Professional Documents
Culture Documents
Numeracy Practice Test Year 7 Naplan Book
Numeracy Practice Test Year 7 Naplan Book
&DOFXODWRUDQG1RQFDOFXODWRU
<HDU
1XPHUDF\3UDFWLFH7HVWVDUHGHVLJQHG
WRDVVLVWZLWKSUHSDUDWLRQIRU1$3/$1
ZZZPDWKOHWLFVFRPDX
&RS\ULJKW
1XPHUDF\3UDFWLFH7HVW
<HDU
3UDFWLFH7HVW²&DOFXODWRUDOORZHG
6WXGHQW'HWDLOV
)LUVW1DPH
/DVW1DPH
7RGD\·V'DWHLV
7HVW,QVWUXFWLRQV
<RXKDYHPLQXWHVWRFRPSOHWHWKLVWHVW
<RXDUHDOORZHGWRXVHDFDOFXODWRU
<RXVKRXOGXVHDSHQFLOWRZULWH\RXUDQVZHUVRUVKDGHLQWKHEXEEOH
,I\RXPDNHDPLVWDNHUXELWRXWWKRURXJKO\
7KHIROORZLQJWHVWKDVEHHQGHVLJQHGE\3/HDUQLQJWRSUHSDUHVWXGHQWVIRUWKH1DWLRQDO$VVHVVPHQW
3URJUDP1XPHUDF\7HVW7KLVWHVWLVWREHXVHGIRUUHYLVLRQSXUSRVHVRQO\3/HDUQLQJGRHVQRWJXDUDQWHH
WKDWWKHIRUPDWRIWKLVWHVWLVWKHVDPHDVDQDFWXDOWHVW
&RS\ULJKW
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
0XOWLSO\E\
+RZPDQ\PRUHZKLWHFDUVWKDQVLOYHUFDUVDUHLQWKHFDUSDUN"
JUHHQ UHG ZKLWH EOXH VLOYHU RWKHU
6KDGHRQHEXEEOH
± î ·
6KDGHRQHEXEEOH
<RXVFRUHGRXWRILQDWHVW:KDWZDV\RXUSHUFHQWDJH"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
:KDWLVWKHSHULPHWHURIWKLVVKDSH"
FP
FP FP
FP
-HQQDUXQVDWDVSHHGRINPSHUKRXU+RZORQJZRXOGLWWDNHKHUWRUXQNP"
:KLFKLVWKHFROGHVWWHPSHUDWXUH"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
<RXDUHDVNHGWRFUHDWHDVHTXHQFHRIQXPEHUVVWDUWLQJZLWKDQGFRXQWLQJXS
E\HDFKWLPH
:KLFKRIWKHIROORZLQJLV\RXUVHTXHQFH"
6KDGHRQHEXEEOH
<RXQHHGWRFDWFKDEXVDWDP<RXNQRZ\RXKDYHPLQXWHVEHIRUH\RXQHHG
WROHDYH:KDWWLPHLVLW"
12 12 12 12
11 1 11 1 11 1 11 1
10 2 10 2 10 2 10 2
9 3 9 3 9 3 9 3
8 4 8 4 8 4 8 4
7 5 7 5 7 5 7 5
6 6 6 6
6KDGHRQHEXEEOH
7KHFKDQFHRIJHWWLQJDQXPEHUKLJKHUWKDQRQDUHJXODUGLHLV
/LNHO\
&HUWDLQ
8QOLNHO\
6KDGHRQHEXEEOH
,PSRVVLEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KLVWDEOHVKRZV5LQD¶V¿WQHVVSURJUDPIRUWKHZHHN
5LQD¶V¿WQHVVSURJUDP
'$< 6(66,21
0RQGD\ PLQXWHVRIUXQQLQJ
7XHVGD\ PLQXWHVRIZDONLQJ
:HGQHVGD\ PLQXWHVRIVZLPPLQJ
7KXUVGD\ PLQXWHVRILQWHUYDOWUDLQLQJ
)ULGD\ PLQXWHVRIVWUHWFKLQJ
)LQGWKHVL]HRI[
[
:ULWHWKHDQVZHU
[ LQWKHER[
«
:KDWLVWKHQH[WQXPEHULQWKLVVHTXHQFH"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
.HOO\ERXJKWDQDXWRJUDSKHGIRRWEDOOVKLUWIRU7KHYDOXHRIWKHVKLUWLQFUHDVHG
E\:KDWLVWKHVKLUWQRZZRUWK"
7KLVSODQVKRZVWKHVHDWLQJIRUDFLQHPD
6&5((1
$ $ $ $
% % % %
( ( ( (
) ) ) )
6DPHQWHUVWKHPRYLHWKHDWUHDWWKHDUURZ6KHWXUQVOHIWDWWKHEHJLQQLQJRIWKH
WKLUGURZIURPWKHEDFNDQGWKHQIDFLQJWKHVFUHHQVKHPRYHVDFURVVWZRVHDWVWR
KHUOHIW:KLFKVHDWGRHVVKHVLWLQ"
$UHFWDQJOHKDVDQDUHDRIFP ,IRQHVLGHLVFPWKHRWKHUVLGHLV
"
:KDWQXPEHULVPLVVLQJIURPWKLVVHTXHQFH"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KHDUHDRIWKLVVKDSHLVFORVHVWWR
6FDOH
FP
FP
FP
FP
FP
6KDGHRQHEXEEOH
FP
/DQLKDGDER[RIDSSOHV6KHVKDUHGRXWWKHDSSOHVHTXDOO\WRRIKHUIULHQGV
(DFKSHUVRQZDVJLYHQDSSOHVDQGWKHUHZHUHQRQHOHIWLQWKHER[
+RZPDQ\DSSOHVZHUHLQWKHER["
6KDGHRQHEXEEOH
,QDURRPRISHRSOH RIWKHPGLGQRWZHDUDZDWFK+RZPDQ\SHRSOH
ZHUHZHDULQJDZDWFK"
