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The Greek Connection had sales of $32 million in 2012, and a cost of goods sold of $20 million Answer

Week 7 Problem Set

Chapter 26 (page 903):

  1. Answer the following questions:
  2. What is the difference between a firm’s cash cycle and its operating cycle?
  3. How will a firm’s cash cycle be affected if a firm increases its inventory, all else being equal?
  4. How will a firm’s cash cycle be affected if a firm begins to take the discounts offered by its suppliers, all else being equal?

 

The Greek Connection had sales of $32 million in 2012, and a cost of goods sold of $20 million. A simplified balance sheet for the firm appears below:

 

THE GREEK CONNECTION

Balance Sheet

As of December 31, 2012 (in $ thousand)

Assets Liabilities and Equity
Cash

Accounts receivable

Inventory

$ 2,000

  3,950

  1,300

Accounts payable

Notes payable

Accruals

$ 1,500

  1,000

  1,220

Total current assets

 

$  7,250

 

Total current liabilities

Long-term debt

$  3,720

  3,000

Net plant, property,

and equipment

 

$  8,500

Total liabilities

Common equity

$  6,720

  9,030

Total assets $ 15,750 Total liabilities and equity $ 15,750
  1. Calculate The Greek Connection’s net working capital in 2012.
  2. Calculate the cash conversion cycle of The Greek Connection in 2012.
  3. The industry average accounts receivable days is 30 days. What would the cash conversion cycle for The Greek Connection have been in 2012 if it had matched the industry average for accounts receivable days?

 

 

  1. Assume the credit terms offered to your firm by your suppliers are 3/5, Net 30. Calculate the cost of the trade credit if your firm does not take the discount and pays on day 30.

 

Chapter 27 (page 925):

  1. Which of the following companies are likely to have high short-term financing needs? Why?
  2. A clothing retailer
  3. A professional sports team
  4. An electric utility
  5. A company that operates toll roads
  6. A restaurant chain

 

 

  1. Sailboats Etc. is a retail company specializing in sailboats and other sailing-related equipment. The following table contains financial forecasts as well as current (month 0) working capital levels. During which months are the firm’s seasonal working capital needs the greatest? When does it have surplus cash?

 

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FIN 324 Final Exam Answer

Week One – Accounting Principles

 

  1. Please explain the following accounting concepts and give an example of how they relate to accounting information: Materiality, Consistency, and Full Disclosure.

 

Materiality principle. Accountants follow the materiality principle, which states that the requirements of any accounting principle may be ignored when there is no effect on the users of financial information. Certainly, tracking individual paper clips or pieces of paper is immaterial and excessively burdensome to any company’s accounting department. Although there is no definitive measure of materiality, the accountant’s judgment on such matters must be sound. For example, several thousand dollars may not be material to an entity such as Microsoft, but that same figure is quite material to a small, family-owned business.

 

To be useful, financial information must be relevant, reliable, and prepared in a consistent manner.   Consistent information is prepared using the same methods each accounting period, which allows meaningful comparisons to be made between different accounting periods and between the financial statements of different companies that use the same methods.

 

Full disclosure principle. Financial statements

 

normally provide information about a company’s past performance. However, pending lawsuits, incomplete transactions, or other conditions may have imminent and significant effects on the company’s financial status. The full disclosure principle requires that financial statements include disclosure of such information. Examples are footnotes supplement financial statements to convey this information and to describe the policies the company uses to record and report business transactions.

 

  1. What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period? What would be the impact on the company’s balance sheet and net income if a company did not set up a necessary receivable at the end of the accounting period?

 

Step one of the accounting cycle is to analyze transactions and determine how those transactions affect the accounting equation. Accountants analyze transactions using debits and credits.   The second step is record the effects of transactions using journal entries Journal entries are the accountant’s way of recording the debit and credit effects of both simple and complex business transactions.   The third step is summarizing the resulting journal entries through posting and prepares a trial balance. Once journal entries are made, their effects must be sorted and copied, or posted, to the individual accounts. The fourth step is to prepare the report.   Accounting is designed to accumulate

 

and report in summary form the results of a company’s transactions, thereby transforming the financial data into useful information for decision making.

 

Some economic activities, such as the growth in the amount of interest a company owes, happen gradually. Without special adjustments, the accounting records would not reflect the impact of these gradual activities. Adjusting entries must be made at the end of each accounting period to ensure that all balance sheet and income statement items are stated at the correct amount.

