7.S: Summary

Key Concepts Summary

7.1: Sales Taxes (Everybody Wants a Piece of My Pie)

  • The three sales taxes, current rates, and how to calculate prices including taxes
  • How businesses complete GST/HST remittances

7.2: Property Taxes (I Owe, I Owe)

  • How municipalities levy mill rates and tax rates against real estate owners

7.3: Exchange Rates and Currency Exchange (It Is a Global World)

  • Converting currencies through exchange rates
  • The rise and decline of exchange rates: currency appreciation and depreciation

7.4: Invoicing: Terms of Payment and Cash Discounts (Make Sure You Bill Them)

  • How invoicing works: understanding invoice terms and invoice dating
  • The calculations involved when a full payment amount is made
  • The calculations involved when a partial payment amount is made
  • The calculations involved when a late payment amount is made

The Language of Business Mathematics

assessed value

The portion of the market value of a property that is subject to municipal taxes.

buy rate

The rate at which a foreign currency is bought; it will always be lower than the mid-rate in terms of money per unit of foreign currency.

cash discount

A percentage of the balance owing on an invoice that can be deducted for payment received either in full or in part during the discount period.

credit period

The number of interest-free days from the date of commencement before full payment of the invoice is required.

currency appreciation

When one currency strengthens relative to another currency, resulting in an ability to purchase more of that other currency than it could previously.

currency depreciation

When one currency weakens relative to another currency, resulting in an ability to purchase less of that other currency than it could previously.

date of commencement

The first day from which the invoice terms extend forward in time and from which all due dates are established.

discount period

The number of days from the date of commencement for which a cash discount is offered.

end-of-month invoice dating

A term of payment where the date of commencement is the last day of the same month as indicated by the invoice date.

exchange rate

The number of units of a foreign currency that are bought with one unit of the domestic currency, or vice versa.


The goods and services tax is a Canadian federal sales tax on most products purchased by businesses and consumers alike.


The harmonized sales tax is a tax that combines the GST and PST into a single tax.

market value

A snapshot of the estimated selling price of a property at some specified point in time.


An exchange rate that does not involve or provide for any charges for currency conversion.

mill rate

A tax per $1,000 of assessed value to determine property taxes.

ordinary invoice dating

A term of payment where the date of commencement is the same date as the invoice date.

property taxes

Annual taxes paid by the owners of real estate to local levying authorities to pay for services such as roads, water, sewers, public schools, policing, fire departments, and other community services.


The provincial sales tax is a consumer sales tax administered by Canadian provinces and territories.

receipt-of-goods invoice dating

A term of payment where the date of commencement is the day on which the customer physically receives the goods.

sales tax

A percent fee levied by a government on the supply of products.

sell rate

The rate at which a foreign currency is sold. It is always higher than the mid-rate in terms of money per unit of foreign currency.

tax policy

A municipality-based percentage of the market value of a property that is used to convert the market value into an assessed value.

tax rate

A tax per $100 of assessed value to determine property taxes.

tax remittance

The fulfillment of a tax obligation.

The Formulas You Need to Know

Symbols Used

(AV) = assessed value of a property

Current Currency = currency you are converting from

Desired Currency = currency you are converting to

Exchange Rate = per-unit conversion rate for current currency

Property Tax = property tax amount

(PTR)= property tax rate, usually set on a per $100 (tax rate) or per $1,000 (mill rate) basis

Rate = sales tax

Remit = tax remittance

(S) = selling price

(S_{tax}) = selling price including taxes

Tax Collected = total tax collected through sales

Tax Paid = total tax paid through purchases

Formulas Introduced

Formula 7.1 Selling Price Including Tax: (S_{tax}=S+(S imes ext { Rate }))

Formula 7.2 GST/HST Remittance: ( ext{Remit }= ext{ Tax Collected }- ext{ Tax Paid})

Formula 7.3 Property Taxes: ( ext { Property Tax }=Sigma(AV imes PTR))

Formula 7.4 Currency Exchange: ( ext{Desired Currency }= ext{ Exchange Rate } imes ext{ Current Currency})



The Percent Change function is used in this chapter. See the end of Chapter 3 for a full discussion on this calculator function.