:ULWHRQHQXPEHU
LQWKHER[
$VFKRROKDVDWRWDORIVWXGHQWV7ZR¿IWKVDOZD\VEX\WKHLUOXQFK
IURPWKHFDQWHHQ+RZPDQ\VWXGHQWVLVWKLV"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
$WLPHWDEOHIRUEXVHVEHWZHHQWRZQ;DQGWRZQ<LVVKRZQ
+RZPXFKORQJHUGRHVWKHODWHEXVWDNHWRWUDYHOEHWZHHQWRZQ;DQGWRZQ<"
:ULWHWKHDQVZHU
PLQXWHV LQWKHER[
:KDWLVWKHYROXPHRIWKLVUHFWDQJXODUSULVP"
FP 'LDJUDP
QRWGUDZQ
FP WRVFDOH
FP
:ULWHWKHDQVZHU
FP LQWKHER[
:KLFKRIWKHVHDQJOHVLVFORVHVWWR"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
0DUWLQHERXJKWDKDPVDQGZLFKDQGDPXHVOLEDUIRUOXQFKIURPWKHFDQWHHQ
:KDWRWKHULWHPFRXOGVKHEX\ZLWKWKHFKDQJHVKHJHWVIURP"
2UDQJHRUDSSOH
&DQWHHQ3ULFH/LVW
)UXLWMXLFH
+DPVDQGZLFK
)UXLWMXLFH
6KDGHRQHEXEEOH
2UDQJHVDSSOHV F
7LPVWDUWHGKLVKRPHZRUNDWSPDQG¿QLVKHGLWDWSP
+RZORQJGLGKHVSHQGGRLQJKLVKRPHZRUN"
KRXUVDQGPLQXWHV
KRXUDQGPLQXWHV
KRXUDQGPLQXWHV
6KDGHRQHEXEEOH
KRXUVDQGPLQXWHV
,QWKHGLDJUDPDUURZ'LVSRLQWLQJVRXWK
$
&
'
%
:KLFKGLUHFWLRQLVDUURZ$SRLQWLQJLQ"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7LFNWKHURZWKDWKDVWKHSDLURIQXPEHUVWKDWPDNHVWKLVQXPEHUVHQWHQFHFRUUHFW
7LFNDURZ
±
±
±
:ULWHWKHDQVZHU
LQWKHER[
/LPSXWVOROOLHVLQHDFKRIOROO\EDJV+HKDVOROOLHVOHIWRYHU
+RZPDQ\PRUHOROOLHVGRHVKHQHHGWREHDEOHWRSXWLQHDFKEDJ"
:ULWHWKHDQVZHU
LQWKHER[
5DFKHODQG6LPRQDUHIDFLQJHDFKRWKHU,I6LPRQWXUQV
LQDFORFNZLVHGLUHFWLRQZKRLVKHIDFLQJQRZ"
$LQVOLH 6KDGHRQHEXEEOH
$LQVOLH
5DFKHO 6LPRQ *HQ
*HQ
'DQ
$ULH
$ULH 'DQ
(1'2)7(67
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW
<HDU
3UDFWLFH7HVW²1RQFDOFXODWRU
6WXGHQW'HWDLOV
)LUVW1DPH
/DVW1DPH
7RGD\·V'DWHLV
7HVW,QVWUXFWLRQV
<RXKDYHPLQXWHVWRFRPSOHWHWKLVWHVW
<RXDUH127DOORZHGWRXVHDFDOFXODWRU
<RXVKRXOGXVHDSHQFLOWRZULWH\RXUDQVZHUVRUVKDGHLQWKHEXEEOH
,I\RXPDNHDPLVWDNHUXELWRXWWKRURXJKO\
7KHIROORZLQJWHVWKDVEHHQGHVLJQHGE\3/HDUQLQJWRSUHSDUHVWXGHQWVIRUWKH1DWLRQDO$VVHVVPHQW
3URJUDP1XPHUDF\7HVW7KLVWHVWLVWREHXVHGIRUUHYLVLRQSXUSRVHVRQO\3/HDUQLQJGRHVQRWJXDUDQWHH
WKDWWKHIRUPDWRIWKLVWHVWLVWKHVDPHDVDQDFWXDOWHVW
&RS\ULJKW
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
7ZHQW\VHYHQWKRXVDQGWKUHHKXQGUHGDQG¿IW\VL[LV
6KDGHRQHEXEEOH
6KDGHRQHEXEEOH
7KHQXPEHURIFXSFDNHVVROGDWDFDNHVWDOOLVVKRZQEHORZ
1XPEHURIFXSFDNHVVROG
.H\
:KDWLVWKHWRWDOQXPEHURIFXSFDNHVVROG" 6KDGHRQHEXEEOH
RXWRIDVDSHUFHQWDJHLV
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
+RZPDQ\YHUWLFHVGRHVWKLVSULVPKDYH"
$WHDFKHUJDWKHUHGLQIRUPDWLRQIURPVWXGHQWVDERXWZKRZHDUVJODVVHV
:ULWHWKHPLVVLQJQXPEHULQWKHEODQNVSDFHLQWKHWDEOHEHORZ
%2<6
:ULWH\RXUDQVZHU
*,5/6 LQWKHER[
$NKLO¶VSHWVQDLOWUDYHOVDWFPSHUPLQXWH
6KDGHRQHEXEEOH
+RZIDUZLOOKLVVQDLOWUDYHOLQPLQXWHV"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KLFKLVWKHEHVWZD\WRHVWLPDWHWKHWRWDORIWKLVELOO"
6KDGHRQHEXEEOH
7KHVSLQQHULVXVHGWRGHFLGHZKDWSUL]HLVZRQ
6KDGHRQHEXEEOH
:KDWLVWKHFKDQFHWKDWWKHDUURZZLOOSRLQWWRDQLSRG"
,32
9,( '
02 (76
.
7,&
&$
'
,32
6+
,PSRVVLEOH
7,&
02 (76
)LIW\¿IW\
'
,32
.
