Main Users of financial Reports and Their Conflicts Essay

Identify the main users of financial reports, explaining to what use(s) they may put such reports. To what extent is there a conflict between different uses? How far are these conflicts resolved in a single set of annual accounts? The financial reports are profit and loss account, balance sheet and cash flow statement. There are many users /parties interested in the accounts of a company /organization. These include the following: The owners / shareholders The directors / managers The employees The creditors, i.e. suppliers of goods on credit The tax authorities Lenders, such as banks or other financial institutions Government The users want the accounts for a variety of purposes, for example: The owners/shareholders are mainly concerned of the profitability of the business and they therefore use them to see if they are getting a satisfactory return on their investment, and also to assess the financial health of their company/business. They may also use financial statements to assess the performance of the managers and decide the pay of managers who are employed to run the business for owners, which is part of the stewardship role of the accounting. The directors/managers are the ones to conduct the day-to-day operations and decision-making of the business and they are, arguably, the most important users of the business because they require much more information in great detail on a more frequent basis than any other users. They normally use them for making both internal and external comparisons to evaluate the performance of business. They may compare their own financial analysis of their company with industry figures (competitors) in order to ascertain their company’s strengths and weaknesses. Management are also concerned with ensuring that the money invested in the company / organization is generating an adequate return and that the company / organization is able to pay its debts and remain solvent. The creditors want to know if they are likely to get paid, and look particularly at liquidity, which is the ability of the company / organization to pay its debts as they become due. They are also concerned with the viability of business. The tax authorities use them for value added tax, and income and corporation tax purposes. They are probably the one who concerned most with the genuineness of the financial statements as an underreported profit would reduce the amount of taxes being collected and the public would consequently be suffered as the money of government will have fewer funds to spend to improving the public transportation, pensions, reforms, etc. Prospective lenders use them to assess whether or not to invest their money in the company / organization. Government may wish to check whether the profit of the utility company are too excessive and thereby increasing the owner’s wealth too much while reducing the spending power the consumers in a whole. And the contractors of government’s profit shall be checked upon to see if they exaggeratedly quoted their prices during tendering and monitoring the progress of the contract being conducted. As having being identified above, different users have different concerns of  the financial aspect of the business and it would be listed as follows: The owners / shareholders: profitability & viability The directors / managers: profitability & viability The employees: viability The creditors, i.e. suppliers of goods on credit: viability: The tax authorities: profitability (net profit to be taxed) Lenders, such as banks or other financial institutions: profitability & viability Government: profitability & viability Owners / shareholders needs the generation of the profit on their investment and they expect a good return of their money they put in the business. And they also concerned with the viability because they want their business or business they invested to grow, to earn more money, instead of losing money, or going to liquidation (they may consequently loss all their money invested in the business!). The directors / managers because their pay may be linked to the performance of the business and the more profit they earned for the business, the higher their salary is likely to be. The viability is also important to them as they want to keep their current job as they are also employed by the business. Employees, if not shareholders of the business, are employed by the management to work for the business for various purposes. Their salary will be treated as an expense against gross profit so management may try to minimize this expense by employing an efficient worker who are reasonably paid and reducing the number of employees while at the same time add more  responsibilities to the remaining employees. Therefore, as long as the business remains, they could keep their job and secure their pay as a financial security, which is of great important to common employees. They would be happy to see the business grows via looking through the financial statements so that they would know that the can continuously work for the business. Creditors are concerned with the viability of business because they would like to know if they are likely to be paid by the business before too long. As long as the business has sufficient liquidity to pay them, they do not care and are not very interested in how much profit the business generated. Tax authorities always keep a keen eye on the profitability of the business because they want to the profit of the business to be taxed. They want to detect any underreported profit by examining the financial statements and attempt to discover any dubious items to be enquired and demanded details. Lenders, who provide long-term loan to the business, secured or unsecured, concern about the profitability and viability of the business as they want to know if they can be repaid in the schedule designated. Government may want business to sustain and therefore create more employment opportunities for the society. They would like to know the profitability of the business so as to impose regulations to keep the profit of business in a reasonable range to make it more afford and therefore increase the spending power of people and reduce the inflation. Although different users have different interests in business, the conflict can mainly be solved by the general-purpose and standardized format of financial statements. Because it is very costly and impractical to produce a different financial reports to each and every specific users, it is widely accepted that a general-purpose financial statements be produced to satisfy the most needs of the all users. Standardized format would provide a easier way to make comparison of the business with its competitors as well as with the past reports of the business itself.

