Cold Comfort Farm Essay

Stella Gibbons’ Cold Comfort Farm is a story of a young woman named Flora Poste, and the result of her life after the death of her parents. She begins her new life living with Mary from the rich aristocratic side of London. However, rather than getting a job and working, she decides that she would like to live in the â€Å"real† world for her upcoming novel she plans to write within the next thirty years. In order to do so, Flora Poste decides she wants to live with relatives that are not necessarily wealthy but rather interesting in a literary perspective for experience. Through this decision, she declines marriage, as well as living with wealthy cousins, and leaves for Cold Comfort Farm to live among her first cousin, Judith Starkadder. Cold Comfort Farm is an old cursed farm inhabited by pessimistic hard-working poor individuals. Flora Poste’s arrival is barely welcomed as she learns to understand and adapt to the new miserable culture of Cold Comfort Farm. She learns of how her father had committed a terrible sin that no one speaks of, for which she wants to atone for her father’s wrongdoing. She learns of her Great Aunt Ada Doom, who has secluded herself from society and lives in her room alone due to the sin she had seen Robert Poste commit at youth. However even through all these downfalls, Flora Poste keeps a high head up and attempts to change life on Cold Comfort Farm. Flora Poste’s character is shown through her interaction with the people of Cold Comfort Farm. An example of this is when Flora Poste meets Miriam who is in labor, and explains to her how her situation can be resolved through protection and explains her knowledge of family planning to her. Flora Poste shows her sincerity when she interacts with Rubin. After making tea for him, he angrily tells Flora Poste how she cannot do the jobs that Rubin can. Rubin is worried, however Flora Poste explains how she does not want the farm, and how she would leave the farm to people who know how to handle it, such as Rubin, which makes him think twice. Slowly, Flora Poste is â€Å"tidying up† Cold Comfort Farm. Flora Poste’s interference on Cold Comfort Farm society turns into a positive influence. She grows with her relatives and aids them with their conflicts. Flora Poste aids her preaching cousin through a magazine ad of a Ford vehicle; she aids Adam with his cleaning and helping him with his personal issues. However, the one person she cannot seem to get through to is her Great Aunt Ada Doom, who refuses to listen, and consistently tells Robert Poste’s child that she saw something nasty in the woodshed. At a family meeting, every individual has explained the positive influence and changes in their lives thanks to Flora Poste. The only person that is not happy with this is Great Aunt Ada Doom. Even after a conflict arises, Flora Poste’s positivity brings happiness with everyone. It is learned that every member of the family was miserable and trapped, always aiding Aunt Ada Doom and never being truly happy. Aunt Ada Doom feels that everyone has left her and betrayed her. Flora Poste then aids Seth with becoming a movie star by bringing by Mr. Neck, who is looking for upcoming English movie stars and chooses Seth with no questions asked. Even when Great Aunt Ada forbids Seth from leaving, he leaves anyway. Towards the end of the story, Aunt Ada Doom and Flora Poste have a long conversation together, which results in a new change. At Flora Poste’s cousin’s wedding, Aunt Ada Doom arrives in fancy clothing and explains that although the wedding did not go the way she wanted it to, she has learned to be optimistic and is very happy at the wedding and compliments the bride and groom on how beautiful they look together. Aunt Ada Doom then talks about her great niece, Flora Poste, and how her influence has changed her life. It is essential to say that a smile appears out of Aunt Ada Doom’s lips. The influence that Flora Poste has on Cold Comfort Farm ends up changing the mood of the society. Her relatives end up pursuing their dreams and in return find true happiness. Originally these people, were trapped under the influence of Aunt Ada Doom, who saw something nasty in the woodshed, Whatever it was she had seen ruined the mood of everyone in Cold Comfort Farm, due to her isolation, and lack of respect for anyone, including herself. Flora Poste brings out everyone’s inner respect by giving respect primarily, she never brought herself down and always kept her head up, making her influence that much stronger.

Blacks in the Revolutionary War Essay

Blacks in the Revolutionary War1 Blacks in the Revolutionary War African American Studies Latasha Gating September 20, 2012 LaChanda K. Clemons Blacks in the Revolutionary War2 Looking back at the history of the United States, it is evident that the Revolutionary War impacted the country a great deal. It was the first war fought with slaves thanks to Lord Dunmore’s controversial proclamation. Historian Benjamin Quarles stated â€Å"The Negros role in the Revolutionary War can be best understood by realizing his major loyalty was not to a place nor to a people but to a principle. There were black loyalists, black sailors, black patriots and black regiments who fought and died in the name of Independence. It has been estimated that over 5,000 African Americans served as soldiers for the Continental army and more than 20,000 fought for the British cause. Slavery in Colonial America is noted to have begun in 1619 with the arrival of 20 African slaves on the Dutch ship named Man-o f-war. The slaves made up over half the population in the colonies although they were seen more so as property instead of people. In 1776, there were about 500,000 African American men, women and children slaves. Everyone had a reason for taking part in the war. There were factors that motivated the blacks to take part in such a battle as well. The text mentions that when it came to fighting between the Patriots on one side and their Loyalist American allies on the other, African Americans joined the side that offered freedom. Having that choice of gaining freedom in exchange for serving in the military was indeed motivation. Other motives for blacks were the Blacks in the Revolutionary War3 desire for adventure, belief in the justice and the goals of the revolution and the possibility of receiving a bounty. The Continental navy and The Royal Navy signed blacks into the navy because of the manpower shortages at sea. Some blacks had been captured from the royal navy and used by the Patriots on their vessels. They also served as seamen on British vessel. Slaves and free slaves served as seaman. Because so many Patriot leaders resisted employing black troops, by mid-1775, the British had taken the initiative in recruiting African Americans. Revolutionary leaders feared using blacks in the arm forces. They were afraid that the slaves who were armed would uprise against them. In May 1775 the Massachusetts Committee of Safety put a stop to enlisting slaves in the armies of the colony. However, this did not apply to the blacks who were already serving in the army. 1775-1783 the navy recruits freed black slaves and runaway slaves. Lord Dunmore, born John Murray, was the last Royal Governor of Virginia. Because he was short of men, Dunmore issued a proclamation stating that all able bodied men to assist him in the defense of the colony, including the slaves of rebels. He promised freedom to the blacks who served. After doing so in a month he had 800 soldiers. The purpose of his Proclamation was to declare martial law and to encourage slaves of rebels in Virginia to leave their masters and support the loyalist cause â€Å"All indentured servants, Negroes, or others†¦free that are able Blacks in the Revolutionary War4 and willing to bear arms†¦Ã¢â‚¬  Such an act outrage Virginians. Those that took Dunmore up on his word range between 800 and 2,000. The Virginia Congress replied to his Proclamation with the Dunmore’s wasn’t as successful as his plan out, the number of his soldiers decreased due to smallpox outbreaks. Dunmore’s Proclamation was the first mass emancipation of slaves in American history. After the war ended, over 5,000 blacks left for Jamaica or St. Augustine because they were the property of loyalist that they would never gain their freedom from slavery. By 1786, many were back in bondage. There were those who were Patriots’ slaves but sided with the British were promised their freedom and was granted such. Many black patriots found that the post war military held no rewards for them. So many men served in the armed forces which meant that their wives were left behind and had to take on their husband roles. Their lives changed a great deal during the Revolutionary War. The women, who could, serve the Colonial military forces and interacted with the male soldiers in camp. They were usually the wives and daughters of the male soldiers. The cooked, did laundry and cared for those that were sick. There also some who fought in the military battles: Margaret Cochran Corbin and Captain Molly. Molloy’s husband had taught her how to load and fire cannons. Black women, many of whom were slaves, served both Americans and the British in the capacity of nurses, laundresses and cooks. Blacks in the Revolutionary War5 Many African American soldiers fought and died for the sake of the Revolutionary War. The war ended in 1783, slavery was dying in the North and declining in Chesapeake. What was truly the purpose of Blacks fighting if they did not attain freedom at the end of the war? Were the lives lost beneficially to the slaves or was it just a gimmick to get blacks to stand in stops where white soldiers have already died in. Blacks in the Revolutionary War6 Bibliography Georgii, Colette. May 30, 2007. Slavery in Colonial America. www. helium. com/items/365359-Colonial-Early- Gabriel, Brian. Women’s roles and lives in the revolutionary war. http://www. ehow. com/) (http://blackloyalist. com/canadiandigitalcollection/story/revolution/dunmore. htm) Halpern, Rick (2002). Slavery and Emancipation. Blackwell Publishing. Pp. 90-91 Harold, Stanley, Hine, W. C. , Hine, D. C. The African American Odyssey: Volume 1, 5th Edition. Prentice Hall. 2011. Pearson Education, Inc. . (Scribner, Robert L. (1983). Revolutionary Virginia, the Road to Independence. University of Virginia Press. Pp. xxiv. ) ——————————————– [ 2 ]. Scribner, Robert L. (1983). Revolutionary Virginia, the Road to Independence. University of Virginia Press. Pp. xxiv [ 3 ]. Halpern, Rick (2002). Slavery and Emancipation. Blackwell Publishing. Pp. 90-91 [ 4 ]. Harold, Stanley, Hine, W. C. , Hine, D. C. The African American Odyssey: Volume 1, 5th Edition. Prentice Hall. 2011. Pearson Education, Inc. [ 6 ]. Gabriel, Brian. Women’s roles and lives in the revolutionary war. http://www. ehow. com/)