9,(
&HUWDLQ
,32 6+
' &$ 7ZRRXWRIHLJKW
:KLFKRIWKHVHQHWVFRXOG\RXXVHWRPDNHDWULDQJXODUSULVP"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
*UDFHLVWUDYHOOLQJIURP$WR%WR&
6KDGHRQHEXEEOH
:KDWGLUHFWLRQGRHVVKHWUDYHO"
1 $ %
1RUWKWKHQ(DVW
(DVWWKHQ6RXWK
1RUWKWKHQ:HVW
&
(DVWWKHQ1RUWK
'DQPDGHDSDWWHUQZLWKPDWFKVWLFNV :ULWH\RXUDQVZHU
LQWKHER[
&RPSOHWHWKHWDEOH
1XPEHURIVTXDUHV
1XPEHURIPDWFKVWLFNV
7KHQHDUHVWZKROHQXPEHUWRLV
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KDWZDVWKHPD[LPXPWHPSHUDWXUHRQ0RQGD\"
6KDGHRQHEXEEOH
0D[LPXP7HPSHUDWXUH
&HOVLXV
6XQ 0RQ 7XH :HG 7KX )UL 6DW
'D\
:ULWH\RXUDQVZHU
LQWKHER[
RI
7KHWLPHRQWKLVFORFNLV
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:ULWHWKHOHWWHUV$%&'WRRUGHUWKHVHPDUNHGDQJOHVIURPVPDOOHVWWRODUJHVW
$ '
% &
:ULWHRQHOHWWHU
LQHDFKER[
+RZORQJZLOOLWWDNHWRGULYHNPDWDVSHHGRINPDQKRXU"
6KDGHRQHEXEEOH
:KDWLVWKHSHULPHWHURIWKLVVKDSH"
6KDGHRQHEXEEOH
FP
FP
FP
FP
FP
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
"
6KDGHRQHEXEEOH
7KHPLVVLQJQXPEHULV
:ULWH\RXUDQVZHU
± î LQWKHER[
HTXDOEDJVRIÀRXUZHLJKNJLQWRWDO:KDWLVWKHZHLJKWRIRQHEDJRI
ÀRXU"
JUDPV 6KDGHRQHEXEEOH
JUDPV
JUDPV
JUDPV
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KLFKRQHRIWKHVROLGVEHORZLVQRWWKHVDPHDVWKLVVROLG" 6KDGHRQHEXEEOH
6HDQ¶VSRFNHWPRQH\RILVLQFUHDVHGE\
+LVQHZDOORZDQFHLV
6KDGHRQHEXEEOH
/LQH&DQGZKLFKRWKHUOLQHPDNHXSDQDQJOHFORVHVWWRZKHQWKH\PHHW"
'
6KDGHRQHEXEEOH
&
$
%
$ % & '
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
$SHUVRQLVDERXWWREX\DWLFNHWWRWKHFLUFXV 6KDGHRQHEXEEOH
7KHGLVWDQFHEHWZHHQWKHWUHHDQGWKHWLFNHWERRWKLVPHWUHV
(VWLPDWHWKHGLVWDQFHEHWZHHQZKHUHWKHSHUVRQLVVWDQGLQJ
DQGWKHWLFNHWERRWK
7,&.(7%227+
PHWUHV
6DPVWDUWVZLWKDQXPEHU6KHPXOWLSOLHVLWE\
DQGWKHQVXEWUDFWV7KHDQVZHULV
:KDWQXPEHUGLGVKHVWDUWZLWK"
6KDGHRQHEXEEOH
2XWRIVWXGHQWVKDOIJHWOXQFKRUGHUVDQGVWXGHQWV
EULQJWKHLUOXQFKWRVFKRROHYHU\GD\+RZPDQ\VWXGHQWV
VRPHWLPHVJHWOXQFKRUGHUVDQGRUVRPHWLPHVEULQJLQWKHLU
OXQFK"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
"" 6KDGHRQHEXEEOH
:KDWDUHWKHQH[WWZRQXPEHUVLQWKLVSDWWHUQ"
DQG
DQG
DQG
DQG
+RZPDQ\KRUL]RQWDOOLQHVDUHLQWKLVGUDZLQJ"
:ULWH\RXUDQVZHU
LQWKHER[
:KLFKFORFNVKRZV"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
7KLVUXOHFDQEHGHVFULEHGDV 6KDGHRQHEXEEOH
6KDGHRQHEXEEOH
$GGWKHQDGG
'RXEOHWKHSUHYLRXVQXPEHUWKHQVXEWUDFW
6XEWUDFWWKHQVXEWUDFW
6XEWUDFWWKHQVXEWUDFW
6RPHZDWHUZDVKHDWHGDQGWKHQOHIWWRFRROGRZQ
7HPSHUDWXUH
LQ&
7LPHLQPLQXWHV
+RZORQJGLGLWWDNHWRUHDFK"
PLQXWHV :ULWH\RXUDQVZHU
LQWKHER[
(1'2)7(67
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW
<HDU
3UDFWLFH7HVW²&DOFXODWRUDOORZHG
6WXGHQW'HWDLOV
)LUVW1DPH
/DVW1DPH
7RGD\·V'DWHLV
7HVW,QVWUXFWLRQV
<RXKDYHPLQXWHVWRFRPSOHWHWKLVWHVW
<RXDUHDOORZHGWRXVHDFDOFXODWRU
<RXVKRXOGXVHDSHQFLOWRZULWH\RXUDQVZHUVRUVKDGHLQWKHEXEEOH
,I\RXPDNHDPLVWDNHUXELWRXWWKRURXJKO\
7KHIROORZLQJWHVWKDVEHHQGHVLJQHGE\3/HDUQLQJWRSUHSDUHVWXGHQWVIRUWKH1DWLRQDO$VVHVVPHQW
3URJUDP1XPHUDF\7HVW7KLVWHVWLVWREHXVHGIRUUHYLVLRQSXUSRVHVRQO\3/HDUQLQJGRHVQRWJXDUDQWHH
WKDWWKHIRUPDWRIWKLVWHVWLVWKHVDPHDVDQDFWXDOWHVW
&RS\ULJKW
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
+HUHLVDQXPEHUSDWWHUQ
6KDGHRQHEXEEOH
î
î
î
î
"î
:KDWLVWKHPLVVLQJQXPEHU"
7KHQXPEHURISHRSOHPRYLQJRXWRIDFRXQWU\WRZQRYHU\HDUVLVVKRZQEHORZ
3RSXODWLRQ/HDYLQJ$SSOHWRQ