Summary of the Federal Insecticide, Fungicide, and Rodenticide Act

The Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) provides for federal regulation of pesticide distribution, sale, and use. All pesticides distributed or sold in the United States must be registered (licensed) by EPA. Before EPA may register a pesticide under FIFRA, the applicant must show, among other things, that using the pesticide according to specifications "will not generally cause unreasonable adverse effects on the environment.''

FIFRA defines the term ''unreasonable adverse effects on the environment'' to mean: ''(1) any unreasonable risk to man or the environment, taking into account the economic, social, and environmental costs and benefits of the use of any pesticide, or (2) a human dietary risk from residues that result from a use of a pesticide in or on any food inconsistent with the standard under section 408 of the Federal Food, Drug, and Cosmetic Act.''

Compliance and Enforcement

History of this Act

Offices that Administer this Act

The Office of Pesticide Programs (OPP) regulates the use of all pesticides in the United States and establishes maximum levels for pesticide residues in food, thereby safeguarding the nation's food supply.

In agriculture and horticulture, soil generally refers to the medium for plant growth, typically material within the upper meter or two. Soil plays a key role in plant growth. Beneficial aspects to plants include providing physical support, heat, water, nutrients, and oxygen. Heat, light, and oxygen are also obtained by the atmosphere, but the roots of many plants also require oxygen. The prevailing agricultural system has delivered tremendous gains in productivity and efficiency. Food production worldwide has risen in the past 50 years. On the other hand, agriculture profoundly affects many ecological systems. Negative effects of current practices include ecological concerns, economic and social concerns and human health concerns. Pesticides from every chemical class have been detected in groundwater and are commonly found in groundwater beneath agricultural areas. Despite impressive production gains, excessive use of pesticides has proven to be ecologically unsound, leading to the destruction of natural enemies, the increase of pest resistance pest resurgence and outbreaks of secondary pests. These consequences have often resulted in higher production costs and lost markets due to undesirable pesticide residue levels, as well as environmental and human health costs. Alternative and sustainable practices in farming and land use include organic agriculture, integrated pest management and biological control.

Review Questions

  1. Which of the following is not one of the five soil-forming factors?
    1. Climate
    2. Organisms
    3. Relief
    4. Transpiration rate
    5. Time
    1. carbon
    2. nitrogen
    3. hydrogen
    4. iron
    5. oxygen
    1. Monoculture
    2. Crop plot
    3. Agriplot
    4. Rotational farming
    5. Millibar
    1. Pesticide resistance
    2. Increased salts in the soil
    3. Nutrient-poor soils
    4. Blight
    5. Desertification
    1. accumulate in higher trophic levels and are toxic
    2. accumulate in lower trophic levels and are toxic
    3. accumulate in higher trophic levels and are infectious biological agents
    4. accumulate in lower trophic levels and are infectious biological agents
    5. Are toxic and infectious
    1. The mass migration patterns of insects that are similar to, and include, grasshoppers
    2. The lowering of nutrient capacity in soils due to the action of certain types of organisms
    3. The long-range movement of certain types of pollutants across different regions of the Earth
    4. The long-range atmospheric distribution of soil following tilling by farm equipment
    5. The spread of invasive species through international trade in potted plants
    1. Reducing the amount of genetically modified crops grown
    2. Reducing the amount of fertilizer used
    3. Introducing species that prey upon and destroy pest species
    4. Integrating market-based strategies for maximization of profits
    5. Reducing the amount of synthetic chemical pesticides used
    1. Bioremediation
    2. Intercropping
    3. Species niche partitioning
    4. Vector control
    5. Biological control
    1. Monoculture
    2. Biological control
    3. Crop sharing
    4. Crop rotation
    5. Soil tilling
    1. Biological control
    2. Intercropping
    3. Monocultures
    4. Integrated pest management
    5. Minimal tillage


    Kelly, L. (2005). The global integrated pest management facility. World Bank, Washington, DC. ©World Bank. Retrieved from le/10986/19053. Available under Creative Commons Attribution License License 3.0 (CC BY 3.0). Modified from Original.