 

All businesses, periodically issue their financial statements so that users can make sound economic decisions. Current owners, investors, and bankers, and need up-to-date reports in order to compare and judge a company’s financial position and operating results on a continuing, timely basis. They need to know the financial position of a company (from the balance sheet), the relative success or failure of current operations (from the income statement), and the nature and extent of cash flows (from the statement of cash flows).   Delays would be in violation of reporting guidelines and may carry substantial costs.

 

Week Two – Principles of Financial Statement Preparation

 

  1. What at the primary financial statements and how do the statements tie together?

 

Primary financial statements are income statement, balance sheet, and cash flow statements.   The income statements’ revenue and expense illustrate

 

the changes in assets and liabilities on the balance sheet. Cash assets and cash and cash equivalents on a balance sheet are reflected on the statements of cash flows. Also, the statements of cash flows present additional data on cash assets displayed on the balance sheet.

Managers use a few significant ratios to summarize the firm’s leverage, liquidity, efficiency, and profitability. They may also combine accounting data with other data to measure the esteem in which investors hold the company or the efficiency with which the firm uses its resources.

 

  1. What is the basic accounting equation? How is equilibrium maintained if overall liabilities decrease (what has to happen to assets or equity)?

 

Assets – Liabilities = Equity.   This equation is the basis for the most basic of accounting reports, the suitably named balance sheet. A balance sheet reports what a business have possession of (assets), what is in debt (liabilities) and what the remainder is for the owners (equity) as of a definite date. This equation should be in balance.

 

Week Three – Financial Statement Analysis

 

  1. What types of ratios would a credit analyst at a bank tend to focus on when deciding whether to give a company a loan (name a specific ratio)? What ratios would a financial manager focus on in order to manage a company (name at least two specific ratios)?

 

I would use debt ratio by comparing the amount of liabilities with the amount of assets

 

indicates the extent to which a company has borrowed money to leverage the owners’ investments and increase the size of the company. As a frequently used measure of leverage, debt ratio computes the total liabilities divided by total assets. A perceptive interpretation of the debt ratio is that it represents the proportion of borrowed funds used to acquire the company’s assets.

 

Price-earnings ratio is a measure of growth potential, earnings stability, and management capabilities; computed by dividing market value of a company by net income and current ratio, a measure of the liquidity of a business; equal to current assets divided by current liabilities.

 

  1. How can operating leverage be used to increase a company’s profitability?

 

A measurement of the degree to which a firm or project incurs a combination of fixed and variable costs. A company that makes few sales is highly leveraged.   A business that makes many sales is less leveraged.   As the volume of sales in a business increase, each new sale contributes less to fixed costs and more to profitability.

 

Week Four – Managerial Accounting

 

  1. Why is good working capital management important? What are some working capital strategies used in your organization (or an organization you’ve worked for in the past)?

 

A measure of a company’s efficiency and short-term financial health; a company’s working capital an d calculated as Working capital = Current Assets – Current Liabilities

 

 

 

Positive working capital means that the company is able to pay off its short-term liabilities, whereas negative working capital means that a company is unable to meet its short-term liabilities out of its current assets (cash, accounts receivable, and inventory). Working capital also is referred to as net working capital.

 

Ongoing improvements include Online Paying and Collection (OPAC OPAC – Online Public Access Catalog ), which was implemented at all DFAS locations, with authorization from the Department of the Treasury where needed. The implementation resulted in a 50 percent reduction in manual billings produced by GSA for the FTS area. The reduction in manual billings and the use of OPAC decreased the GSA accounts receivables from $192.4 million in July 2000 to $103.3 million in September 2001. Delinquent Department of Defense (DoD) bills were reduced by 44 percent, which increased GSA’S working capital fund and increased GSA’S ability to reimburse its vendors. Along with this increase in electronic commerce, the chargeback percentage of OPAC transactions decreased from 22 percent in January 2001 to 3 percent by July 2001.

 

  1. How is a car loan an example of the time value of money? Under what circumstances should an individual take out a loan versus pay all cash?