.H\
6KDGHRQHEXEEOH
7KHWRWDOQXPEHURISHRSOHZKRKDYHPRYHGRYHUWKH\HDUVLV
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
îîîîîLVHTXDOWR
6KDGHRQHEXEEOH
7KHOHQJWKRIWKLVFDULVPHWUHV
+RZORQJLVWKLVFDUWRWKHQHDUHVWPHWUH"
PHWUHV
6KDGHRQHEXEEOH
PHWUHV
PHWUHV
PHWUHV
6KDGHRQHEXEEOH
$OHQJWKRIULEERQPHWUHVORQJLVFXWLQWRSLHFHVWKDWDUHORQJ+RZPDQ\
SLHFHVRIULEERQFDQEHFXW"
:ULWH\RXUDQVZHU
LQWKHER[
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
+RZPDQ\FDUGVDUHWKHVDPHDV"
6KDGHRQHEXEEOH
:KLFKOHWWHUGRHVQRWKDYHDOLQHRIV\PPHWU\" 6KDGHRQHEXEEOH
+RZPDQ\RIWKHVHQXPEHUVDUHQRWPXOWLSOHVRI" 6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KHPD[LPXPGDLO\WHPSHUDWXUHVLQ3DULVDQG1HZ<RUN
6KDGHRQHEXEEOH
ZHUHUHFRUGHGRYHUDZHHNLQ-DQXDU\
2QZKLFKGD\LVWKHJUHDWHVWGLIIHUHQFHLQWHPSHUDWXUH"
7KHSLFWXUHVKRZVWKHOHQJWKRIWZRPRQH\ER[HV
6KDGHRQHEXEEOH
FP FP
:KDWLVWKHGLIIHUHQFHEHWZHHQWKHWZROHQJWKV"
7LQDERXJKW/RISHWURODWSHUOLWUH
+RZPXFKGLGVKHSD\IRUWKHSHWURO"
:ULWH\RXUDQVZHU
LQWKHER[
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KLVVFDOHVKRZVWKHZHLJKWRI%HF¶VVXLWFDVH
%HF
NJ NJ
7KLVVFDOHVKRZVWKHZHLJKWRI'DQ¶VVXLWFDVH
'DQ
NJ NJ
%\KRZPXFKPRUHGRHV'DQ¶VVXLWFDVHZHLJKWKDQ%HF¶V"
:ULWH\RXUDQVZHU
NJ LQWKHER[
1LFNVWDUWVZLWKDQXPEHU
+HGLYLGHVLWE\DQGWKHQPXOWLSOLHVLWE\7KHDQVZHULV
:KDWQXPEHUGLGKHVWDUWZLWK"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KHQH[WTXHVWLRQVDUHEDVHGRQWKLVPDS
%
N &
N 6FDOH
NP
' NP
$
Sunset I sland
Sunset I sland
/HJHQG
%RDW
$ % & ' ( ) * + , - . / 0 1 2
$ZKDOHZDWFKLQJFRPSDQ\LVEDVHGDW$QFKRU%HDFKSRLQW$
7KH\KDYHERDWVRXWDWVHD
%LJ6XUDWSRLQW%
&UDFNHUMDFNDWSRLQW& :ULWH\RXUDQVZHU
LQWKHER[HV
'HODQH\DWSRLQW'
:KDWLVWKHJULGUHIHUHQFHRI'HODQH\"
:KLFKFRPSDVVGLUHFWLRQLV&UDFNHUMDFNIURP$QFKRUEHDFK"
%LJ6XULVWUDYHOOLQJGLUHFWO\EDFNWR$QFKRUEHDFKDWDQ
DYHUDJHVSHHGRINPKU
8VHWKHNH\WRFDOFXODWHKRZPDQ\PLQXWHVLWZLOOWDNHWR
JHWEDFN
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
0LWFKKDVVRPHVWDUVKDSHGWLOHV
(DFKHGJHRIDWLOHLVFPORQJ
FP
1RWDFWXDOVL]H
+HSXWVWZRWLOHVWRJHWKHUWRPDNHWKLVVKDSH
:RUNRXWWKHSHULPHWHURI0LWFK¶VVKDSH
:ULWH\RXUDQVZHU
FP LQWKHER[
6KDGHRQHEXEEOH
VROLG;
6KDGHWKHEXEEOHXQGHUWKHVROLGWKDWLV127WKHVDPHDVVROLG;
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
+HUHLVDFPVTXDUHJULG
6RPHRIWKHJULGLVVKDGHG
FP
FP
:KDWLVWKHDUHDWKDWLVVKDGHG" :ULWH\RXUDQVZHU
LQWKHER[
FP
$ % &
6KDGHRQHEXEEOH
' ( )
:KLFKWZRFDUGVDGGWRJLYHDWRWDORI"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KLVTXHVWLRQLVEDVHGRQWKHWDEOHEHORZ
7($0
(9(17
%DFNVWURNH
)UHHVW\OH
%XWWHUÀ\
%UHDVWVWURNH
$VFKRROKDVDVZLPPLQJFDUQLYDO
7KHZLQQHURIHDFKHYHQWVFRUHVSRLQWV
7KHDERYHFKDUWVKRZVWKHSRLQWVVFRUHGE\HDFKWHDP
:KLFKWHDPFDPHVHFRQGLQWKHIUHHVW\OHHYHQW" :ULWH\RXUDQVZHU
LQWKHER[
0LVV%RZPDQPL[HVVRPHRUDQJHGULQNIRUDSDUW\ :ULWH\RXUDQVZHU
LQWKHER[
6KHSRXUVRUDQJHVTXDVKLQWRDMXJ
P/
+RZPXFKZDWHUPXVWVKHDGGWRPDNHPLOOLOLWUHVRIGULQN"
P/
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KHQH[WTXHVWLRQVDUHEDVHGRQWKLVWUDLQWLPHWDEOH
:ULWHRQHQXPEHU
LQHDFKER[
:KDWLVWKHPLVVLQJWLPH;ZULWWHQLQKRXUWLPH"
7KHWUDLQWDNHVPLQXWHVWRWUDYHOEHWZHHQ3RLQWYLOOH
DQG
:KDWLVWKHWLPHWKDWLVPLVVLQJDW<LQKRXUWLPH"
7LPDQG6DUDKDUHDWDSDUW\LQ3RLQWYLOOH7KH\OLYHLQ&DVFDGHDQGWKHLUGDGLVJRLQJ
WRSLFNWKHPXSIURP&DVFDGHVWDWLRQDWSP,ILWWDNHVWKHPPLQXWHVWRZDON
