As in the prime segment, owner-
occupied and
FRM loans are less likely to become 90 days delinquent. LTV
also has a
similar relationship with delinquency in both the prime and
subprime mod-
els; however, the parameter estimates on the high LTV prime
loans exceed
those for subprime, perhaps reflecting missing second lien loans
in the sub-
prime population. There are some differences in the two models,
however.
For example, full documentation subprime loans are more likely
to become
is defined as ltv_1yr, then ltv_1yr = ltv*upb_1yr/[upb /( 1 +
hpa_1yr_orig)]
where ltv = LTV at origination, upb = upb at origination and
hpa_1yr_orig =
house price growth (in %) from origination to one year after
109. origination and
upb_1yr = upb 1 year after origination, assuming no
delinquency/curtailment,
and a fully amortizing loan. Then, upb_1yr= upb +
FINANCE(’CUMPRINC’,
initial_interest_rate/1200, original_term, upb, 1, 12); where
FINANCE is a SAS
function used to compute the cumulative principal. See:
http://support.sas.com/
documentation/cdl/en/lrdict/64316/HTML/default/viewer.htm#a
003180371.htm
18We use an indicator variable for observations with missing
DTI in the prime and
government segments (this is the omitted category.) DTI is
missing for all subprime
loans. For missing FICO, we create a variable denoted as FICO2
and set scores when
missing to 700 and to actual values otherwise. We interact
FICO2 with a dummy for
missing status.
A Tale of Two Tensions 1007
delinquent, as are loans from the retail channel. Higher FICO
scores do not
reduce the likelihood of subprime mortgage delinquency.
For the government segment, retail channel has the negative
sign we observed
in prime. Nearly all government loans are full documentation,
so the result
carries little meaning. Finally, higher LTV and lower FICO
government loans
scores have an increased probability of delinquency. Owner
110. occupancy and
the retail channel reduce the probability of delinquency, as do
FRM loans.
We assess model fit by comparing model predictions to actual
outcomes.
The results of these comparisons are provided in the Appendix
as Figures
A.1.b, A.2.b and A.3.b for the prime, subprime and government
estimations,
respectively.19 In general, we see that the models fit well.
Specifically, the
scatter plots remain relatively close to the 45-degree reference
line. To the
extent that there is any systematic error in the model, it occurs
for lower
risk loans (toward the bottom left of the chart). This causes
relatively little
concern for our analysis because it is most important that the
model is well-fit
in the area around likely cutpoints, which is located in the well-
fitting higher
risk (upper right-hand) section of the charts.
Finally, in Figures 2.a (prime), 2.b (subprime) and 2.c
(government), we use
predictions from our estimated model on the weighted holdout
sample to
provide a distributional sense of loans originated throughout the
years in our
sample. Specifically, using our predictions, we rank order loans
within each
market segment and origination year into approximately 200
buckets. For
each bucket of loans, we compute the realized default rate. We
then generate
111. a box plot illustrating the distribution of average default rates
over our 200
buckets by market segment and year.20
The three charts below immediately highlight the dramatic
increase in delin-
quency rates that occurred during the crisis years of 2005–2008.
Clearly,
19Loans in each segment are first grouped by model prediction,
and then divided into
200 equally sized buckets of loans with similar model
predictions. The mean model
prediction and actual delinquency rates are calculated for each
bucket, and then plotted
in log-log scale. The model prediction is measured on the
horizontal axis, and the
actual delinquency rate is measured on the vertical axis. A 45-
degree reference line
is drawn in each chart, reflecting the combination of points
where the models are
perfectly predicting.
20The “box” in the box plot shows the interquartile range
(“IQR”)—the scores between
the 25th and the 75th percentiles. The “whiskers” go down to
the 5th percentile, and
up to the 95th percentile of scores. The 50th percentile (the
median) falls within
the box. The data are weighted via HMDA to more accurately
reflect the underlying
population.
