MGT1116: Economic Development

Quiz No. 2

1. An example of an upper-middle income e. over 40

country is
a. India. 7. What fraction of developing countries have
b. Brazil. recently experienced some form of
c. Indonesia. significant interethnic conflict?
d. Nigeria. a. less than one-tenth
b. a tenth to one-quarter
2. A newly industrialized country is c. one quarter to one half
a. the same as a high-income country. d. over one half
b. any country that has experienced
sustained growth in industry. 8. Which of the following African countries has
c. a special classification given to some experienced widespread death and
upper-middle income countries that have destruction due to ethnic or clan based
d. achieved relatively advanced conflict in the previous decade?
manufacturing sectors. a. Rwanda
e. any country that has moved out of lower b. Sudan
income status. c. Somalia
d. all of the above
3. Which of the following is not an upper- 9. Which measure uses a common set of
middle income country? international prices for all goods and services
a. Brazil produced?
b. South Africa a. purchasing power parity income levels
c. Pakistan b. GNI price deflators
d. Argentina c. foreign exchange rate conversions to U.S.
dollars
4. Which of the following is a low-income d. the exchange rate
country?
a. Mexico 10. The number of units of developing country
b. Thailand currency required to purchase a basket of
c. Turkey goods and services in a developing country
d. Bangladesh that costs one dollar in the U.S. is given by
a. GNI price deflator.
5. One of the components of the human b. Human Development Index ranking.
development index is c. purchasing power parity.
a. the percentage of the population who are d. the exchange rate.
high school graduates.
b. the average daily intake of protein. 11. About how many people lack access to basic
c. life expectancy at birth. sanitation?
d. the number of doctors per hundred people a. 20 million
in the population. b. 200 million
c. 500 million
6. What percent of the world’s nations have at d. 1 billion
least five significant ethnic populations? e. 2 billion
a. 0–10
b. 10–20 12. About how many people lack access to safe
c. 20–30 water?
d. 30–40 a. 20 million
April Grace M. Trinidad
GED0113 Subsection 4

Formative Assessment No. 4: Reflexive Essay

Globalization, as defined by National Geographic (n.d.), refers to the increasing interconnectedness and
interdependence of world cultures and economy. Personally, I believe that rather than being a choice,
globalization is an accepted principle that encourages nations to adapt to the changes it brings. Moreover,
globalization affect the cultural patterns as well. Thus, there are significant changes in my culture due to the
presence of globalization.
In my province, individuals are very much cautious and reserved. It is evident on how people dress and
their lifestyles. For them, it is important to dress in the most modest way as possible. With that, women are not
allowed to show too much skin. Moreover, people in my province believe that 8:00 PM and 12:00 AM are
synonymous with each other. Youth are considered "irresponsible" if they are still outside late at night. On the
other hand, youth in the city or in urban areas enjoy all the liberty that they can get. Because parenting practices
in these places are viewed as being lax, teenagers can express themselves by dressing whichever they want without
worrying about what others would think, and they can also enjoy going out with friends. However, with the
presence of globalization, such practices in rural areas are no longer common. Due to globalization, local areas
were able to adapt to such changes and modernity of life.
In addition, globalization interplayed with my culture in terms of consumerism. Consumerism is the belief
that acquiring consumer goods and material belongings is essential to a person's happiness and that expanding
one's consumption of products and services from the market is always a desirable objective (Investopedia, 2011).
Being in the province, wherein malls or stores are limited, played a vital role on me being thrifty. However, due
to the access to online shopping, it became easier for me to purchase things which eventually became a habit of
mine. The technology that the globalization has made it possible for me to change my saving schemes. From
being cautious about my spendings, I became addicted to online shopping in which I disguised as my retail
April Grace M. Trinidad
GED0113 Subsection 4

