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HLTH 305- Final Exam Guide - Comprehensive Notes for the exam ( 71 pages long!)

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School
Queen's University
Department
Health Studies
Course
HLTH 305
Professor
Mary Rita Holland

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Document Summary

Lecture 1: overview of current health care debates and welfare state regimes. Perspectives on health care in canada : health (cid:272)are is (cid:862)free(cid:863) i(cid:374) ca(cid:374)ada, ca(cid:374)ada has a (cid:862)u(cid:374)iversal(cid:863), pu(cid:271)li(cid:272) syste(cid:373) of (cid:272)are, not sustainable, suffering crisis in health care. Health care in crisis: costing lives, price we pay for (cid:862)free(cid:863) health (cid:272)are, is there a role for more privatization? (quality, cost factors) Individual responsible for their own welfare: programs today = maintain economic stability. Historically moral imperative, not to disadvantage citizens. Now efficiency, cost, less on moral imperative. Lecture 2: history of health care in canada depression to postwar. In ontario religious-based schools have funding, this is hard to change, and it is not taken on to change as it is politically unpopular and requires spending/rewriting the constitution. Interested in developing social insurance: longest serving prime minister, wanted to create a welfare state, liberal party leader, wanted to lower taxes become more conservative, saw great depression as temporary.

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Related Questions

Note: This problem is for the 2018 taxyear.

Janice Morgan, age 24, is single and has no dependents. She is afreelance writer. In January 2018, Janice opened her own officelocated at 2751 Waldham Road, Pleasant Hill, NM 88135. She calledher business Writers Anonymous. Janice is a cash basis taxpayer.She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her SocialSecurity number is 123-45-6789. Janice's parents continue toprovide health insurance for her under their policy. Janice wantsto contribute to the Presidential Election Campaign Fund.

During 2018, Janice reported the following income and expenseitems connected with her business.

Income from sale of articles $85,000
Rent 16,500
Utilities 7,900
Supplies 1,800
Insurance 5,000
Travel (including meals of $1,200) 3,500

Janice purchased and placed in service the following fixedassets for her business. Janice wants to elect immediate expensingunder § 179, if possible.

  • Furniture and fixtures (new) costing $21,000 on January10.
  • Computer equipment (new) costing $12,400 on July 28.

Janice’s itemized deductions include:

State income tax $2,950
Home mortgage interest paid to First National Bank 6,000
Property taxes on home 2,500
Charitable contribution to her alma mater, State College 1,200

Janice did not keep a record of the sales tax she paid. Theamount from the sales tax table is $437.
Janice reports interest income of $4,000 on certificates of depositat Second National Bank. She made estimated tax payments of $3,000for 2018.

Required:
Compute Janice Morgan’s 2018 Federal income tax payable (or refunddue) by providing the following information that would be reportedon Form 1040 and Schedules A, B, C, and SE.

  • Make realistic assumptions about any missing data.
  • If an amount is zero, enter "0".
  • Enter all amounts as positive numbers.
  • When computing the tax liability, do not round your immediatecalculations.
  • If required, round your final answers to the nearestdollar.

  • Provide the following that would be reported on Janice's Form1040:

    1. Filing status: The taxpayers' filingstatus:

    2. Calculate taxable gross income.
    $

    3. Calculate the total adjustments forAGI.
    $

    4. Calculate adjusted gross income.
    $

    5. Calculate the greater of the standarddeduction or itemized deductions.
    $

    6. Calculate the qualified busies incomededuction.
    $

    7. Calculate total taxable income.
    $

    8. Calculate the income tax liability.
    $

    9 Calculate SE taxes due.
    $

    10. Calculate the total tax creditsavailable.
    $

    11. Calculate total withholding and taxpayments.
    $

    12. Calculate the amount overpaid(refund):
    $

    13. Calculate the amount of taxes owed:
    $

    Provide the following that would be reported on Janice'sSchedule A:

    1. Calculate the deduction allowed for medicaland dental expenses.
    $

    2. Calculate the deduction for taxes.
    $

    3. Calculate the deduction for interest.
    $

    4. Calculate the charitable deductionallowed.
    $

    5. Calculate total itemized deductions.
    $Provide the following that would be reported on Janice's ScheduleB:

    1. Calculate the interest amount:
    $

    2. Calculate the ordinary dividends:
    $

    Provide the following that would be reported on Janice'sSchedule C:

    1. Calculate income from sales:
    $

    2. Calculate total expenses:
    $

    3. Calculate net profit or loss
    $ Provide the following that would be reported on Janice's Form4562.

    Click here to access Exhibit 8.1 and the depreciation tables inthe textbook.