1008 Courchane, Kiefer and Zorn
112. Figure 2 � a. Prime, b. Subprime and c. Government.
there is justification for a general concern over credit risk and
the perfor-
mance of loans under stressful conditions in particular. It is also
interesting
to compare the relative performance of loans across the market
segments. In
the years 1999–2004, prime loans were clearly the best
performing, followed
by government loans, and then subprime. However, the
government segment
performed roughly as well as the prime segment during the
crisis years. This
is because Alt-A mortgages are primarily allocated to the prime
segment (as
they were primarily originated by prime lenders) and these
loans performed
very poorly. Regardless, both the prime and government
segments look much
A Tale of Two Tensions 1009
better than subprime during the crisis years—as subprime
delinquency rates
reached an average of 40% for 2006 and 2007 originations.
Deriving the Scorecards
The second step of our analysis is to derive prime, subprime and
government
scorecards from the estimated models. Scorecards are an ex ante
assessment
of the credit risk at origination associated with a particular
113. borrower/loan
combination. Our estimated delinquency models provide the
basis for this
assessment; although these models include both ex ante and ex
post (post-
origination) explanatory variables. The appropriate treatment of
the post-
origination explanatory variables is the key challenge for
scorecard creation.
One approach, arguably the most typical, is to treat post-
origination explana-
tory variables as controls in the scorecard.21 That is, to keep
the value of these
variables constant across borrowers and over time. This is the
approach we
use here, although we create two variants. The first version we
call a “through-
the-cycle” scorecard. For this scorecard, we set post-origination
variables to
approximately their long run averages (house prices are set at a
2% annual
increase, interest rates are assumed to remain unchanged after
origination
and unemployment rates are set at 6%). This provides a
generally “friendly”
view of credit risk, and so is reflective of a concern for access
to credit is-
sues. The through-the-cycle scorecard also has the policy
advantage of being
countercyclical.
We also create a second version that we call our “stress”
scorecard. For this
scorecard, we incorporate the values of the ex post explanatory
variables used
114. by the Federal Reserve Board in its 2014 severely adverse stress
test scenario.
The Federal Reserve’s provides paths under the severely
adverse scenario for
several macroeconomic variables, including unemployment,
house prices and
mortgage rates. This represents a hypothetical scenario
containing both reces-
sion and financial market stress aimed to assess the resiliency
of U.S. financial
institutions. In this regard, our scorecard represents an outer-
bound possibility
of risk, and is clearly reflective of a concern for credit risk. For
each loan
scored under the stress scorecard, we use cumulative house
price declines of
12.4%, 24.2% and 24.7 for one-year, two-year and three-year
post-origination,
respectively, to update our equity variable in the stress
scorecard. We expect
the stress scorecard to be very tight with respect to access,
which should limit
its risk exposure during downturns. Separate scorecards are
created for each
21An alternative approach is to forecast at origination the future
values of the
ex post explanatory variables. This is a challenging task in both
theory and prac-
tice. A prototype version of such a scorecard is available from
the authors on request.
1010 Courchane, Kiefer and Zorn
115. of the models/markets: prime, subprime and government. We
believe that it
is enlightening to compare and contrast the results of the
through-the-cycle
and stress scorecards for each market. While we expect the
through-the-cycle
scorecard to lead to increased access to credit relative to the
stress scorecard,
it may achieve this at the cost of higher credit risk. We expect,
for example,
that it will perform significantly worse than the stress scorecard
during down
cycles.
Choice of Cutpoints
The third step in our analysis is to choose scorecard cutpoints.
The cutpoints
set the marginal risk tolerance for the scorecards, and so
determine the lev-
els at which loans switch from “acceptable” to “unacceptable”
risks. The
cutpoints therefore set the extreme bounds of within-tolerance
risk for the
scorecards, and are critical in setting the balance between
access to credit and
credit risk concerns.
