Question No 2 Wilson's Woollens manufactures jackets and other wool clothing. A certain designed ski jacket requires the following: Direct materials standard: 2 square metres at $13.50 per metre Direct manufacturing labour 1.5 hours at $20.00 per hour standard: During the third quarter, the company made 1.500 jackets and used 3,150 metres of fabric costing $39,375. Direct labour totaled 2,100 hours for $45,150. The company's chief financial officer is interested to know how actual production costs compared against standard costs during the third quarter and asks you to provide a variance analysis report. Prepare a variance analysis report for the chief financial officer for the standard cost variances for direct materials and direct labour indicating whether the variances are favourable or unfavourable with possible reasons for each of the variances. Question No 3 Differentiate between primary and secondary financial markets. Also, discuss the role of the primary and secondary segments of the financial markets. Question No 4 a. Kay and Arthur are newlyweds and have just purchased a flat for $70,000. Since the flat is very small, they hope to move into a single-family house in five years. How much will their flat be worth in five years if house prices are expected to rise by 8 per cent per annum? b. Calculate the future value of an annuity of $5,000 each year for eight years, deposited at 6 per cent. Question No 5 Define Risk in the context of financial decision making and narrate the various types of risk