    1. Calculate the total deprecation for thefurniture and fixtures:
    $

    2. Calculate the total depreciation for thecomputer equipment.
    $

    Provide the following that would be reported on Janice'sScheduled SE. When computing the self-employment tax liability, donot round your calculations. Round your final answers to thenearest dollar. Use rounded amount when determining the deductionfor self-employment tax.

    1. Calculate the self-employmentliability:
    $

    2. Calculate the eduction for self-employmenttax:
    $

    2018 Tax Rate Schedules

    Use the 2018 Tax Rate Schedules to compute the tax.

    Note: Because the tax rate schedules are used instead of the taxtables, the amount of tax computed may vary slightly from theamount listed in the tables. This variation occurs because the taxfor a particular income range in the tax table is based on themidpoint amount.

    2018 Tax Rate Schedules
    Single—Schedule X Head of household—Schedule Z
    If taxable incomeis:
    Over—     		But not
    over—    		 The taxis: of the amount
    over—    		 If taxable incomeis:
    Over—     		But not
    over—    		 The taxis: of the amount
    over—
    $0 $9,525 . . . . . . 10% $0 $0 $13,600 . . . . . . 10% $0
    9,525 38,700 $952.50 + 12% 9,525 13,600 51,800 $1,360.00 + 12% 13,600
    38,700 82,500 4,453.50 + 22% 38,700 51,800 82,500 5,944.00 + 22% 51,800
    82,500 157,500 14,089.50 + 24% 82,500 82,500 157,500 12,698.00 + 24% 82,500
    157,500 200,000 32,089.50 + 32% 157,500 157,500 200,000 30,698.00 + 32% 157,500
    200,000 500,000 45,689.50 + 35% 200,000 200,000 500,000 44,298.00 + 35% 200,000
    500,000 . . . . . . 150,689.50 + 37% 500,000 500,000 . . . . . . 149,298.00 + 37% 500,000
    Married filing jointly or Qualifyingwidow(er)—Schedule Y-1 Married filing separately—ScheduleY-2
    If taxable incomeis:
    Over—     		But not
    over—    		 The taxis: of the amount
    over—    		 If taxable incomeis:
    Over—     		But not
    over—    		 The taxis: of the amount
    over—
    $0 $19,050 . . . . . . 10% $0 $0 $9,525 . . . . . . 10% $0
    19,050 77,400 $1,905.00 + 12% 19,050 9,525 38,700 $952.50 + 12% 9,525
    77,400 165,000 8,907.00 + 22% 77,400 38,700 82,500 4,453.50 + 22% 38,700
    165,000 315,000 28,179.00 + 24% 165,000 82,500 157,500 14,089.50 + 24% 82,500
    315,000 400,000 64,179.00 + 32% 315,000 157,500 200,000 32,089.50 + 32% 157,500
    400,000 600,000 91,379.00 + 35% 400,000 200,000 300,000 45,689.50 + 35% 200,000
    600,000 . . . . . . 161,379.00 + 37% 600,000 300,000 . . . . . . 80,689.50 + 37% 300,000

QUESTION 1

  1. Value stream costing eliminates most of the transactions associated with conventional cost accounting because it ...

    A.

    makes more extensive use of standard costing.
    B.

    gathers and reports financial data in summary form at the value stream level rather than for each production job or product.
    C.

    automates financial reporting processes.
    D.

    uses more detailed and accurate overhead cost allocations than standard costing.

1 points

QUESTION 2

  1. In value stream costing, the labor costs assigned to a value stream ...

    A.

    include the costs of all personnel assigned to the value stream, plus allocations for support staff in all departments that support the value stream.
    B.

    include the costs of all personnel assigned to the value stream, but few if any allocations for any support staff outside the value stream.
    C.

    include the costs of all direct and indirect labor hours in the value stream, plus allocations of staff outside the value stream providing production support; but exclude any sales, marketing, or administrative personnel in the value stream.
    D.

    include the costs of all direct and indirect labor hours in the value stream, but exclude the costs of any sales, marketing or administrative personnel in the value stream.

1 points

QUESTION 3

  1. Value stream costing simplifies accounting in part by ...

    A.

    centralizing and consolidating the purchasing function.
    B.

    increasing the number of cost centers to more easily expose cost overruns.
    C.

    allocating all overhead using actual direct labor hours or machine hours rather than relying on more complex calculations.
    D.

    eliminating detailed labor reporting, including the distinction between direct and indirect labor.

1 points

QUESTION 4

  1. When using value stream costing, managers evaluate decisions about product rationalization (keeping or dropping a product) by ...

    A.

    examining the effects on overall value stream results of continuing to produce and sell a product versus dropping it.
    B.

    comparing the production cost per unit of all products in the value stream.
    C.

    disregarding the financial impact, and examining instead the effects on the value stream operating measures shown in the box score of continuing to produce and sell a product versus dropping it.
    D.

    comparing the gross profit margins for all products.

