Test Bank For Quantitative Analysis For Management 12Th Edition Render Stair Hanna Hale 0133507335 978013350733 Full Chapter PDF

Test Bank for Quantitative Analysis for Management 12th
Edition Render Stair Hanna Hale 0133507335 9780133507331

Full link download:
Test Bank:
https://testbankpack.com/p/test-bank-for-quantitative-analysis-
for-management-12th-edition-render-stair-hanna-hale-
0133507335-9780133507331/
Solution Manual:
https://testbankpack.com/p/solution-manual-for-quantitative-
analysis-for-management-12th-edition-render-stair-hanna-hale-
0133507335-9780133507331/
Quantitative Analysis for Management, 12e (Render)

Chapter 2 Probability Concepts and Applications
1) Subjective probability implies that we can measure the relative frequency of the values of the random
variable.
Answer: FALSE
Diff: 2
Topic: FUNDAMENTAL CONCEPTS
2) The use of "expert opinion" is one way to approximate subjective probability values. Answer: TRUE
Diff: 1
3) Mutually exclusive events exist if only one of the events can occur on any one trial. Answer: TRUE
Diff: 2
4) Stating that two events are statistically independent means that the probability of one event occurring
is independent of the probability of the other event having occurred. Answer: TRUE
Diff: 2
5) Saying that a set of events is collectively exhaustive implies that one of the events must occur.
Answer: TRUE
Diff: 2
1
Copyright © 2015 Pearson Education, Inc.
2
6) Saying that a set of events is mutually exclusive and collectively exhaustive implies that one and only
one of the events can occur on any trial.
Answer: TRUE
Diff: 2
7) A posterior probability is a revised probability.

Answer: TRUE
Diff: 2
Topic: REVISING PROBABILITIES WITH BAYES' THEOREM
8) Bayes' theorem enables us to calculate the probability that one event takes place knowing that a
second event has or has not taken place.
Answer: TRUE
Diff: 2
9) A probability density function is a mathematical way of describing Bayes' theorem. Answer: FALSE
Diff: 2
Topic: PROBABILITY DISTRIBUTIONS
10) The probability, P, of any event or state of nature occurring is greater than or equal to 0 and less than
or equal to 1.
Answer: TRUE
Diff: 1
11) A probability is a numerical statement about the chance that an event will occur. Answer: TRUE
Diff: 1
Topic: INTRODUCTION
12) If two events are mutually exclusive, the probability of both events occurring is simply the sum of the
individual probabilities.
Answer: TRUE
Diff: 2
13) Given two statistically dependent events (A,B), the conditional probability of P(A|B) = P(B)/P(AB).
Answer: FALSE
Diff: 2
14) Given two statistically independent events (A,B), the joint probability of P(AB) = P(A) + P(B). Answer:
FALSE
Diff: 2
3
15) Given three statistically independent events (A,B,C), the joint probability of P(ABC) = P(A) × P(B) ×
P(C).
Answer: TRUE
Diff: 2
16) Given two statistically independent events (A,B), the conditional probability P(A|B) = P(A). Answer:
TRUE
Diff: 2
17) Suppose that you enter a drawing by obtaining one of 20 tickets that have been distributed. By using
the classical method, you can determine that the probability of your winning the drawing is 0.05.
Answer: TRUE
Diff: 2
18) Assume that you have a box containing five balls: two red and three white. You draw a ball two
times, each time replacing the ball just drawn before drawing the next. The probability of drawing
only one white ball is 0.20.
Answer: FALSE
Diff: 2
AACSB: Analytic Skills
19) If we roll a single die twice, the probability that the sum of the dots showing on the two rolls equals
four (4), is 1/6.
Answer: FALSE
Diff: 3
20) For two events A and B that are not mutually exclusive, the probability that either A or B will occur is
P(A) × P(B) - P(A and B).
Answer: FALSE
Diff: 2
21) If we flip a coin three times, the probability of getting three heads is 0.125. Answer: TRUE
Diff: 2
22) Consider a standard 52-card deck of cards. The probability of drawing either a seven or a black card is
7/13.
Answer: TRUE
4
Diff: 2
23) Although one revision of prior probabilities can provide useful posterior probability estimates,
additional information can be gained from performing the experiment a second time. Answer: TRUE
Diff: 2
Topic: FURTHER PROBABILITY REVISIONS
24) If a bucket has three black balls and seven green balls, and we draw balls without replacement, the
probability of drawing a green ball is independent of the number of balls previously drawn. Answer:
FALSE
Diff: 2
25) Assume that you have an urn containing 10 balls of the following description:
4 are white (W) and lettered (L)

2 are white (W) and numbered (N)
3 are yellow (Y) and lettered (L)
1 is yellow (Y) and numbered (N)
If you draw a numbered ball (N), the probability that this ball is white (W) is 0.667. Answer:
TRUE
Diff: 2

If you draw a numbered ball (N), the probability that this ball is white (W) is 0.60. Answer:
FALSE
Diff: 2

5
If you draw a lettered ball (L), the probability that this ball is white (W) is 0.571. Answer:
TRUE
Diff: 2
28) The joint probability of two or more independent events occurring is the sum of their marginal or
simple probabilities.
Answer: FALSE
Diff: 2
29) The number of bad checks written at a local store is an example of a discrete random variable.
Answer: TRUE
Diff: 2
Topic: RANDOM VARIABLES
AACSB: Reflective Thinking
30) Given the following distribution:
Value of
Outcome Random Variable Probability
A 1 .4
B 2 .3
C 3 .2
D 4 .1
The expected value is 3.

