Systems Flowchart for FreezeTimess Purchase and Payment Process

Advertising We will write a custom assessment sample on Systems Flowchart for FreezeTimes’s Purchase and Payment Process specifically for you for only $16.05 $11/page Learn More As depicted in the above systems flowchart and from the case, FreezeTime’s purchase and payment procedure comprises of several stages. The first stage is order needs assessment. This stage is triggered when the employees within FreezeTime, Inc make Carly and Nancy aware of the need for certain suppliers and materials. This stage is very significant for Carly or Nancy because it highlights any supplies and materials needed in the business. Once the need to make an order for supplies and materials has been ascertained, the next stage is purchase order generation. The office manager or the company accountant feeds in the order details into the accounting system eventually generating a purchase order which is then faxed to the suppliers. The next stage in the systems fl owchart for FreezeTimes’s purchase and payment process is the receipt of the faxed purchase order by the supplier. At this stage, the supplier begins the processing of the purchase order placed. As depicted in the case, the company accountant occasionally makes calls to the supplier just to ensure that the purchase orders have been received on the other end of the supply chain. This is very critical for FreezeTime, Inc especially in the event that the orders that have been placed are special in nature. This stage usually culminates into the shipment and final receipt of the supplies at FreezeTime’s factory.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This stage is regarded as the order fulfillment stage because the new inventory is received at the company. The order fulfillment stage basically involves the verification of the new inventory. This is a very critical sta ge because it ascertains whether the goods that have been shipped conform to the purchase order that had earlier been sent to the suppliers. The rationale is that the supplier is expected to have delivered only the goods that had been specified in the purchase order in terms of their right quantities and qualities and at the agreed prices. If this objective has not been achieved, then FreezeTime, Inc can return the inventory back to the suppliers. Once the inventories have well been received, they are documented. This is another value adding stage within FreezeTimes’s purchase and payment process given that the records have to be well kept. It is important that FreezeTime, Inc keep an updated record of the goods that have received in terms of the right quantities, prices, quality and other important parameters. The case mentions clearly that this documentation is done by either Carly or Nancy themselves in comparison with the initial purchase. It is only then that the records are well documented in the computer system. The need for documentation cannot be overemphasized since it would further assist Carly or Nancy in monitoring and controlling the movement of stock. The final stage in the systems flowchart is the payment of bills. This is yet another critical and value adding procedure within FreezeTimes’s purchase and payment process. It is indicated in the case that bills are paid on the first and fifteenth days of the month. Bills are paid only after the orders have been received, verified and well documented. During this process, any outstanding invoices are examined along with any information that could be vital for purposes of check printing.Advertising We will write a custom assessment sample on Systems Flowchart for FreezeTimes’s Purchase and Payment Process specifically for you for only $16.05 $11/page Learn More The printed checks are then mailed together with other necessary documents to the supplie rs marking the end of the purchase process. This implies that once the payment has been made, it is only then that Carly or Nancy can rest assured that the purchase and payment process has been accomplished. This would also imply that they do not owe any suppliers any money, and that their goods have been delivered appropriately. The value that the above systems flowchart describing FreezeTimes’s purchase and payment process would bring to Carly or Nancy would be enormous. First, it represents the various activities and how they follow one another from the time the need for an order is established to the time the order is finally delivered and paid for. This sequential flow of events would help Carly or Nancy to easily monitor how far a particular order has gone and make necessary adjustments until they finally receive the order. The above systems flowchart describing FreezeTimes’s purchase and payment process also represents how the various processes are related to on e another. This interrelationship between the various processes can help Carly or Nancy to make significant improvements within the purchase and payment process. By analyzing these relationships, Carly or Nancy can easily acquire information on the various elements within each process which they can then use to make sound decisions to improve the business. Carly or Nancy would be in a position to evaluate how each of the processes within the purchase and payment process is performing thereby being able to take corrective measures. The above systems flowchart for FreezeTimes’s purchase and payment process would also help not only Carly or Nancy but also every employee within the organization to better understand how the various processes are related. In this manner Carly or Nancy would be able to pinpoint those operations which are not beneficial within the business.