Personality Theory Analysis Essay

In human nature, personality is explained in various ways depending on the environment an individual lives in. Personality is the traits and characteristics of an individual unique ways of expressing his or her feelings towards any situation in his or her social circle. The learning theory is explained as the process in which humans learn and how they adapt to permanent behavioral change in the environment. Humanistic and existential theories are the holistic approach to psychological health and human behavior toward meaning, values, personal experience, and self-actualization. The knowledge of both humanistic and existential and learning theories gives a board insight into human nature and personal reaction and growth in the external environment of one’s personality (University of Phoenix, 2013). The learning theory is examine how an individual’s reacts to his or her personal environment and the behavior conditions which one displays in his or her environment. B. F. Skinner theory of behaviorism explains how a person is held accountable for his or her actions with the illusion of self-control. Skinner argues the choice of free will or genetics shape the environmental factors of reinforced behaviors. He believed that people are a product of his or her environment. Skinner believed that positive reinforcements strengths an individual’s behaviors by providing a sense of consequences and rewards for the reinforcement (University of Phoenix, 2013). Albert Bandura’s social cognitive theory redefines the assumption human functioning is a combination of genetics and influences from the environment. Bandura proposes humans are capable of self-efficacy from using his or her external and internal instincts. Bandura believed through personal strengths influences the way a person reacts to different situation that can affect a person’s behavior. Observation learning is proposed in Bandura’s theory. He believed that people learn from his or her environment when placed in various situations  (University of Phoenix, 2013). Learning happens in a cause and effect relationship in the environment. The cause would be the reaction to a behavior in the environment and the effect would be the consequences an individual faces from the reaction to the situation in the environment. Individuals are placed in similar experiences to determine what the outcome will be in the situation. The individual becomes passive and simply react to the experience he or she is going through. Cognitive learning explains how a person’s rational thinking and behavior determines a person’s complex responds to a behavior from individual thought process (University of Phoenix, 2013). The humanistic approach is implemented when an individual has reached self-fulfillment or potential growth. The way a person reacts in situational behavior depends on the level of potential behavior one is capable to re sponding too. Maslow suggests the driving force in a person motivation and personality needs is called holistic dynamic theory. A person’s motivation is created from another need to another need in personal growth and self -actualization. Maslow believed a person needs are being met when he or she satisfy a lower need (University of Phoenix, 2013). Carl Rogers believed that humans evolved from a conscious mind through formal tendencies. Rogers agreed with Maslow that individuals motivated toward self-actualization of a person’s personal growth in his or her environment. Rogers’s person-centered theory focused on a person’s constructive and personal directions in his or her life. With self-awareness, a person is free to make choices and participate in his or her own personalities. He suggested that people focused on his or her current subjective understanding rather than the unconscious motive interpretation of the current situation. Rogers’s relationships encourage psychological growth within individuals (University of Phoenix, 2013). The existential theory explains that individuals are responsible for his or her own choices that he or she makes in a formal or informal decision. Rollo May believed that anxiety and informal decisions are the factors in human motivation. The anxieties come from an individual’s mental state of mind and are prone to avoid anxiety. May’s believed that individuals show move to his or her own destiny (University of Phoenix, 2013). The learning theory is an accumulation of learned behavior that will increased through a person’s life span. Individuals stem from situational behaviors to gain possible reinforcement  and reward from the decisions he or she makes. Skinner believed the environment shaped a person’s personality from the environment he or she resides in. The environment influences a person’s character and traits to make decisions to gain personal rewards. The humanistic and existential theory moves toward fulfillment and the realization of an individual growth for his or her needs (University of Phoenix, 2013). Rollo May believed a person