Answer: FALSE
Diff: 2
31) A new young executive is perplexed at the number of interruptions that occur due to employee
relations. She has decided to track the number of interruptions that occur during each hour of her
day. Over the last month, she has determined that between 0 and 3 interruptions occur during any
given hour of her day. The data is shown below.
Number of Interruptions in 1 hour Probability

0 interruption .5
1 interruptions .3
2 interruptions .1
6
3 interruptions .1
On average, she should expect 0.8 interruptions per hour.

Answer: TRUE
Diff: 2
32) A new young executive is perplexed at the number of interruptions that occur due to employee
relations. She has decided to track the number of interruptions that occur during each hour of her
day. Over the last month, she has determined that between 0 and 3 interruptions occur during any
given hour of her day. The data is shown below.
Number of Interruptions in 1 hour Probability

0 interruption .4
1 interruptions .3
2 interruptions .2
3 interruptions .1
On average, she should expect 1.0 interruptions per hour.

Answer: TRUE
Diff: 2
33) The expected value of a binomial distribution is expressed as np, where n equals the number of trials
and p equals the probability of success of any individual trial.
Answer: TRUE
Diff: 2
Topic: THE BINOMIAL DISTRIBUTION
34) The standard deviation equals the square of the variance.

Answer: FALSE
Diff: 2
35) The probability of obtaining specific outcomes in a Bernoulli process is described by the binomial
probability distribution.
Answer: TRUE
Diff: 2
36) The variance of a binomial distribution is expressed as np/(1 - p), where n equals the number of trials
and p equals the probability of success of any individual trial.
Answer: FALSE
7
Diff: 2
37) The F distribution is a continuous probability distribution that is helpful in testing hypotheses about
variances.
Answer: TRUE
Diff: 2
Topic: THE F DISTRIBUTION
38) The mean and standard deviation of the Poisson distribution are equal. Answer: FALSE
Diff: 2
Topic: THE POISSON DISTRIBUTION
39) In a normal distribution, the Z value represents the number of standard deviations from a value X to
the mean.
Answer: TRUE
Diff: 2
Topic: THE NORMAL DISTRIBUTION
40) Assume you have a normal distribution representing the likelihood of completion times. The mean of
this distribution is 10, and the standard deviation is 3. The probability of completing the project in 8
or fewer days is the same as the probability of completing the project in 18 days or more. Answer:
FALSE
Diff: 2
41) The F statistic is the ratio of two sample standard deviations from independent normal distributions.
Answer: FALSE
Diff: 2
Topic: THE F DISTRIBUTION
42) Assume you have a normal distribution representing the likelihood of completion times. The mean of
this distribution is 10, and the standard deviation is 3. The probability of completing the project in 7
or fewer days is the same as the probability of completing the project in 13 days or more. Answer:
TRUE
Diff: 2
43) The classical method of determining probability is A) subjective probability.

B) marginal probability. C)
objective probability.
D) joint probability.
E) conditional probability.
Answer: C
Diff: 2
8
44) Subjective probability assessments depend on A)
the total number of trials.
B) the relative frequency of occurrence.
C) the number of occurrences of the event.
D) experience and judgment.
E) None of the above
Answer: D
Diff: 1
45) If two events are mutually exclusive, then A)

their probabilities can be added.
B) they may also be collectively exhaustive.
C) the joint probability is equal to 0.
D) if one occurs, the other cannot occur.
E) All of the above
Answer: E
Diff: 2
46) A is a numerical statement about the likelihood that an event will occur.
A) mutually exclusive construct
B) collectively exhaustive construct
C) variance
D) probability
E) standard deviation
Answer: D
Diff: 1
Topic: INTRODUCTION
47) A conditional probability P(B|A) is equal to its marginal probability P(B) if A)

it is a joint probability.
B) statistical dependence exists.
C) statistical independence exists.
D) the events are mutually exclusive.
E) P(A) = P(B).
Answer: C
Diff: 2
48) The equation P(A|B) = P(AB)/P(B) is A)

the marginal probability.
B) the formula for a conditional probability.
C) the formula for a joint probability.
D) only relevant when events A and B are collectively exhaustive.
9
Answer: B
Diff: 2
49) Suppose that we determine the probability of a warm winter based on the number of warm winters
experienced over the past 10 years. In this case, we have used A) relative frequency.
B) the classical method.
C) the logical method.
D) subjective probability.
Answer: A
Diff: 1
50) Bayes' theorem is used to calculate A)