This past summer, I had the privilege of participating in the University of Notre Dame’s Research
Experience for Undergraduates (REU) program . Under the mentorship of Professor Wendy Bozeman and
Professor Georgia Lebedev from the department of Biological Sciences, my goal this summer was to research the
effects of cobalt iron oxide cored (CoFe2O3) titanium dioxide (TiO2) nanoparticles as a scaffold for drug
delivery, specifically in the delivery of a compound known as curcumin, a flavonoid known for its anti-
inflammatory effects. As a high school student trying to find a research opportunity, it was very difficult to find
a place that was willing to take me in, but after many months of trying, I sought the help of my high school biology
teacher, who used his resources to help me obtain a position in the program.
Using equipment that a high school student could only dream of using, I was able to map apoptosis
(programmed cell death) versus necrosis (cell death due to damage) in HeLa cells, a cervical cancer line, after
treating them with curcumin-bound nanoparticles. Using flow cytometry to excite each individually suspended
cell with a laser, the scattered light from the cells helped to determine which cells were living, had died from
apoptosis or had died from necrosis. Using this collected data, it was possible to determine if the curcumin and/or
the nanoparticles had played any significant role on the cervical cancer cells. Later, I was able to image cells in
4D through con-focal microscopy. From growing HeLa cells to trying to kill them with different compounds, I
was able to gain the hands-on experience necessary for me to realize once again why I love science. Living on
the Notre Dame campus with other REU students, UND athletes, and other summer school students was a whole
other experience that prepared me for the world beyond high school. For 9 weeks, I worked, played and bonded
with the other students, and had the opportunity to live the life of an independent college student.
Along with the individually tailored research projects and the housing opportunity, there were seminars
on public speaking, trips to the Fermi National Accelerator Laboratory, and one-on-one writing seminars for the
end of the summer research papers we were each required to write. By the end of the summer, I wasn’t ready to
leave the research that I was doing. While my research didn’t yield definitive results for the effects of curcumin
on cervical cancer cells, my research on curcumin-functionalized CoFe2O4/TiO2 core-shell nanoconjugates
indicated that there were many unknown factors affecting the HeLa cells, and spurred the lab to expand their
research into determining whether or not the timing of the drug delivery mattered and whether or not the position
of the binding site of the drugs would alter the results. Through this summer experience, I realized my ambition
to pursue a career in research. I always knew that I would want to pursue a future in science, but the exciting
world of research where the discoveries are limitless has captured my heart. This school year, the REU program
has offered me a year-long job, and despite my obligations as a high school senior preparing for college, I couldn’t
give up this offer, and so during this school year, I will be able to further both my research and interest in
nanotechnology.
April Grace M. Trinidad

Formative Assessment No. 1: Short Poem

MY HEART LEAPS UP

My heart leaps up when I behold

A rainbow in the sky:
So was it when my life began;
So is it now I am a man;
So be it when I shall grow old,
Or let me die!
The Child is father of the Man;
And I could wish my days to be
Bound each to each by natural piety.
 CONCEPTUAL FRAMEWORK OF FINANCIAL REPORTING
Quiz No. 1
1. What is the objective of financial statements according to the Framework?
a. to prepare and present a statement of financial position, a statement of comprehensive income, a
statement of cash flows, a statement of changes in equity, and notes
b. to prepare and present comparable, relevant, reliable and understandable information to investors
and creditors
c. to prepare financial statements in accordance with all applicable Standards and Interpretation
d. to provide information about the financial position, performance and changes in financial position
of an entity that is useful to a wide range of users in making economic decisions
2. The conceptual framework is intended to establish
a. generally accepted accounting principles (GAAP) in financial reporting by business enterprises
b. the hierarchy of sources of GAAP
c. the meaning of "present fairly in accordance with GAAP"
d. the objectives and concepts for use in developing standards of financial accounting and reporting
3. Which statement is incorrect concerning the conceptual framework?
a. the framework applies to the financial statements of all commercial, industrial and business reporting
enterprises, whether in public or private sector
b. the framework is concerned with special purpose financial statements including consolidated financial
statements
c. the framework is not a Philippine Financial Reporting Standard (PFRS) and therefore does not define
standard for any particular measurement or disclosre issue
d. there is nothing in the framework that overrides any PFRS
4. The conceptual framework deals with the following except
a. generally accepted accounting principles
b. the definition, measurement and recognition of the elements of financial statements
c. the objective of financial statements
d. he qualitative characteristics which make the financial statements more useful to the users
5. Which statement is incorrect concerning the objective of financial statements?
I. Financial statements provide all the information that users may need to make economic decisions since
they largely portray the financial effects of past events and do not necessarily provide nonfinancial
information.
II. Financial statements show the results of stewardship of management or the accountability of
management for the resources entrusted to it.
a. I
 LAW ON PARTNERSHIP
Quiz #3

1. The liability of the partners, including industrial partners for partnership contracts entered into in its
name and for its account, when all partnership assets have been exhausted is
a. Pro-rata
b. Common
c. Solidary
d. Voluntary

2. X Co., a partnership is compose of A (capitalist partner), B (capitalist partner) and C (industrial partner).
If you were partner A, who between B and C would you have an insurable interest on, such that you may
then insure him?
a. No one, as there is merely a partnership contract among A, B and C.
b. Both B and C, as they are his partners.
c. Only C, as he is an industrial partner.
d. Only B, as he is a capitalist partner.