    NAL. (2007). Sustainable agriculture: Definitions and terms. Retrieved from d-terms-1#toc1. Modified from Original.

    Theis T. & Tomkin J. (Eds.). (2015). Sustainability: A comprehensive foundation. OpenStax CNX. Retrieved from [email protected] Available under Creative Commons Attribution License License 3.0 (CC BY 3.0). Modified from Original.

    World Bank. (2004). Persistent organic pollutants: Backyards to borders. Washington, DC. © World Bank. Retrieved from le/10986/14896. Available under Creative Commons Attribution License License 3.0 (CC BY 3.0 IGO). Modified from Original.

    World Bank. (2005). Sustainable pest management: Achievements and challenges. Washington, DC. © World Bank. Retrieved from under Creative Commons Attribution License License 3.0 (CC BY 3.0). Modified from Original.

    World Bank. (2008). Sustainable land management sourcebook. Washington, DC. © World Bank.Retrieved from Available under Creative Commons Attribution License License 3.0 (CC BY 3.0). Modified from Original.

    World Bank Food and Agriculture Organization International Fund for Agricultural Development. (2009). Gender in agriculture sourcebook. Washington, DC: World Bank. © World Bank.Retrieved from Available under Creative Commons Attribution License License 3.0 (CC BY 3.0 IGO). Modified from Original.

    Page attribution: Essentials of Environmental Science by Kamala Dor&scaronner is licensed under CC BY 4.0. Modified from the original by Matthew R. Fisher. &ldquoReview Questions&rdquo is licensed under CC BY 4.0 by Matthew R. Fisher.

    McKinsey 7s Model: Sound Business Model for Optimum Results

    Whether you run a sole proprietorship, partnership, or conglomerate, a few things remain standards for a healthy running company. Human and capital resources need to be aligned almost to perfection to realize profits and, more importantly, minimize losses.

    This article highlights the importance of the McKinsey 7s model for businesses. Since its inception in the 70s, this framework has proven to be a crucial addition to organizations. It fosters healthy marriage of different elements, 7 to be exact, which works in unison to realize a company’s full potential.

    The above diagram illustrates the McKinsey 7s Model in summary. In a nutshell, this conceptual framework delves into the very core of any up and running business. Factors under consideration are the organization’s structure, the skill sets of employees, shared values, or organization culture. Once reinforced, these elements work harmoniously in helping a company realize its goals, which is precisely what the model was created for.

    The model is a brainchild of two individuals who were at one point employees of the McKinsey Consulting firm. Thomas Peters and Robert Waterman developed this model to help organizations gain much-needed insight into any dormant potential. Thus, the 7 elements highlighted above need to either be altered, better aligned, or reinforced to make headway in an organization’s goals. These hard or soft elements cover the hardware and software of any form of the organization if you will.

    These factors cover what the organization stands for in terms of culture and how it’s structured.

    Hard elements are essentially tangible bits of the company, including crucial documents such as organizational and strategic plans.

    Hard Elements

    Where is the company heading? What is the purpose of the opening shop every day? In practice, these strategic plans should guide the company as it seeks to leverage itself relevant to market competitors.

    Simply put, who’s who in the company? The organization structure is examined, dealing with job descriptions, delegations, and who supervises, or is governed, by whom.

    The internal processes and the collective manner in which people perform their duties within the organization. The processes have to be related to how tasks are carried out.

    The next set of factors are soft elements. These are innate traits in all individuals, slightly harder to quantify. However, they do need to be analyzed and factored into the goings-on of the company.

    Soft Elements

    These values are crucial for the harmonious execution of work-related tasks. They include personal and group-oriented beliefs and work ethics, aiding employees to work in unison and perform optimally.

    Closely related to organizational culture, it refers to the methods used by managers, and select employees, to perform business operations.

    The talent pool a company has managed to assemble. This covers all employees from the ground up, including receptionists, drivers, and of course, supervisors.

    What are the skills sets evident in the company? It encompasses the unique or distinguishing competencies of the organization’s workforce.