WRWKHVWDWLRQDW3RLQWYLOOHZKDWLVWKHODWHVWWLPHWKH\VKRXOGOHDYHWKHSDUW\WRJR
KRPH"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
+HUHLVDNLWH
\
%
$ &
'
[
:ULWHWKHFRRUGLQDWHVRISRLQW' :ULWH\RXUDQVZHU
LQWKHER[
$VHTXHQFHRIQXPEHUVLVVKRZQEHORZ7KHUXOHLVZULWWHQLQZRUGV
0XOWLSO\WKHODVWQXPEHUE\DQGWKHQVXEWUDFW
7KHVHTXHQFHFRQWLQXHV
7KHQXPEHULVLQWKHVHTXHQFH
&DOFXODWHWKHQXPEHUZKLFKFRPHVLPPHGLDWHO\EHIRUHLQWKHVHTXHQFH
:ULWH\RXUDQVZHU
LQWKHER[
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KHQH[WTXHVWLRQVDUHEDVHGRQWKLVJUDSK
+HLJKWLQPHWUHV
7LPHLQVHFRQGV
D )URPWKHJUDSK¿QGWKHKHLJKWRIWKHNLWHDWVHFRQGV
:ULWH\RXUDQVZHU
PHWUHV LQWKHER[
E 8VHWKHJUDSKWR¿QGKRZORQJLWWRRNWKHNLWHWRULVHIURPPHWUHV
WRPHWUHV
:ULWH\RXUDQVZHU
VHFRQGV LQWKHER[
(1'2)7(67
&RS\ULJKW3/HDUQLQJ
:RUNLQJRXWVSDFH
1XPHUDF\3UDFWLFH7HVW
<HDU
3UDFWLFH7HVW²1RQFDOFXODWRU
6WXGHQW'HWDLOV
)LUVW1DPH
/DVW1DPH
7RGD\·V'DWHLV
7HVW,QVWUXFWLRQV
<RXKDYHPLQXWHVWRFRPSOHWHWKLVWHVW
<RXDUH127DOORZHGWRXVHDFDOFXODWRU
<RXVKRXOGXVHDSHQFLOWRZULWH\RXUDQVZHUVRUVKDGHLQWKHEXEEOH
,I\RXPDNHDPLVWDNHUXELWRXWWKRURXJKO\
7KHIROORZLQJWHVWKDVEHHQGHVLJQHGE\3/HDUQLQJWRSUHSDUHVWXGHQWVIRUWKH1DWLRQDO$VVHVVPHQW
3URJUDP1XPHUDF\7HVW7KLVWHVWLVWREHXVHGIRUUHYLVLRQSXUSRVHVRQO\3/HDUQLQJGRHVQRWJXDUDQWHH
WKDWWKHIRUPDWRIWKLVWHVWLVWKHVDPHDVDQDFWXDOWHVW
&RS\ULJKW
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
+RZPXFKJUHDWHUWKDQLV" 6KDGHRQHEXEEOH
7KHPLVVLQJQXPEHUIURPWKLVVHTXHQFHLV
6ROYHIRU[ :ULWH\RXUDQVZHU
LQWKHER[
[±
[
7KHEXVDUULYHVDWWKHEXVVWRSDWDP
%HFORRNVDWWKHFORFNDQGVD\V³,PXVWOHDYHLQPLQXWHV´
:KDWWLPHLVVKRZLQJRQWKHFORFN"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KHQVRPHPRQH\ZDVVKDUHGRXWHTXDOO\EHWZHHQSHRSOHHDFKSHUVRQ
UHFHLYHG
,IWKHVDPHDPRXQWZDVVKDUHGEHWZHHQSHRSOHKRZPXFKPRQH\ZRXOGHDFK
SHUVRQUHFHLYH"
6KDGHRQHEXEEOH
:KDWLVWKHVL]HRIDQJOH["
6KDGHRQHEXEEOH
LVHTXDOWR
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KDWLVWKHUXOHUHODWLQJWKHYDOXHVVKRZQLQWKHWDEOH" 6KDGHRQHEXEEOH
\
6KDGHRQHEXEEOH
7KHSLHFHPLVVLQJIURPWKHLQVLGHRIWKLVWHVVHOODWLQJSDWWHUQLV
6KDGHRQHEXEEOH
)URPWKHGLDJUDPZKDWVL]HLVDQJOH$"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
$UHJXODUVL[VLGHGGLHLVUROOHGRQFH7KHFKDQFHRIJHWWLQJDQXPEHUJUHDWHU
WKDQLV
&HUWDLQ
6KDGHRQHEXEEOH
/LNHO\
8QOLNHO\
,PSRVVLEOH
7LPZDQWVWREX\DQL3RGIRUDQGKDVVHWKLPVHOIDJRDORIVL[PRQWKVWRVDYHXS
6KDGHRQHEXEEOH
± ±
:KLFKRIWKHVHKDVWKHJUHDWHVWYDOXH"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KDWLVWKHFKDQFHWKDWWKLVVSLQQHUZLOOQRWODQGRQEOXH"
EOXH 6KDGHRQHEXEEOH
UHG SLQN
EOXH UHG
7HVVEXLOGVDPRGHOIURPFXEHV
:KDWLVWKHYLHZVHHQIURPWKHGLUHFWLRQRIWKHDUURZ"
6KDGHRQHEXEEOH
P
P
:ULWH\RXUDQVZHU
LQWKHER[
P
P
7KHSHULPHWHURIWKLVVKDSHLV
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
/RRNDWWKLVGLDJUDPDQGDQVZHUTXHVWLRQVDQG
$
' %
&
(
+ )
*
$QJOH$LVHTXDOWR 6KDGHRQHEXEEOH
% & ' )
$QJOHV(DQG*
6KDGHRQHEXEEOH
DUHDOWHUQDWHDQJOHV
DUHFRUUHVSRQGLQJDQJOHV
DUHFRPSOHPHQWDU\DQJOHV
DUHYHUWLFDOO\RSSRVLWHDQJOHV
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
%HQDQG0LDVKDUHGDSL]]D
%HQDWHRIWKHSL]]DDQG0LDDWHRIWKHSL]]D
:KLFKSLFWXUHVKRZVKRZPXFKSL]]DZDVOHIWRYHU"
6KDGHRQHEXEEOH
$ %
"
& 6KDGHRQHEXEEOH
,QWKH9HQQGLDJUDPDOOWKHQXPEHUVLQ6HW$DUHPXOWLSOHVRI
,Q6HW%WKHQXPEHUVDUHPXOWLSOHVRIDQG6HW&FRQWDLQVPXOWLSOHVRI