 

Time value of money (TVM) is the process of calculating the value of an asset in the past, present or future. It is based on the premise that the original

 

principal will increase in value over time by interest. This means that a dollar invested today is going to be worth more tomorrow. Principal is the amount of money borrowed today. You buy a car today for $10,000 of which you borrow $8,000.00 from the bank and pay $2,000.00 of your own money: the $8,000.00 is the principal of the car loan. The $2000.00 is the principal.

 

You should never pay cash for a car. Instead of using your savings for the purchase of a car this will decrease your assets and increase your liabilities, wait until your assets generate monthly cash-flow and then purchase a car. That way the cash-flow from your assets will finance your liabilities. Also, your payment remains fixed and you will be paying with deflated dollars over time, assuming you stretch it out. This is why businesses never pay cash for anything, because they understand the economics.

 

Week Five – Principles of Finance

 

  1. What is the difference between stocks and bonds? Which represents more risk to the company? Why?

Stocks are EQUITY. They represent shares of ownership in a Corporation. A Stockholder is actually one of many owners of a Publicly Owned Corporation. If a Corporation dissolves for any reason owners of Common Stock (the main type of stock issued) receive the value of the sold assets of the Corporation AFTER everyone else is paid, including the IRS, Employees, Bonds, Accounts Payable, etc.

Bonds are DEBT. They are sold by

 

the Corporation in order to raise money for various purposes for use by the company. Bonds offer an interest rate to the Bondholder for the period of time that the Bondholder owns the bonds.

Since bonds do not represent ownership, the bondholder could lose their investment if the Corporation dissolves, but are paid BEFORE owners of stock. Bonds are not risky as they have a set payment schedule so there are no surprises. There is no such guarantee with stocks.

  1. Does a company receive money when its stock is traded in the secondary market? How does the company affect the price of its stock? Why is a company concerned about its stock price in the secondary market?

 

No, a company does not receive money when its stock is traded in the market. The company only receives funds in the initial public offering. The company affects the price of its stock by its financial management and performance (increasing revenues, net income, issuing dividends, making strategic investments, reducing debt, etc.), and by keeping the market informed about its accomplishments. The company is concerned about its stock price in the secondary market because it affects the company’s ability to issue more stock in the future (if needed to grow), the company’s ability to borrow in the future, the net worth of shareholders, the value of stock options (if provided as compensation to key employees), and the company’s ability to make acquisitions of other companie

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What can we do as managers to encourage ethical behavior and to raise ethical standards in our organizations Answer

What can we do as managers to encourage ethical behavior and to raise ethical standards in our organizations?    

What we can do as managers to encourage ethical behavior is that we should try to practice by example the ethical means that the company believes in. By being an example means not to strictly follow them literally and punish those who does not follow. Rather, we should give them a thorough lesson on why and how the organization is doing this ethical belief. I strongly believe that verbal communication is the best way to organize a team or department and not simply emailing them and scolding them without any initial approach. I believe as managers we need to be more involved not just with executives, but also employees who work under us. We need to make sure that people are being held accountable for their actions. Company policies should be reviewed more than just once a year for compliance standards. Ethical behavior can be encouraged through pro-active measures such as addressing ethical issues early before things escalate.

 

We should do the following as managers to encourage ethical behavior and to raise ethical standards in our organizations:

1) CanGo should come out with the code of ethics for the employees and managers to follow. The code of ethics should be available to all employees either on the company’s website or on the company’s intranet.

2) Business ethics training should be provided to all employees to make them aware of all the points and aspects of code of ethics.

3) Ethics training should be substantiated with proper case study and real life examples so that it is easier for all the employees to relate those situations to their working environment.

4) It should be mandatory for everyone in the organization to undergo this ethics training and also to have proper assessment done on Business ethics.

5) There should be Top management focus on the Business ethics so that all employees in the company understand the essence and business significance of Business Ethics.

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Explain why transport rates typically vary by 1) the weight of the shipment; 2) the distance a shipment is transported Answer

Explain why transport rates typically vary by 1) the weight of the shipment; 2) the distance a shipment is transported; and 3) the value of the transport service. Provide an example of how these variables affect a shipping rate.