    The McKinsey 7S model is a useful framework for reviewing an organization’s marketing capabilities from different viewpoints. Developed by Tom Peters and Robert Waterman during their tenure at McKinsey & Company in the 1970s, this model works well in different types of business of all sectors and sizes, although it works best in medium and large businesses.

    The 7S model can be used to:

    • Review the effectiveness of an organization in its marketing operations.
    • Determine how to best realign an organization to support a new strategic direction.
    • Assess the changes needed to support digital transformation of an organization.

    What are the elements of the McKinsey 7S model?

    In summary, the McKinsey 7Ss stand for:

    • Strategy: The definition of key approaches for an organization to achieve its goals.
    • Structure: The organization of resources within a company into different business groups and teams.
    • Systems: Business processes and the technical platforms used to support operations.
    • Staff: The type of employees, remuneration packages and how they are attracted and retained.
    • Skills: Capabilities to complete different activities.
    • Style: The culture of the organization in terms of leadership and interactions between staff and other stakeholders.
    • Shared Values: Summarized in a vision and or mission, this is how the organization defines its reason for existing.

    These components can be further broken down into ‘hard’ and ‘soft’ elements.

    Essential marketing models guide

    The McKinsey 7S model is just one way to evaluate your organization. In our free, illustrated guide to 15 classic planning models diagrams, we explain other methods used to ensure your business has a set vision for success.

    Hard elements: Strategy, Structure, Systems

    Hard elements can be easily defined and directly influenced. They are the (often) more tangible elements of a business, like the strategy documents and mission statements that your company uses to inform its decisions. They also include the organizational charts that demonstrate the reporting structure in your business and the systems that you have in place to ensure everything is running smoothly (such as your IT servers and related data storage methods).

    Soft elements: Staff, Skills, Style, Shared Values

    As hard elements provide the framework of how a company operates, soft elements are the less tangible qualities that a company demonstrates through its work. They are the people that comprise the workforce, the skills they offer, the office culture that evolves from their co-operation with different teams, and the combined outward impression they give the world.

    Think of it like this – hard elements answer many ‘what’ questions about a business:

    • Strategy: What is the company’s driving strategy?
    • Structure: What teams are in place?
    • Systems: What formal systems ensure work progresses?

    Whereas soft elements answer many ‘who’ and ‘how’ questions about a business:

    • Staff: Who comprises the company’s workforce?
    • Skills: How skilled are these workers?
    • Style: How do organizational leaders inspire their colleagues?
    • Shared Values: How does the company demonstrate its core values?

    How can I use the McKinsey 7S model?

    You can use each of the 7Ss to assess how the capabilities of an organization can be improved as the starting point of creating an action plan. Below are methods of how you can apply the elements of the McKinsey 7S model, using a hypothetical video games company (SmartPixel) as an example.

    1. Strategy

    What is your overall strategy? Think about what sets your company apart from its competitors and what position you want to hold or carve out in your industry. You should also have a clear idea of who your key customer personas are and how you are going to meet their demands/solve their problems/help them reach their goals.

    • SmartPixel creates smartphone games in a variety of genres (puzzle, platform, action, racing etc.) that emphasize geographically-specific leaderboards.
    • Their primary customer persona is casual gamers aged 30-55, with games aimed to be playable between other activities throughout the day.
    • These customers are busy throughout the workday, though need short breaks to distract them and prevent ‘burnout’.
    • SmartPixel games, therefore, operate local leaderboards that run for 3/6-hour time periods (called ‘bursts’) before refreshing, ensuring that players are rewarded for skilled gameplay and encouraged to play repeatedly (by chaining ‘burst’ participation together).

    2. Structure

    How is your company divided at an organizational level? What teams are in place, what tasks are they responsible for, and where do these teams crossover? You may find that, as your business grows and you reassess the McKinsey 7S model, that you need to expand your structure to better manage emerging capabilities that were not present when you started the company.