revised probabilities.
B) joint probabilities.
C) prior probabilities.
D) subjective probabilities.
E) marginal probabilities.
Answer: A
Diff: 2
51) If the sale of ice cream and pizza are independent, then as ice cream sales decrease by 60 percent
during the winter months, pizza sales will A) increase by 60 percent.
B) increase by 40 percent.
C) decrease by 60 percent.
D) decrease by 40 percent.
E) be unrelated.
Answer: E
Diff: 2
52) If P(A) = 0.3, P(B) = 0.2, P(A and B) = 0.0, what can be said about events A and B? A)
They are independent.
B) They are mutually exclusive.
C) They are posterior probabilities.
D) None of the above
E) All of the above
Answer: B
Diff: 2
53) Suppose that 10 golfers enter a tournament and that their respective skill levels are approximately the
same. What is the probability that one of the first three golfers that registered for the tournament will win?
10
A) 0.100
B) 0.001
C) 0.300
D) 0.299
E) 0.700
Answer: C
Diff: 1
same. Six of the entrants are female and two of those are older than 40 years old. Three of the men are
older than 40 years old. What is the probability that the winner will be either female or older than 40 years
old? A) 0.000
B) 1.100
C) 0.198
D) 0.200
E) 0.900
Answer: E
Diff: 2
same. Six of the entrants are female and two of those are older than 40 years old. Three of the men are
older than 40 years old. What is the probability that the winner will be a female who is older than 40 years
old? A) 0.000
B) 1.100
C) 0.198
D) 0.200
E) 0.900
Answer: D
Diff: 2
56) "The probability of event B, given that event A has occurred" is known as a probability. A)
continuous
B) marginal
C) simple
D) joint
E) conditional
Answer: E
Diff: 1
11
57) When does P(A|B) = P(A)?
A) when A and B are mutually exclusive
B) when A and B are statistically independent
C) when A and B are statistically dependent
D) when A and B are collectively exhaustive
E) when P(B) = 0
Answer: B
Diff: 2
58) A consulting firm has received 2 Super Bowl playoff tickets from one of its clients. To be fair, the firm
is randomly selecting two different employee names to "win" the tickets. There are 6 secretaries, 5
consultants and 4 partners in the firm. Which of the following statements is not true? A) The probability
of a secretary winning a ticket on the first draw is 6/15.
B) The probability of a secretary winning a ticket on the second draw given that a consultant won a ticket
on the first draw is 6/15.
C) The probability of a consultant winning a ticket on the first draw is 1/3.
D) The probability of two secretaries winning both tickets is 1/7.
E) The probability of a partner winning a ticket on the second draw given that a secretary won a ticket on
the first draw is 4/14.
Answer: B
Diff: 3
consultants, and 4 partners in the firm. Which of the following statements is true?
A)The probability of a partner winning on the second draw given that a partner won on the first draw is
3/14.
B) The probability of a secretary winning on the second draw given that a secretary won on the first draw
is 2/15.
C) The probability of a consultant winning on the second draw given that a consultant won on the first
draw is 5/14.
D) The probability of a partner winning on the second draw given that a secretary won on the first draw
is 8/30.
E) None of the above are true.
Answer: A
Diff: 2
consultants, and 4 partners in the firm. Which of the following statements is true?
12
A) The probability of two secretaries winning is the same as the probability of a secretary winning
on the second draw given that a consultant won on the first draw.
B) The probability of a secretary and a consultant winning is the same as the probability of a
secretary and secretary winning.
C) The probability of a secretary winning on the second draw given that a consultant won on the
first draw is the same as the probability of a consultant winning on the second draw given that a
secretary won on the first draw.
D) The probability that both tickets will be won by partners is the same as the probability that a
consultant and secretary will win. E) None of the above are true.
Answer: E
Diff: 3
61) At a university with 1,000 business majors, there are 200 business students enrolled in an introductory
statistics course. Of these 200 students, 50 are also enrolled in an introductory accounting course. There are
an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business
student is selected at random, what is the probability that the student is either enrolled in accounting or
statistics, but not both?
A) 0.45
B) 0.50
C) 0.40
D) 0.05
Answer: C
Diff: 3
student is selected at random, what is the probability that the student is enrolled in accounting? A) 0.20
B) 0.25
C) 0.30
D) 0.50
Answer: C
Diff: 2
student is selected at random, what is the probability that the student is enrolled in statistics? A) 0.05
13
B) 0.20
C) 0.25
D) 0.30
Answer: B
Diff: 1
statistics course. Of these 200 students, 50 are also enrolled in an introductory accounting course. There
are an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business
student is selected at random, what is the probability that the student is enrolled in both statistics and
accounting?
A) 0.05
B) 0.06
C) 0.20
D) 0.25
Answer: A
Diff: 2
student is selected at random and found to be enrolled in statistics, what is the probability that the
student is also enrolled in accounting?
A) 0.05
B) 0.30
C) 0.20
D) 0.25
Answer: D
Diff: 2
66) Suppose that when the temperature is between 35 and 50 degrees, it has historically rained 40% of the
time. Also, historically, the month of April has had a temperature between 35 and 50 degrees on 25 days.
You have scheduled a golf tournament for April 12. What is the probability that players will experience
rain and a temperature between 35 and 50 degrees?
A) 0.333
B) 0.400
C) 0.833
14
D) 1.000
E) 0.480
Answer: A
Diff: 2
67) Suppose that, historically, April has experienced rain and a temperature between 35 and 50 degrees
on 20 days. Also, historically, the month of April has had a temperature between 35 and 50 degrees on 25
days. You have scheduled a golf tournament for April 12. If the temperature is between 35 and 50 degrees
on that day, what will be the probability that the players will get wet?
A) 0.333
B) 0.667
C) 0.800
D) 1.000
E) 0.556
Answer: C
Diff: 2
statistics course. Of these 200 students, 50 are also enrolled in an introductory accounting course. There
are an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business
student is selected at random, what is the probability that the student is enrolled in neither accounting
nor statistics?
A) 0.45
B) 0.50
C) 0.55
D) 0.05
Answer: C
Diff: 3
student is selected at random, what is the probability that the student is not enrolled in accounting? A)
0.20
B) 0.25
C) 0.30
D) 0.50
Answer: E
15
Another random document with
no related content on Scribd:
Smithers, John B. Steele, Wm. G. Steele, Stiles, Strouse, Stuart,
Sweat, Wadsworth, Ward, Wheeler, Chilton A. White, Joseph W.
White, Fernando Wood—60.
June 22—This bill was taken up in the Senate, when Mr.
Saulsbury moved this substitute:
That no person held to service or labor in one State, under the laws
thereof, escaping into another, shall, in consequence of any law or
regulation therein, be discharged from such service or labor, but
shall be delivered up on claim of the party to whom such service or
labor may be due; and Congress shall pass all necessary and proper
laws for the rendition of all such persons who shall so, as aforesaid,
escape.
Which was rejected—yeas 9, nays 29, as follows:
Yeas—Messrs. Buckalew, Carlile, Cowan, Davis, McDougall,
Powell, Richardson, Riddle, Saulsbury—9.
Nays—Messrs. Anthony, Brown, Chandler, Clark, Conness, Dixon,
Foot, Grimes, Hale, Harlan, Harris, Hicks, Howard, Howe, Johnson,
Lane of Indiana, Lane of Kansas, Morgan, Morrill, Pomeroy,
Ramsey, Sprague, Sumner, Ten Eyck, Trumbull, Van Winkle, Wade,
Willey—29.
Mr. Johnson, of Maryland, moved an amendment to substitute a
clause repealing the act of 1850; which was rejected—yeas 17, nays
22, as follows:
Yeas—Messrs. Buckalew, Carlile, Cowan, Davis, Harris, Hicks,
Johnson, Lane of Indiana, McDougall, Powell, Richardson, Riddle,
Saulsbury, Ten Eyck, Trumbull, Van Winkle, Willey—17.
Nays—Messrs. Anthony, Brown, Chandler, Clark, Conness, Dixon,
Fessenden, Foot, Grimes, Hale, Harlan, Howard, Howe, Lane of
Kansas, Morgan, Morrill, Pomeroy, Ramsey, Sprague, Sumner,
Wade, Wilson—22.
The bill then passed—yeas 27, nays 12, as follows:
Yeas—Messrs. Anthony, Brown, Chandler, Clark, Conness, Dixon,
Fessenden, Foot, Grimes, Hale, Harlan, Harris, Hicks, Howard,
Howe, Lane of Indiana, Lane of Kansas, Morgan, Morrill, Pomeroy,
Ramsey, Sprague, Sumner, Ten Eyck, Trumbull, Wade, Wilson—27.
Nays—Messrs. Buckalew, Carlile, Cowan, Davis, Johnson,
McDougall, Powell, Richardson, Riddle, Saulsbury, Van Winkle,
Willey—12.
Abraham Lincoln, President, approved it, June 28, 1864.
Seward as Secretary of State.
Wm. H. Seward was a master in diplomacy and Statecraft, and to