Gregor and Othello: Disillusionment Essay

An illusion is something that we think is real but is actually not. We produce illusions when our minds play tricks on us. When we discover the truth, we feel a terrible sense of disillusionment. This is when we discover that what have known all along has been false. Disillusionment thugs at our innermost core and lead us to deep misery. The characters of Gregor Samsa in Franz Kafka’s â€Å"The Metamorphosis† and Othello in Shakespeare’s play of the same title both experience this sense disillusionment. They both think that the thing that they believe in is real but towards the end of their lives, they discover that what they have believed in are just illusions. When Gregor Samsa turns into a giant insect, he notices the transformation but he still believes that he is still the human Gregor. Even if he notices that he turns into an insect, he is not worried. What he is worried about is that he is late for work and that his boss might get angry at him (1085). He forces himself to get up and thinks that what he has to do even if he sees that he has turned into an insect is to get dressed, have breakfast and catch the next train to work. Gregor’s illusion is that the world will treat him as Gregor the human even if his appearance has turned into an insect. It is an illusion because everybody who sees Gregor sees only the monstrous insect and not Gregor. He tries to make everyone understand that he is still Gregor but being turned into an insect, he talks like an insect and the insect noises that he makes are not understood by his family. The family sees a giant insect and hears insect noises. So even if inside that insect shell, there’s still Gregor who thinks human thoughts and feel human warmth and affection, outside, he is not Gregor anymore. His illusion is that others will see him as human and not as insect. There’s even a point in the when Gregor’s insect body grows on him that he starts to enjoy moving and using his new kind of feet. He learns to crawl around his room, on the wall and on the ceiling. When Gregor’s sister, Grete, notices Gregor’s behavior, Grete thinks that they should get rid of the furniture inside Gregor’s room to allow Gregor to crawl more freely (1098). Gregor initially welcomes the suggestion but is startled because he notices that with that suggestion, he is actually allowing his family to think that he has really turned into a crawling insect (1099). So he scared Grete and his mother while they are carrying the furniture out. Gregor holds on to his illusion that his family will eventually see that he is still Gregor. He always makes it a point to be courteous to his family. Since his family cannot take his hideous appearance especially his sister Grete who comes to his room for food, Gregor hides his body whenever he senses Grete getting inside his room. There is even one time when he labors for four hours just to cover his whole body for his sister Grete (1097). But as days pass, it becomes evident that Gregor’s family members will not look or relate to him as a human. Gregor’s disillusionment happens when he gets out of his room to get closer to Grete who is playing violin for the lodgers. When the lodgers and Grete see him, Grete tells everyone with Gregor in front of her: You just have to try to get rid of the idea that it’s Gregor. Believing it for so long that is our real misfortune. But how can it be Gregor? (1107) When Gregor hears his sister he becomes sad, returns to his room and dies in misery that he really cannot be Gregor anymore to his family. Othello’s illusion is that his wife is cheating on him. This is not real but Othello is tricked and made to believe of his wife’s infidelity. It is Iago, one of Othello’s men who cunningly produces the illusion in Othello’s mind. In Act 1 Scene III of the play, Iago makes a speech about his intention for tricking Othello. He hates Othello, â€Å"I hate the Moor†, because Othello does not make him Lieutenant. Instead, Othello chooses Cassio whom Iago believes to be less experienced and qualified (Shakespeare Act I Scene III Lines 383-404). Iago uses Cassio and even his own wife, Emilia to achieve his plot of ruining Othello by making him believe that his wife is having an affair with Cassio. Iago asks Emilio who works for Desdemona to steal Desdemona’s handkerchief given to her by Othello. Emilia does not initially suspect of Iago’s evil plot; she gets the handkerchief and gives it to Iago. Iago then puts the handkerchief in Cassio’s room (Act III Scene IV). This is what Iago uses to make Othello believe that Desdemona is having an affair with Cassio and Othello believes him. Othello’s disillusionment happens after he has killed Desdemona for believing that Desdemona is cheating on him. In Act V Scene II, Emily tells Othello that Desdemona loves him and that Desdemona does not give Cassio the handkerchief as token of her love (Lines 226-229). Othello confirms this with Iago’s behavior. As Emily is divulging the Iago’s evil plot, Iago kills Emily and runs away (Act V Scene II Line 239). Othello recognizes his foolishness, â€Å"O fool! O fool! O Fool! (Act V Scene II Line 322) The disillusionment leads Othello to misery and takes his own life. The characters of Gregor and Othello both hang on to illusions and feel a terrible sense of disillusionment upon learning of the truth. Disillusionment is a universal human emotion. As in the case of Gregor and Othello, disillusionment always result in pain for us humans because pain is the result of the destruction of that part of us that keeps us ignorant. The pain that comes with disillusionment signals that something in us is destroyed: our illusion and ignorance. Works Cited Kafka, Franz. â€Å"The Metamorphosis. † Literature World Masterpieces. 4th Ed. New Jersey: Prentice Hall, 1996, 1084-1110. Shakespeare, William. â€Å"Othello the Moor of Venice. † The Compact Bedford Introduction to Drama. Ed. Lee A. Jacobus. 5th Ed. New York: Bedford’s/St. Martin, 2005, 246-288.

Texas Government Essay Example | Topics and Well Written Essays - 500 words - 1

Texas Government - Essay Example e to one, those that are legislative to another, as well as those that are judicial to another; and no individual, or group of individuals, being a member one of these arms, can exercise any power appropriately connected to either of the others, except for the instances that are expressly permitted under their law (Texas Constitution and Statutes, 2014). This structure resembles the U.S.’s government i.e. legislative, judicial and executive. Each branch has different roles and powers. The legislative arm formulates the laws. The executive arm, on the other hand, enforces or carries the laws and the judicial arm, also known as the court system, decides on legal matters and also interprets the laws (Texas Constitution and Statutes, 2014). To balance power further, the Texas Constitution incorporates a system of checks and balances in which each arm has methods of checking, or restraining, the other two. These checks assist in preventing one branch from managing the entire govern ment own its own. This is similar to the one of the U.S. Constitution (Texas Constitution and Statutes, 2014). Under Article 1 of the U.S. Constitution, Section I offers Congress just those legislative powers herein contracted and goes on to list those acceptable actions under Section 8 of the same, whereas Section 9 explains actions, which are forbidden for the Congress (Kilman & Costello, 2000). The vesting section in Article II places no restrictions on the Executive branch, only stating that the executive command will be vested in a leader of the U.S. According to Article III, the Supreme Court, on the other hand, holds the judicial Power, and it developed the implication of judicial review in Madison v. Marbury under the U.S. Marshall court (Kilman & Costello, 2000). The federal regime refers to the arms as branches of government, whereas the Texas system uses the word "government" to refer to the executive branch (Kilman & Costello, 2000). The U.S. executive arm has tried to claim

Investigating Meaningful Teaching Essay Example | Topics and Well Written Essays - 1250 words

Investigating Meaningful Teaching - Essay Example 3). In inclusive classrooms, students with disabilities attend a regular class part of the day with resource room and other support services provided in the regular class. This can be considered as partial inclusion. However, during the recent times, the concept of full inclusion has been steadily gaining acceptance. The concept of full inclusion "maintains that a child with disabilities - even severe disabilities such as profound mental retardation - should be placed in a regular classroom for most or all of the school day" (Ayres & Meyer as cited in Kearney, 1996, "What is full inclusion" section, para. 1). The proponents of inclusion rationalize this concept on several grounds. First and foremost, inclusion is a right of all students. Students with disabilities learn social skills from their normally developing peers. Disabled students benefit from friendships and social relationships with non-disabled students and vice versa. Inclusion allows friendships among diverse students an d help children understand human differences (Price, Mayfield, McFadden & Marsh, 2000, Objectives section, para. 6). Placement of a child in a self-contained classroom involves removing the child from the general school population to work in a small controlled setting with a special education teacher (Mauro, 2009, Self-Contained Class section). Students in a self-contained class may work at different academic levels with different curricula, as they need different levels of specialization. Experiences, Observations and Opinions of Special Needs Educators A couple of teachers working with children with special needs in inclusive classrooms were approached and interviewed to learn their experiences and observations in working in that situation. According to them, special education is most meaningful and fulfils its purpose when children with special needs are capable of overcoming their shortcomings and become independent to the maximum extent possible by them. The same opinion was shared by educators working with children with special needs in self-contained classrooms as well. They recounted examples where children with some issues of dyslexia could be later on included in a regular classroom after initial training in the self-contained classroom. Another example was of a child with learning disabilities whose artistic skills were so encouraged that they could hold an exhibition of his works on the school grounds. His talent caught the attention of not only the students and their parents, but of the public and the media as well. Of course, the children's needs are at different levels and their likelihood of attaining independence is also varying. The teachers following both modes of education feel that they feel maximum satisfaction and contentment on seeing the evolution of a child with special needs to as close to a normally developed child as is possible by them physically, mentally and intellectually. This involves tackling not only academic and developmental issues, but also issues of social etiquette, propriety and decorum. What is most necessary here is being able to view a disabled child as a normal child with certain shortcomings and to

The effect of Spanglish on writers writing output Essay

The effect of Spanglish on writers writing output - Essay Example One major advantage of Spanglish is its ability to illustrate the power of the mind to play with words showing further inventive and creativity at some certain point. In other words, Spanglish could eventually make substantial touch in creative writing as in a way it could be highly viewed as creativity of the mind especially in aspects concerning words are played. In most of creative writing techniques, playing with words are normally highlighted just to help emphasize the main point of the writers and even emphasize their creative touch for more aesthetic feel. In other words, by this specific advantage, Spanglish eventually affects the way people right these days. People have creative ways and means to express themselves in writing and Spanglish eventually is a specific tool in helping them to wallow in deeper sense of creativity with words. Therefore, with Spanglish, there could be an assurance of achieving creative piece. There is eventually a market for Latino and Spanglish is remarkably accepted as an evolution of the language growth (Kevane & Heredia, 2000, p. 136). In other words, with Spanglish, it is not only on the point that creativity can be nourished, but with it also includes the fact that a writer would be able to use language freely and openly and allow it to grow or even execute the things it must necessary do. These are just some of the advantages of Spanglish, which substantially show that it has remarkable impact on the writer’s creativity to play with words in a positive way.... 240). In other words, Spanglish could eventually make substantial touch in creative writing as in a way it could be highly viewed as creativity of the mind especially in aspects concerning words are played. In most of creative writing techniques, playing with words are normally highlighted just to help emphasize the main point of the writers and even emphasize their creative touch for more aesthetic feel. In other words, by this specific advantage, Spanglish eventually affects the way people right these days. People have creative ways and means to express themselves in writing and Spanglish eventually is a specific tool in helping them to wallow in deeper sense of creativity with words. Therefore, with Spanglish there could be an assurance of achieving creative piece. There is eventually a market for Latino and Spanglish is remarkably accepted as an evolution on the language growth (Kevane & Heredia, 2000, p. 136). In other words, with Spanglish it is not only on the point that creat ivity can be nourished, but with it also includes the fact that a writer would be able to use language freely and openly and allow it to grow or even execute the things it must necessary do. These are just some of the advantages of Spanglish, which substantially show that it has remarkable impact on the writer’s creativity to play with words in a positive way. Disadvantages of Spanglish Spanglish is usually written by bilingual writers which means they also have to look out for readers who in nature are bilingual and have great affinity for combined languages (Castillo, 2005, p. 190). The problem therefore with Spanglish is finding for good markets for it. Hispanic are good market opportunities for Spanglish (Castillo, 2005, p. 190), but

Protien refording Essay Example | Topics and Well Written Essays - 2500 words

Protien refording - Essay Example During initial production and isolation of proteins, many factors such as overproduction, solvent interactions, mechanical interference, or others may result in the denaturation of proteins. Understanding protein folding involves understanding both the energy landscape of the protein system, and refolding techniques have been significantly improve as time-resolved techniques, including neutron scattering, have been developed and perfected by researchers around the globe. The techniques involve observation of protein dynamics in order to assess the critical point of refolding, information which can lead to the development of refolding solutions (Bu et al. 2001). Neutron scattering and similar inventive techniques, such as stopped-flow florescence. In order to scale up for commercial use, protein refolding techniques must be scale invariant, compatible for a large range of proteins, simple to automated, and overall economical. Methods that rely on denaturant dilution and column-based methodology generally will meet these criteria (Middelberg 2002). The technology of refolding has grown exponentially in the past decade, and new methods must be carefully designed to facilitate the automated and rapid determination of the conditions that must be met for refolding in order to be commercially viable. It, however, remains to be seen if researchers can translate new technologies—and possibly even the discovery of a new protein state—into technology that will improve efficiency in bimolecular research industries. Before use, proteins are generally solubilised before use in high concentrations of quanidinium chloride (GdmCl) and urea (De Bernardez 1998 and Schwarz et al. 1998). Either of these two solvents may cause certain proteins to denature, and refolding involves diluting to a low concentration zone.

