Student ID Number:__________________________
University of Michigan School of Business Administration
You will have two hours to complete the exam.
Check to make sure you have all of the
There are 6 multiple choice problems and 7 short answer problems.
When you have finished your exam
Read and sign the Honor Policy below, and
sign the sheet in the front of the room as you turn in your exam.
For the multiple choice section, fill in the correct answer on the form provided.
For the short answer section:
a)Do not ramble on; but DO SHOW HOW YOU ARRIVED AT YOUR ANSWER where
Even if your answer is correct, if you are asked to show your work and do not, you
may receive no credit
b)Do whatever work you want on scratch paper or on the back of pages, but give the complete
and concise answer including the process of getting to that answer in the space provided
below the question.
c)If you do not know the first part to a question, do not skip the next parts -- even though your
subsequent answers might be wrong, you will receive credit if they are correct given the
answer you had in the first section.
d)Any work that you want graded must be included in the stapled sheets of this test – DO NOT
INCLUDE LOOSE SCRATCHPAPER AS PART OF YOUR ANSWER.
We, the members of the Michigan Business School community -- students, faculty, and staff -- commit
ourselves to do our work and perform our duties honestly. We understand that in striving for excellence in
performance, our personal and institutional integrity is our most precious asset, and accordingly, we will
not knowingly act in ways which erode our integrity.
Because we are an academic community, honesty in our academic work is vital. Accordingly, we pledge
neither to cheat nor to tolerate cheating. We pledge to share community resources, such as facilities, library
materials, and computing hardware and software, in ways that are responsible and that comply with
established policies and with the principle of fairness. We will treat each other with respect. We will honor
the dignity and value of each member of our community. We will fulfill our commitments to each other.
We will extend these same courtesies to our guests.
We value both cooperation and competition as a means to high achievement. We are free, indeed
encouraged, to cooperate to assist each other's learning, except in those instances when student members of
the community are directed or expected to work individually. We will compete for the purposes of
stimulating high performance and raising standards. However, we seek competition that is constructive, and
which is professional, not personal, in nature. Finally, we accept adherence to the Honor Policy as a
condition of membership in the Michigan Business School community.
I acknowledge that I have been directed to work individually on this examination. I certify that I have