his skill the Unionists were indebted for all avoidance of serious
foreign complications while the war was going on. The most notable
case coming under his supervision was that of the capture of Mason
and Slidell, by Commodore Wilkes, who, on the 8th of November,
1861, had intercepted the Trent with San Jacinto. The prisoners were
Confederate agents on their way to St. James and St. Cloud. Both had
been prominent Senators, early secessionists, and the popular
impulse of the North was to hold and punish them. Both Lincoln and
Seward wisely resisted the passions of the hour, and when Great
Britain demanded their release under the treaty of Ghent, wherein
the right of future search of vessels was disavowed, Seward yielded,
and referring to the terms of the treaty, said:
“If I decide this case in favor of my own Government, I must
disavow its most cherished principles, and reverse and forever
abandon its essential policy. The country cannot afford the sacrifice.
If I maintain those principles and adhere to that policy, I must
surrender the case itself.”
The North, with high confidence in their President and Cabinet,
readily conceded the wisdom of the argument, especially as it was
clinched in the newspapers of the day by one of Lincoln’s homely
remarks: “One war at a time.” A war with Great Britain was thus
happily avoided.
With the incidents of the war, however, save as they affected
politics and politicians, this work has little to do, and we therefore
pass the suspension of the writ of habeas corpus, which suspension
was employed in breaking up the Maryland Legislature and other
bodies when they contemplated secession, and it facilitated the arrest
and punishment of men throughout the North who were suspected of
giving “aid and comfort to the enemy.” The alleged arbitrary
character of these arrests caused much complaint from Democratic
Senators and Representatives, but the right was fully enforced in the
face of every form of protest until the war closed. The most
prominent arrest was that of Clement L. Vallandigham, member of
Congress from Ohio, who was sent into the Southern lines. From
thence he went to Canada, and when a candidate for Governor in
Ohio, was defeated by over 100,000 majority.
Financial Legislation—Internal Taxes.
The Financial legislation during the war was as follows:

1860, December 17—Authorized an issue of $10,000,000 in
Treasury notes, to be redeemed after the expiration of one year
from the date of issue, and bearing such a rate of interest as may be
offered by the lowest bidders. Authority was given to issue these
notes in payment of warrants in favor of public creditors at their par
value, bearing six per cent. interest per annum.
1861, February 8—Authorized a LOAN of $25,000,000, bearing
interest at a rate not exceeding six per cent. per annum, and
reimbursable within a period not beyond twenty years nor less than
ten years. This loan was made for the payment of the current
expenses, and was to be awarded to the most favorable bidders.
March 2—Authorized a LOAN of $10,000,000, bearing interest at a
rate not exceeding six per cent. per annum, and reimbursable after
the expiration of ten years from July 1, 1861. In case proposals for the
loan were not acceptable, authority was given to issue the whole
amount in Treasury notes, bearing interest at a rate not exceeding
six per cent. per annum. Authority was also given to substitute
Treasure notes for the whole or any part of the loans for which the
Secretary was by law authorized to contract and issue bonds, at the
time of the passage of this act, and such treasury notes were to be
made receivable in payment of all public dues, and redeemable at
any time within two years from March 2, 1861.
March 2—Authorized an issue, should the Secretary of the
Treasury deem it expedient, of $2,800,000 in coupon BONDS, bearing
interest at the rate of six per cent. per annum, and redeemable in
twenty years, for the payment of expenses incurred by the Territories
of Washington and Oregon in the suppression of Indian hostilities
during the year 1855–’56.
July 17—Authorized a loan of $250,000,000, for which could be
issued BONDS bearing interest at a rate not exceeding 7 per cent. per
annum, irredeemable for twenty years, and after that redeemable at
the pleasure of the United States.
Treasury notes bearing interest at the rate of 7.30 per cent. per
annum, payable three years after date; and
United States NOTES without interest, payable on demand, to the
extent of $50,000,000. (Increased by act of February 12, 1862, to
$60,000,000.)
The bonds and treasury NOTES to be issued in such proportions of
each as the Secretary may deem advisable.
August 5—Authorized an issue of BONDS bearing 6 per cent.
interest per annum, and payable at the pleasure of the United States
after twenty years from date, which may be issued in exchange for
7.30 treasury notes; but no such bonds to be issued for a less sum
than $500, and the whole amount of such bonds not to exceed the
whole amount of 7.30 treasury notes issued.
February 6, 1862—Making $50,000,000 of notes, of
denominations less than $5, a legal tender, as recommended by
Secretary Chase, was passed January 17, 1862. In the House it
received the votes of the Republicans generally, and 38 Democrats.
In the Senate it had 30 votes for to 1 against, that of Senator Powell.
1862, February 25—Authorized the issue of $15,000,000 in legal
tender United States NOTES, $50,000,000 of which to be in lieu of
demand notes issued under act of July 17, 1861, $500,000,000 in 6
per cent. bonds, redeemable after five years, and payable twenty
years from date, which may be exchanged for United States notes,
and a temporary loan of $25,000,000 in United States notes for not
less than thirty days, payable after ten days’ notice at 5 per cent.
interest per annum.
March 17—Authorized an increase of TEMPORARY LOANS of
$25,000,000, bearing interest at a rate not exceeding 5 per cent. per
annum.
July 11—Authorized a further increase of TEMPORARY LOANS of
$50,000,000, making the whole amount authorized $100,000,000.
March 1—Authorized an issue of CERTIFICATES OF INDEBTEDNESS,
payable one year from date, in settlement of audited claims against
the Government. Interest 6 per cent. per annum, payable in gold on
those issued prior to March 4, 1863, and in lawful currency on those
issued on and after that date. Amount of issue not specified.
1862, July 11—Authorized an additional issue of $150,000,000
legal tender NOTES, $35,000,000 of which might be in
denominations less than five dollars. Fifty million dollars of this
issue to be reserved to pay temporary loans promptly in case of
emergency.
July 17—Authorized an issue of NOTES of the fractional part of one
dollar, receivable in payment of all dues, except customs, less than
five dollars. Amount of issue not specified.
1863, January 17—Authorized the issue of $100,000,000 in
United States NOTES for the immediate payment of the army and
navy; such notes to be a part of the amount provided for in any bill
that may hereafter be passed by this Congress. The amount in this
resolution is included in act of March 3, 1863.
March 3—Authorized a LOAN of $300,000,000 for this and
$600,000,000 for next fiscal year, for which could be issued bonds
running not less than ten nor more than forty years, principal and
interest payable in coin, bearing interest at a rate not exceeding 6 per
cent. per annum, payable on bonds not exceeding $100, annually,
and on all others semi-annually. And Treasury notes (to the
amount of $400,000,000) not exceeding three years to run, with
interest not over 6 per cent. per annum, principal and interest
payable in lawful money, which may be made a legal tender for their
face value, excluding interest, or convertible into United States notes.
And a further issue of $150,000,000 in United States NOTES for the
purpose of converting the Treasury notes which may be issued under
this act, and for no other purpose. And a further issue, if necessary,
for the payment of the army and navy, and other creditors of the
Government, of $150,000,000 in United States NOTES, which amount
includes the $100,000,000 authorized by the joint resolution of
Congress, January 17, 1863. The whole amount of bonds, treasury
notes, and United States notes issued under this act not to exceed the
sum of $900,000,000.
March 3—Authorized to issue not exceeding $50,000,000 in
FRACTIONAL CURRENCY, (in lieu of postage or other stamps,)
exchangeable for United States notes in sums not less than three
dollars, and receivable for any dues to the United States less than five
dollars, except duties on imports. The whole amount issued,
including postage and other stamps issued as currency, not to exceed
$50,000,000. Authority was given to prepare it in the Treasury
Department, under the supervision of the Secretary.
1864, March 3—Authorized, in lieu of so much of the loan of
March 3, 1863, a LOAN of $200,000,000 for the current fiscal year,
for which may be issued bonds redeemable after five and within forty
years, principal and interest payable in coin, bearing interest at a rate
not exceeding 6 per cent. per annum, payable annually on bonds not
over $100, and on all others semi-annually. These bonds to be
exempt from taxation by or under State or municipal authority.
1864, June 30—Authorized a LOAN of $400,000,000, for which
may be issued bonds, redeemable after five nor more than thirty
years, or if deemed expedient, made payable at any period not more
than forty years from date—interest not exceeding six per cent. semi-
annually, in coin.
Pending the loan bill of June 22, 1862, before the House in
Committee of the Whole, and the question being on the first section,
authorizing a loan of $400,000,000, closing with this clause:
And all bonds, Treasury notes, and other obligations of the United
States shall be exempt from taxation by or under state or municipal
authority.
There was a sharp political controversy on this question, but the
House finally agreed to it by 77 to 71. Party lines were not then
distinctly drawn on financial issues.
INTERNAL TAXES.
The system of internal revenue taxes imposed during the war did
not evenly divide parties until near its close, when Democrats were
generally arrayed against these taxes. They cannot, from the record,
be correctly classed as political issues, yet their adoption and the
feelings since engendered by them, makes a brief summary of the
record essential.
First Session, Thirty-Seventh Congress.
The bill to provide increased revenue from imports, &c., passed the
House August 2, 1861—yeas 89, nays 39.
Same day, it passed the Senate—yeas 34, nays 8, (Messrs.
Breckinridge, Bright, Johnson, of Missouri, Kennedy, Latham, Polk,
Powell, Saulsbury.)[24]
Second Session, Thirty-Seventh Congress.
The Internal Revenue Act of 1862.