Public Health in my backyard Research Paper Example | Topics and Well Written Essays - 250 words

Public Health in my backyard - Research Paper Example There is also a clean and organized produce and wet market located at the center of town. People can easily reach the grocery stores to buy the food they need. Some of the merchandise vary in cost. Some are cheap while others are relatively expensive. Regarding medical services, my community has several reachable clinics and health centers to provide medical attention to people. Unfortunately, most of these facilities are private institutions and do not accept Medicaid or Medicare. Health insurance is also not mandatory and most people choose not to have any because of the cost. For mental health and substance abuse, the people in the community need to travel several miles to reach attention. There are enough industries that provide jobs to the people in my community. Together with this benefit, however, is the problem of pollution in the water and air. The effect of the water pollution has been in the community for decades. Thus, the solution that has been recently implemented cannot yield results right away. It will take many more years before the waters in the community will be clear

Human Smuggling and Border Security Research Paper

Human Smuggling and Border Security - Research Paper Example Most of the countries that actively deal with the issue on smuggling are developed nations, especially since these countries have various resources that could be compromised or needed to be protected, as well as being lucrative places to sell items or goods at higher prices, compared to less-developed nations. The most well-known example of a country that is struggling and working hard in keeping out prohibited items or undocumented immigrants in the United States, where it is constantly being vigilant in the attempted entry of anything illegally from Central or South America such as drugs, weapons, and even people, which is ironic considering that there are a more open exchanges of goods and services, but through heavily-guarded state borders3. This is a very important battle for the US because not only are the businesses and the economy directly affected by the influx of untaxed goods but also human lives are at stake, especially among illegally smuggled people4. Since ancient times, along with the evolution of civilizations came ingenious ways to gain larger margins of profit among unscrupulous entrepreneurs, and smuggling became one of the most well-known methods of doing so, which is why it still remains rampant even today, especially in large nations like the US. However, the effects of human smuggling have wider effects than just the passage of goods, basically since most people illegally-living in the US would also count as parts of the labor force, making them pseudo-citizens that could repopulate sparsely-populated areas.

Forum Discussion - Coca-cola Company Essay Example | Topics and Well Written Essays - 250 words

Forum Discussion - Coca-cola Company - Essay Example riations.  So, before releasing any campaign in  the local  market, the national office of the company studies the future impact in country and modifies it per local culture before the release.   The company ensures that their marketing strategy includes local, national and regional traditions as well as customs. In Tunisia, the company sponsors the national football team, and engages the most popular singers to spread its message. As part of the CSR policy, the company sponsors students from this country for studying at Kelly School of Business at Indiana State University on  a regular  basis (Wagner).   Thanks for your response. As you know,  Coca-Cola is  a global corporation with appropriate company structure.   An essential part of company’s global business strategy, the sponsorship decisions are taken by integrated marketing department, located in headquarters of  Coca-Cola Company.   This department of the company is responsible for sponsorship, licensing and global media marketing strategies (Coca Cola). Since 1928, the company is sponsoring the Olympics, a global event handled solely by an integrated marketing department. Although, the company has been split in two parts -- Coco Cola Americas and Coca Cola International, the event will be promoted by both Coca Cola companies in their respective areas. Although  Coca-Cola is  a global company and uses  the global  approach for marketing its products,  the company policy regarding any ad campaign is to recognize the cultural and local variations and modify the campaign

The state of Social Security in the United States Term Paper

The state of Social Security in the United States - Term Paper Example The increasing numbers of baby boomers and the recessive trends in the economy have been the major concern of the young people who are the main contributors to the social security funds of the state. The role of the state therefore, has become crucial, while incorporating the new developments in the societal changes of the time in their social policy so that state benefit can reach every one. Social security is primarily insurance programs for the old age, survivors and widows of earning members, disability sector, unemployed and the people who need state benefits to survive with dignity. Popularly known as OASDI or Old- Age, Survivors and Disability Insurance, its major funding for the same comes from taxpayers who have to pay contribution under Federal Insurance Contribution Act or FICA. The tax deposits is transferred to trust funds dedicated under different programs like old age and survivors insurance fund, federal disability insurance trust fund etc. When the revenues exceed ex penditure, the excess fund is invested in government ‘bonds’ that is non marketable and is often used by government as deficit spending. In recent times, it has come under huge controversy mainly due to myriad reasons like increasing number of baby boomers who have retired, the rising numbers of unemployed who are unable to contribute etc. and therefore the burden of contribution to social security fund has increasingly been borne by the current contributors. They feel that the fund might not be able to sustain their old age needs. The changing demographic equation and the old has necessitated reforms within the social security programs of United States so that new mechanisms can provide equity in state benefits to the various segment of concerned population. The following recommendations are designed to evolve innovative input into the state policy matter vis-a-vis social security. It is envisaged that new mechanisms would facilitate for effective and long term sustain able social security programs. 1. Introduce tax benefits and retirement age Coile and Grubber (2000) believe that retirement age should be redefined in terms of years that could maximize social security wealth. Indeed, the retirement age needs to become the personal choice of the working population so that they are able to significantly increase their post retirement benefits. It is found that the tax benefits vis-a-vis age becomes a major incentive for the working population, especially for higher age group who increasingly pay lower taxes. Hence, innovative tax schemes should be introduced so that younger people would be attracted to contribute more towards social security fund. The baby boomers have become major beneficiaries of social security funds. The increasing number of baby boomers has significantly impacted the labor market and reduced productivity vis-a-vis accrued income to expenditure. The baby boomers and retirees who are in good health must be encouraged to become pr oductive through self employment. This would help lessen the burden on the young working population. Social security number should become mandatory for all citizens so that social security umbrella could be extended to the legitimate citizens of America. It is also recommended that the immigrant population should be required to pay extra for their spouse and children until the time they become eligible for permanent citizenship. 2. Investment of SS fund for

Case study Essay Example for Free

Case study Essay The resource allocation for each activity for each week and the total weekly resource assignments are show in Figure 1, which is a Gantt chart along with a histogram. Now, examine Figure 1 closely. Using the concept of resource leveling, determine the flaws in this resource schedule, write down the disadvantages of such resource loading and develop a more leveled schedule. This forms your Exercise 2 for this week. Candace Given below is the information about the IT project we discussed in our Lesson 5 commentary under Resource Leveling. Also given below is the current resource loading Gantt chart along with a histogram. Now, have a close look at figures given below and using the concept of resource leveling, determine the flaws in this resource schedule, write down the disadvantages of such resource loading, and develop a more leveled schedule. For your ready reference, an Excel sheet (ResourceLevelingExercise. xls) is provided to complete this exercise.

The Advantages And Disadvantages Of Traditional Absorption Costing And Activity Based Costing

The Advantages And Disadvantages Of Traditional Absorption Costing And Activity Based Costing The major distinguishing features of ABC compared with traditional costing system are that ABC systems assign costs to activity cost centres rather than departments. (Drury, 2008) Although traditional absorption techniques may apparently seem to less complicated or tedious as opposed to ABC, the report will show why, ABC is the best most accurate technique. The traditional technique used to determine which technique is better of the two will be absorbing indirect costs on a labour hour basis. Why does the company need either absorption costing or ABC? There are two main reasons why the company needs to employ either technique these include; To identify product costs for pricing and/or cost control purposes Its necessary for manufacturers to ascertain the cost of closing stock in order to measure and report profits to the shareholders, plus in the UK SSAP 9 IN 1975 has requires all companies to include manufacturing overheads in the cost of closing stock. (Drury, 2008) Differences between Traditional Absorption Costing and ABC There are three major differences between absorption costing and ABC: In traditional cost accounting it is assumed that cost objects consume resources whereas in ABC it is assumed that cost objects consume activities. Traditional cost accounting mostly utilizes volume related allocation bases while ABC uses drivers at various levels. Traditional cost accounting is structure-oriented whereas ABC is process-oriented. (Emblemsvag, 2008) This is further illustrated in the figure below (Emblemsvag, 2008) ABC brings detailed information from the processes up to assess costs and manage capacity on many levels whereas traditional cost accounting methods simply allocate costs, or capacity to be correct, down onto the cost objects without considering any cause and effect relations (Emblemsvag, 2008). Further differences include; (James D. Tarr, 2004) Traditional cost models apply resources to products in two ways. So called direct costs like material and direct labour are attributed directly to the product and other resources are arbitrarily allocated to the product, typically through the mechanism of direct labour hours, labour dollars or machine hours. Sales, marketing and administrative costs are not included in product costs. Activity Based Costing (ABC) does not change the way material and direct labour are attributed to manufactured products with the exception that direct labour loses its special place as a surrogate application method for overhead resources. Direct labour is considered another cost pool to be assigned to processes and products in a meaningful manner, no different than any other resource. The primary task of activity based costing is to break out indirect activities into meaningful pools which can then be assigned to processes in a manner which better reflects the way costs are actually incurred. The system must recognize that resources are consumed by processes or products in different proportions for each activity. With ABC, all costs reside in resources, which are such things as material, labour, space, equipment and services. Resources are consumed by activities which have no inherent cost. The cost associated with activities represents the amount of resource they consume per unit of activity. Resources and activities are then applied to cost objects, that is, the purpose for which the resource is consumed and the activity is performed. Each resource and activity has a unit of measure which defines the amount of the resource consumed or activity required by a unit of demand for it. Resources can be consumed by resources (e.g. office space resource is consumed by an employee resource), by activities (e.g. telephone resource is consumed by a customer service call activity) or by cost objects (e.g. material resource is consumed by a product cost object). Activities can be performed in support of another activity (e.g. invoice printing activity supports the billing activity) or in response to a cost object (e.g. purchase orders are issued to support the material acquisition process). A cost object can be a process or product and either an interim cost object or an end user (customer) cost object. For example, hiring personnel may be a cost object of Human Resources Department utilizing space, utility, telephone, supply and labour resources and performing advertising, calling, interviewing and orientation activities. That cost object may be a resource used by other departments to secure labour resource for their department. Building a network of resources, activities and cost objects defines the operational flow of the process or processes to be costed. Each resource and activity has a unit of measure which converts them at a unit of demand rate. If a cost model is to be useful and effective in determining process and product costs, it is imperative that the business process be identified and understood first. Only then can costs be attached to determine the cost of the defined process.  (James D. Tarr, 2004) Advantages and Disadvantages of Traditional absorption costing techniques Advantages: (College Accounting Coach, 2006) It recognizes the importance of fixed costs in production. This method is accepted by Inland Revenue as stock is not undervalued This method is always used to prepare financial accounts; When production remains constant but sales fluctuate absorption costing will show less fluctuation in net profit and Unlike marginal costing where fixed costs are agreed to change into variable cost, it is cost into the stock value hence distorting stock valuation. Disadvantages: Ignores the fact that different products make different demands on factory support services. (Drury, 2008) As absorption costing emphasized on total cost namely both variable and fixed, it is not so useful for management to use to make decision, planning and control. (College Accounting Coach, 2006) As the managers emphasis is on total cost, the cost volume profit relationship is ignored. The manager needs to use his intuition to make the decision. (College Accounting Coach, 2006) Lucey, lists the following Advantages and Disadvantages of Activity Based Costing (ABC) (Lucey, 2002) Advantages: More realistic product costs are provided especially in, industries where support overheads are a significant proportion of total costs. More overheads can be traced to the product. ABC is concerned with all activities so takes product costing beyond the traditional factory floor basis. It recognises activities which cause cost, not products and it is products which consume activities. Focuses attention on the real nature of cost behaviour and helps in reducing costs and identifying activities which do not add value to the product. ABC recognises the complexity and diversity of modern production by the use of multiple cost drivers, many of which are transaction based rather than based solely on production volume. ABC provides a reliable indication of long run variable product cost which is relevant to strategic making. ABC is flexible enough to trace costs to processes, customers, areas of managerial responsibility, as well as product costs. ABC provides useful financial measures (e.g. cost driver rates) and non-financial measures (e.g. transactions volume) Disadvantages: Even though ABC removes most the problems with traditional absorption techniques its faced with the following criticism The choice of cost drivers. It is a simplistic assumption that a chosen cost driver is an adequate summary measure of complex activities The assumption of a direct, linear relationship between the usage of a cost driver and the amount of overheads. Very few costs indeed are truly variable in this sense whether in the short or long term. The problem of common costs. It is often difficult to attribute costs to single activities; some costs support several activities. Tracing difficulties. It is not always apparent which product should carry the traced overhead. Complexity. A full ABC system having numerous cost pools and cost drivers is more complex and consequently more expensive to operate. (Lucey, 2002) Definitions: An allocation: where discrete items of cost can be allotted to cost centres An apportionment: this is where the cost has to be spread or shared over several cost centres Absorption rates: Is the rate determined in advance for all cost centres for allocating fixed costs and variable costs (together or separately) to the output, in an accounting period. Recommendation: I suggest that the company consider adopting the ABC technique as this is much more suitable way to monitor costs especially in a company in where direct costs are a declining proportion of total cost and support overheads are a major proportion of costs in this company and is therefore of considerable importance that these support overheads are traced to product costs in a more realistic manner.