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The systems flowchart would also go a long way in enhancing the communication and team spirit of the employees within the firm. This would be brought about because every employee would be aware of the various process flows within the businesses. As such, every employee would operate at the same level within the firm. By being aware of what happens at each stage of the purchase and payment process, which will have arisen from the enhanced communication, every employee of FreezeTime, Inc would feel part and parcel of the organizational and business processes. This would lead to increased employee motivation and consequently improved productivity of the organizational human resources. This assessment on Systems Flowchart for FreezeTimes’s Purchase and Payment Process was written and submitted by user Lola W. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Admissions Essay -Homeland Security

Self Assesment/Admissions Essay -Homeland Security Free Online Research Papers I have always been intrigued by studying different topics related to Law Enforcement, specifically in the area of Homeland Security. I have taken many courses over the past 19 years relating to or touching the surface on issues surrounding 911 and Homeland Security. I find myself wanting to look deeper into these issues. I am seeking admissions into this program for the following reasons. I want to learn in depth about the issues we have faced as a nation, and the issues we will be faced with in the future regarding Homeland Security. I have been waiting on the right time in my life to start my Master’s Program, and it is finally the right time. I am looking forward to the challenges of research. I would like to continue to advance myself and my career, and a Master’s Degree will assist my endeavor. I am committed to my family, and setting examples for my children to follow. I always push my children to do more, and this is another way to show them there are no limits if you’re willing to give 100%. My background in Law Enforcement will make the transition into this program very smooth for me. I decided to go back to College in 1993 to finish my Bachelors Degree. I finished my degree from Saint Leo University in 1995, graduating with honors (CUM LAUDE). I have taken many courses dealing directly with Homeland Security, and Weapons of Mass Destruction (WMD). I am incident Command Certified (ICS), and have taken numerous courses relating to ICS structure. I personally have handled large scale events relating to disasters and security. I have been responsible for several successful presidential escorts. I feel my future contributions relating to Homeland Security center around drug trafficking efforts and training of our Law Enforcement members. I feel many parallels exist between drug trafficking activity and terrorism. Why have we not closed off our borders to drug smuggling? What implications might this have for terrorists or others who may wish to import a Weapon of Mass Destruction (WMD) into our country? Has there been a large scale impact on home-grown/manufactured drugs? While there is sure to be debate regarding the answers to these questions, most can agree that drugs remain abundantly available and an important reason our jails are overcrowded. Criminals respond to technology by using any means at their disposal, ranging from low tech mules which sacrifice one, knowing that 9 others will get through. Drug cartels have penetrated foreign governments and corrupted officials worldwide, well-financed terrorists have done the same. It would be naive to think that officials or lower level government personnel in Colombia, Afghanistan, Mexico, and a dozen other countries that may be corrupt, only sell advance information about government operations against drug cartel activity while not selling information about operations against terrorist groups. Policies are bound to fail if they ignore important social forces. Important lessons for the counter-terrorism community may lie in the Governments response to the drug trade and the way the government is organizationally structured to respond to the activities of drug trafficking organizations. Law Enforcement training must include better command, control, and coordination of policy and its funding and implementation (overall program responsibility). The enhanced effectiveness will not come from organizational structure alone. Law Enforcement training must be sensitive to ever-changing social, religious, and political phenomena spanning the globe; must be proactive, not reactive; and must keep abreast of evolving or revolutionary new technologies. One of the main challenges today for Law Enforcement is finding a way to eliminate the illegal activity for terrorist groups. If you can eliminate the illegal activity, you will impact the funding source for these various groups. Illegal drug money funds terrorist organizations and activities. The terrorists point to our willingness to consume these drugs as direct evidence of our society’s moral degeneracy. Law Enforcement needs to be vigilant in its efforts to thwart drug trafficking in the United States. Having a better understanding of Homeland Security and the challenges we face as a nation, will enable me to better understand what lies ahead. The area I am currently responsible for is considered a rural area. I have worked in metropolitan areas in the past, and they pose different challenges than my current assignment. In a rural area there is more opportunity for terrorists to blend into the community. Additionally, there are more opportunities for large scale organizations to set up and run a grow house or lab that would be difficult to detect. I am utilizing aircraft operations to combat some of these issues, as