Both policy and business considerations influence the
determination of cut-
points. For example, a 10% delinquency rate might be viewed as
an acceptable
prime cutpoint during boom years when the market is optimistic
and public
policy is focused on expanding access to credit. However, that
same 10%
116. delinquency rate might be viewed as too high for a prime
cutpoint during a
recession, when the market is trying to limit credit exposure and
public policy
has shifted its focus to managing systemic risks and taxpayer
losses. Lenders
with more tolerance for risk might choose to operate in the
subprime market
segment, and will accept higher risk thresholds than lenders
who want to
operate in the prime segment. Government-insured risk
tolerance levels may
vary with the health of the mortgage insurance fund, as well as
other policy
considerations.
It is not our intention to propose “correct” cutpoints for our
scorecards. Rather,
our goal is to illustrate how the interactions between scorecards
and possible
cutpoints affect access to credit and the management of credit
risk, and to
illustrate the potential for possible compromises. Toward this
end, we provide
a set of potential cutpoints for each scorecard. Specifically, we
provide results
for cutpoints of 5%, 10%, 15% and 20% delinquency rates for
each of our
scorecards. This allows us to provide a range of alternative
impacts on both
the full and target populations.
To simplify our presentation and focus our analysis, we also
concentrate on
a select cutpoint for each market that offers a possible
compromise between
117. managing access and credit risk. This is determined by choosing
among our
four cutpoints for each market the one that most closely
approximates the
A Tale of Two Tensions 1011
actual delinquency rate of marginal loans originated in the years
1999–2001.
These years provide origination cohorts that experienced a
relatively benign
economic environment for the first three years after origination
(neither ex-
pansive nor depressed), and their realized performance is not
unduly affected
by factors outside the control of underwriting.
Underwriting in the prime market during the 1999 –2001 period
was rela-
tively standardized (arguably, neither too loose nor too tight),
so we set the
select cutpoint at the realized performance of borrowers around
the 90th risk
percentile from the full model prediction. This performance is
most closely
approximated by a cutpoint of 5% delinquency rates for the
prime market
(see Figure 2.a), and by construction this results in about 90%
of the prime
loans originated in 1999–2001 being viewed as acceptable
risk.22
The subprime performance distribution (see Figure 2.b) displays
a markedly
118. different time trend than that observed in the prime market.
Realized per-
formance in the years 1999–2001 was worse than the
performance of the
2002–2004 cohorts. This suggests that subprime underwriting in
the earlier
period was not as standardized as it was in the prime market
during those
years. Moreover, the differential in risk between prime and
subprime lending
appears greater in the earlier years, suggesting that subprime
lending was
relatively less conservative than prime lending in 1999–2001.
Finally, the
overall tolerance for accepting risk in mortgage lending has
clearly declined
in the recent environment. These factors persuade us to use a
more restrictive
standard for determining marginal borrows in the subprime
segment than we
do in the prime segment. For the subprime market, we choose a
cutpoint of a
15% delinquency rate, which results in only about one-half of
the subprime
loans originated in in 1999–2001 being viewed as acceptable
risk in terms of
their realized outcomes.
The performance distribution of government-insured loans is
shown in
Figure 2.c. As with the subprime market, the box plots for
government mort-
gage lending suggest that underwriting was not as standardized
or (relatively)
conservative as in the prime market from 1999 to 2002.
Particularly, striking
119. is the more limited relative increase in the risk distributions of
the 2006–2008
originations than the increase experienced by these cohorts in
the subprime
market. We therefore again impose a more restrictive standard
for determining
the marginal borrowers in the government market, but mitigate
this somewhat
because of the government sector’s explicit goal of providing
credit to first
22The 90th risk percentile is the scorecard prediction level that
separates the 10% of
borrowers with the highest predicted risks from the remaining
90% of borrowers with
lower predicted risks.
1012 Courchane, Kiefer and Zorn
time and traditionally underserved home buyers. This yields a
select cutpoint
for the government sector of a 10% delinquency rate, which
results in about
60% of the 1999–2001 cohort being viewed as acceptable risk in
terms of
their realized outcomes.