have to maintain a healthy relationship with others, but in the end will be alone. Abraham Maslow insists through self-actualization a person will gain the feelings of others, but will not rely on others for self-esteem or personal gain. Rogers believed through a caregiver responds to promote psychological growth in a child. Humanism emphasized on the interpersonal relationship that is essential to personal development in a person’s personality. In interpersonal relationship, a personal will have confidence in social gatherings he or she holds close to them. Bandura proposed an individual learning comes from observation learning from a person’s observation in making a critical or informal decision (University of Phoenix, 2013). From the learning perspective side, people associate with others to receive reinforcement or rewards from social interactions. People continue to form associations with others to reinforce a particular behavior from ot hers around them. People make inform judgments in protecting his or her environment from natural forces or people trying to inflict personal harm towards them. When reinforcement is not applied, people will maintain a healthy relationship through personal association to gain reinforcement. People learn from his or her environment and if is placed into a different environment, then the individual will have to adjustment in a new situation. By taking a person what of his or her comfort zone, the individual will able to adapt of different environment needs and make decision accordingly. The theory relates more to nature verses nurture when an individual needs are being met for personal growth and development in his or her new surrounding environment (University of Phoenix, 2013). The existential theory concentrated on the free will of an individual to make any decision he or she chooses. The theory drives on the sense of well-being and to be in the world to maintain a healthy psychological growth. If a p erson decides to on making bad choices, he or she will have to answer to them. The choices a person makes show his or her character and personality traits of how to make  an inform decision. He or she wants let any other person cloud his or her decision-making and will rely on his or her own judgment. The results can be either constructive or deconstructive role in the decision making process (University of Phoenix, 2013). Social constructivism is defined as behavior or knowledge constructed from person’s behavior based on new ideas a person gain from past and present knowledge or experiences. Bandura believed a person learns from experience and through observation personal growth and development was shorten. The beliefs are essential component of personal development that depends on the social environment others within another’s environment. The genetic factors contributed to the social influences by others in constructing his or her own personality in significant individuals. The action did not encourage the behavior, but changed the events of the behavior. The social relationship changes the perspective of one’s view within another’s environment and emotional state of mind. The personal development will be what the individual gain from his or her learning experiences (University of Phoenix, 2013). Maslow laid the foundation in understanding the characteristics of a healthy and normal person. His theory of self-actualization gave the perception of reality, straightforwardness, and genuine characteristics of an individual’s personality traits. Many individuals have the need for solitude and independence to appreciate the ordinary things in life. People need to indulge in social interests, seek social experiences, maintain a few interpersonal relationships, and have an idealistic sense of humor to properly functions in today society (University of Phoenix, 2013). Learning theories is the human learning that is results from behavior and personality in an individual’s environment with internal considerations. Humanistic and existential theory is the tendency for internal drive of self- predetermination. The behavior viewed as a movement toward actualization and situational behavior as reinforce or reward. The aspect of interpersonal growth with each theory discussed. The perspectives affect by situational behavior in distant characterizations of human nature. The personal development of an individual when placed in a social setting and the decision- making he or she encounter in his or her environment. The diversity of reasoning related to thought and understanding of human nature from a psychological point of view. References Colman, A. M. (Ed.). (2010). Humanistic psychology. In Oxford Reference Online. Retrieved March 7, 2015, from http://www.oxfordreference.com/pub/views/home.html McLeod, S. (2007). Carl Rogers. Simply Pychology. Retrieved March 7, 2015 from http://www.simplypsychology.org/carl-rogers.html University of Phoenix. (2013). Theories of Personality. Retrieved from University of Phoenix, PSY405 website.

