2015 Dow Jones News Fund Business Reporting Test

2015 Dow Jones News Fund Business Reporting Test

Fund Use: Score_____

Please Print Clearly

Student_______________________________________ College______________________________________________ Address_____________________________________________ City ____________________ State_____ ZIP_________ Monitor's name & signature____________________________________________________ Date _____/______/2014

(Print name, then sign to certify student completed the exam in one hour or less.)

Monitor's Address______________________________________ City ___________________ State_____ ZIP________ Monitor's Phone Number (_____)______________ Monitor's 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 monitors for this national competition should not divulge the contents of this exam. No parts of this test can be reproduced without written permission of the Dow Jones News Fund. Copyright ? 2014 Dow Jones News Fund, Inc.

PART 1 ? FINANCIAL KNOWLEDGE.

1. What does F.C.C. stand for? What does it do?

2. What are the Food and Drug Administration's primary responsibilities?

3. What is a municipal bond? Who issues it?

4. Define the federal budget deficit. List three contributing factors in the last 14 years.

5. Explain how earnings per share is calculated; illustrate your answer.

2015 DJNF Business Reporting Internship Test

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PART 2 ? Current Events. Fill in the blanks. 1. _______________________________ bought the Los Angeles Clippers after Donald Sterling was forced to sell.

2. Protests and riots followed the fatal police shooting of a teenager in ___________________________________.

3. Recreational ______________________________ is legal in Washington and California. 4. ______________________ reported 40 million customers' credit and debit card data was hacked last year.

5. Hydraulic fracturing, known as ______________________________ is a method of drilling for oil or natural gas.

6. A surge of unaccompanied____________________________________ created a U.S. border crisis this summer.

7. The __________________________________opened 100 years ago connecting the Atlantic and Pacific oceans.

8. Name two African nations hit by an Ebola outbreak. _________________________________________________

9. The West enacted sanctions against ______________________ because of its role in fighting in eastern Ukraine.

10. Reports of patients dying on secret waiting lists rocked the Department of _______________________________.

PART 3 ? Usage. Underline the better bold-faced word.

Late Thursday, activist investor Carl Icahn disclosed he had amassed / accumulated a 6.6% stake in Gannett & Co. in recent months, as he believed the shares could rise if the company split in two. However, the media company had already announced plans to do just that early last week, saying it would create one entity focused on its broadcasting and digital business, and another for its publishing business.

Gannett, down 0.2% lower to $34 in recent trading, remains attractive. And while the news would have made a bigger impact had Icahn disclosed / revealed his stake before Gannett announced a split, it demonstrates savvy management and should reassure investors.

Smead Capital Management's director of research Tony Scherrer says Gannett has a history of friendly relations with its shareholders. He notes that while Gannett will welcome Icahn's further input, he likely won't / won't likely have many new ideas to bring to the table.

Although Gannett paid handsomely for , the website has been growing rapidly and diversifies the company's revenue streams. J.P. Morgan's Alexia Quadrani noted earlier this month that 's "EBITDA has grown approximately 20% in recent years, which could potentially implicate / imply a much lower multiple on forward numbers."

"Content is valuable and Gannett has more than 5,000 journalists writing very unique / unique and valuable content every day," says Scherrer.

2015 DJNF Business Reporting Internship Test

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PART 4 ? Writing and Reporting. Write a news article using only the facts and quotes below. You may use a

dark pencil or a pen; please ensure your completed story is clearly marked. If stapling a computer printout or additional sheet of paper for this exercise, please make sure your name, university and the date are on it.

FACTS

Most American workers receive around 10 paid work days a year and six federal holidays, according to the Center for Economic and Policy Research, a nonprofit think tank in Washington, D.C. So based on Bureau of Labor Statistics' current average weekly earnings, they're leaving more than $1,300 on the table by only taking half their paid time off. Workers in the European Union are legally guaranteed at least 20 paid vacation days a year -- and 25 or even 30 days a year in some European countries.

Some 40% of Americans will leave vacation time on the table, a separate study released Tuesday found, citing a postrecession "work martyr complex" among worker who feel tied to their desk. The study by GfK Public Affairs and Corporate Communications and the U.S. Travel Association -- which obviously has a vested interest in workers using up all their paid vacation time -- found that one-third of the 1,000-plus respondents say they cannot afford to take their time, 40% fear returning to a mountain of work and 35% believe no one else can do their work.

Americans are so busy looking over their shoulders at work, they only take half of their paid time off.

Since people take their work with them wherever they go, Palazzolo says, they may simply decide to stay put. But what's bad for the employee, she adds, is also bad for the employer.

People not used to taking time off may not understand that paid vacation is actually built into their compensation package. Under the Fair Labor Standards Act, the U.S. is also one of the few developed countries that doesn't require employers to provide paid time off. Still, 91% of full-time U.S. workers receive paid vacation, according to the Center for Economic and Policy Research, but only 49% of low-wage workers -- those in the bottom fourth of earners -- get paid vacation.