well as focusing on neighborhood watch groups to report suspicious activity. These basic and simple techniques have proven to be successful in combating these types of behavior within our community. The area I currently work in did not have a large scale multi-jurisdictional co-op plan in place prior to 2005. I was instrumental in implementing and writing this plan for the tri-county area. We have a working plan to deal with terrorist threats, natural or manmade disasters, and large scale mobilizations. In Ma y 2001, we experienced a long draught within Dade County. A large scale fire developed, and we had to execute our co-op plan. The 17 day fire detail worked flawlessly. In August 2002 we experienced a tornado in Dade County. Again, we utilized our plan and our efforts proved to be successful. Whether it is a large scale disaster or terrorist threat, I am confident in my ability as a Law Enforcement manager to oversee and collaborate with any agency to make the detail a success. This program will provide me with the resources I need to better understand Homeland Security. I plan to utilize this knowledge to share the information learned with those I command. In conclusion, I would like to thank those on the selection committee for allowing me the opportunity to apply for this program. I look forward to the learning and growing opportunity that this program will offer. Research Papers on Self Assesment/Admissions Essay -Homeland SecurityThe Effects of Illegal ImmigrationThe Relationship Between Delinquency and Drug UseNever Been Kicked Out of a Place This NiceOpen Architechture a white paperInfluences of Socio-Economic Status of Married MalesRelationship between Media Coverage and Social andStandardized TestingIncorporating Risk and Uncertainty Factor in CapitalGenetic EngineeringAppeasement Policy Towards the Outbreak of World War 2

Will Bruder, At least two works Essay Example | Topics and Well Written Essays - 750 words

Will Bruder, At least two works - Essay Example Aesthetics, pragmatism and innovation in a very modern setting are the predominant aspects of Will Bruder’s works. All of these aspects can be seen in two of his works, namely the Phoenix Central Library and the Byrne Residence. The aesthetics of the Phoenix Central Library solely focused on earthly beauty of steel architecture which took advantage of the sunlight through optical designs of the entire structure. The optical illusion created by the light which is ever predominant throughout the structure illuminates the modern design of the library. Even in the simplest shade sails of the northern windows are patterned after the seafarers of Maine. Even the Crystal Canyon, the library’s five-storey atrium, possesses nine skylights to track the sunlight’s movement. These skylights, covered by clear lenses, are suspended upon the ceiling which is 32 feet in the air. Such was designed by Bruder to create an illusion of flames at noon during the summer solstice (Seal, 1996). By the small details and the unique characteristics of the building’s interior and exterior portions, it can be clearly seen that the entirety of the Phoenix Central Library is inspired by a distinct theme which utilized a dark tone of steel to recreate the concept of earth. With the help of the architect’s play of mirrors and window panes, the concept of a fresh sunlight is recreated within the structure. The earthly theme in the aesthetic factor of Will Bruder’s works is also present in his work in the Byrne Residence. It is obvious in the external characteristics of the residence was comparably the same as that of the Phoenix Central Library. Simple shades of brown and gray fill the atmosphere of the walls. Also, the use of extensive glass panes was present in order to accommodate the sunlight. The Byrne Residence is located in the North Scottsdale desert area which makes the external

Rebuilding Brand Equity of Nokia Essay Example | Topics and Well Written Essays - 1000 words

Rebuilding Brand Equity of Nokia - Essay Example 1). Nokia has been in the mobile market for around thirty years (Kolk & Rungi, 2013, p. 5). Nokia, a 147 years old Finnish company, became the pioneer of public mobile communications technology in the late 1990s when it pushed mobile phone usage onto the global scale (Lindholm & Keinonen, 2003). It was by far the largest mobile phone manufacturer in the early 2000s and produced most of the working class people’s very first mobile phones. In the underdeveloped world, as per D. Steinbock’s claim, the word ‘Nokia’ became synonymous with the word ‘mobile’ (Steinbock, 2001, p. 33). The company Nokia was one of the biggest beneficiaries of the so called ‘dotcom bubble’ (Panko 2008) but unlike the other manufacturing industries, mobile phone manufacturing has seen new market leaders emerge soon after the inception of the business. The apparent reason for this unseating of Nokia from the mobile manufacturing throne seems to be a progressio n of mobile handset technology – specifically from the standard or dumb phones era to the age of smart phones. Useless to say, the previous statement implies that Nokia has not been successful in commanding this shift. With the basic division of the handset technology between the old technology and the smart phone technology, Nokia has remained master of only the old technology. Smart phone sales surpassed the dumb phone sales in the second quarter of 2013, with smart phones accounting for fifty two percent of the mobile phone sales in that period (Shaer, 2013, p. 14). Decline Nokia occupied thirty five percent of the global mobiles business in 2003 (Bosch, 2005, p. 28); ten years later this figure had dropped to fourteen percent (Olson, 2013, p. 6). In October of last year, the