 

Transportation rate depends on various factors such as product characteristics, weight of the products, distance and value of the transport service e.g. whether it is by air, land or water. There are different kinds of products e.g. chemicals, petroleum products and machine parts that need to be transported and rates would vary for all of them according to their makeup. A product weighing 200 pounds may cost $100.00 per hundredweight, while 1000 pounds of this product going to the same destination may only cost $50 per hundredweight. Higher dense products would be charged lesser compared to low dense products because the amount of space required for the same weight would be much larger in the case of lower dense product as compared to high dense product. But this method of calculating transportation rate based on the product characteristics, weight, and distance could become very complex as there could be ‘n’ nos. of combinations and this could be very tricky to calculate and keep track of so many transportation rates. So, a simpler method of rate determination needed for the transport community. This was accomplished through the class rate system, which simplified each of the three primary rate factors—product, weight, and distance. One widely used system for simplifying the number of products is the National Motor Freight Classification (NMFC), which has 18 separate ratings, or classes, from 500 to 354; the higher the rating, the greater the relative charge for transporting the commodity.

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When Vanna White sued samsung for appropriation and under the Lanham Act, she won her case under California Answer

When Vanna White sued samsung for appropriation and under the Lanham Act, she won her case under California common law right of publicity claim and under the Lanham Act. List the eight sleekcraft factors that are required to prove a Lanham Act complaint.

 

The Lanham Act of 1946 is a federal law passed to afford businesses protection of their trademarks. This law is really a protection of a company’s goodwill. A trade mark becomes associated with that company and is used as a means of identifying that company’s goods or services. The Sleekcraft factors that are required to prove a Lanham Act compliant

(1) strength of the mark;

(2) proximity of the goods;

(3) similarity of the marks;

(4) evidence of actual confusion;

(5) marketing channels used;

(6) type of goods and the degree of care likely to be exercised by the purchaser;

(7) defendant’s intent in selecting the mark; and

(8) likelihood of expansion of the product lines.

 

(Found in Vanna White/Samsung case in lecture and taken from AMF, Inc. v. Sleekcraft Boats, 599 F.2d 341, 348–9 (9th Cir. 1979).

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What does the uniform commercial code (UCC) state regarding price and warranty Answer

What does the uniform commercial code (UCC) state regarding price and warranty? What if a price is not specified in an agreement? What if a price is specified in an agreement? Does the UCC modify the price? What about a warranty? What rights does the buyer have for a guarantee under the UCC? What protection is granted to the seller? (Points : 20)

Uniform commercial code (UCC) states that the parties can conclude a contract for sale even though the price is not settled. In such a case the price is a reasonable price at the time for delivery if

– Nothing is said as to price

– The price is left to be agreed by the parties and they fail to agree

– The price is to be fixed in terms of some agreed market or other standard as set or recorded by a third person or agency and it is not so set or recorded.

When a price left to be fixed otherwise than by agreement of the parties fails to be fixed through fault of one party, the other may at his or her option treat the contract as canceled or himself or herself fix a reason able price.

Where, however, the parties intend not to be bound unless the price be fixed or agreed and it is not fixed or agreed, there is no contract. In such a case, the buyer must return any goods already received or if unable so to do must pay their reasonable value at the time of delivery and the seller must return any portion of the price paid on account.

Express warranties by the seller are created as follows:

(a) Any affirmation of fact or promise made by the seller to the buyer which relates to the goods and becomes part of the basis of the bar gain creates an express warranty that the goods shall conform to the affirmation or promise.

(b) Any description of the goods which is made part of the basis of the bargain creates an express warranty that the goods shall conform to the description.

(c) Any sample or model which is made part of the basis of the bargain creates an express warranty that the whole of the goods shall con form to the sample or model.

Implied Warranty is implied in a contract for their sale if the seller is a merchant with respect to goods of that kind. Under this section the serving for value of food or drink to be consumed either on the prem ises or elsewhere is a sale.

However, if the buyer before entering into the contract has examined the goods or the sample or model as fully as he desired or has refused to examine the goods, there is no implied warranty with regard to defects which an examination ought in the circumstances to have revealed to him; and an implied warranty can also be excluded or modified by course of dealing or course of performance or usage of trade.