3. A limited partnership has A, as general partner, B as limited partner, and C, as industrial partner
contributing P100,000, P50,000 and services, respectively. The partnership failed and after disposing all
its assets to pay partnership debts, there still remains a note payable in the sum of P30,000. Against
whom can the creditor demand payment?
a. A – P30,000 B – P0 C – P0
b. A – P15,000 B – P7,500 C – P7
c. A – P15,000 B – P0 C – P15,000
d. A – P10,000 B – P10,000 C – P10

4. X, Y and Z form Y Partnership to engage to import-export business. The partners agreed that the profit
will be divided on the following ratio: X-20%, Y-30%, Z-50%, but not agreement as to losses. After one
year of operations, there was a loss of P10,000. How will you apportion this loss if the capital
contributions are as follows: X – P20,000, Y – P15,000, Z – P5,000.
a. According to their capital contribution.
b. Equally among X, Y and Z.
c. X – P2,000; Y – P3,000, Z – P5
d. A third party may be called to make the contribution.

5. M, T and E decided to form a universal partnership of all present property. The contract of partnership
was executed on October 10,2010 but they commenced business on October 18,2011. One of the
following is not correct?
a. If the partnership is for 15 years, but one of the partners withdraws from the partnership on the 12th
year, the firm is dissolved.
b. The partnership began its existence on October 10,2010.
 LAW ON PARTNERSHIP
Quiz #4

TRUE OR FALSE
1. A managing partner can assign partnership property even without consent of other partners.
2. A substituted limited partner becomes a partner even without consent of other partners.
3. During liquidation, industrial partners are also exempt to share in the unpaid obligations to third persons
or creditors.
4. After dissolution, in all cases, no partner can bind the partnership in any contract.
5. A partner's capital contributions can be returned to him anytime even without liquidation

MCQ
1. A, B and C are partners in a Real Estate business. B and C without the knowledge of A approached X and
offered to sell X all the lots of the partnership at a price very much higher than their book value. Then B
and C bought-out A from the partnership and thereafter X bought all the lots with a big profit of B and C.
Which is a correct statement?
a) The sale of the lots to X is void because it is without the knowledge and consent of A
b) B and C are not liable to A whatsoever
c) B and C are liable to A for his share on the profits in the sale
d) When A was bought-out of the partnership, the partnership was dissolved so A has no more shares in
the profits in the sale.

2. A, B, C and D are partners. Per written agreement A and B are general partners while C and D are limited
partners. In their written contract, it appears that the name of the partnership is A and Company
partnership. Upon the death of B, the partnership is dissolved. After exhausting the assets, A and Company
still owes Mr. X P24,000. X can collect
a) P24,000 from A
b) P12,000 from B
c) P8,000 from C
d) Nothing from C and D

3. A and B acceeded to the wish of C, that his liability is only to the extent of his contribution but his name
was included in the firm name and after several transaction the partnership incurred a liability to X in the
amount of P210,000. Which of the following statements is true?
a) C is not liable to X.
 Intermediate Accounting 1
Quiz No. 2

1. General-purpose financial statements are the product of

a. financial accounting.
b. managerial accounting.
c. both financial and managerial accounting.
d. neither financial nor managerial accounting.
2. Which of the following is not a user of financial reports?
a. Creditors.
b. Government agencies.
C. Unions.
d. Employees
3. The financial statements most frequently provided include all of the following except the
a. balance sheet.
b. income statement.
C. statement of cash flows.
d. statement of retained earnings.
4. The information provided by financial reporting pertains to
a. individual business enterprises, rather than to industries or an economy as a whole or to members of
society as consumers.
b. business industries, rather than to individual enterprises or an economy as a whole or to members of
society as consumers.
c. individual business enterprises, industries, and an economy as a whole, rather than to members of
society as consumers.
d. an economy as a whole and to members of society as consumers.
April Grace M. Trinidad
Formative 1: Reaction Paper

Character, achievement and credibility are so intimately intertwined with one another in the academic
community. Character and credibility must exist simultaneously in order for achievement to occur. Without a
good character and credibility, the foundation for which achievement stand will fall. The ethics of academia
demands that those who encompass its community abide by the rules and regulations that govern it. Plagiarism
discredits any information that a person has shared with others. Plagiarism encompasses many negative
characteristics such as stealing, cheating and lying. It is one form of academic dishonesty that brings about severe
consequences.