Rewards and Challenges of a Career in Nursing

Rewards and Challenges of a Career in Nursing Rewards and challenges of a career in nursing Nursing is often portrayed as a glamorous job and a career that many aspire to pursue. Like any other profession, a career in nursing has rewards and challenges. Nurses have the opportunity every day to make a difference in peoples lives, to connect on a personal level with another human being, and to be part of a profession that has stood the test of time throughout the ages. Nursing is currently facing a crisis of a shortage of trained nurses. Hospitals and medical facilities must address the issues of nurse retention and increasing job satisfaction in order to overcome this crisis. Many professions claim to make a difference in peoples lives. However, there is no guarantee what extent that difference will be. The opportunity to truly make a difference in someones life is one of the many rewards of nursing. A typical day of a nurse is filled with long hours of physical, mental, and emotional work. The role of a nurse varies from providing wellness education to healthy individuals to caring for sick or hurt individuals to caring for clients at the end of their lives. A nurse must constantly be at the top of their game intellectually, ready to meet the challenges of client care and make life and death decisions in a split second. This is not an easy job and can leave one exhausted and drained at the end of the day. One nurse stated, It feels great to go home so tired but knowing youve made a true difference in someone elses life (Nursingà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s top, 2000, p. 42). Through long hours of hard work, nurses are able to go home at the end of the day knowing that their caring touch and compassionate service truly impacted the clients with whom they interacted. Nursing is a hands-on profession, and the ability to relate to and connect with another human being on a personal, intimate level is rewarding. It is a sign of trust and respect from the clients being cared for. Clients are vulnerable and often in situations that are uncomfortable and awkward. In order to provide quality client care, nurses must interact and connect with their clients on a personal level and show they truly care for their well-being. According to Riley (2008), caring is essential for an effective nurse-client relationship and guides the way for developing a level of hope and trust between the nurse and client. Nurses show they care not only by tending to physical needs but by spending time with the client and taking time to understand their needs and the wishes and desires of the client and their family. For many nurses this human connection (Nursingà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s top, 2000, p. 42) is the main reason they have chosen a career in nursing. From Florence Nightingale to the battlefield nurses of World War II, the profession of nursing has stood the test of time and will continue to do so as long as there is pain and suffering in the world. This everlasting nature of the service nurses provide is rewarding to those who continue the legacy of providing compassionate care and nurturing through pain and suffering (Nursingà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s top, 2000). There is no end in sight for the need of additional nurses. Zurmehlys research (2008) projects a 29% increase in the demand for nurses between 2000 and 2020. As the population continues to grow and the number of senior adults continues to rise, so does the need for more nurses (Buerhaus, Staiger, Auerbach, 2003). The profession of nursing has changed throughout the years to meet the needs of the culture and the increasing demand for new nurses continues to carve out the legacy of the future of nursing. In any rewarding career, there are also challenges to overcome. Nursing is no exception. The 21st century is facing a nursing crisis that is not new to the profession: a shortage of qualified nurses. The current nursing shortage has roots in the late 1990s (Buerhaus et al., 2003). Much research has been directed at identifying the cause of the nursing shortage and how to fix the problem. As the general population continues to age, so does the population of nurses. In 2002, it was estimated that nearly one-third of working nurses were over the age of 50 (Atencio, Cohen, Gorenberg, 2003). This trend continues today and is a major contributor to the nursing shortage as more nurses are retiring and fewer nurses are entering the workforce. Factors such as job-related stress, physical demands, administrative responsibilities taking away from client care, high nurse-to-client ratios, insufficient monetary compensation, and lack of continuing education are making it harder to keep and retai n qualified nurses (Albaugh, 2003). In order to maintain the highest level of client care, addressing the shortage of qualified nursing personnel must be a priority. Retention of nurses is key in reducing the current shortage. With the rise in median age of nurses over recent years, hospitals are challenged to find ways to keep older, more experienced nurses and ways to attract and recruit new, younger nurses. Physical demands of the job are often to blame for nurses choosing to leave the profession. Facilities must make changes to decrease the physical demands placed on the nursing staff. Tampa General Hospital implemented a program in 2002 that created a lift team. These specially trained personnel were on-call specifically for the purpose of lifting and moving clients. This initiative reduced the physical demands on the nursing staff and allowed them more time to provide quality care to their clients (Runy, 2006). Inadequate compensation also affects retention of nurses. Nurses want to be compensated appropriately f or the work they perform and also to receive incentives to remain, including monetary recognition, retirement and benefit packages, and longevity compensation (Zurmehly, 2008). A hospital in Texas has attempted to retain veteran nurses by offering longevity bonuses bi-weekly beginning after 10 years of service (Runy, 2006). Nurses, particularly older nurses and working parents, often find themselves trying to juggle work and home responsibilities. Runy (2006) describes how flexible and creative scheduling allows nurses to work around their schedule and maintain some balance between career and personal activities, which leads to improved job satisfaction and retention. Job satisfaction plays a role in the nursing shortage crisis. Dissatisfied nurses are leaving the client care setting or are choosing to leave the profession altogether. The solution to increasing job satisfaction, which is directly related to increased retention, can be accomplished by improving work conditions for nurses (Atencio et al., 2003). On-the-job stress leads to physical problems and decreased work performance. Clients today are older, sicker, and have multiple medical problems compared to in the past. These changes contribute significantly to work-related stress. Nurses often feel that they must constantly rush from one task to the next due to unrealistic workloads and high nurse-to-client ratios (Riley, 2008). Hospitals must address the concerns of working conditions and implement change to develop places nurses want to work. The best place to start in addressing working conditions is with nurses. Nurses are on the front lines day in and day out and are the experts on wo rking conditions and what must be done to improve them. Nurses want to work in places that enable them to provide quality care to clients and want to have a say in the processes that directly affect their job (Runy, 2006). Job satisfaction is increased as nurses receive training in multiple disciplines. With clients presenting with multiple comorbidities and diagnoses, it is essential that nurses have the knowledge and the skills to provide care to these clients. Continuing education should be available and all nurses should be encouraged to learn new skills and keep up-to-date with current trends and changes in technology and medical care. Finally, job satisfaction among nurses increases when they work in an environment where they feel part of a team, validated, and receive real-time feedback relating to the care they provide. Management involvement in the day-to-day work environment builds unity and motivates the nursing staff and is an essential component of job satisfaction and retention (Albaugh, 2003). Although nursing is demanding, physically challenging, and requires a lot of hard work, nurses are rewarded by making a difference in the lives of their clients, developing trusting relationships with other people through connecting and caring, and being part of a professional legacy that has stood the test of time. The profession is in the midst of a crisis due to the shortage of qualified nurses. To overcome this crisis, medical facilities must address the issues of nurse retention and job satisfaction in order to provide quality client care and continue the legacy of nursing that was set in motion so many years ago.

Lady Macbeth - A Wife in Support of Her Husband :: Macbeth essays

Lady Macbeth: A Wife in Support of Her Husband One of the main characters in Macbeth, Lady Macbeth, has been an object of intense criticism. Although sometimes regarded as cruel and vile, evidence exists that Shakespeare did not intend for her to be judged so harshly. By evaluating her character in relation to her actions, her overall relationship with Macbeth, and her death, we can see that Shakespeare quite possibly wanted Lady Macbeth to be judged in association with the actions of Macbeth. What appears to others as ruthlessness and ambition, is really her loyalty and love for him. Just as Macbeth is ambitious for the throne, so is Lady Macbeth driven to assist him. All of her actions are done out of devotion and allegiance to Macbeth. Throughout the play, the character of Lady Macbeth is developed through her actions, which reveal her inner cravings. She plays the important role of one who gives incentive to Macbeth, as well as one who supports him through difficult times. She is the catalyst who starts Macbeth's thinking. She possesses an aspect which cares for the future of her husband, and therefore inspires him to pursue the possibilities. More important than advocating actions to take the kingship, Lady Macbeth encourages Macbeth to remain strong. When his weaknesses appear, she remains firm. Because of Lady Macbeth, Macbeth achieves success. Once set on attaining the crown, Lady Macbeth pushes Macbeth to remain valiant and assists him in his pursuits. The goals of Macbeth become her aspirations as well. When Macbeth informs Lady Macbeth of his new found glory, she immediately begins thinking of the possibilities that lie in the future. Her initial desire to help Macbeth take the crown becomes clear when she speaks, "That I may pour my spirits in thine ear,/And chastise with the valor of my tongue/ All that impedes thee from the golden round/ Which fate and metaphysical aid doth seem/ To have thee crowned withal" (I.v.26-30). Although it appears that she is monstrous, she is expressing her care for Macbeth by wanting to assist him. She continues on to say, "Come, you spirits/ That tend on mortal thoughts, unsex me here,/ And fill me, from the crown to the toe, top-full/ Of direst cruelty!" (I.v.40-43). This quote is voiced with the intention to become strong to help murder Duncan for her husband's grandeur. Upon Macbeth's arrival to see her, she expresses her plan to kill Duncan, and then utters, "Only look up clear./ To alter favor ever is to fear./ Leave all the rest to me" (I.

Scrooge in A Christmas Carol By Charles Dickens Essay example -- Charl

A Christmas Carol By Charles Dickens Scrooge is represented from the beginning as a miserable old man being described as a "squeezing, wrenching, grasping, scraping, clutching, covetous, old sinner!" I think this a perfect description of him in one sentence. People know Scrooge well and avoid him, this suites Scrooge because he does not like other people and not a big fan of being sociable. The name 'Scrooge' was created by Dickens and is now well known in the dictionary as someone that is mean, this is basically what Scrooge is in the novel, a symbol of meanness. It is described that the people know Scrooge well and avoid him as much as possible. Although this suites him well because he does not like other people, and is not sociable in any way. Dickens makes you dislike Scrooge from the very beginning by using a number of methods such as, the described setting and Scrooge, how he treats the poor, the language used etc. The setting he's in is just like him, cold, gloomy, small and cheap. His treatment to the poor is appalling as when he is asked to give a donation for them he replies, "Are there no prisons?" "And the Union Workhouses?" this is very harsh and selfish, because he is basically saying they should be put in prison instead of trying to get money off of him, this instantly creates bad impression on him. His counting house is described by Dickens to be like a "dismal little cell", this gives the impression that it is cheap, dark and cold because the fire he describes is so small its as if it only has one coal. Being so cheap and not wanting to spend anymore money than he has to he only employs one person Bob Cratchit (... ...ery clear that, is you are not kind to people then you will have something bad happen to you in your afterlife. This is proved clear when Marley's ghost appears, and explains to Scrooge that there is "'No rest, no peace. Incessant torture of remorse'" as he when he was living acted just as Scrooge does. Dickens portrays Scrooge in many different but excellent ways and makes you feel a real sense of hatred for him by doing this. By setting the novel in the Victorian era it helps to create an image of the destitute poor and how badly people like Scrooge treat them. The actual setting he is in is similar to Scrooges personality and features, the use of similes and other descriptive language all add to Scrooges nasty nature. To sum up what the reader is encouraged to feel in the first chapter is basic hatred for Scrooge.