    • SmartPixel is separated into three main teams – Game Design, Artistic Development, and Programming.
    • The Game Design team is responsible for each game’s mechanics, story, and overall ‘game feel’, brainstorming an experience that customers will enjoy.
    • The Artistic Development team is responsible for the concept, character, background, and texture design behind each game that will capture the customer’s attention.
    • The Programming team is responsible for the coding and technical creation of each game, ensuring that the customers enjoys the functionality of the game and plays it repeatedly.
    • These teams each hold their own team managers, who report to an overall Producer team (which hold the company’s C-suite positions).

    3. Systems

    These are the processes, procedures, and information systems that support your business. Authority in organizational systems must be clear, and technical systems must be successfully managed and maintained to facilitate the work of the company’s teams.

    • The Game Design team pitches ideas to the Artistic Development and Programming teams to create an overall game pitch.
    • The Producer team will decide, in consultation with each team’s manager, each game’s overall direction before setting a calendar of work.
    • Rudimentary game testing is completed in-house, though further testing is outsourced to a market research company for customer feedback.
    • On-site servers are maintained by a dedicated team within the Programming team.

    4. Staff

    This is the breakdown of staff in terms of their background, age, gender, and characteristics. Evaluate the teams you have in place and whether they are operating at optimal capacity as well as if they can facilitate professional growth.

    • Each team is comprised of a variety of demographics, an important quality to maintain as the company grows.
    • C-Suite members have a combined 50 years’ experience in games development, meaning customers know games they play are made by gaming veterans.
    • Managers are encouraged to build a sense of comradery in their teams through incentivized activities.
    • SmartPixel maintains a relationship with a local university and operates an intern programme in the hopes to stimulate passion in video game creation, develop their skills, and potentially bring them into the company on a full-time basis after graduation.

    5. Skills

    Always be aware of the overall capabilities of teams and the specific skill set of team members. You should know what core competencies team members must demonstrate, as well as what attributes may expand a department’s offering (such as experience in an international market for using an industry-leading piece of technology).

    • SmartPixel encourages the hiring of artists with widely different styles in order to diversify idea generation and push capabilities of the Programming team.
    • Game Development team members are frequently sent on training courses to ensure the ideas they bring to their games are in-line with current consumer trends.
    • Team managers must maintain a personal development plan with their team members to monitor and develop their skills.

    6. Style

    This element includes both the way in which key managers behave in achieving the organization’s goals and the cultural style of the organization as a whole. Managers may come to you with ideas or initiatives they believe will benefit their staff, though will use internal resources (time, budget etc.) meaning you will have to decide how much to allocate to them so long as they demonstrate a return on investment.

    • SmartPixel allows for input from all teams during the idea generation and testing phases of their games. Feedback is anonymized to ensure freedom of expression.
    • Team members that show passion behind an idea they pitch are encouraged to take greater responsibility during that idea’s development and ‘take ownership’ of that game’s particular creation.
    • Resources are made available to the Programming team to experiment with emerging technology, providing they demonstrate that technology’s suitability to SmartPixel’s current offering.

    7. Shared Values

    The final aspect of the McKinsey 7S model suggests that guiding concepts of the organization should be evident through both its external work and its internal culture. Neglecting your Shared Values puts your company at risk of becoming lost in the crowd of your competition and employees may not feel as personally tied to their roles, leading to decreasing productivity.

    • SmartPixel aims to instil a sense of personality behind each of their games, incorporating advanced game design ideas in as simple and accessible games as possible.
    • Games created should use positive re-enforcement and humour to craft a pleasant experience for even the shortest of gaming sessions.
    • Winners of gaming bursts should be recognized through our company’s social media channels to encourage a competitive community of players.
    • Internally, SmartPixel regularly recognizes accomplishments and innovations from individuals and teams.
    • Flexible working hours are available to ensure SmartPixel employees are able to work in a manner that suits them best.

    James Story has worked in the world of digital marketing since 2014 as a content and online PR executive. Specialising in content creation, he has been part of award-nominated projects and instrumental in the creation of content hubs. With a passion for the written word and an eye for detail, he is currently the Senior Content Manager for Lead Tech, a financial lead generation company providing high-quality leads for financial advisers and financial advice firms. You can connect with James on LinkedIn

    7S model example matrix

    As we indicated above, it is important that all 7 factors in the 7S model are in balance with each other. If you work out the 7s model, it is therefore useful to put all factors against each other. That is why we have made the matrix below for you. This matrix is ​​a worksheet that you can use to quickly complete the 7S model.

