Archive for March, 2010
March 28th, 2010 | 
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1: After Wilson presented the treaty to the United States Senate,
the Senate ratified it
only the “irreconcilables” backed it
the Senate rejected it
only the “reservationists” backed it
2: One result of Prohibition during the 1920s was
an increase in alcoholism
a decline in dancing and socializing
the rise of organized crime
the creation of urban artistic colonies
3: Which of the following was a long-term effect of Prohibition?
the consumer economy
the growth of organized crime
an end to alcoholism in the United States
the rise of fundamentalism
4: William Jennings Bryan took up the cause of fundamentalist Christians
at speakeasies in Chicago
on new buses to the suburbs
at the Scopes trial
in Hollywood studios
5: Key features of Republican administrations of the 1920s included
expansionism and business regulation
isolationism and laissez-faire business policy
a buildup of armaments and armed forces
reduction of quotas and
36: Why did many Americans fear Vladimir I. Lenin and his followers, the Bolsheviks?
They promoted a system that was hostile to American values
They refused to pay back Russia’s war debts
They had abolished the Russian monarchy
They encouraged other nations to reject socialism
37: Generally, the 1920s were marked by
rising farm prices
rising stock prices
falling production
falling wages
38: One sign that the economy might be weakening in the 1920s was
uneven distribution of national wealth
underproduction of consumer goods
an increase in personal savings
the collapse of large corporations
39: Which statement best describes the American economy in the 1920s?
Wages decreased and the economy appeared weak
Unemployment was at an all-time high
Stock prices rose and the economy appeared healthy
Small businesses dominated American industry
40: In the fall of 1929, a wave of panic selling gripped the stock market as a result of
a sudden fall in stock prices
corruption among stockbrokers
business failures
government limits on speculation
41: Not long after Black Tuesday, the stock market crash was affecting
only those who had invested heavily in stocks
wealthy industrialists almost exculsively
millions of Americans, many of whom had never owned stocks
mainly stockbrokers and banks
42: Why did FDR declare a “bank holiday” early in his administration?
to cut of the use of cash
to weaken the banking industry
to inspect the financial health of the banks
to give people in the banking industry a well-earned vacation
43: Which New Deal agency was created to help businesses?
Federal Reserve Board
National Recovery Administration
Civilian Conservation Corps
Home Owner’s Loan Corporation
44: Which of the following did New Deal programs fail to address?
protection of domestic workers
low prices for agricultural products
the decline of industrial prices
Native Americans’ need for schools, hospitals, and irrigation systems
45: All of the following New Deal agencies still endure today except the
Tennessee Valley Authority
Federal Deposit Insurance Corporation
Civilian Conservation Corps
Securities and Exchange Commission
46: What did Italy, Germany, and Japan have in common in the 1930s?
They overturned traditional governments and established democracies.
They were economic giants and together controlled world trade.
They sought to solve their nations’ problems through conquest
They angered other nations by their persecution of the Jews
47: Although Communists and Fascists have traditionally been enemies, in 1939 which Fascist made a pact with which Communist?
Hitler with Chamberlain
Hitler with Stalin
Hitler with Franco
Stalin with Franco
48: Nazism was an extreme form of
communism
fascism
nationalism
none of the above
49: During the 1930s, the United States focused largely on
preparing for war
domestic affairs
international affairs
international and domestic affairs
50: Congress passed Neutrality Acts that were designed to
support other neutral states around the world
support other nations in the Western Hemisphere
limit international involvement
allow nations to purchase weapons on credit
Jana Tritle
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7. In some countries, financial institutions operate under Shariah, which also gives guidance about accounting practice in these companies. What is “Shariah?”a) Shariah is the financial accounting standards board in Saudi Arabia.B) Shariah is the law governing human conduct that is derived from the Koran.C) Shariah is the codification of banking regulations in the European Union.D) Shariah is a political system used in South American countries.
8. Assets are commonly shown in order of their liquidity, or in reverse order of their liquidity. What does “liquidity” mean?
Liquidity refers to how easily the assets are converted to cash.
Liquidity means that assets are inflation-adjusted.
Liquidity refers to whether the asset is depreciable or not.
Liquidity means that the assets are closely matched to specific liabilities.
9. Individualism, power distance, uncertainty avoidance, and masculinity are examples of: a) accounting values B) ecological factors C) cultural dimensions D) external forces
13. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity?
The time expended by accountants to create multiple sets of financial statements conforming to different national standards.
The cost of the IASB to regulate compliance with many national accounting standards.