References: Garrett, G.A. (2010). World Class Contracting. 5th Edition. CCH Incorporated. pp 407-409

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HSM 542 Rationing Healthcare: America’s Best Bet Answer

HSM 542 Rationing Healthcare: America’s Best Bet
Abstract
Rationing Healthcare: America’s Best Bet
Introduction.
Within the last decade private insurance premiums have doubled, rising four times faster than wages. Insolvency of the current government assisted healthcare programs, Medicare and Medicaid, are on track to occur within the next eight years (Singer, 2009, para. 3). Facts such as these lead most experts and scholars such as Peter Singer, bioethics professor at Princeton University, to believe rationing of healthcare is not only necessary but highly desired for all stakeholders involved. The fact of the matter is that healthcare is a scarce resource, and like all scarce resources, it requires close management and rationing to ensure its best use.
At present, healthcare in a sense, is rationed through price. In the realm of public opinion however, rationing healthcare is often times connected to the highly politicized word, ‘socialism’ and is highly undesired. In its truest form however, rationing simply put, is a way of distributing limited resources to garner the best overall “bang for the buck.” In healthcare, rationing is a manner of which providing the best quality of care to the largest number of patients. Investopedia defines rationing as:
The artificial restriction of raw materials, goods or services. Rationing commonly occurs when governments fear a shortage and want to make sure people have access to necessities, such as after a natural disaster or during a war. Governments can also impose rationing in the face of failed policies such as central planning, or may be forced to use rationing as a result of shortages (“Definition of ’Rationing’,” 2013, p. 1). This paper’s purpose is to examine the rationale behind the rationing of healthcare. It will examine the affect it has on healthcare delivery, impact on healthcare providers and consumers, possible solutions, and the role healthcare administrators/managers play in the process. The paper will reference institutions such as the National Institute for Health and Clinical Excellence (NICE) and other national healthcare systems like Great Britain, Australia, and Canada. In addition, a definition of quality-adjusted life-year will be presented and debated as a possible option to ration care fair and proportionately.
Affect Rationing Has on Healthcare Delivery.
Challenger’s arguement. Sally C. Pipes, Chief Executive officer of Pacific Research Institute and adversary to the rationing of healthcare, wrote an article titled “Obama Will Ration Your Healthcare.” Within the article, many subjects are discussed, including the National Institute for Health and Clinical Excellence (NICE), a rationing system that controls government costs. It is Pipes’ belief that rationing healthcare will result in the elderly population being discriminated against due to cost benefit analysis. Her article goes on further to state, “the process of determining which drugs and which treatments would be approved for use would be quickly politicized” (Pipes, 2008, para. 9). There is strong argument that rationing healthcare would ultimately fail in the hands of public opinion. To make this point, Pipes references lessons learned in managed care during the 1990’s. The goal of cost containment was successful however rejected by US citizens resulting in Congress passing a patient’s Bill of Rights (Pipes, 2008, para. 8).
Other advocates against healthcare rationing state similar responses to Sally Pipes. Claire Andre and Manuel Velasquez, members of the Markkula Center for Applied Ethics, go as far as quoting Euripedes, 500 B.C.:
I hate the men who would prolong their lives by foods and drinks and charms of magic art perverting nature’s course to keep off death. They ought, when they no longer serve the land to quit this life, and clear the way for youth.
It is their firm belief that through rationing, healthcare would result in the elderly and disabled populations being limited in their care because of a measure called a quality-adjusted life-year (QALY). QALY is a unit designed to enable a comparison of the benefits achieved by different forms of health care (Singer, 2009, para. 22). Andre and Velasquez state the morals of such rationing would be unjust and take away constitutional rights to receive equal care.
Proponent’s arguement. Many proponents for rationing healthcare resources feel it is only a matter of time before it becomes necessary. Healthcare analysts and providers predict a health care crisis because of:
* Costs of Healthcare
* Increased number of uninsured individuals
* Unknown status of current healthcare system
Factors that are affecting these conclusions consist of:
* Expenses are rising faster than the cost of living.
* Medicare and Medicaid spending (which comprises 26 percent of the federal budget) is expanding faster than the economic growth rate
* Individuals and their families continue to pay a significant amount out of pocket (Ukleja Center for Ethical Leadership, 2012, Slide 3)
While these factors are compelling, the numbers representing US spending costs ultimately lend credence to the argument for healthcare rationing.
In June of 2011, the National Coalition on Health Care reported healthcare spending reached 18.2% of US Gross Domestic Product (GDP), up by 5.1% from the prior year (The National Coalition on Health Care, 2011, p. 1). With a continued climb in spending, insolvency of the current healthcare system could occur as early as eight years. President Obama has plainly stated “that America’s health care system is broken” (Singer, 2009, para. 5). Proponents for the rationing of healthcare are in agreement with the President and see little to no alternative.
While some feel rationing is the way to avoid bankrupting the healthcare system others believe the wrong form of rationing is already occurring in the form of ability to pay. Examples of such rationing comes in the form of pharmaceutical deductibles for life saving medication. If the individual is unable to afford the medication they go without. Professionals like Simon Rottenberg, Professor of Economics at the University of Massachusetts, and David J. Theroux, President and Chief Executive Officer of The Independent Institute and Publisher of The Independent Review, warn against this form of rationing and instead, believe it should be based on a measurement of life quality. They state:
There is a strong emotional attraction for price controls as a way for the government to “do something.” However, well-intentioned motives are not enough—the results also count and whether the consequences from government action are beneficial to the public, especially the disadvantaged, or not (Rottenberg & Theroux, 1994, p. 1).
Examples of where well-intentioned government motives failed in their attempts to ration health care based on price can be found in Germany and Japan. Due to the belt tightening based price rationing both countries experienced shortages of medications, reduced funding for research, and black market criminal activity, along with dissatisfied patients (Rottenberg & Theroux, 1994, p. 2).
Although there is a valid argument for rationed care, determination of what factor should be used to determine who gets what care is still up for debate. Under the solutions category of this paper quality-adjusted life-year (QALY) will be further defined and labeled as the best way to ration care. A method for calculating QALY will be explained and its validity defended.