As discussed earlier, academic dishonesty, in any of its forms leads to the deterioration of one’s character
and credibility. It limits the maximum capability of success that a person can achieve. Some of the common
consequences of plagiarism include disciplinary action, failing a course, and even suspension or expulsion from
the institution.

For instance, the President of The University of The Bahamas (then The College of The Bahamas), Dr.
Rodney Smith was found guilty of plagiarism in 2005. This brought great shame to the college and most
importantly, threatened its credibility in the world of academics and higher learning. Dr. Smith, being the head of
the institution severely impacted the institution in a negative way because of his dishonesty and lack of integrity
(Turnquest, 2014). He was later asked to resign from this position while the matter was reviewed.

There have been cases where Doctoral students have had their dissertations denied due to plagiarism
allegations. After years of study to reach at the level they have, it one moment the entire empire that they built,
crumbled. Some students have had their degrees delayed. This may have caused them to lose out on jobs or
scholarship opportunities. (Bailey 2017)

The simplest form of academic dishonesty, whether intentional or unintentional can have the greatest
impact. The academic journey must be centered around the core values of integrity, honesty and fairness. It is
important to avoid being dishonest in academia because it diminishes the value of your work—past, present and
future. It also challenges your character and your ability to accomplish a task with your own knowledge and skills.
April Grace M. Trinidad
Formative 1: Reflective Essay

Leadership literature has not remained the same as over the years it has been developed by various
researchers and there has been a strong belief that leadership is something that is modifiable as there is a
transformation constantly happening in the way people think over the years. The principal theories appeared
throughout the 19th century such as the Great Man Theory, the Trait theory, the Behavioural theory amongst
many others. Leadership theories are adjusted due to the changes happening in the world however, it does not
mean that any of the theories are completely irrelevant as it is important to apply them within a suitable context.
According to Brown et al. (2005), ethical leadership is associated with the behavior, trust, and honesty of the
leader. Following the downfall of ENRON, ethical leadership has become a crucial part of organizations as
unethical practices have the ability to destroy the culture of an organization.

The study of leadership is complex and vast but also important to practitioners and academics as it helps
the practitioners to gain knowledge and expertise through practice and helps the academic gain knowledge and
understanding through research. The complexity of leadership can be understood through the words of Bennis
and Nanus (1997) who state the following “Leadership is the most studied and least understood concept of any in
the social sciences “and by Dan Wren (1994) who stated, “Despite the mountains of literature on leadership, we
still know very little… leadership is still much of an art”. However, even though leadership is complex it is also
flexible and can be applied in relevant contexts as mentioned above. Ethical leadership is according to Northouse
(2016) a structure of guidelines that gives direction to leaders in order to make decisions and analyze what is right
or wrong to do. For instance, Kanungo and Mendonka (1996) mentioned that when moral values are corrupted
by leaders then the moral health of society is also corrupted. While Derr (2012) highlighted the importance of
ethical leadership as without it there is a high chance of chaos happening in organizations which will also likely
affect the world.

The ethics of care is largely associated with Nel Noddings (1984) who highlighted the importance of
caring and sympathizing as a solid foundation for ethical actions. In this theory, Noddings (1984) states that a
person should act with commitments to perceive the need and act with empathy to fulfill each other’s wellbeing.
It has also been described as a feminist philosophy as other approaches to ethics were male-centered and focused
on the masculine experience and Noddings (1984) states that other approaches such as utilitarianism and
deontology did not provide adequate knowledge on how women address ethical concerns. Furthermore, a critical
view on ethical leadership has been written by Knights & O’Leary (2006), who mentioned the failure in ethical
leadership that is attributed to the supremacy of individualism whose focus is on who mentioned the who mentione