The reduction in effectiveness of the international markets for capital.
The resources used by countries in legislating different sets of accounting standards.
15. Of the 14 members of the International Accounting Standards Board (IASB), how many work for the board on a full-time basis?
14
12
10
0
16. The IASB’s Framework for Preparation and Presentation of Financial Statements (1989) implies that the most important group of users is:
government.
general public.
creditors.
investors.
22. Camerata Construction borrowed 19,000,000 for 10 years at 6% specifically to modernize its operations with new equipment. The average rate of interest on Camerata’s debt after considering the most recent loan was 5.5%. What rate of interest should be used for capitalizing the borrowing costs on the new equipment under IAS 23?
5.5%
6%
5.75%
Some other amount
23. The IASB standard on stock options (IFRS 2) is substantially the same as U.S. GAAP. How should stock options be accounted for?
Since their value is not determinable until a future date, they are not recorded, but only disclosed in the notes to the financial statements.
A compensation expense is recorded based on the value of the options expected to vest as of the date the options are granted.
An expense is recorded only if a market value for the options exists on the date the options are granted.
The options are recorded as a liability for the value of the stock at the exercise date.
24. What functional area dominates the accounting profession in Germany?
Taxation
Auditing
Financial reporting
Managerial Accounting
26. What is the main source of corporate financing in the United Kingdom?
banks
capital markets
government grants
royal family
27. What is the greatest difference between Mexican accounting practice and American accounting practice?
The method of calculating earnings per share
The lack of conservatism in Mexican accounting standards
The treatment of inflation effects on financial statements
The accounting for exchange rate gains and losses
28. In what year was the Shanghai Stock Exchange reactivated?
1949
1956
1990
1995
29. According to the World Trade Organization, what was the size of international trade in 2003?
$7,000,000,000 (7 billion dollars)
$70,000,000,000 (70 billion dollars)
$37,000,000,000 (37 billion dollars)
$7,000,000,000,000 (7 trillion dollars)
31. What is a foreign currency transaction?
It is another name for an international transaction.
It is a transaction that involves payment at a date sometime in the future.
It is an economic event measured in a currency other than U.S. dollars.
It is a business deal denominated in a currency other than a company’s domestic currency.
32. Under U.S. GAAP, foreign exchange losses should be recorded by:
debiting “Foreign Exchange Loss”
crediting “Foreign Exchange Loss”
debiting “Retained Earnings”
debiting “Sales Revenue”
33. Under U.S. GAAP, to qualify for hedge accounting which of the following conditions must be met?
There must be for
Ivory Strecker
New Obama plans: ‘spend our way out’ of downturn
By PHILIP ELLIOTT, Associated Press Writer Philip Elliott, Associated Press Writer 2 mins ago
WASHINGTON – President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to “spend our way out of this recession” until more Americans are back at work.
Without giving a price tag, Obama proposed a package of new spending for highway, bridge and other infrastructure projects, deeper tax breaks for small businesses and tax incentives to encourage people to make their homes more energy efficient.
“We avoided the depression many feared,” Obama said in a speech at the Brookings Institution, a Washington think tank. But, he added, “Our work is far from done.”
For the third time in a week, Obama sought to focus on job creation, noting that the unemployment rate was still at 10 percent in November, though down slightly from its 10.2 percent peak. He said “a staggering” 7 million Americans have lost jobs since the recession began two years ago.
While his proposal did not include the kind of direct federal public works jobs that were created in the 1930s, he said government could set the stage for more job creation by private businesses.
A major part of his package is new incentives for small businesses, which account for two-thirds of the nation’s work force. He proposed a new tax cut for small businesses that hire in 2010 and an elimination for one year of the capital gains tax on profits from small-business investments.
Obama also proposed an elimination of fees on loans to small businesses, coupled with federal guarantees of those loans through the end of next year.
He called for more government spending on infrastructure projects such as roads, bridges and water projects and for new tax breaks for consumers who invest in energy-efficient retrofits in their homes. This could be what some administration officials have called a “Cash for Caulkers” program modeled on the now-expired Cash for Clunkers program of tax rebates for people who turned in old cars for more fuel-efficient models.
The administration also is eyeing ways to get money still not spent in the $787 billion stimulus bill passed last winter into projects more quickly.
Obama did not characterize his new proposals as another stimulus program like that mammoth measure, but Republican critics have called it just that and have said it will increase a federal deficit that is already at a record level.
