2012 Dow Jones News Fund

Business Reporting Internship Test

Score_____
Student_______________________________________ College______________________________________________
Address_____________________________________________ City ______________________ State_____ ZIP_______
Proctors name & signature____________________________________________________ Date _____/______/2011
(Print name, then sign to certify student completed the exam in one hour or less.)

Proctors Address________________________________________ City ___________________ State_____ ZIP_______

Phone Number (_____)________________ Email address: _________________________________________________
Instructions: This test has a one-hour time limit. Please print clearly using a dark pencil or pen.
Calculators are permitted. If attaching a computer printout for the writing exercise, please make sure your name is on it.

Participants and proctors for this national competition should not divulge the contents of this exam. No parts of this exercise can be
reproduced without written permission of the Dow Jones News Fund.
Copyright 2011 Dow Jones News Fund, Inc.

PART 1 FINANCIAL KNOWLEDGE.

1. Name two financial ratings companies.

2. Who is Secretary of the Treasury?

3. What is the role of a CFO?

4. Define Search Engine Optimization and name two companies which have built their businesses on it.

5. What is the IMF and why was it the subject of extensive media coverage in the past year?

Page 1 of 4

PART 2 CURRENT EVENTS. Fill in the blanks.

1. Two American hikers, convicted of espionage two years ago, were released by _______________________.
2. The U.S. recently commemorated the 10th anniversary of ________________________________________.
3.

________________________________ is the lone female contender for the GOP presidential nomination.

4. Dorothy Parvaz, a journalist for ________________________, was detained in Syria and Iran while covering
protests in the former country.

5. Japan suffered a devastating tsunami which resulted in a _______________________ crisis.

6. _____________________________ returned to America after being cleared of murder charges in Italy.
7. ______________________ resigned as CEO of his company, then died a day after it unveiled its newest phone.
8. The ______________________________ plans a buyback of U.S. Treasury Bonds to stimulate the economy.
9. ___________________________________ told Congress billionaires like him should pay more taxes.
10. Ellen Johnson Sirleaf, president of ____________________, shared this years Nobel Peace Prize with two
womens rights activists.

PART 3 USAGE. Underline the correct word of phrase in the passage below:
A chemical plant in Waxahachie, Texas, erupted in flames and burned out of control Monday afternoon,
sending up a huge column of smoke that raised concerns about toxic discharges / emissions.
The fire, at a Magnablend Inc. plant, caused the evacuation of the facility and nearby / near by buildings,
including an elementary school, local emergency officials said. Local police said no injuries were reported.
The federal Environmental Protection Agency and the Texas Commission on Environmental Quality sent
experts to the site to measure air quality and determine any health risks.
Among the chemicals handled by Magnablend are hydrochloric acid, nitric acid and phosphoric acid,
environmental officials said. The EPA said it didn't detect elevated / decreased levels of toxic chemicals.
Federal and state regulators said Magnablend had no history of environmental infractions / infringements
and was in compliance with all federal regulations.
The fire, which started shortly before 11 a.m., was "almost completely" contained by mid-afternoon, according
to Waxahachie Fire Department captain / Capt. Jeff Marrs. He said initial investigations indicated improperly
mixed chemicals were the cause of the fire.

Page 2 of 4

PART 4 WRITING AND REPORTING. Write a brief story for each exercise. You may use a pencil or
a pen; please ensure your completed piece is clearly marked. If attaching a computer printout for the
writing exercises, please make sure your name is on it.
EXERCISE 1
FACTS/QUOTES
New rules limiting the fees banks can levy on merchants every time a consumer uses a credit card to buy a good or
service take effect Saturday. They apply to banks with assets of $10 billion and more.
The limit is expected to cost banks about $6.6 billion in revenue a year, beginning in 2012, according to Javelin Strategy
and Research.
Several banks are testing plans to start charging customers a monthly fee for debit card purchases. Bank of America, the
nations biggest bank with millions of customers, $5; Wells Fargo, $3, Chase, $3 and Regions Financial, $4.
Retail groups say the new cap is a critical step in reining in fees that contribute to higher prices for shoppers.
In June the Federal Reserve cut the fees to a maximum of 24 cents from 44 cents a transaction, on average. At pennies per
swipe, the fees add up quickly across millions of transactions.
The fees are among several new charges expected to hit consumers as new regulations crimp banks profits.

(Turn page)
Page 3 of 4

EXERCISE 2
FACTS/QUOTES
Occupy Wall Street protesters have camped out in a park in lower Manhattan for nearly a month.
Big and powerful N.Y. unions are starting to support them. The health-care workers union 1199SEIU represents
200,000 members in New York and Long Island and 100,000 more on the East Coast. The Transport Workers
Union Local 100 represents 38,000 employees of the Metropolitan Transportation Authority.
Professionals are also joining the mostly young protesters.