Current Impact on Healthcare Consumers and Institutions.
Health care organizations around the world all rely on some form of rationing of care due to limited resources. Ultimately rationing limits access to healthcare. In the case of the United States, this is done through health coverage both government and private. Creating a universal coverage system will require a rationing system that is both ethical and cost effective. Its impacts can only be examined in theory based on review and comparing of the US to that of other countries’ such as Canada and Great Britain.
Review of healthcare rationing in the United States. When comparing the United States’ current healthcare coverage system to those of other countries, the country does not measure up. Under the current system, health care costs in the US result in absorption of approximately one in six dollars of national spending (Singer, 2009). A poor economy along with increased healthcare costs have reduced the number of those with healthcare coverage. In 2012 the estimates indicate approximately 44.6% of US citizens have health care coverage, a decline of 1.2% from the prior year (Young, 2013). At present, the US spends 1.5 times more than other countries around the world (Kane, 2012, para. 8) with 90% percent of Americans who believe the US healthcare system needs fundamental changes or a complete overhaul (Center for American Progress, 2007, p. 3).
Great Britain. In Britain, all citizens have healthcare coverage, a sharp contrast to the United States. 76% of citizens in Great Britain approve of the current system (Singer, 2009) and 9.6% of GDP is spent on their healthcare needs (Kane, 2012, table 2). The country uses the National Institute for Health and Clinical Excellence (NICE) as a resource for determining the rationing of health care services. NICE is an independent organization that provides national guidance and standards on the promotion of good health and the prevention and treatment of ill health (NHS Choices, 2011, para. 3). The organization focuses on:
* Public health
* Health technologies
* Clinical practice
* Quality standards
* Quality and outcomes framework
Canada.
Possible Solution.
QALY is an opportunity as a measurement for a unbiased approach to organizing healthcare under an umbrella of unified understanding. As a proponent to rationing of healthcare, QALY offers an approach that focuses on the best quality of life compared to that of life extensions. For example, an individual who is 3o years of age has a life expectancy of 70 years compared to that of someone who is 85 years of age who has exceeded their life expectancy. It is cost beneficial to provide life -saving medicine to the individual who is at 30 opposed to the one who are 85 because there is a greater bang for the buck. In essence QALY is a measurement that can help determine the best way to use resources and allocate funds toward the best overall outcome. Unfortunately this decision can result in death for those of less dire circumstances or for those that are less likely to result in successful outcomes. Until American citizens decide on the emphasis of cost vs. life the matter will remain unresolved. Until then, healthcare remains in a grey area where they attempt to balance the value of life with the costs that are associate with maintaining life.