:KLFKQXPEHUVKRXOGJRLQWKHLQWHUVHFWLQJVHJPHQWRIDOOWKUHHVHWV"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
7KHWDEOHEHORZVKRZVWKHQXPEHURIVWXGHQWVIURPWZRFODVVHV
WKDWSOD\VSRUW
:HGQHVGD\6SRUW 7KXUVGD\6SRUW
$
%
:KDWLVWKHSUREDELOLW\WKDWDVWXGHQWFKRVHQDWUDQGRP
6KDGHRQHEXEEOH
ZLOOEHIURP$DQGSOD\VVSRUWRQD:HGQHVGD\"
п " 6KDGHRQHEXEEOH
7KHVKDSHEHORZLVVKRZQDIWHULWKDVEHHQURWDWHG
DTXDUWHUWXUQFORFNZLVH
:KDWGLGWKHVKDSHORRNOLNHEHIRUHLWZDVURWDWHG" 6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
$VFKRROSOD\VQHWEDOOHDFK\HDU
6KDGHRQHEXEEOH
7KHUHDUHWZRWHDPV
+HUHDUHWKHLUUHVXOWV
(DVW :HVW
3RLQWV
<HDU
:KLFKQXPEHUJRHVRQWKHQXPEHUOLQHDWWKHSRLQWVKRZQE\WKHDUURZ
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
6KDGHRQHEXEEOH
:KLFKLVWKHQHWRIWKLVKH[DJRQDOSULVP"
$QLVRVFHOHVWULDQJOHLVGUDZQ
:KDWLVWKHVL]HRIDQJOH$" :ULWH\RXUDQVZHU
LQWKHER[
'DQDQGKLVIULHQGVDUHSODQQLQJDSDUW\
(DFKSHUVRQDWWKHSDUW\ZLOOJHWVOLFHVRISL]]DDQGFDQVRIGULQN
7KH\PDNHSL]]DVZLWKVOLFHVLQHDFK+RZPDQ\FDQVRIGULQN
GRWKH\QHHG"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
%HFKDVEORFNVWKDWDUHDOOWKHVDPHZHLJKW
6KHEDODQFHVWKHPRQWKHVFDOHZLWKZHLJKWV
&DOFXODWHWKHZHLJKWRIEORFNV
JUDPV JUDPV
6KDGHRQHEXEEOH
(1'2)7(67
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW
<HDU
3UDFWLFH7HVW²&DOFXODWRUDOORZHG
6WXGHQW'HWDLOV
)LUVW1DPH
/DVW1DPH
7RGD\·V'DWHLV
7HVW,QVWUXFWLRQV
<RXKDYHPLQXWHVWRFRPSOHWHWKLVWHVW
<RXDUHDOORZHGWRXVHDFDOFXODWRU
<RXVKRXOGXVHDSHQFLOWRZULWH\RXUDQVZHUVRUVKDGHLQWKHEXEEOH
,I\RXPDNHDPLVWDNHUXELWRXWWKRURXJKO\
7KHIROORZLQJWHVWKDVEHHQGHVLJQHGE\3/HDUQLQJWRSUHSDUHVWXGHQWVIRUWKH1DWLRQDO$VVHVVPHQW
3URJUDP1XPHUDF\7HVW7KLVWHVWLVWREHXVHGIRUUHYLVLRQSXUSRVHVRQO\3/HDUQLQJGRHVQRWJXDUDQWHH
WKDWWKHIRUPDWRIWKLVWHVWLVWKHVDPHDVDQDFWXDOWHVW
&RS\ULJKW
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KLVJUDSKVKRZVWKHGLIIHUHQWVSRUWVJLUOVDQGER\VSOD\LQRQHVFKRRO
%R\V
1XPEHURIVWXGHQWV
*LUOV
+RFNH\ 1HWEDOO 6RFFHU
6SRUWV
8VHWKHLQIRUPDWLRQLQWKHJUDSKWRFRPSOHWHWKHWDEOH
%R\V
*LUOV
:ULWHRQHQXPEHU
LQHDFKER[
LVHTXDOWR
6KDGHRQHEXEEOH
7DQWKRXJKWRIDQXPEHU6KHPXOWLSOLHGLWE\DQGDGGHG6KHHQGHGXSZLWK
:KDWZDVWKHQXPEHUWKDWVKHVWDUWHGZLWK"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
:KDWLVWKHDUHDRIWKHSDUDOOHORJUDP"
6FDOH
FP
FP
FP
FP
FP
FP
6KDGHRQHEXEEOH
)RUWKHYDOXHVLQWKLVWDEOHZKDWLVWKHUXOHWKDWGHVFULEHV\LQWHUPVRI["
\ [±
[
\ [
\ \ ± [
6KDGHRQHEXEEOH
\ [
:KLFKLVWKHZDUPHVWWHPSHUDWXUH"
±&
±&
±&
6KDGHRQHEXEEOH
±&
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
-DNHERXJKWVRPHOROOLHVDQGSXWWKHPLQDFRQWDLQHU
+HRIIHUHGRQHWRKLVEURWKHU0D[
:KDWLVWKHFKDQFHWKDW0D[ZRXOGFKRRVHWKLVOROO\" 6KDGHRQHEXEEOH
:KDWLVWKHPLVVLQJQXPEHU"
6KDGHRQHEXEEOH
:KLFKFDOFXODWLRQEHORZKDVWKHVDPHDQVZHUDVп"
п
п
п
6KDGHRQHEXEEOH
п
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
6KDGHRQHEXEEOH
:KLFKUXOHGHVFULEHVWKHJUDSK"
\
6KDGHRQHEXEEOH
\ [
\ ±[±
[
± ± ± \ ±[
± \ [±
±
±
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
:KDWZLOOWKHWLPHEHPLQXWHVDIWHUDP"
12 12 12 12
11 1 11 1 11 1 11 1
10 2 10 2 10 2 10 2
9 3 9 3 9 3 9 3
8 4 8 4 8 4 8 4
7 5 7 5 7 5 7 5
6 6 6 6
6KDGHRQHEXEEOH
&DUOFKRRVHVDQXPEHU+HGLYLGHVLWE\VXEWUDFWVWKHQGLYLGHVE\
+HLVOHIWZLWKWKHQXPEHU:KDWQXPEHUGLG&DUOFKRRVH"
6KDGHRQHEXEEOH
7LQDSDLGIRUDSDLURIVKRHVDIWHUWKH\ZHUHGLVFRXQWHGE\
:KDWZDVWKHRULJLQDOSULFHRIWKHVKRHV"
:ULWHWKHDQVZHU
LQWKHER[