Applying Scorecards to the Full and Target Populations
Our last step applies our automated underwriting scorecards to
the full and tar-
get populations. As noted earlier, the target population
represents only about
4% of overall originations during our period of study. Although
120. a restrictive
definition, we believe that our resulting target population is
highly reflective
of the population focused on by most affordable housing
initiatives. We use
our through-the-cycle and stress scorecards to separately score
borrowers, and
then determine the percent of the population assessed as
acceptable risks by
each scorecard using the alternative cutpoints (expressing risk
thresholds of
5%, 10%, 15% and 20% delinquency rates). Table 3.a presents
the results for
the full population, while Table A.4a, in the Appendix, presents
the results
for the target population. Table 3.b presents the share of
defaults for the full
population for each scorecard in each risk threshold range.
Table A.4b in the
Appendix provides similar values for the target population.
As indicated in Table 3.a, using a cutpoint of 5%, we find that
85.1% of
all prime borrowers are viewed as acceptable risks by the
through-the-cycle
scorecard over 1999–2009, while the stress scorecard yields
only 60.8 accept-
able risks among prime borrowers. If the risk threshold is
relaxed to a level
of 10%, 97.6% of the prime market borrowers are acceptable
risk. Over time,
at a 5% prime cutpoint, the percent of acceptable risks falls as
the origina-
tion population reflects the historic relaxation of underwriting
standards—the
market includes more high risk borrowers, so a lower percent
121. are accepted
with the 5% cutpoint.
For the subprime market segment, the through-the-cycle
scorecard assesses
39.7% as acceptable risk with a default risk threshold set at
15%, while only
4.7% are acceptable using the stress scorecard. If the risk
threshold is held to
5%, only 2.5% are accepts.
Finally, in the government segment, using a 10% threshold,
61.1% of bor-
rowers are acceptable risks with the through-the-cycle
scorecard. At a 5%
threshold, only 4.7% would have been able to receive
mortgages.
As expected, the through-the-cycle scorecard accepts more
borrowers than
does the stress scorecard during a stressful environment, with
the differ-
ential impacts of the two scorecards varying by market segment.
The prime
A Tale of Two Tensions 1013
T
ab
le
3.
a
215. higher percentage of borrowers using either scorecard. The
stress scorecard,
because of its very pessimistic view of post-origination
outcomes, completely
eliminates access to credit in the subprime segment, and nearly
eliminates the
possibility of acceptable credit risks in the government segment.
Table A.4.a, as shown in the Appendix, provides results for
acceptable risks
among target borrowers. Using our select set of cutpoints, we
find that 55.1%
of the prime targeted borrowers are viewed as acceptable risks
by the through-
the-cycle scorecard. The stress scorecard yields 12.8%. For the
subprime
market, these values are 24.9% and 0.2%, respectively, and for
the government
market, they are 54.3% and 5.2%, respectively.
All of the borrowers in the full population received loans under
the standards
present at the time of origination. Applying a modern version of
a through-the-
cycle or stress scorecard, many of those borrowers would have
failed to qualify
for a loan. This suggests that AUS also offer some potential for
responsibly
extending credit to the target population. However, the through-
the-cycle and
stress scorecards offer competing policy trade-offs. The
through-the-cycle
scorecard extends credit to a larger percentage of the target
population by
providing greater access during expansionary cycles. The stress
scorecard
216. severely restricts access during periods of financial stress, as
designed.
Table 3.b provides the share of defaults by risk threshold. In the
prime mar-
ket, at a 5% cutpoint, 85.1% of the borrowers are accepted but
this group is
responsible for only 55.9% of the defaults. In contrast, at a 15%
subprime
cutpoint, the through-the-cycle scorecard accepted 39.7% of
borrowers rep-
resenting 26.3 of defaults. Finally, in the government segment,
while 61.1%
were acceptable at a 10% cutpoint, that group’s share of
defaults was 44.6%.