Employees only use 51% of their eligible paid vacation time and paid time off, according to a recent survey of 2,300 workers who receive paid vacation. The survey was carried out by research firm Harris Interactive for the careers website Glassdoor.

QUOTES "The inability to disconnect has led to a blurring of personal versus work life," says Piera Palazzolo, senior vice president for marketing at Dale Carnegie Training.

Why don't they take what's due? "Fear," says Scott Dobroski, career trends analyst at Glassdoor. "That's the underscoring theme."

"Taking vacation is important for creativity and energy levels," Palazzolo says. "They may be going through the motions at work, but not taking time off can lead to burnout."

(Use back page or staple additional sheets to write your story)

2015 DJNF Business Reporting Internship Test

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2015 DJNF Business Reporting Internship Test

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TEST KEY 2015 Dow Jones News Fund Business Reporting Test

Score_____

Student_______________________________________ College______________________________________________ Address_____________________________________________ City ______________________ State_____ ZIP_______ Monitor's name & signature____________________________________________________ Date _____/______/2014 (Print name, then sign to certify student completed the exam in one hour or less.) Monitor's Address______________________________________ City ___________________ State_____ ZIP________

Monitor's Phone Number (_____)______________ Monitor's Email address: __________________________________

Instructions: This test has a one-hour time limit. Please print clearly using a dark pencil or pen. Cell phones are discouraged. Calculators are permitted. If attaching a computer printout for the writing exercise, please make sure your name is on it.

Participants and monitors for this national competition should not divulge the contents of this exam. No parts of this test can be reproduced without written permission of the Dow Jones News Fund. Copyright ? 2014 Dow Jones News Fund, Inc.

PART 1 ? FINANCIAL KNOWLEDGE.

1. What does F.C.C. stand for? What does it do? The Federal Communications Commission regulates interstate and international communications by radio, television, wire, satellite and cable in all 50 states, the District of Columbia and U.S. territories.

2. What are the Food and Drug Administration's primary responsibilities? FDA is responsible for protecting the public health by assuring the safety, efficacy and security of human and veterinary drugs, biological products, medical devices, our nation's food supply, cosmetics, and products that emit radiation.

3. What is a municipal bond? A bond issued by a state, county, city, or town, or by a state authority or agency to finance projects.

4. Define the federal budget deficit. List three contributing factors in the last 14 years. The amount by which the government's total budget outlay exceeds its total receipts for a fiscal year. This year, FY 2014, the federal government in its budget estimated that the deficit will be $649 billion. Contributing factors: War on Terror, Social Security payments, Medicare, military spending, wars in Afghanistan, Iraq, military operations in Syria, recent recession, stimulus package, extended unemployment benefits

5. Explain how earnings per share is calculated; illustrate your answer. The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Calculated as:

2015 DJNF Business Reporting Internship Test

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PART 2 ? CURRENT EVENTS. Fill in the blanks. 1. _____STEVE BALLMER__________ bought the Los Angeles Clippers after Donald Sterling was forced to sell.

2. Protests and riots followed the fatal police shooting of an unarmed teenager in _FERGUSON, MISSOURI (MO)

3. Recreational MARIJUANA is legal in Washington and California. 4. TARGET reported 40 million customers' credit and debit card data was hacked last year.

5. Hydraulic fracturing, known as FRACKING is a method of drilling for oil or natural gas.

6. A surge of unaccompanied ILLEGAL/UNDOCUMENTED MINORS created a U.S. border crisis this summer.

7. The PANAMA CANAL opened 100 years ago connecting the Atlantic and Pacific oceans.

8. Name two African nations hit by an ebola outbreak: LIBERIA, NIGERIA, SIERRA LEONE, GUINEA

9. The West enacted sanctions against RUSSIA because of its incursions into Ukraine's Crimea region.

10. Reports of patients dying on secret waiting lists rocked the U.S. Department of VETERANS AFFAIRS.

PART 3 ? USAGE. Underline the better bold-faced word.

Late Thursday, activist investor Carl Icahn disclosed he had amassed / accumulated a 6.6% stake in Gannett & Co. in recent months, as he believed the shares could rise if the company split in two. However, the media company had already announced plans to do just that early last week, saying it would create one entity focused on its broadcasting and digital business, and another for its publishing business.

Gannett, down 0.2% lower to $34 in recent trading, remains attractive. And while the news would have made a bigger impact had Icahn disclosed / revealed his stake before Gannett announced a split, it demonstrates savvy management and should reassure investors.

Smead Capital Management's director of research Tony Scherrer says Gannett has a history of friendly relations with its shareholders. He notes that while Gannett will welcome Icahn's further input, he likely won't / won't likely have many new ideas to bring to the table.

Although Gannett paid handsomely for , the website has been growing rapidly and diversifies the company's revenue streams. J.P. Morgan's Alexia Quadrani noted earlier this month that 's "EBITDA has grown approximately 20% in recent years, which could potentially implicate / imply a much lower multiple on forward numbers."