1199 issued a statement Monday supporting the protest and vowing to help feed and train the protesters in first
aid and set up a task force to figure out what else to do. The unions have pledged to join the protesters on a
Wednesday march from City Hall to Zuccotti Park. Protesters have camped out in the park since Sept. 17.
A Connecticut teacher named Jim who wouldnt give his last name said he didn't plan to camp out because he had to be
back at school on Tuesday. But he said family members had lost their homes to foreclosure and he felt a need to show up
in person.
"These are real-life things that happen to people I know," he said. "We have to do something. I think the whole country is
feeling helpless right now. You don't have to necessarily stay in the park to show your solidarity."
"The premise of the protest, we're in complete agreement with," said TWU Local 100 President John Samuelsen. "It's
about fair share and it's about the claim that everybody needs to share a bit of the burden of this terrible economy."

Page 4 of 4

2012 Dow Jones News Fund

Business Reporting Internship Test
Score_____
Student_______________________________________ College______________________________________________
Address_____________________________________________ City ______________________ State_____ ZIP_______
Proctors name & signature____________________________________________________ Date _____/______/2011
(Print name, then sign to certify student completed the exam in one hour or less.)

Proctors Address________________________________________ City ___________________ State_____ ZIP_______

Phone Number (_____)________________ Email address: _________________________________________________
Instructions: This test has a one-hour time limit. Please print clearly using a dark pencil or pen.
Calculators are permitted. If attaching a computer printout for the writing exercise, please make sure your name is on it.

Participants and proctors for this national competition should not divulge the contents of this exam. No parts of this exercise can be
reproduced without written permission of the Dow Jones News Fund.
Copyright 2011 Dow Jones News Fund, Inc.

PART 1 FINANCIAL KNOWLEDGE.

1. Name two financial ratings companies.
Standard & Poors, Moodys, Fitch
2. Who is Secretary of the Treasury? Timothy Geithner

3. What is the role of a CFO? The officer in a company organization responsible for handling funds, signing
checks, keeping financial records, and doing financial planning.

4. Define Search Engine Optimization and name two companies which have built their businesses on it.
Search Engine Optimization is the attempt to insert key words into marketing messages, news articles,
resumes, headlines and the like to ensure those items are picked up in web searches for optimum viewing,
clicks, etc. Google, Yahoo, Bing, etc.
5. What is the IMF and why was it the subject of extensive media coverage in the past year?

The International Monetary Fund is an organization of 187 countries, working to foster global
monetary cooperation, secure financial stability, facilitate international trade, promote high
employment and sustainable economic growth, and reduce poverty around the world. Dominick
Strauss-Kahn, then managing director, was arrested and arraigned on charges of sexually
assaulting a hotel maid in New York City. He was forced to resign and detained in New York but
the charges were eventually dropped by the Manhattan district attorney.
Page 1 of 4

PART 2 CURRENT EVENTS. Fill in the blanks.

1. Two American hikers, convicted of espionage, were recently released by _____IRAN______________.
2. The U.S. recently commemorated the 10th anniversary of _______SEPTEMBER 11TH ATTACKS__________.
3.

MICHELE BACHMAN is the lone female contender for the GOP presidential nomination.

4. Dorothy Parvaz, a journalist for __AL-JAZEERA___, was detained in Syria and Iran while covering protests in
the former country.

5. Japan suffered a devastating __TSUNAMI_____ and subsequent _NUCLEAR__ crisis.

6. __AMANDA KNOX________ returned to America after being cleared of murder charges in Italy.
7. STEVE JOBS_________ recently resigned from Apple Computer.
8. The FEDERAL RESERVE_ planned a buyback of U.S. Treasury Bonds to stimulate the economy.
9. __WARREN BUFFET___ told Congress billionaires like him should pay more taxes.
PART 3 USAGE. Underline the correct word of phrase in the passage below:

A chemical plant in Waxahachie, Texas, erupted in flames and burned out of control Monday afternoon,
sending up a huge column of smoke that raised concerns about toxic discharges / emissions.
The fire, at a Magnablend Inc. plant, caused the evacuation of the facility and nearby / near by buildings,
including an elementary school, local emergency officials said. Local police said no injuries were reported.
The federal Environmental Protection Agency and the Texas Commission on Environmental Quality sent
experts to the site to measure air quality and determine any health risks.
Among the chemicals handled by Magnablend are hydrochloric acid, nitric acid and phosphoric acid,
environmental officials said. The EPA said it didn't detect elevated / decreased levels of toxic chemicals.
Federal and state regulators said Magnablend had no history of environmental infractions / infringements and
was in compliance with all federal regulations.
The fire, which started shortly before 11 a.m., was "almost completely" contained by mid-afternoon, according
to Waxahachie Fire Department captain / Capt. Jeff Marrs. He said initial investigations indicated improperly
mixed chemicals were the cause of the fire.