company dropped out of the list of the five largest mobile phone vendors for the first time since the financial analyst IDC started maintaining the list (in 2004) (â€Å"Apple Cedes Market Share in S martphone Operating System Market as Android Surges and Windows Phone Gains, According to IDC†, 2013). The Korean consumer electronics corporation Samsung now leads the mobile manufacturing business, while Nokia has already given way (in 2010) in the smart phone platform race as well to Google (which boasts the Android Operating System for smart phones). Resultantly, Nokia has shrunk as an organization overall; it has fewer resources at its disposal and has become less profitable than how much it used to be. The cash reserves of Nokia fell from â‚ ¬4.2 billion at the end of the second quarter of 2012 to â‚ ¬3.6 billion at the end of the very next quarter (Scott, 2013, p. 2). Ever since the company appointed a new, and the first non-Finnish, CEO (Stephen Elop) in 2010, the company has been practising salary base reduction as one of its primary tactics for dealing with the continuous financial loss. The company currently employs only 44,630 people out of the 66,995 working at Nokia at the start of the previous year (â€Å"Nokia Lumia 525: Windows Phone Handset Put Up For Sale At $100 Price Tag In China†, 2014, p. 4). Revival Efforts Susan Sheesha, the head of Global Communications at Nokia, has been promulgating Nokia’s repositioning of itself as a ‘challenger’ brand (Schechner, 2013). She says that after letting go of the ‘market leader’ narrative, the company’

Pfizer Essay Example for Free

Pfizer Essay Pfizer has new technology that helps to access the system easily. They have a smart card consisting of proximity device so that as a person walks near a computer, there is a signal emitted by smart card which verifies you. There is use of pin number so that no one can use another persons card and pin number is used in other parts of the company such as making charges at cafeteria and accessing the building physically. When Pfizer is deploying information system, they take their time to cooperate with people who do business in order to know the risks involved in storing and transferring information. They do not under protect information or overprotect it. Business can be impeded by overprotecting information which can make security be thrown out. They partner with information technology and business in order to protect business, offer quality products and services and make profit. (Betancourt, 2002 pp19-21). Describing policies and measures used by Pfizer to ensure confidentiality, availability and reliability of data and information Confidentiality of data is ensured through a system that employs cryptography such as public key and symmetric key in order to encrypt and decrypt information and data. There is an entity that reads sensitive information and data and the key represents a secret property. To ensure availability of data and information Pfizer has prescription coverage to ensure access to its medicines that are new and widely prescribed. Through number 866 706 2400, there are live operators to guide patients according to their needs and the programs for public assistance according to medical needs and income. The reported outcome of patient’s measures determines how treatment of a disease affects patients. To ensure there are results that are useful clinically data gathered must use reliable cognitive psychology, clinician and patient input. This is done by determining the purpose of patient reported outcome in order to demonstrate its reliability. (Nurss, 1998 pp11-12). How Pfizer organization protect loss of data In order to avoid loss of data, Pfizer protects privacy of information collected from external organizations through online opportunity process of submission which supplements privacy policy of Pfizer which can also apply to personal data and identifiable information. For Pfizer to ensure personal data is secure, it uses data customary that protects electronic and manual processing. Security technology in online opportunity ensures securities that avoid loss of data, misuse of data, unauthorized disclosure, destruction and alteration of data. Steps taken to ensure data remain accessible in event of catastrophic event such as fire and other natural disaster Actions are taken to lower exposure to risk arising from hazard to safeguard development efforts. Developing systems for early warning helps in reducing risks and having capabilities to respond to catastrophic events. Disaster recovery is used in recovering information in event of catastrophe. Disaster recovery planning is devoted to prepare for action to respond to catastrophic event. Assessment in disaster recovery is simulating catastrophic event and planning for disaster recovery in order to have recovery need that are specified. Plan for disaster recovery state duration the recovery should take and the state of data expected by the users and management need to be informed all the time of these specifications which are substantiate by recovery assessment. Things I think Pfizer could do to further enhance information security  There should be enough circulating space inside the organization so that staff can move around freely without use of lifts. Employees should avoid calling their colleagues using phones but instead use face to face communication about information concerning the organization and cellular office space should help to make communication easy. Government should take action to develop mechanisms for sharing information with private sector by engaging private sector actively in determining requirement of information and having a partnership that is based on trust. ( Parker, 1996 pp21-23).