1862, April 8—The House passed the bill to provide internal
revenue, support the Government, and pay interest on the public
debt—yeas 126, nays 15. The Nays were:
Messrs. William Allen, George H. Browne, Buffinton, Cox,
Kerrigan, Knapp, Law, Norton, Pendleton, Richardson, Shiel,
Vallandigham, Voorhees, Chilton A. White, Wickliffe—15.
June 6—The bill passed in the Senate—yeas 37, nay 1, (Mr.
Powell.)
First Session Thirty-Eighth Congress.
Internal Revenue Act of 1864.

April 28—The House passed the act of 1864—yeas 110, nays 39.
The Nays were:
Messrs. James C. Allen, William J. Allen, Ancona, Brooks,
Chanler, Cox, Dawson, Denison, Eden, Eldridge, Finck, Harrington,
Benjamin G. Harris, Herrick, Philip Johnson, William Johnson,
Knapp, Law, Le Blond, Long, Marcy, McDowell, McKinney, James
R. Morris, Morrison, Noble, John O’Neil, Pendleton, Perry,
Robinson, Ross, Stiles, Strouse, Stuart, Voorhees, Ward, Chilton A.
White, Joseph W. White, Fernando Wood—39.
June 6—The Senate amended and passed the bill—yeas 22, nays 3,
(Messrs. Davis, Hendricks, Powell.)
The bill, as finally agreed upon by a Committee of Conference,
passed without a division.
Tariff Act of 1862.

In House—1862, July 1—The House passed, without a division, a
bill increasing temporarily the duties on imports, and for other
purposes.
July 8—The Senate passed it without a division.
THE TARIFF ACT OF 1864.
June 4—The House passed the bill—yeas 81, nays 28. The Nays
were:
Messrs. James C. Allen, Bliss, James S. Brown, Cox, Edgerton,
Eldridge, Finck, Grider, Harding, Harrington, Chas. M. Harris,
Herrick, Holman, Hutchins, Le Blond, Long, Mallory, Marcy,
McDowell, Morrison, Noble, Pendleton, Perry, Pruyn, Ross,
Wadsworth, Chilton A. White, Joseph W. White—28.
June 17—The Senate passed the bill—yeas 22, nays 5, (Messrs.
Buckalew, Hendricks, McDougall, Powell, Richardson.)
Taxes in Insurrectionary Districts, 1862.