    Shared Values Strategy Structure Systems Style Staff Skills
    Shared Values XXXXXX
    Strategy XXXXXX
    Structure XXXXXX
    Systems XXXXXX
    Style XXXXXX
    Staff XXXXXX
    Skills XXXXXX

    Vocabulary and Concepts

    • activity
    • activity coefficient
    • chemical potential
    • cryoscopic constant
    • ebullioscopic constant
    • enthalpy of mixing
    • fugacity
    • fugacity coefficient
    • Gibbs-Duhem equation
    • ideal mixture
    • ionic strength
    • mean activity coefficient
    • osmosis
    • osmotic pressure
    • Raoult&rsquos Law
    • solute
    • solution
    • solvent
    • the partial molar Gibbs function

    A dark and lonely road

    When Resident Evil 7 launched back in 2017, it was effectively a much-needed reboot for the series. It ditched the over-the-top, third-person action and returned to Resident Evil's roots in horror&mdashonly now in first person. Sure, you still shoot stuff occasionally, but you're also solving puzzles, exploring a creepy Louisianian farmstead, and running from a pack of horrifying hillbillies. Resident Evil Village expands on this, only instead of hillbillies you have werewolves and vampires and monsters far worse.

    The protagonist for both games is the same: Ethan Winters. At the beginning of Resident Evil 7, Ethan is driving to a plantation in Dulvey, Louisiana looking for answers about his missing wife, Mia. In 2014, she mysteriously vanished while on a work trip and was presumed dead. Fast forward three years and Ethan suddenly gets a message from Mia with an address, asking him to meet her. So Ethan saddles up in his American hotrod as drives across the country to bring her home.

    Mia goes from sedated and incoherent to aggressive and violent. She attacks Ethan with a knife, and he has no choice but to stick an axe in her torso.

    When Ethan arrives at the address, he finds a derelict plantation. A normal person would've gotten back in the car and left or maybe called the police, but not Ethan. He breaks into the place and sniffs around, finds a bloated corpse in the basement and decides 'this is fine, I'll keep exploring.' He eventually finds Mia, locked in a cage and delirious. Ethan tries to help Mia escape, but she's clearly very messed up. Before long, Mia goes from sedated and incoherent to aggressive and violent. She attacks Ethan with a knife, and he has no choice but to stick an axe in her torso.

    Then the phone rings. On the other end is Zoe Baker, one of the residents of the household. She wants to help Ethan get out alive and gives him an escape route. Before Ethan can get free, however, Mia shows up alive and well and looking for revenge. She chops his arm clean off with a chainsaw. Ethan manages to get away and finds a gun. He shoots Mia a lot. Like 20 times. But just before he can escape the house, Ethan is captured by the head of the Baker family, Jack. As he knocks Ethan out, he mutters Resident Evil 7's most iconic line: "Welcome to the family, son."

    Below: Video of Ethan's introduction to the Baker family.

    7.S: Acid-base Reactions (Summary)

    • Contributed by Tim Soderberg
    • Emeritus Associate Professor of Chemistry at University of Minnesota Morris

    Before you move on to the next chapter, you should:

    • Know the Bronsted-Lowry definition of acidity and basicity: a Bronsted acid is a proton donor, a Bronsted base is a proton acceptor.
    • Know the Lewis definition of acidity and basicity: a Lewis acid is an electron acceptor, a Lewis base is an electron donor.
    • Understand that the Lewis definition is broader: all Bronsted acids are also Lewis acids, but not all Lewis acids are also Bronsted acids.
    • Be able to draw a curved arrow mechanism for both Bronsted and Lewis acid-base reactions.
    • Know the expressions for (K_a) and (pK_a).
    • Commit to memory the approximate pKa values for the following functional groups:
      • (H_3O^+), protonated alcohol, protonated carbonyl (

      Watch the video: Η περίληψη βήμα-βήμα Περίληψη: Μέρος Β (September 2021).