Obama included sharp criticism for Republicans in his speech, accusing them of opposing economic stimulus efforts and his health care overhaul while supporting tax cuts and spending that have ballooned the deficit.
He said that soon after taking office, he and congressional Democrats took “a series of difficult steps” to try to stabilize the financial system and pull the economy out of a deep recession.
“And we were forced to take those steps largely without the help of an opposition party which, unfortunately, after having presided over the decision-making that led to the crisis, decided to hand it to others to solve.”
Obama did not say how much his proposals would cost, although congressional Democrats are eyeing a $70 billion package to help create jobs and to provide aid to hard-pressed state and local governments. Administration aides suggested that the part of the package dealing with roads, bridges and other infrastructure could total about $50 billion.
While acknowledging increasing concerns in Congress and among the public over the nation’s growing debt, Obama said critics present a “false choice” between paying down deficits and investing in job creation and economic growth.
To pay for the new programs, the administration is citing the Treasury Department’s report on Monday that it expects to get back $200 billion in taxpayer-approved bank bailout funds faster than expected.
Obama suggested this windfall would both help the government spend money on job creation while also paying down the nation’s debt, which now totals $12 trillion.
Obama called the bank bailout, under the Troubled Asset Relief Program (TARP), “galling.”
“There has rarely been a less loved — or more necessary — emergency program,” Obama said. The program is expected to go out of business at the end of this year unless extended by Congress.
Since the program is costing taxpayers at least $200 billion less than expected, Obama said, “This gives us a chance to pay down the deficit faster than we thought possible and to shift funds that would have gone to help the banks on Wall Street to help create jobs on Main Street.”
But Republicans continued to insist that the leftover and repaid TARP money must be used exclusively for deficit reduction and not for a new jobs program.
“The president’s announcement is further proof that TARP has morphed from an emergency injection of liquidity to thaw frozen credit markets i
Cedric Rabidoux
I don’t need a motivational speaker and no offense to anyone, but I don’t need an author referencing a connection to god. I need to know how to write letters and talk to credit card companies to reduce my interest rates, learn about loan forgiveness, and how to deal with student loans. Good websites are welcomed as well.
Thanks for any suggestions.
Brittni Dilalla
It is time that I accept the fact that my outgo far exceeds my income and I’m not sure what the best options are to resolve this situation.
I’m looking into three different options.
1- Attempt to seek settlements on my credit card balances, 4 cards, total debt aprox. $15,000 unsecured.
Maintain my mortage and auto loan payments while negotiating with the credit card companies. If any of the credit card
accounts go to suit, my only option at that time will be to file BK.
2- Attempt to sell my home, move to an apartment at a lower expense, and try to continue to keep the credit cards current.
3- Just give up, throw in the towel now, and file for BK and be done with it.
I have spent the last two years, trying to recover from a 2/3 reduction in my income after my employer got into trouble with the Iowa AG, and went bankrupt. I have exhausted my savings and retirement trying to keep my head above water as well as selling everything I possibly could.
Now, there is no savings left, nothing left to sell, and I just went past due on 3 of the 4 cards in the past week.
Prior to this moment, I have never even had a late payment.
Anyone care to offer me opinions or suggestions on the best way to proceed?
Fernande Winslow
Dear Me,
This letter is in response to our conversation with this office on jun 29th regarding the above mentioned debt. Please be advised my client has authorized this office to accept a total of $X (there is a real number im not showing) as full settlement of this account. Since this adjustment represents a substantial reduction of this account, we add the following stipulations to the proposed settlement agreement.
6 straight monthly payments of x amount of dollars.
This settlement will become null and void if you fail to honor any of these stipulations. My balance will revert back to its original amount, minus payments made. Make payments payable to blah blah blah in cashiers or money order only.
Is this a scam or common trick or do you think they are legit?
I got my debt reduced from over 15000.00 to 4800.00 by wheeling and dealing. Ive learned these people are scumbags and don’t trust them as far as I could throw one of them. I would enjoy throwing one of them though! 
Mariam Quiel
Hillary Clinton has identified a grievous flaw in the contemporary American economy: It leaves “it all up to the individual.” This hateful individualism is allegedly driving income inequality and destroying the American Dream.
Clinton calls it “the ‘on your own’ society,” displaying a liberal Democrat’s curious aversion to people doing things on their own. In contrast, she offers a collectivist vision of “shared responsibility for shared prosperity,” making the case for it based on a farrago of mistruths about the state of the economy. She actually is not interested in sharing anything, but instead hogging all the credit for economic growth in the 1990s for her husband and, by extension, herself.