1862, May 12—The bill for the collection of taxes in the
insurrectionary districts passed the Senate—yeas 32, nays 3, as
follows:
Yeas—Messrs. Anthony, Browning, Chandler, Clark, Davis, Dixon,
Doolittle, Fessenden, Foot, Foster, Harlan, Harris, Henderson,
Howe, King, Lane of Indiana, Lane of Kansas, Latham, McDougall,
Morrill, Nesmith, Pomeroy, Rice, Sherman, Sumner, Ten Eyck,
Trumbull, Wade, Wilkinson, Willey, Wilson, of Massachusetts,
Wright—32.
Nays—Messrs. Howard, Powell, Saulsbury—3.
May 28—The bill passed House—yeas 98, nays 17. The Nays were:
Messrs. Biddle, Calvert, Cravens, Johnson, Kerrigan, Law,
Mallory, Menzies, Noble, Norton, Pendleton, Perry, Francis
Thomas, Vallandigham, Ward, Wickliffe, Wood—17.
The Democrats who voted Aye were:
Messrs. Ancona, Baily, Cobb, English, Haight, Holman, Lehman,
Odell, Phelps, Richardson, James S. Rollins, Sheffield, Smith, John
B. Steele, Wm. G. Steele.
TAXES IN INSURRECTIONARY DISTRICTS, 1864.
In Senate, June 27—The bill passed the Senate without a division.

July 2—It passed the House without a division.
Many financial measures and propositions were rejected, and we
shall not attempt to give the record on these. All that were passed
and went into operation can be more readily understood by a glance
at our Tabulated History, in Book VII., which gives a full view of the
financial history and sets out all the loans and revenues. We ought
not to close this review, however, without giving here a tabulated
statement, from “McPherson’s History of the Great Rebellion,” of
The Confederate Debt.
December 31, 1862, the receipts of the Treasury from the

commencement of the “Permanent Government,” (February 18,
1862,) were as follows:
RECEIPTS.
Patent fund $13,920 00

Customs 668,566 00
Miscellaneous 2,291,812 00
Repayments of disbursing officers 3,839,263 00
Interest on loans 26,583 00
Call loan certificates 59,742,796
00
One hundred million loan 41,398,286
00
Treasury notes 215,554,885
00
Interest bearing notes 113,740,000
00
War tax 16,664,513
00
Loan 28th of February, 1861 1,375,476 00
Coin received from Bank of Louisiana 2,539,799 00
Total $457,855,704
00
Total debt up to December 31, 1862 556,105,100
00
Estimated amount at that date necessary to support the 357,929,229
Government to July, 1868, was 00
Up to December 31, 1862, the issues of the Treasury were:
Notes $440,678,510 00
Redeemed 30,193,479 50
Outstanding $410,485,030 50
From January 1, 1863, to September 30, 1863, the receipts of the

Treasury were:
For 8 per cent. stock $107,292,900 70

For 7 per cent. stock 38,757,650 70
For 4 per cent. stock 482,200 00
Cotton certificates 2,000,000 00
Interest on loans 140,210 00
War tax 4,128,988 97
Treasury notes 391,623,530 00
Sequestration 1,862,550 27
Customs 934,798 68
Export duty on cotton 8,101 78
Patent fund 10,794 04
Miscellaneous, including repayments by disbursing officers 24,498,217 93
Total $601,522,893 12
EXPENDITURES DURING THAT TIME.
War Department $377,988,244 00

Navy Department 38,437,661 00
Civil, miscellaneous, etc. 11,629,278 00
Customs 56,636 00
Public debt 32,212,290 00
Notes cancelled and redeemed 59,044,449 00
Total expenditures $519,368,559 00

Total receipts 601,522,893 00
Balance in treasury $82,154,334 00
But from this amount is to be deducted the amount of all Treasury

notes that have been funded, but which have not yet received a true
estimation, $65,000,000; total remaining, $17,154,334.
CONDITION OF THE TREASURY, JANUARY 1, 1864.
Jan. 25—The Secretary of the Treasury (C. G. Memminger) laid

before the Senate a statement in reply to a resolution of the 20th,
asking information relative to the funded debt, to call certificates, to
non-interest and interest-bearing Treasury notes, and other financial
matters. From this it appears that, January, 1864, the funded debt
was as follows:
Act Feb. 28, 1861, 8 ⅌ cent., 15,000,000
00
Act May 16, 1861, 8 ⅌ cent., 8,774,900
00
Act Aug. 19, 1861, 8 ⅌ cent., 100,000,000
00
Act Apr. 12, 1862, 8 ⅌ cent., 3,612,300 00
Act Feb. 20, 1863, 8 ⅌ cent., 95,785,000
00
Act Feb. 20, 1863, 7 ⅌ cent., 63,615,750
00
Act Mar. 23, 1863, 6 ⅌ cent., 2,831,700 00
Act April 30, 1863 (cotton interest coupons) 8,252,000
00
$297,871,650
00
Call certificates 89,206,770 00
Non-interest bearing Treasury notes
outstanding:
Act May 16, 1861—Payable two years after 8,320,875
date 00
Act Aug. 19, 1861—General currency 189,719,251
00
Act Oct. 13, 1861—All denominations 131,028,366
50
Act March 23—All denominations 391,829,702
50
720,898,095
00
Interest-bearing Treasury notes outstanding 102,465,450 00