"Content is valuable and Gannett has more than 5,000 journalists writing very unique / unique and valuable content

every day," says Scherrer.

2015 DJNF Business Reporting Internship Test

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PART 4 ? WRITING AND REPORTING. Write a news article using only the facts and quotes below. You may

use a dark pencil or a pen; please ensure your completed story is clearly marked. If stapling a computer printout or additional sheet of paper for this exercise, please make sure your name, university and date are on it.

FACTS

Most American workers receive around 10 paid work days a year and six federal holidays, according to the Center for Economic and Policy Research, a nonprofit think tank in Washington, D.C. So based on Bureau of Labor Statistics' current average weekly earnings, they're leaving more than $1,300 on the table by only taking half their paid time off. Workers in the European Union are legally guaranteed at least 20 paid vacation days a year -- and 25 or even 30 days a year in some European countries.

Some 40% of Americans will leave vacation time on the table, a separate study released Tuesday found, citing a postrecession "work martyr complex" among worker who feel tied to their desk. The study by GfK Public Affairs and Corporate Communications and the U.S. Travel Association -- which obviously has a vested interest in workers using up all their paid vacation time -- found that one-third of the 1,000-plus respondents say they cannot afford to take their time, 40% fear returning to a mountain of work and 35% believe no one else can do their work.

Americans are so busy looking over their shoulders at work, they only take half of their paid time off.

Since people take their work with them wherever they go, Palazzolo says, they may simply decide to stay put. But what's bad for the employee, she adds, is also bad for the employer.

People not used to taking time off may not understand that paid vacation is actually built into their compensation package. Under the Fair Labor Standards Act, the U.S. is also one of the few developed countries that doesn't require employers to provide paid time off. Still, 91% of full-time U.S. workers receive paid vacation, according to the Center for Economic and Policy Research, but only 49% of low-wage workers -- those in the bottom fourth of earners -- get paid vacation.

Employees only use 51% of their eligible paid vacation time and paid time off, according to a recent survey of 2,300 workers who receive paid vacation. The survey was carried out by research firm Harris Interactive for the careers website Glassdoor.

QUOTES "The inability to disconnect has led to a blurring of personal versus work life," says Piera Palazzolo, senior vice president for marketing at Dale Carnegie Training.

Why don't they take what's due? "Fear," says Scott Dobroski, career trends analyst at Glassdoor. "That's the underscoring theme."

"Taking vacation is important for creativity and energy levels," Palazzolo says. "They may be going through the motions at work, but not taking time off can lead to burnout."

(Use back page or staple additional sheets to write your story)

2015 DJNF Business Reporting Internship Test

Page 3 of 4

Americans only take half of their paid vacation

Americans are so busy looking over their shoulders at work, they only take half of their paid time off.

Employees only use 51% of their eligible paid vacation time and paid time off, according to a recent survey of 2,300 workers who receive paid vacation. The survey was carried out by research firm Harris Interactive for the careers website Glassdoor.

Some 40% of Americans will leave vacation time on the table, a separate study released Tuesday found, citing a post-recession "work martyr complex" among worker who feel tied to their desk. The study by GfK Public Affairs and Corporate Communications and the U.S. Travel Association -- which obviously has a vested interest in workers using up all their paid vacation time -- found that one-third of the 1,000-plus respondents say they cannot afford to take their time, 40% fear returning to a mountain of work and 35% believe no one else can do their work.

Most American workers receive around 10 paid work days a year and six federal holidays, according to the Center for Economic and Policy Research, a nonprofit left-of-center think tank in Washington, D.C. So based on Bureau of Labor Statistics' current average weekly earnings, they're leaving more than $1,300 on the table by only taking half their paid time off. Workers in the European Union are legally guaranteed at least 20 paid vacation days a year -- and 25 or even 30 days a year in some European countries.

People not used to taking time off may not understand that paid vacation is actually built into their compensation package. Under the The Fair Labor Standards Act, the U.S. is also one of the few developed countries that doesn't require employers to provide paid time off (see chart). Still, 91% of full-time U.S. workers receive paid vacation, according to the Center for Economic and Policy Research, but only 49% of low-wage workers -- those in the bottom fourth of earners -- get paid vacation.

Why don't they take what's due? "Fear," says Scott Dobroski, career trends analyst at Glassdoor. "That's the underscoring theme."

"The inability to disconnect has led to a blurring of personal versus work life," says Piera Palazzolo, senior vice president for marketing at Dale Carnegie Training.

Since people take their work with them wherever they go, she says, they may simply decide to stay put. But what's bad for the employee, she adds, is also bad for the employer.

"Taking vacation is important for creativity and energy levels," Palazzolo says. "They may be going through the motions at work, but not taking time off can lead to burnout."

2015 DJNF Business Reporting Internship Test

Page 4 of 4

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