,QWKLVGLDJUDPZKLFKDQJOHLVVXSSOHPHQWDU\WRDQJOH;"
$ % & '
% ; &
'
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
(OOHQERXJKWSHDFKHVIRUHDFKSXQQHWVRIVWUDZEHUULHVIRUHDFK
DQGEDQDQDVIRUFHDFK
+RZPXFKGRHVWKLVFRVW"
:ULWHWKHDQVZHU
LQWKHER[
+HUHLVDQHTXLODWHUDOWULDQJOHLQVLGHDVTXDUH
7KHSHULPHWHURIWKHWULDQJOHLVFHQWLPHWUHV
:KDWLVWKHSHULPHWHURIWKHVTXDUH"
$FXEHKDVDYROXPHRIFP :KDWLVWKHVLGHOHQJWKRIWKHFXEH"
7KHDUHDRIWKLVWULDQJOHLV
'LDJUDP
QRWGUDZQ
WRVFDOH FP FP FP FP
FP
6KDGHRQHEXEEOH
FP
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KHUHDUHVWXGHQWVDWDVFKRRO7KHUDWLRRIJLUOVWRER\VLV
+RZPDQ\ER\VJRWRWKLVVFKRRO"
:ULWHWKHDQVZHU
LQWKHER[
-DPDO¶VZRUNERRNLVFHQWLPHWUHVWKLFN
7KHIURQWDQGEDFNFDUGERDUGFRYHUVDUHHDFKFHQWLPHWUHVWKLFN
DQGHDFKSDJHLVFHQWLPHWUHVWKLFN
+RZPDQ\SDJHVDUHLQKLVZRUNERRN"
:ULWHWKHDQVZHU
SDJHV LQWKHER[
(OOLHKDVPDGHDVSLQQHUZLWKGLIIHUHQWFRORXUV:KHQVKHXVHVKHUVSLQQHU
,WLVKDOIDVOLNHO\WRODQGRQEOXHDVLWLVRQUHG
,WLVWKUHHWLPHVDVOLNHO\WRODQGRQUHGDVLWLVRQ\HOORZ
,WLVWZLFHDVOLNHO\WRODQGRQJUHHQDVLWLVWRODQGRQSXUSOH
:KLFKVSLQQHULV(OOLH¶V"
\HOORZ EOXH
\HOORZ EOXH
\HOORZ \HOORZ
EOXH JUHHQ SXUSOH EOXH
JUHHQ SXUSOH
6KDGHRQHEXEEOH
,I [
:ULWHWKHDQVZHU
[ LQWKHER[
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
$WSP:HGQHVGD\LQ&DQEHUUDLWLVDP:HGQHVGD\LQ/RV$QJHOHV
6DOO\FDWFKHVDQDHURSODQHIURP&DQEHUUDRQ:HGQHVGD\DWSPDQGDUULYHVLQ/RV
$QJHOHVKRXUVODWHU:KDWGD\DQGWLPHLVLWLQ/RV$QJHOHVZKHQ6DOO\DUULYHV"
:HGQHVGD\SP
:HGQHVGD\SP
7KXUVGD\QRRQ
6KDGHRQHEXEEOH
7KXUVGD\SP
7KHYROXPHRIWKLVSULVPLVFP :KDWLV["
[ FP
FP FP
FP
FP
FP
6KDGHRQHEXEEOH
7KHDUHDRIWKHVKDGHGVKDSHLVFP :KDWLVWKHSHULPHWHURIWKHVKDSH"
FP
FP
FP
FP
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW &DOFXODWRU
7KLVWLOHKDVEHHQWXUQHG
WKUHHTXDUWHUVFORFNZLVH 6KDGHRQHEXEEOH
DQGQRZORRNVOLNHWKLV
:KLFKWLOHVKRZVZKDWLWORRNHGOLNHEHIRUHLWZDVWXUQHG"
/LDPVSHQWRQVRPHIDQF\FKRFRODWHVIRUKLVPXP
+RZPDQ\JUDPVGLGVKHJHWLIWKH\FRVWDNLORJUDP"
:ULWH\RXUDQVZHU
JUDPV LQWKHER[
-HVVLFD¶VZDWHUELOOZDVODVWPRQWKOHVVWKDQWKHPRQWKEHIRUH
%\ZKDWSHUFHQWDJHGLGKHUELOOGHFUHDVH"
7ZRSHQFLOVKDYHWKHVDPHOHQJWKDV¿YHHUDVHUV
:ULWH\RXUDQVZHU
LQWKHER[
+RZPDQ\HUDVHUVZLOOKDYHWKHVDPHOHQJWKDVSHQFLOV"
(1'2)7(67
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW
<HDU
3UDFWLFH7HVW²1RQFDOFXODWRU
6WXGHQW'HWDLOV
)LUVW1DPH
/DVW1DPH
7RGD\·V'DWHLV
7HVW,QVWUXFWLRQV
<RXKDYHPLQXWHVWRFRPSOHWHWKLVWHVW
<RXDUH127DOORZHGWRXVHDFDOFXODWRU
<RXVKRXOGXVHDSHQFLOWRZULWH\RXUDQVZHUVRUVKDGHLQWKHEXEEOH
,I\RXPDNHDPLVWDNHUXELWRXWWKRURXJKO\
7KHIROORZLQJWHVWKDVEHHQGHVLJQHGE\3/HDUQLQJWRSUHSDUHVWXGHQWVIRUWKH1DWLRQDO$VVHVVPHQW
3URJUDP1XPHUDF\7HVW7KLVWHVWLVWREHXVHGIRUUHYLVLRQSXUSRVHVRQO\3/HDUQLQJGRHVQRWJXDUDQWHH
WKDWWKHIRUPDWRIWKLVWHVWLVWKHVDPHDVDQDFWXDOWHVW
&RS\ULJKW
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KLFKVHWRIFORFNVDUHGLVSOD\LQJWKHVDPHWLPH"
6KDGHRQHEXEEOH
6KDGHRQHEXEEOH
7KHPDSVKRZVDSDWKIURP$WR%WR&7KHGLUHFWLRQVIURP$WR&YLD%DUH
6KDGHRQHEXEEOH
1 $
1(WKHQ:
6:WKHQ(
1:WKHQ(
% & 6(WKHQ:
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KLFKRIWKHVHVKDSHVKDVWKHIHZHVWOLQHVRIV\PPHWU\"
6KDGHRQHEXEEOH
0DLERXJKWGULQNVDWFHDFKSLHVDWHDFKDQG
PXVNVWLFNVDWFHDFK
:KLFKQXPEHUVHQWHQFHZRXOGFDOFXODWHWKHWRWDOFRVW"
LVHTXDOWR
6KDGHRQHEXEEOH
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KLFKOLVWLVLQDVFHQGLQJRUGHU"