Amount of Treasury notes under $5,
outstanding Jan. 1, 1864, viz:
Act April 17, 1862, denominations of $1 and
$2 4,860,277 50
Act Oct. 13, 1862, $1 and $2 2,344,800
00
Act March 23, 1863, 50 cents 3,419,000
00
Total under $5 10,424,077 50
Total debt, Jan. 1, 1864 $1,220,866,042

50
ITS CONDITION, MARCH 31, 1864.
The Register of the Treasury, Robert Tyler, gave a statement,

which appeared in the Richmond Sentinel after the passage of the
funding law, which gives the amount of outstanding non-interest-
bearing Treasury notes, March 31, 1864, as $796,264,403, as follows:
Act May 16, 1861—Ten-year notes $7,201,375 00

Act Aug. 19, 1861—General currency 154,365,631 00
Act Apr. 19, 1862—ones and twos 4,516,509 00
Act Oct. 18, 1862—General currency 118,997,321 50
Act Mar. 23, 1863—General currency 511,182,566 50
Total $796,264,403 00
He also publishes this statement of the issue of non-interest-

bearing Treasury notes since the organization of the “Confederate”
government:
Fifty cents $911,258 50

Ones 4,882,000 00
Twos 6,086,320 00
Fives 79,090,315 00
Tens 157,982,750 00
Twenties 217,425,120 00
Fifties 188,088,200 00
Total $973,277,363 50
Confederate Taxes.
We also append as full and fair a statement of Confederate taxes as

can be procured, beginning with a summary of the act authorizing
the issue of Treasury notes and bonds, and providing a war tax for
their redemption:
THE TAX ACT OF JULY, 1861.
The Richmond Enquirer gives the following summary of the act

authorizing the issue of Treasury notes and bonds, and providing a
war tax for their redemption:
Section one authorizes the issue of Treasury notes, payable to
bearer at the expiration of six months after the ratification of a treaty
of peace between the Confederate States and the United States. The
notes are not to be of a less denomination than five dollars, to be re-
issued at pleasure, to be received in payment of all public dues,
except the export duty on cotton, and the whole issue outstanding at
one time, including the amount issued under former acts, are not to
exceed one hundred millions of dollars.
Section two provides that, for the purpose of funding the said
notes, or for the purpose of purchasing specie or military stores, &c.,
bonds may be issued, payable not more than twenty years after date,
to the amount of one hundred millions of dollars, and bearing an
interest of eight per cent. per annum. This amount includes the thirty
millions already authorized to be issued. The bonds are not to be
issued in less amounts than $100, except when the subscription is for
a less amount, when they may be issued as low as $50.
Section three provides that holders of Treasury notes may at any
time exchange them for bonds.

Test Bank For Quantitative Analysis For Management 12Th Edition Render Stair Hanna Hale 0133507335 978013350733 Full Chapter PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Test Bank For Quantitative Analysis For Management 12Th Edition Render Stair Hanna Hale 0133507335 978013350733 Full Chapter PDF

Uploaded by

Copyright:

Available Formats

Test Bank for Quantitative Analysis for Management 12th

Edition Render Stair Hanna Hale 0133507335 9780133507331

Quantitative Analysis for Management, 12e (Render)

7) A posterior probability is a revised probability.

4 are white (W) and lettered (L)

4 are white (W) and lettered (L)

4 are white (W) and lettered (L)

The expected value is 3.

Number of Interruptions in 1 hour Probability

On average, she should expect 0.8 interruptions per hour.

Number of Interruptions in 1 hour Probability

On average, she should expect 1.0 interruptions per hour.

34) The standard deviation equals the square of the variance.

43) The classical method of determining probability is A) subjective probability.

45) If two events are mutually exclusive, then A)

47) A conditional probability P(B|A) is equal to its marginal probability P(B) if A)

48) The equation P(A|B) = P(AB)/P(B) is A)

50) Bayes' theorem is used to calculate A)

Wm. H. Seward was a master in diplomacy and Statecraft, and to

The Financial legislation during the war was as follows:

The Internal Revenue Act of 1862.

Internal Revenue Act of 1864.

Tariff Act of 1862.

THE TARIFF ACT OF 1864.

Taxes in Insurrectionary Districts, 1862.

TAXES IN INSURRECTIONARY DISTRICTS, 1864.

In Senate, June 27—The bill passed the Senate without a division.

December 31, 1862, the receipts of the Treasury from the

Patent fund $13,920 00

From January 1, 1863, to September 30, 1863, the receipts of the

For 8 per cent. stock $107,292,900 70

War Department $377,988,244 00

Total expenditures $519,368,559 00

Balance in treasury $82,154,334 00

But from this amount is to be deducted the amount of all Treasury

CONDITION OF THE TREASURY, JANUARY 1, 1864.

Jan. 25—The Secretary of the Treasury (C. G. Memminger) laid

Interest-bearing Treasury notes outstanding 102,465,450 00

Total debt, Jan. 1, 1864 $1,220,866,042

ITS CONDITION, MARCH 31, 1864.

The Register of the Treasury, Robert Tyler, gave a statement,

Act May 16, 1861—Ten-year notes $7,201,375 00

He also publishes this statement of the issue of non-interest-

Fifty cents $911,258 50

We also append as full and fair a statement of Confederate taxes as

THE TAX ACT OF JULY, 1861.

The Richmond Enquirer gives the following summary of the act

You might also like