Teen Conformity in Sinclair Lewis Babbitt and in Society Today Essay

Teen Conformity in Babbitt and in Society Today      Ã‚   In society today, people feel the need to belong. They feel as though they have to be a part of something in order to feel special. At times, they will go so far as to lose their individuality and submit themselves into complete ignorance just to be able to know that there is someone or something to which they can always fall back on. Conformity is one of the most common and most apparent forms of Babbittry in the twenty - first century. First, the question must be answered: "What is conformity?" The answer, of course, is very simple. Conformity is a person changing their attitude or behavior on their own in order to fulfill certain social norms (Ferguson). Conforming to social norms can mainly be seen in peer pressure with adolescents. "Peer pressure is the influence that people in your age group exert on you." (Kowalski 6). Every day on television, there are advertisements for cars, beauty products, music, and clothes. Peer pressure can also be seen with drug use, types of music, clothes, and the list goes on. People feel as though if they give into these peer pressures, then all of their problems will simply go away. They will no longer be picked on for listening to the wrong music or wearing the wrong clothes. It is certainly much easier than resistance (Ferguson). This of course would result in confrontation and leads to isolation.    The novel Babbitt by Sinclair Lewis certainly demonstrated the need for an individual to conform to social norms. The main character's son, Theodore Roosevelt Babbitt, or Ted, accurately represents how teenagers conform in order to feel a part of something. Ted often demonstrates the need to be different tha... ...   Ã‚  Ã‚   Current Health, A Weekly Reader Publication Sep. 1999: 6. Lewis, Sinclair. Babbitt. 1922. New York: Signet Classics, 1998. Maxwell, Kimberly A. "Friends: The Role of Peer Influence Across Adolescent Risk Behaviors."   Ã‚  Ã‚   Journal of Youth and Adolescence Aug. 2002: 267 - 311. Rhoads, Kelton. (1997). "What Can Social Influence Do?"   Ã‚  Ã‚   Working Psychology Website. Retrieved November 8, 2002: http://www.workingpsychology.com/whatcan.html Wesley, Valerie W., et al. "Raising Kids Strong; A Guide to Giving Children Values They can Lean On."   Ã‚  Ã‚   Essence Dec. 1989: 73 - 76.    "Who's Cool in School?: Athletes, Cheerleaders on Top; "Dorks" are a Social Flop."  Ã‚   (1996, September 20). University   Ã‚  Ã‚   of Virginia News. Retrieved November 22, 2002:   Ã‚  Ã‚   http://www.virginia.edu/topnews/textonlyarchive/September_1996/nerd.txt Teen Conformity in Sinclair Lewis' Babbitt and in Society Today Essay Teen Conformity in Babbitt and in Society Today      Ã‚   In society today, people feel the need to belong. They feel as though they have to be a part of something in order to feel special. At times, they will go so far as to lose their individuality and submit themselves into complete ignorance just to be able to know that there is someone or something to which they can always fall back on. Conformity is one of the most common and most apparent forms of Babbittry in the twenty - first century. First, the question must be answered: "What is conformity?" The answer, of course, is very simple. Conformity is a person changing their attitude or behavior on their own in order to fulfill certain social norms (Ferguson). Conforming to social norms can mainly be seen in peer pressure with adolescents. "Peer pressure is the influence that people in your age group exert on you." (Kowalski 6). Every day on television, there are advertisements for cars, beauty products, music, and clothes. Peer pressure can also be seen with drug use, types of music, clothes, and the list goes on. People feel as though if they give into these peer pressures, then all of their problems will simply go away. They will no longer be picked on for listening to the wrong music or wearing the wrong clothes. It is certainly much easier than resistance (Ferguson). This of course would result in confrontation and leads to isolation.    The novel Babbitt by Sinclair Lewis certainly demonstrated the need for an individual to conform to social norms. The main character's son, Theodore Roosevelt Babbitt, or Ted, accurately represents how teenagers conform in order to feel a part of something. Ted often demonstrates the need to be different tha... ...   Ã‚  Ã‚   Current Health, A Weekly Reader Publication Sep. 1999: 6. Lewis, Sinclair. Babbitt. 1922. New York: Signet Classics, 1998. Maxwell, Kimberly A. "Friends: The Role of Peer Influence Across Adolescent Risk Behaviors."   Ã‚  Ã‚   Journal of Youth and Adolescence Aug. 2002: 267 - 311. Rhoads, Kelton. (1997). "What Can Social Influence Do?"   Ã‚  Ã‚   Working Psychology Website. Retrieved November 8, 2002: http://www.workingpsychology.com/whatcan.html Wesley, Valerie W., et al. "Raising Kids Strong; A Guide to Giving Children Values They can Lean On."   Ã‚  Ã‚   Essence Dec. 1989: 73 - 76.    "Who's Cool in School?: Athletes, Cheerleaders on Top; "Dorks" are a Social Flop."  Ã‚   (1996, September 20). University   Ã‚  Ã‚   of Virginia News. Retrieved November 22, 2002:   Ã‚  Ã‚   http://www.virginia.edu/topnews/textonlyarchive/September_1996/nerd.txt