Asylum Seeker Children in Need Essay Example | Topics and Well Written Essays - 500 words

Asylum Seeker Children in Need - Essay Example ri Lanka, FRY (Former Republic of Yugoslavia), Afghanistan, Turkey, Pakistan, China, India and Iran, in that order, were the countries most of these applications came from. Despite the large number of immigrants seeking leave to enter and stay, only a minority get awarded the refugee status or exceptional leave to remain. A major challenge is presented in terms of meeting the needs of these immigrants and refugees is their children’s access to education which is part of their statutory rights. In a highly competitive environment, these children may be considered a potential threat to school standards and levels of achievement, by institutions and educational establishments. However, schools are given the option to exclude asylum-seekers’ and refugee pupils’ scores from the schools’ overall performance indicator if these individuals have been in the country for less than two years. The same exclusion law applies to anyone whose first language of instruction is not English. Such a policy can bring a good change if it seeks to help such students be welcomed and accepted at their respective institutions without the apprehension of the schools as to the hampering of school performance. However, on the flip side, such a decision might also result in the schools taking a lax attitude towards these children and deem them unfit for similar prospects as the other, regular students. The fact is that more than the basic needs of these children need to be catered to, as evidenced by the data that shows that children of refugees/asylum seekers are often victims of racial hatred, with the local communities often treating them as pariahs. Globalization is a reality of our times, as well as having a long history, and it is a good idea to see its process vis-Ã  -vis the challenges of asylum. It is because of globalization that people from a certain area in the world decide to move to another area, despite the financial burden thereof. What is more, such people always

Management and Organizational Behavior Essay Example | Topics and Well Written Essays - 2250 words

Management and Organizational Behavior - Essay Example As a large organization that has been in business for over thirty years, they have a set of mission and core values in place. These include having high level of professionalism and service standards. All these are made possible with the correct recruitment process and retention of professionals that make up the key teams in the business. Being a cost-conscious organization, individual employees are required to account for their time spent at work. This allows the management to ensure that the efficient and effective recoverability of charges turn into profits. The managers are required to provide explanations if these are not met. However, the uneven distribution of jobs result in inaccurate recording of time charges due to the low level of work. Moreover, employees are also questioned and given demerit points if their total charge time is less than 50% on a monthly basis as the management perceive this as being unproductive. Performance appraisal occurs at individual level. These has resulted in low levels of communication, cohesion and poor performance. Different working patterns and different motivational needs exist among the teams. Although there are currently sets of guidelines and checklists available to ensure consistencies in the jobs carried out, there are still occasions when these are ignored. In addition, members of a team are required to act as a backup for one another in case any staffs go on study, maternity or holiday leave. There are also staffs that take on night classes or moonlight due to the competitive remuneration package the organization offers. To minimize the disruption or drop in the standard of work, the management must relook into job distributions that would provide optimal benefits and meet the needs of the staff at the individual and team level. Continuous training and educating the employees are essential in meeting the level of service that is expected of them, and making sure the employees are kept motivated and relevant. Task 2.1: Impact of Problems on Attitudes and Perceptions The problems that are evident in the organization are commonly shared and are influenced by the failure of management to further improve the situation. An attitude is an inclination of a person to positively or negatively react to someone or something in one's environment. On the other hand, a perception is "a process by which individuals organise and interpret their sensory impressions in order to give meaning to their environment" (Robbins et al. 2004 p. 45). Perceptions are influenced by a person's traits and background, environment and how a person looks at a situation. The uneven distribution of work creates job dissatisfaction amongst the employees and causes negative attitudes. The lack of job involvement results in low commitment to the organization that may eventually experience problems in retaining professionals. The competitive remuneration package compels low-level employees to seek alternative jobs outside of work to satisfy their needs. Thus, they are unable to give 100% of their performance at work due to fatigue, dissatisfaction and low commitment. Because these negative attitudes arise together with the inaccuracy of accounting for their time due to low volume of work, the

Case study Example | Topics and Well Written Essays - 500 words - 3

Case Study Example Mike’s also has its own wash bays and vacuum islands where customers can wash and clean their cars themselves. Secondly, Mike’s has also created an inviting place. Each of its 19 locations is located in a more-than-an-acre property that is highly landscaped, has a well maintained lawn and with its own underground sprinkler system. The buildings look so clean that people sometimes think Mike’s is a restaurant. Third of all, when it comes to its people, Mike’s is extremely fussy on who it hires. For every 50 applicants, only one might qualify for a second interview. Mike’s ensure that it hires only those people who place the customer’s interest above everything else, those who will fit in well with Mike’s principles. Fourth, regarding selling the relationship, Mike’s always think about their customers, especially their repeat customers. In fact, they live and die on repeat business. They are committed to providing 100% satisfactio n to their customers. Fifth, in order to sell their relationship, Mike’s empower their employees to take ownership of their work. These employees are entrusted to create a happy experience for customers, enough to keep these customers to come back for more of Mike’s services, and to become advocates for Mike’s. Sixth, although Mike’s has its own rules, policies and procedures, it likes to keep things simple. In fact, during the trainings for its employees, Mike’s discusses with its employees the latter’s experiences in the outside world in terms of services they had received as employees and turns the discussion towards how the employees can do the same thing to Mike’s customers. Seventh, Mike’s encourages, and even promotes, (friendly) competition among its stores. Mike’s believes that such friendly competition sparks improvements not only in its stores but also in its employees as well. Mike’s conducts meetings with various