Only the prime market is of interest when assessing the default
share by
cutpoint using the stress scorecard for the full population (Table
3.b). The
stress scorecard accepted 60.8% using the 5% cutpoint and this
resulted in
loans that comprised 25.5% of the total defaults in the
population. For the
target population (Table A.4.b), the share of defaults for target
borrowers in
the prime segment is 35.1% with a 5% cutpoint; while it is
17.5% for subprime
with a 15% cutpoint and 45.7% for government with a 10%
cutpoint. In every
case, the percent of acceptable risks outweighs the default
share.
In summary, acceptable levels of risk can be achieved in two
ways. Either the
scorecard can reflect a more stressful environment post-
217. origination, which
means that the post-origination values of the macroeconomic
variables are
more pessimistic relative to the through-the-cycle scorecard, or
the cutpoints
1018 Courchane, Kiefer and Zorn
can be adjusted. For example, in examining the results for the
prime scorecard,
85.1% of the full population posed acceptable risks using the
through-the-
cycle scorecard using a 5% cutpoint. That dropped to 60.8%
using the stress
scorecard. Approximately the same percentage of prime
mortgages (88.0%)
could be accepted using the stress scorecard, but that requires
relaxing the
cutpoint to 10%. It is similarly likely that using the through-
the-cycle score-
card and tightening the cutpoints would lower the percent of
acceptable risks
in a manner similar to the application of the stress scorecard.
It is clear that using both levers to manage credit risk (a stress
scorecard
and tight cutpoints) virtually eliminates credit access in the
subprime and
the government market segments. For example, a 15% cutpoint
and a stress
scorecard in the subprime segment results in only 4.7% of the
full popula-
tion being approved for loans. Using the stress scorecard in the
government
218. segment, with a cutpoint 10%, means that only 10.3% of
borrowers are ac-
ceptable credit risks. For the target population borrowers, using
the stress
scorecard and tighter cutpoints means that no borrowers are
viewed as posing
acceptable risks.
In Figures 3.a.1, 3.a.2, 3.b.1, 3.b.2, 3.c.1 and 3.c.2, we provide
accept rates
(1), the share of defaults (2) and realized default rates (3) for
the prime (a),
subprime (b) and government (c) segments, respectively, for the
through-the-
cycle (1) and stress (2) scorecards. These figures provide
information for
the full and target populations. All of these figures are based on
the select
cutpoints using the holdout sample for the given markets.
The accept rate trend lines provide information similar to that
found in Tables
3.a and A.4.a, but the results across segments and across
scorecards for the
full and target populations can be more readily compared in the
figures. It is
clear that the stress scorecard has reduced access to credit with
lower accept
rates (e.g., Figure 3.a.1.1 compared to Figure 3.a.2.1), but also
results in a
lower share of defaults (e.g., Figure 3.a.1.2 compared to Figure
3.a.2.2).
The figures also provide the average realized default rates for
those loans that
were judged to be acceptable credit risk for each scorecard. In
219. viewing the
realized default rate for the through-the-cycle scorecard, it is
interesting to
note that even though the scorecard and risk threshold are the
same for the full
and target populations (Figure 3.a.1.3), the target population
performs worse
in every year because it includes the riskier borrowers that are
meeting the
uniformly applied cutpoints. Further, even though the
scorecard’s through-the-
cycle values and the cutpoint are identical over time, the
realized performance
of the acceptable loans meeting the cutpoint is much worse in
the years when
the actual macroeconomic post-origination variables were at
higher “stress”
A Tale of Two Tensions 1019
Figure 3 � Through-the-cycle: prime accept rate.
levels. This same effect can be observed for the stress scorecard
(Figure
3.a.2.3), although it is attenuated because that scorecard already
uses higher
“stress” levels of the macroeconomic variables.
Figures 3.b.2.1 (subprime) and 3.c.2.1. (government) clearly
demonstrate that
using a stress scorecard, with cutpoints that are reasonable for
the through-
the-cycle scorecard, would nearly completely eliminate any
subprime or
220. government lending.