6KDGHRQHEXEEOH
KDYHDSHW
,QDFODVVRIVWXGHQWV
6KDGHRQHEXEEOH
+RZPDQ\VWXGHQWVGRQRWKDYHDSHW"
îLVFORVHVWWR
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KDWLVWKHSHULPHWHURIWKLVVKDSH"
P
P
7KHSHULPHWHURIWKLVVKDSHLV
P
P
P
P
:ULWH\RXUDQVZHU
LQWKHER[
"P
$VWXGHQWGUHZDSDWKIURPWKHEXVVWRSWRWKHLUIURQWGRRUWRVKRZWKDW
WKHGLVWDQFHLVPHWUHV:KDWVFDOHGLGWKHVWXGHQWXVH"
FP PHWUHV
FP PHWUHV
FP PHWUHV
FP PHWUHV
ϭĐŵ
[
6KDGHRQHEXEEOH
ϭĐŵ
:KDWLVWKHVL]HRIWKHPDUNHGDQJOH"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
+RZPXFKPRUHMXLFHLVLQ-XJ$"
6KDGHRQHEXEEOH
P/
P/
P/
-XJ$ -XJ%
$WUDLQLVWUDYHOOLQJDWDFRQVWDQWVSHHGRINPSHUKRXU
+RZORQJZLOOLWWDNHWKHWUDLQWRWUDYHONPDWWKLVVSHHG"
PLQXWHV 6KDGHRQHEXEEOH
PLQXWHV
PLQXWHV
PLQXWHV
:ULWH\RXUDQVZHU
· LQWKHER[
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
0RYLHVHVVLRQVDUHVKRZQEHORZ
+RZPXFKORQJHULV*KRVW7RZQWKDQ%UDW3DFN"
:ULWH\RXUDQVZHU
PLQXWHV LQWKHER[
+HUHLVDVTXDUHZLWKVPDOOHUVTXDUHVVKDGHGLQVLGH
7KHVTXDUHVDUHLGHQWLFDOLQVL]H
:KDWIUDFWLRQLVVKDGHG"
:ULWHRQHGLJLW
LQHDFKER[
:KLFKRIWKHVHFDOFXODWLRQVJLYHVWKHVDPHYDOXHDV"
±
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
:KDWLVWKHVL]HRIDQJOH$LQWKLVLVRVFHOHVWULDQJOH"
:ULWH\RXUDQVZHU
LQWKHER[
$
0D\DVWDUWVZLWKDQXPEHU6KHPXOWLSOLHVLWE\
VXEWUDFWVWKHQDGGV7KHDQVZHULV
:KDWQXPEHUGLGVKHVWDUWZLWK"
6KDGHRQHEXEEOH
+HUHLVDPRGHORIFXEHV:KDWGRHV
6KDGHRQHEXEEOH
WKLVPRGHOORRNOLNHIURPWKHGLUHFWLRQ
RIWKHDUURZ"
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
7KLVWDEOHVKRZVWKHQXPEHURIVWXGHQWVZKRZHDUJODVVHV
6KDGHRQHEXEEOH
DQGWKRVHZKRGRQRWZHDUJODVVHVLQD<HDUFODVV
'RZHDUJODVVHV 'RQRWZHDUJODVVHV
0DOH
)HPDOH
2XWRIWKHZKROHFODVVZKDWSHUFHQWDJHRIPDOHVGRQRWZHDUJODVVHV"
:KLFKQHWFDQEHXVHGWRPDNHDVTXDUHS\UDPLG"
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
$EDJRIOROOLHVFRQWDLQVPXVNVWLFNVFKRFRODWHGURSV
PLQWLHVDQGIDQWDOHV
:KDWLVWKHFKDQFHWKDWZKHQ,FKRRVHDOROO\ZLWKRXWORRNLQJ
WKDWLWZLOOEHDFKRFRODWHGURS"
6KDGHRQHEXEEOH
îî
î
î±
±î
7KHVHWZRUHFWDQJOHVKDYH
FP
FP
FP
6DPHSHULPHWHUVVDPHDUHDV
'LIIHUHQWSHULPHWHUVGLIIHUHQWDUHDV
FP
6DPHSHULPHWHUVGLIIHUHQWDUHDV
'LIIHUHQWSHULPHWHUVVDPHDUHDV
6KDGHRQHEXEEOH
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
<HDU
&$.(67$//)81'6
<HDU
$PRXQW
UDLVHG
-DQXDU\)HEUXDU\ 0DUFK $SULO 0D\
0RQWKV
7KLVJUDSKVKRZVWKHDPRXQWRIPRQH\UDLVHGHDFK
PRQWKIURPDFDNHVWDOOE\<HDUDQG<HDU
+RZPXFKPRUHPRQH\GLG<HDUUDLVHWKDQ<HDU"
:ULWH\RXUDQVZHU
LQWKHER[
6KDGHRQHEXEEOH
7KLVUXOHFDQEHGHVFULEHGDV
$GGWKHQDGG
'RXEOHWKHSUHYLRXVQXPEHUWKHQVXEWUDFW
6XEWUDFWWKHQVXEWUDFW
6XEWUDFWWKHQVXEWUDFW
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
$PRELOHSKRQHFRPSDQ\FKDUJHVDFHQWFRQQHFWLRQIHH
DQGFHQWVIRUHYHU\PLQXWHRIWKHFDOOGXUDWLRQ
:KLFKQXPEHUVHQWHQFHZRXOGFDOFXODWHWKHFRVWRID
PLQXWHFDOO"
î
î
î
6KDGHRQHEXEEOH
î
7KHDUURZVRQ6SLQQHU$DQG%DUHVSXQ
6SLQQHU$ 6SLQQHU%
7KHWZRQXPEHUVWKDWWKHDUURZVVWRSRQDUHDGGHGWRJHWKHU
:KDWLVWKHFKDQFHRIWKHDUURZODQGLQJRQDVFRUHRI"
:ULWHRQHGLJLW
LQHDFKER[
&RS\ULJKW3/HDUQLQJ
1XPHUDF\3UDFWLFH7HVW 1RQFDOFXODWRU
7KHQH[WTXHVWLRQVUHIHUWRWKLVJUDSK
0RWHO5DWHV
&RVW
1LJKWVERRNHGLQPRWHO
0RWHO0RQDUR
)RUUHVW,QQ
7HUU\¶V7DYHUQ
:KLFKPRWHOFKDUJHVIRUQLJKWV"
:KDWLVWKHGLIIHUHQFHLQSULFHEHWZHHQWKHPRVW
H[SHQVLYHDQGWKHOHDVWH[SHQVLYHKRWHOIRUQLJKWV"
:ULWH\RXUDQVZHU
LQWKHER[
(1'2)7(67
&RS\ULJKW3/HDUQLQJ