India shine

As the first reports started to trickle in, the apprehensions of the party workers at 7 RCA and Congress WHQL began to crystallize to gloom. The early trends seemed to be daunting and slowly yet steadily the buildup towards the ultimate result was emerging. Beyond doubt the flow was In favor of Brutally Kanata Party (BGP), the major opposition party. By the end of the day†¦ The Congress was truly humbled with an abysmally low tally†¦ 44 seats, the lowest ever in the electoral history since independence. For the first time in two decades BGP emerged on its own as the arrest single party.Backdrop & Introspection The result had its impact, at the Congress Parliamentary Board Meeting, the next day. Party President Mrs.. Sonic Gandhi and the Vice President Mr.. Rural Gandhi offered to resign. In an expected twist to the tale, their resignations were not accepted and the party decided to take collective responsibility. There were many issues to focus and It was quite unclear as t o how the grand old party would seek to address these. For two successive terms, the party governed at centre along with Its coalition partners. 2004 elections sprang a definite surprise.The BGP government was on an upswing, the campaign was highly Innovative, the economy In good nick with growth rate around 9. 5% and the image of Its leader Mr.. ABA Payees was most respected. The party perceived itself to be in the driving seat and its campaign â€Å"India Shining† was expected to hit off well with the electorate. In spite of strong economic indicators, fairly good record of governance, general sense of well being and all the predictions of re-election, the BGP were stunned. The congress campaign negated the best of Bops claims thus enabling them to take the lead in forming the government.An intrepid and a politically innovative advertisement blitz failed to impress. The most unexpected happened and Congress secured its victory. The first five years I. E. 2004-2009, were con servative yet relatively non controversial. The symptoms of decline began to emerge. The economy was showing signs of recession, growth rate was on the slump, global economic conditions started to show challenging signs yet the congress managed to pull off In 2009 to get re-elected to form a coalition government again. Things began to change†¦ Emboldened by its re-election and the arty started to influence policies and decisions resulting in an indifferent state of governance, conflicts, dilution of control, ineffective monitoring. Ministries began to exert themselves and more or less operated with impunity and became non responsive to PM; abundance of corrupt practices and scandals broke out, economy began to decline with high inflation, price rise, unemployment, dropping investments, growing incidents of violence against women, Look pal agitation etc which put a great deal of pressure.The PM to large extent restricted his operations to his domain and as not seen exerting hims elf to bring the administration under his control. Coupled with this was the most Ineffective approach towards media and interaction on media which left the party scuttling for cover on many occasions. There emerged a general sense of strolls and stagnant state of affairs which was becoming a common overlook a large number of them. For the elections 2014, the focus of the party remained on personality I. E.BGP preliminaries candidate and the issue of secularism. The emergence of PAP and its impact was sidelined and many issues relevant to the runner context of elections were not taken into cognizance. The approach was quite ambivalent and ambiguous. The net result was a mixed message to the electorate looking for answers to questions which remained unanswered. Campaign Challenges : BGP By 2011, the BGP apparently began its preparations to target the 2014 elections. The party began its preparation with a focus on identifying the correct strategy.Having faced the double defeat in 2004 and 2009, it realized that success is possible if the party is able to project its image and be identified as a national alternative. In order to do so, it had to set itself on important issues namely Personality, Platform, Plank, Diversity, Demography and Development. By default, the PUP lead government seemed to pave way for crystallization of BGP campaign strategy by series of actions and inactions. As a first step, the BGP began the exercise of identifying a candidate suitable for spearheading the campaign.After a series of up's and town's, the party was able to narrow down to the CM of Gujarat, Mr.. Neared Mood. The choice was fraught with controversy as many including leading political analysts felt that this old endanger the Bops chances. Even within the party there was a dissent from senior leaders like ELK Divan, Cushman Swarms etc. The other national parties seemed to rejoice as they felt it was a trap BGP had set for itself and the choice would undo their chances. By 201 3, the official declaration took place and Mood was anointed the PM candidate, the face of BGP for the 2014 elections.While the choice of Mood was becoming a controversy, the approach towards elections was to be aligned. The reach out was tremendous, the political alliances were challenging, the geographical ileitis were imposing, the regional heavy weights were difficult to rope in, Mood as a choice was also alienating some erstwhile partners like JDK(U). The party had to identify themes and means to reach out to the target population and make a convincing pitch. The environment had undergone an extensive technology makeover since 2004.The decade has brought in changes in perception as regards elections, greater apolitical pro activity and dependence on reliable and fast communications. The demography too has undergone a rapid change; there was a growing sense of discontent on account of various factors effecting the society, economy and evildoer. Moreover, issues like unrest due t o nationalism, cross border tensions, reactive neighborhood etc also tended to make the Job of convincing electorate that much more difficult. Though the national situation on multiple fronts was grim, the fact that such a situation was a hidden opportunity or not was truly debatable.There were challenges in abundance and the choices were limited by time. The objective was to conceive and present a campaign which appeals to all sections simultaneously and converts the message to conviction and thereafter to action in terms of vote. Starting a campaign too early would be self defeating (2004 stands testimony for that) and too late would be ineffective or defensive (2009 a possible example). The question of when, where, how and who? For an effective campaign message and medium were to be identified and reinforced convincingly as a national alternative.Bops approach towards 2014 was characterized by structured planning and focused execution. It SE about the Job in a clinical manner wit h pre defined objectives to achieve. The campaign activity was set in motion by basic reorganization of the party dare, revamp & election of national executive, short listing prospective Prime Ministerial candidate, identifying issues relevant for campaign, projecting party agenda through articulate spokespersons, adopting multiple media options to leverage reach & communicate were part of numerous hurdles that needed to be considered.The national demography has undergone a substantial change and the increased awareness would also need specific attention. The climate across the country appears to have undergone a change with people across the cross section of society evincing a new found interest in elections. The youth and the educated middle and the upper middle class known for its disregard towards participation in elections appeared reengineering. A conservative estimate put the number of youth vote bank across the country was at 100 million.A substantial chunk of this needed to be harnessed and it was also essential for the party to enhance its vote share across the country. The party needed to correctly identify the challenges of multiple segments divided by diverse parameters such as culture, language, education, age, economic status, religion. Large number of local issues were taking precedence over sectional issues which diluted the party's influence visa–visa the regional players.The campaign called for deliberate action plan with defined objectives and with red flags across the time span to accelerate/ decelerate the campaign. The party decided to go all out leveraging the best of technical brains. A multi-tiered campaign was to be conducted with the objective of targeting and winning over the circumspect population in its favor.. The impact was like a corporate entity trying to rebind itself with a new product launch. There was branding, there was product development, here was segment specific media strategy and there was people to people co ntact.As the stage was set, the BGP was in top gear with the assemble results in northern states showing a thundering favor towards BGP. The time of opportune but the choices were different and difficult. Any misalignment would prove costly. The Aftermath The campaign was highly intense. Both the national parties pitched in all the resources. It was a no holds bar election with reputations at stake. The results were historic. An outright majority for BGP and an irrevocable domination of the Look Saba long with its allies.The congress and the PUP stood decimated. The results were a surprise & beyond all the expectations of all political parties, experts and election surveys. What went right for BGP and why? What factors in this election are lessons for use of effective advertising and media promotion? How did Congress â€Å"Fail to sense the pulse†? What went wrong with experts and pollsters who could not identify the mood? Did â€Å"Personality, Platform, Plank, Diversity, D emography and Development† influence the advertising and media choices and if so how?