We provide Table 4 as a final part of our analysis, which gives
summary
statistics on key variables by scorecard and market segment.
This provides
some detail on the types of loans, loan characteristics and
performance for the
loans that are in the acceptable risk class. The loans categorized
as requiring
1020 Courchane, Kiefer and Zorn
Figure 3 � Continued.
more “caution” are those that would not be approved as their
level of risk is
higher than the risk threshold. If judgmental overrides are
applied to waive
the cutpoint, this requires the use of “caution.”
The acceptable risk loans are characterized by having higher
mean FICO
scores and lower LTV values than the caution loans. For both
the prime
and subprime segments, acceptable risk loans are more likely to
carry fixed
rates, although the difference is not very great in subprime. In
the government
segment, as nearly 90% of the market is FRM, there is less
distinction. Results
for the stress scorecard are marginally different. For the full
population, mean
FICO scores of the acceptable risk loans are higher and LTV
221. values lower for
A Tale of Two Tensions 1021
Figure 3 � Continued.
the prime market segment, and even a higher percent of the
loans is FRM.
Mean FICOs are also higher in the government market.
Conclusions and Implications
Using residential mortgage default models for each of the three
segments
of the U.S. market (prime, subprime and government), we
construct two
scorecards (through-the-cycle and stress), and then apply each
scorecard to
the full population of borrowers and to a specific group of
targeted borrowers
to determine expected performance. Such scorecards can be
used to balance
the competing tensions between access to credit and credit risk.
1022 Courchane, Kiefer and Zorn
T
ab
le
4
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246. at
io
ns
w
it
h
no
nm
is
si
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IC
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.
A Tale of Two Tensions 1023
Responsible lending requires the choice of an appropriate
scorecard and/or
the appropriate setting of risk tolerances, and in AUS, this is
operationalized
by setting post-origination macroeconomic values (choice of
scorecard) or by
choosing the scorecard cutpoints that determine the maximum
level of ac-
247. ceptable risk. This process requires judgment that balances
policy, regulatory
and business considerations, all of which may and do change
over time. This
simple observation highlights the temporal nature of responsible
lending—
risks that are viewed as acceptable in one period may be viewed
as excessive
in another.
As expected, for a given cutpoint, a through-the-cycle scorecard
accepts more
borrowers than the stress scorecard during a stressful time
period, with the
differentials varying by market segment. The prime market,
with a lower
risk threshold (5% cutpoint), accepts a significantly higher
percentage of
borrowers using either scorecard, while the subprime market
yields the lowest
percentage of borrowers using the through-the-cycle scorecard
(but slightly
higher acceptable rate than the government market when using
the stress
scorecard).
We find that the scorecards offer potential for responsibly
extending credit to
the target population. However, our results again indicate that
the through-the-
cycle and stress scorecards offer competing policy trade-offs.
The through-the-
cycle scorecard extends credit to a larger percentage of the
target population
by providing greater access during expansionary cycles. The
stress scorecard
248. severely restricts access during periods of financial stress, as
designed.
Our analysis is suggestive rather than definitive. It is sensitive
to the scorecard
used and to the choice of cutpoint (risk tolerance). It is
encouraging, however,
because it suggests that AUS offer potential for responsibly
extending credit
to all borrowers, including those in a target population. The size
of this
impact depends critically on the risk tolerances incorporated
into the AUS.
Regardless of the chosen level of risk, our analysis identifies a
portion of
the population to whom lenders can responsibly extend credit,
even during
stressful environments. This requires either adopting a
scorecard that reflects a
stress scenario or tightening cutpoints. Doing both, however,
results in almost
no loans being offered to the target population by either the
subprime market
or government market, and a significant reduction in the percent
of the target
population getting loans in the prime market.
To conclude, we find that automating underwriting scorecards
can provide a
valuable tool for managing risks for mortgage originations.
However, modern
AUS are unlikely by themselves to be a panacea for providing
access to credit