Concepts Answers

What is database? Q & Answers A database is a logically coherent collection of data with some inherent meaning, representing some aspect of real world and which is designed, built and populated with data for a specific purpose. 2. What is DBMS? It is a collection of programs that enables user to create and maintain a database. In other words it is general-purpose software that provides the users with the processes of defining, constructing and manipulating the database for various applications. 3. What is a Database system?The database and DBMS software together is called as Database system. 4. Advantages of DBMS? Redundancy is controlled. Unauthorised access is restricted. Providing multiple user interfaces. Enforcing integrity constraints. Providing backup and recovery. 5. Disadvantage in File Processing System? Data redundancy & inconsistency. Difficult in accessing data. Data isolation. Data integrity. Concurrent access is not possible. Security Problems. 6. Describe the three le vels of data abstraction? The are three levels of abstraction: Physical level: The lowest level of abstraction describes how data are stored.Logical level: The next higher level of abstraction, describes what data are stored in database nd what relationship among those data. View level: The highest level of abstraction describes only part of entire database. 7. Define the â€Å"integrity rules† There are two Integrity rules. Entity Integrity: States that â€Å"Primary key cannot have NULL value† Referential Integrity: States that â€Å"Foreign Key can be either a NULL value or should be Primary Key value of other relation. 8. What is extension and intension? Extension – It is the number ot tuples present in a table at any instance.This is time dependent. Intension – It is a constant value that gives the name, structure of table and the constraints laid n it. 9. What is System R? What are its two major subsystems? System R was designed and developed over a period of 1974-79 at IBM San Jose Research Center. It is a prototype and its purpose was to demonstrate that it is possible to build a Relational System that can be used in a real life environment to solve real life problems, with performance at least comparable to that of existing system. Its two subsystems are Research Storage System Relational Data System. 0. How is the data structure of System R different from the relational structure? Unlike Relational systems in System R Domains are not supported Enforcement of candidate key uniqueness is optional Enforcement of entity integrity is optional Referential integrity is not enforced 11. What is Data Independence? Data independence means that â€Å"the application is independent of the storage structure and access strategy of data†. In other words, The ability to modify the schema definition in one level should not affect the schema definition in the next higher level.Two types of Data Independence: Physical Data Independen ce: Modification in physical level should not affect the logical level. Logical Data Independence: Modification in logical level should affect the view level. NOTE: Logical Data Independence is more difficult to achieve 12. What is a view? How it is related to data independence? A view may be thought of as a virtual table, that is, a table that does not really exist in its own right but is instead derived from one or more underlying base table. In other words, there is no stored file that direct represents the view instead a definition of view is stored in data dictionary.Growth and restructuring of base tables is not reflected in views. Thus the view can insulate users from the effects of restructuring and growth in the database. Hence accounts for logical data independence. 3. What is Data Model? A collection of conceptual tools for describing data, data relationships data semantic cs and constraints. 14. What is E-R model? This data model is based on real world that consists of b asic objects called entities and of relationship among these objects. Entities are described in a database by a set ot attributes. 15. What is Object Oriented model? This model is based on collection of objects.An object contains values stored in instance variables with in the object. An object also contains bodies of code that operate on the object. These bodies of code are called methods. Objects that contain ame types of values and the same methods are grouped together into classes. 16. What is an Entity? It is a ‘thing' in the real world with an independent existence. 17. What is an Entity type? It is a collection (set) of entities that have same attributes. 18. What is an Entity set? It is a collection of all entities of particular entity type in the database. 19. What is an Extension of entity type?The collections of entities of a particular entity type are grouped together into an entity set. 20. What is Weak Entity set? An entity set may not have sufficient attributes to form a primary key, and its primary ey compromises of its partial key and primary key of its parent entity, then it is said to be Weak Entity set. 21 . What is an attribute? It is a particular property, which describes the entity. 