References
Andre, C., & Velasquez, M. (2010). Aged-Based Health Care Rationing. Retrieved from http://www.scu.edu/ethics/publications/iie/v3n3/age.html
Center for American Progress. (2007). Health Care by the Numbers: Ensure Affordable Coverage for All. Retrieved from http://www.americanprogress.org/issues/healthcare/news/2007/05/03/2962/health-care-by-the-numbers/
Definition of ’Rationing’. (2013). Retrieved from http://www.investopedia.com/terms/r/rationing.asp#axzz2Lp5M2H7u
Kane, J. (2012). Health Costs: How the U.S. Compares With Other Countries. Retrieved from http://www.pbs.org/newshour/rundown/2012/10/health-costs-how-the-us-compares-with-other-countries.html
NHS Choices. (2011). Health watchdogs and authorities . Retrieved from http://www.nhs.uk/NHSEngland/thenhs/healthregulators/Pages/nice.aspx
Pipes, S. C. (2008). Obama Will Ration Your Health Care. Retrieved from http://online.wsj.com/article/SB123060332638041525.html
Rottenberg, S., & Theroux, D. J. (1994). Rationing Health Care: Price Controls Are Hazardous to Our Health . Retrieved from http://www.independent.org/publications/article.asp?id=1201
Singer, P. (2009). Why We Must Ration Health Care. Retrieved from http://www.nytimes.com/2009/07/19/magazine/19healthcare-t.html?pagewanted=all&_r=0
The National Coalition on Health Care. (2011). Health Care Spending as Percentage of GDP Reaches All-Time High. Retrieved from http://nchc.org/node/1171
Ukleja Center for Ethical Leadership. (2012). Rationing Health Care. Retrieved from www.csulb.edu/colleges/cba/ucel/modules/documents/rationing-health
Young, J. (2013). Number of Uninsured in U.S. Rises as Workers Lose Jobs and Health Insurance. Retrieved from http://www.huffingtonpost.com/2012/02/14/number-of-uninsured-in-us_n_1276189.html

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In supplier partnerships, state the key characteristic of the products or services of business organizations forming strategic partnerships, and explain why Answer

Ans: The key characteristic of the products or services of business organizations forming strategic partnerships can be grouped into six main categories: cost, quality, cycle time, service,

Cost:

Price

  • Logistics costs (Transportation, Inventory, Administration, Customs, Risk and

damage, Handling and Packaging)

  • Operating costs
  • After sales service costs

 Quality performance (e.g., ISO 9000 accreditation)

  • Marketability
  • Durability
  • Ergonomic qualities
  • Flexibility of operation
  • Simplicity of operation
  • Reliability

cycle time

Speed to market

  • Delivery lead time
  • Development Speed
  • On time delivery
  • Fill rate

 Service

  • Ability to modify product
  • Supply variety
  • Technical support
  • After sales services (e.g., Warranties and Claims policies)
  • Flexibility (Payment, Freight, Price reduction, Order frequency & amount)

• Delivery frequency

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What are some of the major provisions, principles, and changes in regards to funding mechanisms for universal service Answer

What are some of the major provisions, principles, and changes in regards to funding mechanisms for universal service under the 1996 Act?

 

The Act of 96 changed the Universal Service from Vail, which started as a way to get all of the telephones to talk with each other – by getting rid of the competing, non interconnected telephone networks. To what we  have today in Section 254, which are the guidelines that govern Universal Service. It is no longer limited to  affordable telephone service to all Americans – passed 1934; but it has been broadly defined as a evolving  level of telecommunication services that should reflect the advances in telecommunications and information services. So they have to periodically reevaluate  because of the advances in telecommunication and information services. The concept today is better today because of the ability to reevaluate because of the rapid changes.

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VoIP has been the subject of several FCC NPRMs (Notice of Proposed Rule Making). What is VoIP Answer

VoIP has been the subject of several FCC NPRMs (Notice of Proposed Rule Making). What is VoIP and why does it present a regulatory challenge?

VoIP, Voice over Internet Protocol, allows callers to make phone calls over the internet. It is the ability to carry phone calls over an IP data network. It allows you to make voice calls using broadband internet connection instead of a regular phone line. The present regulatory challenge comes from the fact that this technology was not addressed in the Telecommunications Act of 1996. The internet is considered an “enhance service” , (which according to FCC is  any service offered over common carrier with exception to DSL, Cable and powerlines – they are considered  information services) therefore it is not regulated. Telephone companies are regulated and are required to pay the Universal Service Fund (USF) and the challenge now becomes should they be charged the USF because of the phone calls.