Clinton cites figures to paint a picture of an immiserated middle class, but avoids the main event. As Democratic economist Stephen Rose notes in his new book, Social Stratification in the United States, once people outside their prime working years are excluded — the elderly and the young — the median income for an American family is $63,000. Which, in the words of the Washington Post, “in most parts of the country buys a pretty comfortable middle-class lifestyle.”
She maintains that corporations are taking more and more of national income for themselves, leaving workers in the cold. But according to Alan Reynolds of the Cato Institute, labor’s share of national income was a nearly constant 64.9 percent from 1960 to 2006. She says “the percentage of taxes paid by corporations have fallen,” when the percentage of taxes paid by corporations was 11.5 percent in 2006, higher than it was in 2000, at 8.2 percent.
Clinton portrays the 1990s as a Paradise Lost that only she and her policies can rediscover. She wants “to hit the restart button on the 21st century and redo it the right way.” Like not having a tech bubble burst after it grew to unsustainable proportions in the late 1990s? Like not suffering from corporate scandals that stemmed from loose practices in the same period?
No one can deny that the 1990s were good, but they wouldn’t hold up to the kind of demagogic critique of the economy Hillary makes now. She says we can’t “get tough” on China because of our debt, but President Clinton too was “soft” on China — all recent American presidents have had basically the same policy toward Beijing. She complains of CEO compensation increasing, but it grew right through the 1990s. In fact, former Clinton Labor Secretary Robert Reich has made a Hillaryesque critique of the 1990s economy: “Most of the gains from the 1990s boom went to the people at the top.”
The real news from Clinton’s speech is the way she, in keeping with the leftward shift of her party, turns her back on her husband’s actual policies. It is too inconvenient for her to explain the sources of the deficit reduction in the 1990s besides his (relatively inconsequential) tax increase: first, Clinton’s huge cut in defense spending; then a budget deal with Republicans that reduced the rate of growth of Medicare and cut taxes on capital gains; then, a wondrous flow of revenue into the federal treasury from capital gains and the “rich getting richer.”
She doesn’t even mention welfare reform, although it is largely thanks to it that the bottom fifth of families had a 35-percent increase in income from 1991 to 2005. She talks of free trade as something to fear, when President Clinton courageously championed NAFTA and other free-trade initiatives, providing boosts to the U.S. and global economies. Of course, she leaves out all the deregulation and how important it was that President Clinton let Federal Reserve Chairman Alan Greenspan pursue his low-inflation policies without political interference.
None of this fits into her narrative of an economy needing wide-ranging government intervention to escape the nefarious consequences of individuals left to act “on their own.” One can only conclude that if you liked the 1990s boom, don’t elect this woman.
Cherelle Fahrenkrug
Hi, we have 2 credit card with Chase, one in each of our names. They each have over a 10k balance. We are looking to pay off both these cards to zero them out. Has anyone ever negotiated and been successful in having the CC company lower the balance if you pay it all off. I’m not asking about a debt settlement or anything like that, I don’t want a negative to be placed on our credit reports.
I was looking to see if something happened between you and the CC company where they may of shaved something like 10% off if you pay it in full.
Dona Morad
All of the statements concerning cellular respiration are true EXCEPT:
In the Krebs cycle, two molecules of carbon dioxide and one molecule of FADH2 are produced for each acetyl CoA that enters the cycle.
The metabolic breakdown of glucose yields more energy during fermentation than during aerobic respiration.
The conversion of glucose to pyruvate can occur in the absence of oxygen.
When aerobes respire anaerobically, they may build up an oxygen debt that may be paid eventually with the intake of oxygen.
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2. Which cellular process is represented by the following: Carbon dioxide + water + sunlight food + oxygen gas?
osmosis
oxygenation
cellular respiration
photosynthesis
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3. NADP is an electron donor during photosynthesis.
True
False
——————————————————————————–
4. During the general process of photosynthesis, the energy from light is used to accomplish which process?
the reduction of carbon dioxide
the oxidation of water
the reduction of oxygen
the oxidation of carbohydrates
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Florinda Godfrey
I’ve looked into CareOne and they seem legitimate but nonetheless I have my reservations. I’m looking for anybody who has had had dealings with this company and can tell me of their experiences. First, were they legitimate? Did they (or are they) deliver(ing) on their assurances of timely debt reduction? Did you find their customer services to be to your liking? Do you have any other information that would assist me in my inquiry? Thank you for your time and assistance and I look forward to your answer.
Jung Tannery