22. What is a Relation Schema and a Relation? A relation Schema denoted by R(AI, A2, †¦ , An) is made up of the relation name R and the list of attributes Ai that it contains. A relation is defined as a set of tuples.Let r be the relation which contains set tuples (tl, t2, t3, tn). Each tuple is an ordered list of n-values t=(v1,v2, vn). 23. What is degree of a Relation? It is the number of attribute of its relation schema. 24. What is Relationship? It is an association among two or more entities. 25. What is Relationship set? The collection (or set) of similar relationships. 26. What is Relationship type? Relationship type detlnes a set ot associations or a relationship set among a given set of entity types. 27. What is degree of Relationship type ? It is the number of entity type participating. Concepts Answers Marginal revenue is the additional revenue that a firm obtains by selling one more unit. Marginal cost is the cost of hiring one more unit of labor or the cost of producing one more unit of output. Marginal revenue product is the additional revenue we obtain by hiring one more unit of labor. When we incur a marginal cost our hope it that is will generate marginal revenue product which exceeds the cost. Hence the marginal revenue will exceed our marginal cost. 4. Distinguish between economic and financial capital.Economic capital resources include all items that man manufactures by combining natural and unman resources like buildings, equipment, roads, and bridges. Financial capital is a dollar value claim on economic capital. Financial capital would include cash, deeds of trust, mortgages, loan papers, stocks, and bonds. 5. Discuss the value of the entrepreneur. What distinguishes the entrepreneur from the labor resource? Why are entrepreneurs unique? Entrepreneurial resources consis t of the ideas of individuals, who assume risk and begin business enterprises.The entrepreneur combines natural, human, and capital resources to produce a good or service that we value more than the individual components. Without the entrepreneur, the other resources would not normally be combined, except for subsistence (I . E. , the resources that are just sufficient to sustain life). The entrepreneur seeks to make a profit when using his ideas. When we look at overall payments, the mental talents of people in the form of the entrepreneur normally exceed the wages that are paid for labor. The owner of a professional sports team, the entrepreneur, will normally make more than any player on that team.Of course, the more brilliant the idea and its ultimate appeal to the buyer of the good or service, he more profit that will accrue to the entrepreneur. 6. What is opportunity cost? An opportunity cost is the highest value that is surrendered when a decision is made; it is never the dec ision, which is made. It is a quantifiable term. 7. What makes up gross income? All of the money received from all sources during the year. This includes wages, tips, interest earned on savings and bonds, income from rental property, profits to entrepreneurs, and any other source of income an individual may have. 8.Compare progressive, regressive, and proportional taxes. Give at least one example of each type of ax. Progressive taxes are taxes that take a larger percentage of your income as your income increases. Regressive taxes are taxes that take a higher percentage of your income as your income decreases. Proportional taxes are taxes where the percentage paid stays the same, regardless of income. Examples include progressive income taxes, regressive sales taxes, and proportional property taxes. 9. What is the law of supply? The law of supply states that as the payment or price of an item increases, coteries Paramus, we will supply more of that item. 0. What is a supply table? Ho w do you obtain supply curve from a supply table? A supply table is a listing of the quantities of some variable, which will be supplied at various prices in the market place. The supply curve is obtained by horizontally summing the quantities supplied by different suppliers at each price in the market. 11. What is the law of demand? The Law of Demand states that if all other factors are constant, as the price for an item decreases, people will demand more of that item, coteries Paramus. 12. Explain the concept of a surplus of money versus a shortage of money.When the supply of money saved exceeds the demand for money, here is a surplus of money; then institutions (banks, credit unions, savings and loans, etc. ) will pay less for savings, and interest rates will begin to fall. When the demand for money exceeds the supply, there is a shortage of money and interest rates will be bid up in the market as institutions attempt to obtain more money. 13. What is the Federal Reserve? What ar e the Feud's three tools for controlling the money supply? The Federal Reserve is the Central Bank of the United States.The three tools for controlling the money supply are the discount rate, the reserve requirements ratio, and federal open market operations. 