Page 2 of 4

PART 4 WRITING AND REPORTING. Write a brief story for each exercise. You may use a pencil or
a pen; please ensure your completed piece is clearly marked. If attaching a computer printout for the
writing exercise, please make sure your name is on it.
EXERCISE 1
STORY/FACTS
New rules limiting the fees banks can levy on merchants every time a consumer uses a credit card to buy a good or
service take effect Saturday. They apply to banks with assets of $10 billion and more.
Several banks are testing plans to start charging customers a monthly fee for debit card purchases. Bank of America, the
nations biggest bank, $5; Wells Fargo, $3, Chase, $3 and Regions Financial, $4.
Retail groups say the new cap is a critical step in reining in fees that contribute to higher prices for shoppers.
The fees are among several new charges expected to hit consumers as new regulations crimp banks profits.
In June the Federal Reserve cut the fees to a maximum of 24 cents from 44 cents a transaction, on average. At pennies per
swipe, the fees add up quickly across millions of transactions. The limit is expected to cost banks about $6.6 billion in
revenue a year, beginning in 2012, according to Javelin Strategy and Research.

STORY: wsj 9/30

Bank of America Corp. is laying plans to charge millions of customers a $5 monthly fee to use their debit cards, and other big
banks are expected to follow suit. The industry says it needs the fees to recoup revenue it will lose because of new
government regulations taking effect Saturday that cap what they can charge merchants for debit-card transactions.
Bank of America, the largest U.S. bank by assets, disclosed the plan on Thursday in a memo to its senior staff. It intends to
begin collecting the fees nationwide early next year.

Several other large banks, including J.P. Morgan Chase & Co. and Wells Fargo & Co., are testing or plan to test
$3 fees in some states. Regions Financial Corp., a Birmingham, Ala.-based lender, has said it will start charging a
$4 monthly debit-card usage fee on certain accounts on Oct. 1.
New federal limits on debit-card "swipe fees" are expected to cost U.S. banks an estimated $6.6 billion a year in
lost revenue.
To offset that lost revenue, many banks have eliminated or scaled back debit-rewards programs, added monthly
fees for checking accounts and raised minimum balance requirements for customers to avoid certain fees.
The limits on debit-card swipe fees were finalized by the Federal Reserve Board in June. The new rules will cap at
24 cents the fee merchants pay banks each time a customer buys something with a debit card, down from the
current average of 44 cents. The rules apply to banks with $10 billion and more in assets.

(Turn page)
Page 3 of 4

EXERCISE 2
STORY/FACTS
Occupy Wall Street protesters have camped out in a park in lower Manhattan for nearly a month.
Big and powerful N.Y. unions are starting to support them. The health-care workers union 1199SEIU represents
200,000 members in New York and Long Island and 100,000 more on the East Coast. The Transport Workers
Union Local 100 represents 38,000 employees of the Metropolitan Transportation Authority.
1199 issued a statement Monday supporting the protest and vowing to help feed and train the protesters in first
aid and set up a task force to figure out what else to do. The unions have pledged to join the protesters on a
Wednesday march from City Hall to Zuccotti Park. Protesters have camped out in the park since Sept. 17.
"The premise of the protest, we're in complete agreement with," said TWU Local 100 President John Samuelsen. "It's
about fair share and it's about the claim that everybody needs to share a bit of the burden of this terrible economy."
Professionals are also joining the mostly young protesters.
A Connecticut teacher named Jim said he wouldn't give his last name because he was skipping work to be there. He didn't
plan to camp out because he had to be back at school on Tuesday. But he said his family members had lost their homes to
foreclosure and he felt a need to show up in person after following the protests in the media.
"These are real-life things that happen to people I know," he said. "We have to do something. I think the whole country is
feeling helpless right now. You don't have to necessarily stay in the park to show your solidarity."
STORY: WSJ/10/4
The mostly young Occupy Wall Street protesters camped out in a Lower Manhattan park are beginning to
attract backing from some of New York's most powerful labor unions.
On Monday, health-care workers union 1199SEIU issued a statement of support for the protests and said it would
help feed those camped out in the park, send nurses to train those providing first aid and set up a task force to
figure out what else it could do. The union represents 200,000 health-care workers in New York and Long Island
and 100,000 more elsewhere on the East Coast. The health-care workers joined Transport Workers Union Local
100, which represents 38,000 Metropolitan Transportation Authority employees.
The transport workers, 1199 and other labor groups plan to join the protesters for a Wednesday march from City
Hall to Zuccotti Park, where the protesters have camped since Sept. 17.
"The premise of the protest, we're in complete agreement with," said TWU Local 100 President John Samuelsen.
"It's about fair share and it's about the claim that everybody needs to share a bit of the burden of this terrible
economy."
Professionals have begun to intermittently join the protest. A Connecticut teacher named Jim said he wouldn't
give his last name because he was skipping work to be there and didn't plan to camp out because he had to be
back at school on Tuesday.
But he said he has watched several family members lose their homes to foreclosure and felt a need to show up in
person after following the protest in the media.
"These are real-life things that happen to people I know," he said. "We have to do something. I think the whole
country is feeling helpless right now. You don't have to necessarily stay in the park to show your solidarity."
Page 4 of 4