Inflation Is Assumed

Inflation is assumed Chapter 1 True / False Questions 1. Inflation is assumed to be a temporary problem that does not affect financial decisions. FALSE 2. Financial Capital is composed of long-term plant and equipment, as well as other tangible investments. FALSE 3. Real Capital is composed of long-term plant and equipment. TRUE 4. During the 1930s, financial practice revolved around such topics as the preservation of capital, maintenance of liquidity, reorganization of financially troubled corporations and bankruptcy. TRUE 5. In the mid 1950s, finance began to change to a more analytical, decision-oriented approach.TRUE 6. Recently, the emphasis of financial management has been on the relationship between risk and return. TRUE 7. The most common partnership arrangement carries limited liability to the partners. FALSE 8. In terms of revenues and profits, the corporation is by far the most important form of business organization in the United States. TRUE 9. Dividends paid to corporat e stockholders have already been taxed once as corporate income. TRUE 10. One advantage of the corporate form of organization is that income received by stockholders is not taxable since the corporation already paid taxes on the income distributed.FALSE 11. A corporation must have more than 75 stockholders to qualify for Subchapter S designation. FALSE 12. Profits of a Subchapter S corporation are taxed at corporate tax rates. FALSE 13. Corporate governance issues have become less important to the financial community during the first decade of the new millennium. FALSE 14. Agency Theory examines the relationship between companies and their customers. FALSE 15. A major focus of the Sarbanes Oxley Act is to make sure that publicly traded companies accurately present their assets, liabilities and income in their financial statements.TRUE 16. The Sarbanes Oxley Act is primarily intended to increase public scrutiny of private companies that had previously been exempt from many public dis closure requirements. FALSE 17. Timing is not a particularly important consideration in financial decisions. FALSE 18. Maximizing the earnings of the firm is the goal of financial management. FALSE 19. Insider trading involves the use of information not available to the general public to make profits from trading in a company's stock. TRUE 20.Financial markets exist as a vast global network of individuals and financial institutions that may be lenders, borrowers, or owners of public companies worldwide. TRUE 21. Money markets refer to those markets dealing with short-term securities having a life of one year or less. TRUE 22. Money markets refer to markets where excess corporate cash is exchanged for foreign currencies that can earn a higher return than domestic money. FALSE 23. Capital markets refer to those markets dealing with short-term securities having a life of one year or less. FALSE 24. The primary market includes the sale of securities by way of initial public offerings.TR UE 25. High quality initial public offerings are usually sold in a primary market, such as the New York Stock Exchange. However, low-quality stocks must usually be sold in secondary markets, such as NASDAQ. FALSE 26. Although NASDAQ is a secondary market, some of the firms traded there, such as Microsoft, are large enough to move to the primary market if they so desire. FALSE 27. The secondary market characteristically has had stable prices over the past 20 years. FALSE 28. In the United States, stocks sold on either the New York Stock Exchange or NASDAQ are considered sold in the primary market.FALSE 29. New issues are sold in the secondary market. FALSE 30. Existing securities are traded in the secondary market. TRUE 31. Many companies have cross-listed their stock on multiple international stock exchanges and more than several hundred foreign companies have listed their shares on the New York Stock Exchange. TRUE 32. Financial management requires both short-term activities as wel l as long-term planning such as raising funds. TRUE Multiple Choice Questions 33. What is the primary goal of financial management? A. Increased earnings B. Maximizing cash flow C. Maximizing shareholder wealthD. Minimizing risk of the firm 34. In the past, the study of finance has included A. mergers and acquisitions. B. raising capital. C. bankruptcy. D. all of these. 35. Professor Merton Miller received the Nobel prize in economics for his work on   A. dividend policy. B. investment theory. C. working capital management. D. capital structure theory. 36. Professors Harry Markowitz and William Sharpe received their Nobel prize in economics for their contributions to the   A. options pricing model. B. theories of working capital management. C. theories of risk-return and portfolio theory. D. heories of international capital budgeting. 37. Proper risk-return management means that A. the firm should take as few risks as possible. B. the firm must determine an appropriate trade-off between risk and return. C. the firm should earn the highest return possible. D. the firm should value future profits more highly than current profits. 38. One of the major disadvantages of a sole proprietorship is   A. that there is unlimited liability to the owner. B. the simplicity of decision making. C. low organizational costs. D. low operating costs. 39. One of the major advantages of a sole proprietorship is   A. hat the owner has limited liability. B. that stock in the proprietorship can be easily transferred. C. that it is exempt from many tax rules that would otherwise apply when employees are hired by the firm. D. low operating costs. 40. The partnership form of an organization A. avoids the double taxation of earnings and dividends found in the corporate form of organization. B. usually provides limited liability to the partners. C. has unlimited life. D. simplifies decision making. 41. A corporation is A. owned by stockholders who enjoy the privilege of limited lia bility. B. easily divisible between owners.C. a separate legal entity with perpetual life. D. all of these. 42. With a Subchapter S corporation A. income is taxed as direct income to stockholders. B. stockholders have the same liability as members of a partnership. C. the number of stockholders is unlimited. D. life of the corporation is limited. 43. A Subchapter S corporation A. is similar to a partnership in that is carries unlimited liability. B. is a separate legal entity which is treated like a normal corporation. C. has all the organizational benefits of a corporation and its income is only taxed once. D. all of these. 44.Corporate governance is the A. relationship and exercise of oversight by the board of directors of the company. B. relationship between the chief financial officer and institutional investors. C. operation of a company by the chief executive officer (CEO) and other senior executives on the management team. D. governance of the company by the board of director s with a focus on social responsibility. 45. Many companies such as Tyco, Enron, and WorldCom that suffered financial distress in the late 1990s and early 2000s,   A. committed fraud. B. had failed corporate governance oversight. C. went bankrupt. D. ll of these are true. 46. Agency theory examines the relationship between the A. shareholders of the firm and the firm's investment banker. B. owners of the firm and the managers of the firm. C. board of directors and large institutional investors. D. shareholders and the firm's transfer agent. 47. Agency theory would imply that conflicts are more likely to occur between management and shareholders when   A. the company is owned and operated by the same person. B. management acts in the best interests of maximizing shareholder wealth. C. the chairman of the board is also the chief executive officer (CEO). D. he board of directors exerts strong and involved oversight of management. 48. Agency problems are least likely to arise in whi ch organizational form? A. sole proprietorship B. limited partnership C. corporation D. subchapter S corporation 49. Institutional investors are important in today's business world because   A. as large investors they have more say in how businesses are managed. B. they have a fiduciary responsibility to the workers and investors that they represent to see that the firms they own are managed in an ethical way. C. as a group they can vote large blocks of stock for the election of board members.D. all of these. 50. The increasing percentage ownership of public corporations by institutional investors has   A. had no effect on corporate management. B. created higher returns for the stock market in general. C. created more pressure on public companies to manage their firms more efficiently. D. taken away the voice of the individual investor. 51. The Sarbanes-Oxley Act was passed in an effort to A. protect small business from large corporations dominating the market. B. ensure that pa rtnerships divide profits among partners in a fair manner. C. guarantee outside auditors can control corporate accounting practices.D. control corrupt corporate behavior. 52. Maximization of shareholder wealth is a concept in which   A. increased earnings is of primary importance. B. profits are maximized on a quarterly basis. C. virtually all earnings are paid as dividends to common stockholders. D. optimally increasing the long-term value of the firm is emphasized. 53. Which of the following is not a true statement about the goal of maximizing shareholder wealth? A. It takes into account the timing of cash-flows. B. It is a short-run point of view which takes risk into account. C. It considers risk as a factor. D. None of these. 54.Insider trading occurs when A. someone has information not available to the public which they use to profit from trading in stocks. B. corporate officers buy stock in their company. C. lawyers, investment bankers, and others buy common stock in compan ies represented by their firms. D. any stock transactions occur in violation of the Federal Trade Commissions restrictions on monopolies. 55. The major difficulty in most insider-trading cases has been   A. that lenient judges have simply released the guilty individuals. B. that insider trading, even though illegal, actually serves a beneficial economic and financial purpose.C. that inside trades have not been legally well defined. D. inside trades actually have a beneficial effect on the wealth of all stockholders. 56. Money markets would include which of the following securities? A. common stock and corporate bonds. B. treasury bills and commercial paper. C. certificates of deposit and preferred stock. D. all of these. 57. Capital markets do not include which of the following securities:   A. common stock B. commercial paper C. government bonds D. preferred stock 58. When a corporation uses the financial markets to raise new funds, the sale of securities is made in the   A. rimary market. B. secondary market. C. on-line market. D. third market. 59. Corporate restructuring has been one result of more institutional ownership. Restructuring can cause   A. changes in the assets and liabilities of the firm. B. the sale of low-profit margin divisions. C. the removal of current management and/or large reductions in the workforce. D. all of these. 60. The internationalization of the financial markets has   A. allowed firms such as McDonalds to raise capital around the world. B. raised the cost of capital. C. forced companies to price everything in U. S. dollars. D. all of these. Chapter 2True / False Questions 61. The income statement is the major device for measuring the profitability of a firm over a period of time. TRUE 62. The income statement measures the increase in the assets of a firm over a period of time. FALSE 63. Operating profit is essentially a measure of how efficient management is in generating revenues and controlling expenses. TRUE 64. Ac counting income is based on verifiably completed transactions. TRUE 65. The P/E ratio is strongly related to the past performance of the firm. FALSE 66. When a firm has a sharp drop off in earnings, its P/E ratio may be artificially high. TRUE 67.The real value of a firm is the same from an economic and accounting perspective. FALSE 68. A balance sheet represents the assets, liabilities, and owner's equity of a company at a given point in time. TRUE 69. The investments account represents a commitment of funds of at least one year or more. TRUE 70. Asset accounts are listed in order of their liquidity. TRUE 71. Accumulated depreciation shows up in the income statement. FALSE 72. Total assets of a firm are financed with liabilities and stockholders equity. TRUE 73. Book value per share and market value per share are usually the same dollar amount. FALSE 74.Book value per share is of greater concern to the financial manager than market value per share. FALSE 75. Book value is equal to net worth. TRUE 76. Equity is a measure of the monetary contributions that have been made directly or indirectly on behalf of the owners of the company. TRUE 77. Stockholders' equity is equal to liabilities plus assets. FALSE 78. Retained earnings shown on the balance sheet represents available cash on hand generated from prior year's earnings but not paid out in dividends. FALSE 79. Retained earnings represent the firm's cumulative earnings since inception, minus dividends and other adjustments.TRUE 80. The statement of cash flows helps measure how the changes in a balance sheet were financed between two time periods. TRUE 81. Cash flow is equal to earnings before taxes minus depreciation. FALSE 82. An increase in an asset represents a source of funds. FALSE 83. Assume that two companies both have Net Income of $100,000. The firm with the highest depreciation expense will have the highest cash flow, assuming all other adjustments are equal. TRUE 84. An increase in inventory represe nts a source of funds. FALSE 85. An increase in a liability account represents a source of funds on the cash flow statement.TRUE 86. An increase in accounts receivable represents a reduction in cash flows from operations. TRUE 87. An increase in accounts payable represents a reduction in cash flows from operations. FALSE 88. The purchase of a new factory would reduce the cash flows from investing activities on the statement of cash flows. TRUE 89. The sale of corporate bonds held by the firm as a long-term investment would increase cash flows from investing activities on the statement of cash flows. TRUE 90. Paying dividends to common shareholders will not affect cash flows from financing activities. FALSE 91.The sale of a firm's securities is a source of funds, whereas the payment of dividends is a use of funds. TRUE 92. Depreciation is an accounting entry and does not involve a cash expense. TRUE 93. Free cash flow is equal to cash flow from operating activities minus necessary ca pital expenditures and normal dividend payments. TRUE 94. An increase in accounts receivable results in a cash inflow on the statement of cash flows. FALSE 95. A decrease in bonds payable results in a cash outflow on the statement of cash flows. TRUE 96. An increase in accrued expenses results in a cash outflow on the statement of cash flows.FALSE Multiple Choice Questions 97. Which of the following is not one of the three basic financial statements? A. Income Statement B. Statement of Retained Earnings C. Statement of Cash Flows D. Balance Sheet 98. Which of the following is not subtracted out in arriving at operating income? A. interest expense B. cost of goods sold C. depreciation D. selling and administrative expense 99. Increasing interest expense will have what effect on EBIT? A. increase it B. decrease it C. no effect D. not enough information to tell 100. The residual income of the firm belongs to A. creditors. B. preferred stockholders.C. common stockholders. D. bondholders . 