4. What is risk? What is the difference between systematic and unsystematic risk? Risk involves the probability that the actual return on an investment will be different from the desired return. Systematic risk is that risk which is associated with economic, political, and sociological changes that affect all participants on a near equal basis. Unsystematic risk is that risk that is unique to an individual, firm, or industry. EXERCISES AND PROBLEMS 1.Carry Yogi's Lounge consists of the following. Carry, the owner believed that people would come to hear a band play on Friday, Saturday, and Sunday evening. During the remainder of the week, she believed her customers would watch sporting events on several television sets located t hroughout the lounge. Carry employed two bartenders, three servers, two assistant servers, two cooks, one dishwasher and a clean-up person. She had a bar, 15 barstools, 4 tables, 40 chairs, 4 television Sets, and one satellite dish. She had an oven, stove, grill, refrigerator, sinks, dishes, and glassware.Carry started this business with $50,000 of her own money, and she borrowed $1 50,000 from the bank. From this description, list each of the scarce resources that are used in Carry Yogi's Lounge. Entrepreneurial resource: Carry Yoke. Labor resources: 2 bartenders, 3 servers, 2 assistant servers, 2 cooks, 1 dishwasher, and a clean-up person. Economic capital resources: 1 bar, 15 bar stools, 4 tables, 40 chairs, 4 television sets, one satellite dish, oven, stove, grill, refrigerator, sinks, dishes, and glassware. Financial capital resources: $50,000 of her own money and $1 50,000 from the bank. . Joe Fixity has an appliance repair business. He has more business than he can handle and wants to hire another repair person. Joe estimates that three appliances can be repaired each hour by a qualified person. Joe bills out labor at $45 per hour, but he stipulates that the minimum charge for appliance repair estimates is $30 plus parts. What is the marginal revenue product of a qualified repair person? 3 appliance repairs per hour times $30 = $90 marginal revenue product. What is the maximum hourly wage that he would pay an employee?Therefore, since we bring in an additional $90 per hour by hiring one more repair person, the maximum wage we would pay is $90. 3. Sam Smith is currently employed as a mechanical engineer and is paid $65,000 per year plus benefits that are equal to 30% of his salary. Sam wants to begin a consulting rim and decides to leave his current job. After his first year in business, Cam's accountant informed him that he had made $45,000 with his consulting business. Sam also notices that he paid $6,000 for a health insurance policy, which was his to tal benefit during his first year.What was Cam's opportunity cost? Sam gave up $65,000 in salary plus $19,500 in benefits roar total of $84,500. 4. Sara Lee just graduated from college with a degree in accounting. She had five job offers: Bean counters CPA, $35,000; Assets R us, $27,000; The Debit store, $30,000; J & G's Spa's, $33,000; and The Double Entry Shop, $40,000. What was her opportunity cost if she accepted the job with The Double Entry Shop? Sara gave up Bean counters CPA at $35,000 which was the highest value surrendered. 5. Sam Club earned $50,000 and paid taxes of $10,000.Samaritan Heart earned $60,000 and paid taxes of $12,000. If these taxes were paid to the same government agency, is the tax on income progressive, regressive, or proportional? Why did you reach this conclusion? As show below these taxes are proportional because they both paid the same percentage of their income in taxes. 6. You read an article in this mornings paper that stated inflation was accelera ting and would reach six percent this year. If the FED believes this statement and it has set a goal of three percent inflation, what will it likely do at the next meeting of the Federal Open Market Committee?They would most likely raise the discount rate, the federal funds rate, or both. They could also sell more government securities to decrease the money supply. 7. A friend came into your office and said that his bank was out to kill small businesses. You asked him what he meant by this remark, and he said that he read an article that said his bank had just loaned $10 million to a major automobile manufacturer at a rate of 3 percent, which is less than prime. But your friend just borrowed $50,000 from the same bank and they charged him prime plus four percent, or 7. Percent. Your friend has been in business for two years, and last year he had a loss of $2,000. How can you explain this difference in interest rate to your friend? The bank charges interest based upon risk The probab ility of the automobile manufacturer defaulting on the loan is very remote; therefore, they get a favorable interest rate from the bank. Since your friend lost money last year and since over 40 percent of all mall businesses fail in the first five years, the bank's risk is much higher and therefore they will charge a higher interest rate.