1 points

QUESTION 5

  1. Exotic Chocolates had material costs of $24,000 and conversion costs of $18,000 in their most recent month containing 20 working days. At the end of the month, Exotic Chocolates had material on hand equal to six days of production, work-in-process equal to three days of production, and finished goods equal to eight days of production. The value for ending inventory using the “days of stock” method is ...

    A.

    $ 28,950
    B.

    $ 32,550
    C.

    $ 35,700
    D.

    $ 42,000

1 points

QUESTION 6

  1. Which of the following is an example of a good use of the value stream box score?

    A.

    Plant and division managers using the box score analyze variances from budgeted standard costs.
    B.

    Plant and division managers using the box score to encourage and evaluate the results of competition between their value streams for best overall performance.
    C.

    Value stream continuous improvement teams using the box score to design high-impact kaizen events and improvement plans.
    D.

    Employees in the production cells using the box score to manage daily performance.

1 points

QUESTION 7

  1. The box score measures three dimensions of performance in the value stream: operational, financial, and ...

    A.

    quality.
    B.

    capacity.
    C.

    flow.
    D.

    strategic.

1 points

QUESTION 8

  1. Displaying actual value stream results in a box score with a column for each week in a quarter is a good way to use the box score to ...

    A.

    show the effects of planned lean improvements.
    B.

    track value stream performance and continuous improvement.
    C.

    evaluate the effect of tactical decision alternatives, such as accepting a special order.
    D.

    evaluate the effect of management decision alternatives, such as adding a product line.

1 points

QUESTION 9

  1. Displaying current state performance and future states based on the expected results of pursuing different strategy alternatives. is a good way to use the box score to ...

    A.

    evaluate the effect of strategic decision alternatives, such as adding a product line.
    B.

    track value stream performance and continuous improvement.
    C.

    show the effects of planned lean improvements.
    D.

    show the impact of actual lean improvements.

1 points

QUESTION 10

  1. A good way to use the box score to evaluate the impact of lean improvements is to ...

    A.

    display current state performance and a future state based on planned improvements.
    B.

    display current state performance and future states based on the expected results of pursuing different strategy alternatives.
    C.

    display actual box score results for all the weeks in a quarter to show the trends in performance.
    D.

    display current performance for the most current week or month, without reference to expected future states or performance trends.

This week we are studying the External Environment as a criticalpart of developing strategy. A PESTEL Analysis is one of the majortools you use in studying the external environment.

STEP 1 - Please perform a quick PESTEL Analysis anddetermine what the biggest risk is to each company. Your task is todetermine the biggest PESTEL risk to each company and notnecessarily a comprehensive analysis.

STEP 2 - You have $1 million to invest in thesecompanies. You can invest in one, two or even all of them. Whichones would you invest in? How much of the $1,000,000 would youinvest? You must hold the investment(s) for fiveyears.

Analyzing the External Environment with PESTEL

This week we are studying the External Environment as a criticalpart of developing a strategy. A PESTEL Analysis is one of themajor tools you use in studying the external environment.

STEP 1
Please perform a quick PESTEL Analysis and determine what thebiggest risk is to each company. Your task is to determine thebiggest PESTEL risk to each company –and not necessarily acomprehensive analysis.

STEP 2
You have $1 million to invest in these companies. You can invest inone, two or even all of them. Which ones would you invest in? Howmuch of the $1,000,000 would you invest? You must hold theinvestment(s) for five years.

Alibaba Group Holding Limited is a publicly tradedHangzhou-based group of Internet-based e-commerce businesses,including business-to-business online web portals, online retailand payment services, a shopping search engine and data-centriccloud computing services. In 2012, two of Alibaba’sportals handled1.1 trillion yuan ($170 billion) in sales. The company primarilyoperates in China, and at closing time, on the date of its historicIPO, 19 September 2014, Alibaba's market value was measured asUS$231 billion. The group began in 1999 when Jack Ma founded thewebsite Alibaba.com, a business-to-business portal to connectChinese manufacturers with overseas buyers.

Alibaba's consumer-to-consumer portal Taobao, similar to eBay,features nearly a billion products and is one of the 20most-visited websites globally. The Group's websites accounted forover 60% of the parcels delivered in China by March 2013, and 80%of the nation's online sales by September 2014. Alipay, an onlinepayment escrow service, accounts for roughly half of all onlinepayment transactions within China.