101. Allen Lumber Company had earnings after taxes of $580,000 in the year 2006 with 400,000 shares outstanding on December 31, 2006. On January 1, 2007, the firm issued 35,000 new shares. Because of the proceeds from these new shares and other operating improvements, 2007 earnings after taxes were 25 percent higher than in 2006. Earnings per share for the year-end 2007 was   A. $1. 67 B. $1. 45 C. $1. 81 D. None of these 102. Consider the following information for Ball Corp. [pic] What is the Operating Profit for Ball Corp? A. $71,450 B. $90,000 C. 120,000 D. None of these 103. Candy Company had sales of $240,000 and cost of goods sold of $108,000. What is the gross profit margin (ratio of gross profit to sales)? A. 75% B. 55% C. 73. 3% D. None of these 104. Density Farms, Inc. had sales of $500,000, cost of goods sold of $180,000, selling and administrative expense of $70,000, and operating profit of $90,000. What was the value of depreciation expense? A. $170,000 B. $230,000 C. Less than $170,000 D. None of these 105. Elgin Battery Manufacturers had sales of $900,000 in 2006 and their cost of goods sold represented 65 percent of sales.Selling and administrative expenses were 9 percent of sales. Depreciation expense was $10,000 and interest expense for the year was $8,000. The firm's tax rate is 30 percent. What is the dollar amount of taxes paid? A. $151,200 B. $145,800 C. More than $151,800 D. None of these 106. A firm with earnings per share of $5 and a price-earnings ratio of 15 will have a stock price of   A. $20. 00 B. $75. 00 C. $3. 00 D. the market assigns a stock price independent of EPS and the P/E ratio. 107. Earnings per share is A. operating profit divided by number of shares outstanding. B. et income divided by number of shares outstanding. C. net income divided by stockholders' equity. D. net income minus preferred dividends divided by number of shares outstanding. 108. Reinvested funds from retained earnings theoretically belong to:   A. bond holders. B. common stockholders. C. employees. D. all of these. 109. The firm's price-earnings (P/E) ratio is influenced by its   A. capital structure. B. earnings volatility. C. sales, profit margins, and earnings. D. all of these. 110. Which of the following factors do not influence the firm's P/E ratio:   A. past earnings. B. shares outstanding.C. volatility in performance. D. none of these. 111. Which of the following would not be classified as a current asset? A. Marketable securities B. Investments C. Prepaid expenses D. Inventory 112. An item which may be converted to cash within one year or one operating cycle of the firm is classified as a   A. current liability. B. long-term asset. C. current asset. D. long-term liability. 113. Which of the following would not be included in the balance sheet investment account? A. stocks of other corporations B. long term government bonds C. marketable securities D. investments in other corporations 14. Which of the followi ng is not a primary source of capital to the firm? A. assets B. common stock C. preferred stock D. bonds 115. The major limitation of financial statements is A. in their complexity. B. in their lack of comparability. C. in their use of historical cost accounting. D. in their lack of detail. 116. Net worth is equal to stockholders' equity A. plus dividends. B. minus preferred stock. C. plus preferred stock. D. minus liabilities. 117. Book value is the same as A. stockholders' equity. B. fixed assets minus long-term debt. C. net worth. D. current assets minus current debt. 118.Total stockholders' equity consists of A. preferred stock and common stock. B. common stock and retained earnings. C. common stock and capital paid in excess of par. D. preferred stock, common stock, capital paid in excess of par and retained earnings. 119. The net worth of a firm A. is usually the same as the firm's market value. B. is based on current asset costs. C. is based on current liabilities. D. none of these. 120. The orientation of book value per share is __________, while the orientation of market value per share is ___________. A. short term, long term B. future, historical C. historical, future D. ong term, short term 121. A statement of cash flows allows a financial analyst to determine   A. whether a cash dividend is affordable. B. how increases in asset accounts have been financed. C. whether long-term assets are being financed with long-term or short-term financing. D. all of these. 122. A firm's purchase of plant and equipment would be considered a   A. use of cash for financing activities. B. use of cash for operating activities. C. source of cash for investment activities. D. use of cash for investment activities. 123. Depreciation is a source of cash inflow because A. it is a tax-deductible non-cash expense.B. it supplies cash for future asset purchases. C. it is a tax-deductible cash expense. D. it is a taxable expense. 124. Depreciation tends to A. increase cash flow and decrease income. B. decrease cash flow and increase income. C. affect only cash flow. D. affect only income. 125. Given the following, what is free cash flow? [pic] A. $115,000. B. $235,000. C. $185,000. D. $165,000. 126. Assuming a tax rate of 35%, depreciation expenses of $400,000 will   A. reduce income by $140,000. B. reduce taxes by $140,000. C. reduce taxes by $400,000. D. have no effect on income or taxes, since depreciation is not a cash expense. 27. Assuming a tax rate of 30%, the after-tax cost of interest expense of $200,000 is   A. $60,000 B. $140,000 C. $200,000 D. $120,000 128. Assuming a tax rate of 40%, the after-tax cost of a $200,000 dividend payment is   A. $200,000 B. $70,000 C. $130,000 D. none of these. 129. Farah Snack Co. has earnings after taxes of $128,750. Interest expense for the year was $20,000; preferred dividends paid were $18,750; and common dividends paid were $30,000. Taxes were $15,000. The firm has 100,000 shares of common stock o utstanding. Earnings per share on the common stock was   A. $0. 90 B. $1. 10 C. $0. 5 D. $0. 80 130. Gerry Co. has a gross profit of $880,000 and $360,000 in depreciation expense. Selling and administrative expense is $120,000. Given that the tax rate is 40 percent, compute the cash flow for Gerry Co. A. $456,000 B. $240,000 C. $600,000 D. None of these 131. Hoover Inc. has current assets of $360,000 and fixed assets of $640,000. Current liabilities are $90,000 and long-term liabilities are $160,000. There is $90,000 in preferred stock outstanding and the firm has issued 10,000 shares of common stock. Compute book value (net worth) per share   A. $84. 00 B. $66. 00 C. $75. 00D. None of these 132. The best indication of the operational efficiency of management is   A. net income. B. earnings per share. C. earnings before interest and taxes (EBIT). D. gross profit. 133. A corporation can increase their earnings per share by   A. increasing tax-deductible expenses B. increasing Treasury stock C. decreasing depreciation D. decreasing retained earnings From End of the Chapter 2 Problems 5. Given the following information, prepare, in good form, an income statement for Goodman Software, Inc. Selling and administrative expense$ 50,000 Depreciation expense80,000 Sales400,000Interest expense30,000 Cost of goods sold150,000 Taxes18,550 2-5. Solution: Goodman Software, Inc. Sales$ 400,000 Cost of goods sold 150,000 Gross Profit250,000 Selling and administrative expense50,000 Depreciation expense 80,000 Operating profit120,000 Interest expense 30,000 Earnings before taxes90,000 Taxes 18,550 Earnings after taxes$ 71,450 6. Given the following information prepare in good form an income statement for the Kid Rock and Gravel Company. Selling and administrative expense$ 60,000 Depreciation expense70,000 Sales470,000 Interest expense40,000 Cost of goods sold140,000Taxes45,000 2-6. Solution: Kid Rock and Gravel Co. Income Statement Sales$ 470,000 Cost of goods sold$ 140, 000 Gross profit$ 330,000 Selling and administrative expense$ 60,000 Depreciation expense$ 70,000 Operating profit$ 200,000 Interest expense$ 40,000 Earnings before taxes$ 160,000 Taxes$ 45,000 Earnings after taxes$ 115,000 7. Prepare in good form an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share. Sales$600,000 Shares outstanding100,000 Cost of goods sold200,000 Interest expense30,000 Selling and administrative expense40,000Depreciation expense20,000 Preferred stock dividends80,000 Taxes100,000 2-7. Solution: Virginia Slim Wear Income Statement Sales$600,000 Cost of goods sold 200,000 Gross profit400,000 Selling and administrative expense40,000 Depreciation expense 20,000 Operating profit340,000 Interest expense 30,000 Earnings before taxes310,000 Taxes 100,000 Earnings after taxes210,000 Preferred stock dividends80,000 Earnings available to common stockholders130,000 Shares outstanding100,000 Earnings per share$ 1. 30 8. Prepare in good form an income statement for Franklin Kite Co. , Inc.Take your calculations all the way to computing earnings per share. Sales$900,000 Shares outstanding50,000 Cost of goods sold400,000 Interest expense40,000 Selling and administrative expense60,000 Depreciation expense20,000 Preferred stock dividends80,000 Taxes50,000 2-8. Solution: Franklin Kite Company Income Statement Sales$900,000 Cost of goods sold400,000 Gross profit500,000 Selling and administrative expense60,000 Depreciation expense20,000 Operating profit$420,000 Interest expense40,000 Earnings before taxes$380,000 Taxes50,000 Earnings after taxes$330,000 Preferred stock dividends80,000Earnings available to common stockholders250,000 Shares outstanding50,000 Earnings per share$5. 00 9. Lasar Technology, Inc. , had sales of $500,000, cost of goods sold of $180,000, selling and administrative expense of $70,000, and operating profit of $90,000. What was the value of depreciation expense? Set this problem up as a partial income statement, and determine depreciation expenses as the plug figure. 2-9. Solution: Lasar Technology, Inc. Sales$500,000 Cost of goods sold $180,000 Gross Profit$320,000 Selling and administrative expense70,000 Depreciation Expense (plug figure) 160,000Operating profit$ 90,000 10. The Ace Book Company sold 1,500 finance textbooks for $185 each to High Tuition University in 2008. These books cost Ace $145 to produce. Ace spent $10,000 (selling expense) to convince the university to buy its books. In addition, Ace borrowed $80,000 on January 1, 2008, on which the company paid 10 percent interest. Both interest and principal of the loan were paid on December 31, 2008. Ace’s tax rate is 25 percent. Depreciation expense for the year was $15,000. Did Ace Book Company make a profit in 2008? Please verify with an income statement presented in good form. -10. Solution: Ace Book Company Sales (1,500 books at $185 each)277,500 Cost of goods sold (1,500 books at $145 each ) 217,500 Gross Profit60,000 Selling expense10,000 Depreciation expense 15,000 Operating profit†¦Ã¢â‚¬ ¦35,000 Interest expense 8,000 Earnings before taxes27,000 Taxes @ 25% 6,750 Earnings after taxes20,250 11. Carr Auto Wholesalers had sales of $900,000 in 2004 and their cost of goods sold represented 65 percent of sales. Selling and administrative expenses were 9 percent of sales. Depreciation expense was $10,000 and interest expense for the year was $8,000.The  firm’s tax rate is 30 percent. a. Compute earnings after taxes. b. Assume the firm hires Ms. Hood, an efficiency expert, as a consultant. She suggests that by increasing selling and administrative expenses to 12 percent of sales, sales can be increased to $1,000,000. The extra sales effort will also reduce cost of goods sold to 60 percent of sales (there will be a larger markup in prices as a result of more aggressive selling). Depreciation expense will remain at $10,000. However, more automobiles will have t o be carried in inventory to satisfy customers, and interest expense will go up to $15,000.The firm’s tax rate will remain at 30 percent. Compute revised earnings after taxes based on Ms. Hood’s suggestions for Carr Auto Wholesalers. Will her ideas increase or decrease profitability? 2-11. Solution: Carr Auto Wholesalers Income Statement a. Sales$ 900,000 Cost of goods old (65% of sales) 585,000 Gross Profit$ 315,000 Selling and administrative expense (9% of sales) 81,000 Depreciation 10,000 Operating profit 224,000 Interest expense 8,000 Earnings before taxes 216,000 Taxes @ 30% 64,800 Earnings after taxes $ 151,200 2-11. (Continued) b. Sales $1,000,000Cost of goods sold (60% of sales) 600,000 Gross profit 400,000 Selling and administrative expense (12% of sales) 120,000 Depreciation 10,000 Operating profit 270,000 Interest expense 15,000 Earnings before taxes 255,000 Taxes @ 30% 76,500 Earnings after taxes$ 178,500 Ms. Hood’s ideas will increase profits. 15. E lite Trailer Parks has an operating profit or $200,000. Interest expense for the year was $10,000; preferred dividends paid were $18,750; and common dividends paid were $30,000. The tax was $61,250. The firm has 20,000 shares of common stock outstanding. . Calculate the earnings per share and the common dividends per share for Elite Trailer Parks. b. What was the increase in retained earnings for the year? 2-15. Solution: Elite Trailor Parks a. Operating profit (EBIT)$200,000 Interest expense 10,000 Earnings before taxes (EBT)$190,000 Taxes 61,250 Earnings after taxes (EAT)$128,750 Preferred dividends 18,750 Available to common stockholders$110,000 Common dividends 30,000 Increase in retained earnings$80,000 [pic] Dividends per Share = $30,000/20,000 shares = $1. 50 per share b. Increase in retained earnings = $80,000 16.Johnson Alarm Systems had $800,000 of retained earnings on December 31, 2008. The company paid common dividends of $60,000 in 2008 and had retained earnings of $640 ,000 on December 31, 2007. How much did Johnson earn during 2008, and what would earnings per share be if 50,000 shares of common stock were outstanding? 2-16. Solution: Johnson Alarm Systems Retained earnings, December 31, 2008$800,000 Less: Retained earnings, December 31, 2007 640,000 Change in retained earnings$160,000 Add: Common stock dividends 60,000 Earnings available to common stockholders$220,000 Earnings per share [pic] 17.Mozart Music Co. had earnings after taxes of $560,000 in 2008 with 200,000 shares of stock outstanding. The stock price was $58. 80. In 2009, earnings after taxes increased to $650,000 with the same 200,000 shares outstanding. The stock price was $78. 