Conagra Brands Inc. is an American packaged foods companyheadquartered in Chicago, Illinois. ConAgra makes and sellsproducts under various brand names that are available insupermarkets, restaurants, and food service establishments. ConAgrawas founded in 1919 and in 1940, the company began producing flourat its own mill. It created the Duncan Hines brand of cake mixes in1951 as a way to market more flour. It is currently the thirdlargest flour miller in the U.S. ConAgra produces a wide array offood products including cooking oil, frozen dinners, hot cocoa, hotdogs, peanut butter and many others. Some of ConAgra's major brandsinclude Hunt's, Healthy Choice, Marie Callender's, OrvilleRedenbacher's, Slim Jim, Egg Beaters, Hebrew National, P.F. Chang'sHome Menu and Bertolli.

Cumulus Media Networks is an American radio network owned andoperated by Cumulus Media. It controls many of the radio assetsformerly belonging to the American Broadcasting Company (ABC),which was broken up in 2007; Cumulus owns the portion of thenetwork that was purchased by Citadel Broadcasting that year. Thenetwork adopted its current name in September 2011, followingCumulus's acquisition of Citadel; prior to this, it had been knownas Citadel Media Networks since April 2009, after licensing the"ABC Radio Networks" name from The Walt Disney Company for nearlytwo years. The company is helmed by two radio executives fromAtlanta. Prominent hosts carried by Cumulus Media Networks includeDon Imus, Geraldo Rivera, Mike Huckabee, Mark Levin, MichaelSavage, Jim Brickman, Adam Bomb, Kix Brooks (American CountryCountdown), and Tom Kent.

Kaplan, Inc. is a for-profit corporation headquartered in NewYork City and was founded in 1938 by Stanley Kaplan. Kaplanprovides higher education programs, professional training courses,test preparation materials, and other services for various levelsof education. It is a wholly owned subsidiary of Graham HoldingsCompany, formerly known as The Washington Post Company.

Kaplan Higher Education is a group of institutions that offerclassroom and online certificate and degree programs in fields suchas criminal justice, health care, business, information technology,and legal studies. Iowa College Acquisition Corporation, operatingunder the Kaplan University brand, also offers online programs. Atyear-end 2013, Kaplan Higher Education had approximately 60,300students enrolled. Kaplan Professional offers education forlicensing, certification, and training purposes, in areas includingaccounting, insurance, securities, real estate, financial planning,information technology, and architecture. Established in 1938,Kaplan Test Prep sells preparation materials for standardized teststhrough tutoring, on-site classes, asynchronous and live programs,print books, and digital products. With programs for individuals,schools, and businesses, Kaplan Test Prep offers preparation formore than 90 standardized tests.

VTB Bank is one of the leading universal banks of Russia. VTBBank and its subsidiaries form a leading Russian financial group –VTB Group, offering a wide range of banking services and productsin Russia, CIS, Europe, Asia, Africa, and the U.S. The Group’slargest subsidiaries in Russia are VTB24, Bank of Moscow, andTransCreditBank. VTB was ranked 236th on the FT Global 500 2011,The Financial Times’ annual snapshot of the world's largestcompanies. It climbed to 82nd in the ranking of the 500 largestcompanies in Europe, the FT Europe 500 2011, and to 38th in the FTEmerging 500 2011, the list of the 500 largest companies on theworld’s emerging markets. The Moscow-based bank is registered inSt. Petersburg and came 65th in the British magazine The Banker’sTop 1000 World Banks in terms of capital in 2010.

Wyndham Worldwide Corporation headquartered in Parsippany-TroyHills, New Jersey, operates several hotel brands across the world.Wyndham Hotel Group offers brands in lodging franchising, vacationownership, vacation rentals, and vacation exchange. It is composedof nearly 7,400 hotels under 15 brands spanning 66 countries in sixcontinents, competing in brand markets ranging from economy toupscale. In 2008 it purchased US Franchise Systems, Inc., owner ofthe Microtel and Hawthorn Suites brands.

Its brands include Days Inn, Dolce, Hawthorn Suites, KnightsInn, Microtel Inn & Suites, Ramada, Super 8, Travelodge,Wyndham Hotels & Resorts, and Wyndham Grand Collection. Itreported 2015 revenue of $5.5 Billion and is listed on the NYSE(WYN)

ZTE Corporation (formerly Zhongxing Telecommunication EquipmentCorporation) is a Chinese multinational telecommunicationsequipment and systems company headquartered in Shenzhen, China. Itis the world's fourth-largest mobile phone manufacturer. It alsooffers products that provide value-added services, such as video ondemand and streaming media. ZTE primarily sells products under itsown name but it is also an OEM.

With the evolution of the mobile industry, ZTE has grownsignificantly in its handset business and ranked No. 4 for bothmobile phone and smartphone domains as of Q2 2013. And ZTE won the5th place in U.S. smartphone market.