00 a. Compute earnings per share and the P/E ratio for 2008. The P/E ratio equals the stock price divided by earnings per share. b. Compute earnings per share and the P/E ratio for 2009. c. Give a general explanation of why the P/E changed. 2-17. Solution: Mozart Music Co. a. EPS (2008)[pic] = $2. 80 P/E Ra tio (2008)= Price/EPS =[pic] = 21X b. EPS (2009)[pic] = $3. 5 P/E Ratio (2009)= Price/EPS=[pic]= 24X c. The stock price increased by 34% while EPS only increased 16. 1%. 20. Nova Electrics anticipated cash flow from operating activities of $6 million in 2008. It will need to spend $1. 2 million on capital investments in order to remain competitive within the industry. Common stock dividends are projected at $. 4 million and preferred stock dividends at $. 55 million. a. What is the firm’s projected free cash flow for the year 2008? b. What does the concept of free cash flow represent? 2-20. Solution: Nova Electronics a. Cash flow from operations activities$6. 0 million – Capital Expenditures1. 20 – Common stock dividends. 40 – Preferred stock dividends . 55 Free cash flow$3. 85 million b. Free cash flow represents the funds that are available for special financial activities, such as a leveraged buyout, increased dividends, common stock repurchases, acqui sitions, or repayment of debt. 21. The Rogers Corporation has a gross profit of $880,000 and $360,000 in depreciation expense. The Evans Corporation also has $880,000 in gross profit, with $60,000 in depreciation expense. Selling and administrative expense is $120,000 for each company.Given that the tax rate is 40 percent, compute the cash flow for both companies. Explain the difference in cash flow between the two firms. 2-21. Solution: Rogers Corporation – Evans Corporation | |Rogers |Evans | |Gross profit |$880,000 |$880,000 | |Selling and adm. expense |120,000 |120,000 | |Depreciation |360,000 60,000 | |Operating profit |$400,000 |$700,000 | |Taxes (40%) |160,000 |280,000 | |Earnings after taxes |$240,000 |$420,000 | |Plus depreciation expense |$360,000 |$60,000 | |Cash Flow |$600,000 |$480,000 | | | |Rogers had $300,000 more in depreciation which provided $120,000 (0. 40 ( $300,000) more in cash flow. | | | 22. Horton Electronics has current assets of $320,000 and fi xed assets of $640,000. Current liabilities are $90,000 and long-term liabilities are $160,000. There is $90,000 in preferred stock outstanding and the firm has issued 40,000 shares of common stock. Compute book value (net worth) per share. 2-22. Solution: Horton Energy Company Current assets |$320,000 | |Fixed assets |640,000 | |Total assets |$960,000 | |–Current liabilities |90,000 | |–Long-term liabilities |160,000 | |Stockholders’ equity |$710,000 | |–Preferred stock obligation |90,000 | |Net worth assigned to common $620,000 | | | | |Common shares outstanding |40,000 | | | | |Book value (net worth) per share |$15. 50 | 23. The Holtzman Corporation has assets of $400,000, current liabilities of $50,000, and long-term liabilities of $100,000. There is $40,000 in preferred stock outstanding; 20,000 shares of common stock have been issued. a. Compute book value (net worth) per share. b. If there is $22,000 in earnings available to common stockholders a nd Holtzman’s stock has a P/E of 18 times earnings per share, what is the current price of the stock? c. What is the ratio of market value per share to book value per share? 2-23. Solution: Holtzman Corporation |a.Total assets |$400,000 | |–Current liabilities |50,000 | |–Long-term liabilities |100,000 | |–Stockholders’ equity |$250,000 | |–Preferred stock |40,000 | |Net worth assigned to common |$210,000 | |Common shares outstanding |20,000 | |Book values (net worth) per share |$10. 50 | |b. Earnings available to common |$22,000 | |Shares outstanding |20,000 | |Earnings per share |$1. 10 | | [pic] | |c.Market value per share (price) to book value per share $19. 80/$10. 50 = 1. 89 | 24. Bradley Gypsum Company has assets of $1,900,000, current liabilities of $700,000, and long-term liabilities of $580,000. There is $170,000 in preferred stock outstanding; 30,000 shares of common stock have been issued. a. Compute book value (net worth) per share. b. If there is $42,000 in earnings available to common stockholders and Bradley’s stock has a P/E of 15 times earnings per share, what is the current price of the stock? c. What is the ratio of market value per share to book value per share? 2-24. Solution: Bradley Gypsum Company |a.Total assets |$1,900,000 | |–Current liabilities |700,000 | |–Long-term liabilities |580,000 | |Stockholders’ equity |$ 620,000 | |–Preferred stock |170,000 | |Net worth assigned to common |$ 450,000 | |Common shares outstanding |30,000 | |Book values (net worth) per share |$ 15. 00 | |b. Earnings available to common | | |stockholders |$ 42,000 | |Shares outstanding |30,000 | |Earnings per share |$ 1. 40 | | [pic] | |c.Market value per share (price) to book value per share $21. 00/$15. 00 = 1. 40 | Chapter 14 True / False Questions 148. Capital markets consist of securities having maturities greater than one year. TRUE 149. The capital structure of the f irm consists of long-term debt and equity. TRUE 150. Capital markets are becoming increasingly international as investors and issuers seek out the best risk-return opportunities. TRUE 151. Upon entering the capital markets, an investor might invest in common stocks, preferred stock, negotiable certificates of deposit, and convertible securities. FALSE 152.In the last decade, the US has invested substantially more in foreign countries than foreign countries have invested back in the US. FALSE 153. Municipal securities are called tax exempt because no federal taxes must be paid on interest received. TRUE 154. The stock market far exceeds the bond market in terms of size of new capital raised. FALSE 155. The capital markets serve as a way of allocating available capital to the most efficient user. TRUE 156. The main reason for the small amount of financing with preferred stock is that dividends on preferred stock are not tax deductible as are interest paid on bonds. TRUE 157. Retained earnings account for the majority of internally generated corporate funds. FALSE 158.When an investor buys stock in the stock market, he is purchasing shares from a company. FALSE 159. Internal funds generated by corporations include retained earnings and non cash expenses such as depreciation and deferred taxes. TRUE 160. Households and the government are mainly considered to be suppliers of funds while corporations are generally considered users of funds. FALSE 161. Financial intermediaries channel funds into the capital markets from the household sector. TRUE 162. Brokers on an organized stock exchange act as an agent for the person buying or selling securities. TRUE 163. Brokers actually own the securities they buy and sell on the floor of the exchange. FALSE 164.The NASDAQ National Market is composed of large nation-wide companies that are traded in the over-the-counter market. TRUE 165. The strong form of the efficient market hypothesis states that prices reflect all public in formation. FALSE 166. The efficient market hypothesis is generally concerned with the impact of information on the behavior of stock prices. TRUE 167. The weak form of the efficient market hypothesis states that an investor can profit by using past price data. FALSE 168. Markets are efficient when prices adjust rapidly to new information, continuous markets exist and large dollar trades can be absorbed without large price movements. TRUE 169.The Sarbanes-Oxley Act of 2002 holds the CEO legally accountable for the accuracy of their firm's financial statements. TRUE 170. The Sarbanes-Oxley Act of 2002 holds a firm's internal auditors legally accountable for the accuracy of their firm's financial statements. FALSE 171. The future of the NYSE is uncertain due to their unwillingness to adapt to the increase in internationalization and electronic trading in the markets. FALSE Multiple Choice Questions 172. Evidence of how global markets are linked was provided in 1997 and 1998 when intern ational markets reacted to   A. the collapse of Asian currencies in Thailand, Indonesia, Malaysia and Korea. B. Russia's default on its sovereign debt. C. Japan's seven years of economic stagnation.D. a and b are true. 173. When global capital markets collectively react to international events like Russia's default on its sovereign debt, it is common to find   A. that there is no impact on multinational companies' ability to raise capital. B. an impact on the ability to raise capital. C. that Wall Street firms are so diversified that they are not affected by this event. D. All of these are true. 174. Which of the following is not a money market instrument? A. Treasury bills B. Commercial paper C. Negotiable certificates of deposit D. Treasury bonds 175. Global capital markets are influenced by A. interest rates. B. investor confidence. C. elative economic growth. D. all of these. 176. Companies list their stock around the globe to A. capitalize on the inefficiency inherent in fo reign markets. B. increase liquidity for their stockholders. C. provide opportunities for the sale of new stock in foreign countries. D. b and c are correct. 177. Foreign investors have preferred to invest in the United States due to all but one of the following reasons:   A. less stringent regulation of securities markets. B. political stability of the U. S. government. C. the U. S. dollar is the world's international currency. D. all of these are reasons that foreign investors prefer to invest in the United States. 178.With respect to the United States and its relationship with the rest of the world, it can be said that   A. the U. S. has invested more dollars in the rest of the world than foreign countries have invested in the U. S. B. the U. S. has actively helped foreign countries finance their government deficits. C. foreign investors hold large positions in U. S. government securities. D. All of these. 179. Financial instruments in the capital markets generally fall under what category in the Balance Sheet? A. Short-term liabilities and equities. B. Long-term liabilities and equities. C. Near cash assets. D. None of these. 180. Corporations prefer bonds over preferred stock for financing their operations because   A. referred stocks require a dividend. B. bond interest rates change with the economy while stock dividends remain constant. C. the after-tax cost of debt is less than the cost of preferred stock. D. none of these. 181. Federally sponsored credit agencies include all but which of the following? A. Securities Investor Protection Corporation (SIPC) B. Federal Home Loan Banks (FHLB) C. Student Loan Marketing Association (Sallie Mae) D. Federal National Mortgage Association (Fannie Mae) 182. Which of the following is an internal source of funds? A. Cash flow from depreciation (tax shield) B. Net loss C. Repurchase of debt securities D. Bank loan 183.The major supplier of funds for investment in the whole economy is   A. businesses. B. hous eholds. C. government. D. financial institutions. 184. Financial intermediaries serve which of the following purposes? A. Financial intermediaries allow for indirect investment in the capital markets by households. B. Aid in the flow of funds through the economy. C. Help provide allocation of funds to the best investments. D. All of these. 185. Which of the following are benefits of financial intermediaries? A. Increase market liquidity B. Provide a direct market for investors C. Act as agents of the government D. Only a and b 186. The purpose of secondary trading is to A. rovide liquidity and competition between investments. B. provide a market to issue securities not handled in primary trading. C. provide jobs for brokers and dealers. D. provide lower commissions than on the organized exchanges. 187. The most important capital markets in the world (in terms of dollar value) are located in   A. New York. B. London. C. Toronto. D. Tokyo. 188. Which Stock Exchange is known as the m ost liquid? A. NASDAQ B. AMEX C. CBOT D. NYSE 189. Middle to small size companies that are centered in one city or state would most likely be found on the   A. NASDAQ National Market. B. NASDAQ Small Cap Market. C. Supplemental list. D. New York Stock Exchange. 190.The emergence of trading via ECNs has A. offer a unique advantage not offered by the NYSE B. lowered the cost of trading. C. made trading more difficult for small investors. D. all of these are true. 191. Which of the following is not a criterion for an efficient market? A. Prices adjust rapidly to new information. B. Large dollar amounts of securities can be absorbed without price destabilization. C. Each successive trade is made at a price close to the previous trade. D. Computerized handling of transactions. 192. Security markets are efficient when each of the following exist except   A. security prices follow the leading indicators such as the DJIA very closely. B. he markets can absorb large dollar amounts of sto ck without destabilizing the price. C. prices adjust rapidly to new information. D. there is a continuous market where each successive trade is made at a price close to the previous trade. 193. The efficient market hypothesis deals primarily with   A. random speculation in securities. B. the degree to which prices adjust to new information. C. degrees to which price movements are the result of past trends. D. how an investor can significantly outperform the market in general. 194. The efficient market hypothesis has several forms. The weak form states that   A. past price data is unrelated to future prices. B. prices reflect all public information. C. ll information both public and private is immediately reflected in stock prices. D. none of these 195. Security markets provide liquidity A. by allowing corporations to raise funds by selling new issues. B. by creating a market in which owners may easily turn an investment into cash through its sale. C. a and b are both correct. D. neither a nor b are correct. 196. The semi-strong form of the efficient market hypothesis states that   A. past price data is unrelated to future prices. B. prices reflect all public information. C. all information both public and private is immediately reflected in stock prices. D. none of these 197. The strong form of the efficient market hypothesis states that   A. ast price data is positively correlated to future prices. B. prices reflect all public information. C. all information both public and private is immediately reflected in stock prices. D. none of these 198. Security markets are affected by all of the following except:   A. interest rates B. global crises C. book values of equity D. emotions 199. Financial intermediaries include all of the following except:   A. commercial banks B. life insurance companies C. corporations D. pension plans 200. The purposes of security legislation include all of the following except:   A. protect against fraud B. ensure market efficiency C. reduce insider trading D. provide a global competitive advantage