The Tesco Company Way of Development Essay Example | Topics and Well Written Essays - 1750 words

The Tesco Company Way of Development - Essay Example Sustained competitive advantage can be gained by offering what creates value for the customers. Porter defines value as ‘what buyers are willing to pay’. Bevan and Murphy (2001) contend that firms can do this by either lowering the costs or doing something different from competitors. Tesco had initially launched their online channel Tesco Direct but today they have moved beyond online grocery retailing and offer a wide range of products. Their website www.tesco.com enables the customers to buy online from their familiar local store. The pricing and inventory system is linked directly to Tesco.com so that the customers can select the good at the prices they are used to (MÃ ¼ller-Lankenau, Klein & Wehmeyer, 2004). They charge a nominal fee as delivery charges for their online customers. Besides, Tesco had the first-mover advantages in introducing online grocery shopping but in addition, it gained its market leading position by educating and empowering its customers to take up the online channel (Tse, 2005). This created the point of differentiation which added value to its service offering, thereby giving it the competitive advantage. Another point of differentiation in its services that Tesco has created is that it is the only retailer whose site is accessible by the disabled or the impaired people. The government of UK is attempting to make improve the quality of their life so that they live as normal a life as others. Tesco has taken the step and integrated accessibility into the main stream grocery site (Mairs, 2006).

Coaching Through Change Essay Example | Topics and Well Written Essays - 250 words

Coaching Through Change - Essay Example Is this undergraduate undertakes this program, he or she will be in a position to be empowered to engage in broad thinking, global management and strategic competition. The undergraduate will be in a position to collaborate with other accomplished leader to acquire the insights of the industry and other global perspectives to lead the organization that they will undertake. To show their success, the undergraduate undertaking this program will be in a position to enhance their ability and improve the performance of the firm by analyzing and recognizing the strengths and weaknesses of the firm. The individual will also be in a position to set the required direction for their business and understand the competitive forces capable of distinguishing the profitable institutions. To be successful and reach his goal, the undergraduate will also be in a position to transform their operational capabilities into their competitive advantage. With so doing, the undergraduate is in a position to move the organizations that they will be employed to another

Field Report for Sierra leone Assignment Example | Topics and Well Written Essays - 1750 words

Field Report for Sierra leone - Assignment Example As an outcome, industrialexpansions, large scale agriculture of trade products, as well as justifiable and sustainable investments have been highly neglected by governments. Therefore, the economy could be defined as exploitative, and is based on the pulling out of unsustainable resources as well as non-recyclable assets. An interview was conductedon three different groups, and from each group, one person was chosen to represent the groups. The first group was made up of people working in the government, the other group represented common people, while the other group represented the privileged in the society.The first group was represented by Mr. John; the other one was represented by Mr. Eke, while the third group was represented by Miss Ann. John: Sierra Leone is currently carrying out its development strategy under the national long term perspectives, a programme known as â€Å"vision 2025†. The significance of this programme spins around nurturing and promoting a strong, self-reliant, modest, and competitive private zone steered the economy with very strong and stable participation. Employing the overarching strategies of the long term perspectives, current macroeconomic policy is conducted on poverty reduction strategy paper (PRSP)developed with the IMF. The aspects of this plan include infrastructure development, private sector development, and reforms to enhance and increase domestic revenue collection. The poverty reduction strategy puts an emphasis on agriculture and fisheries, human development, transportation, as well as energy. John: Both the PRSP and the â€Å"vision 2025† have a number of key challenges in the development of the private sector as well as an investment which includes; the dominance of a substantial and growing informal sub sector, Sierra Leone’s limited capacity to participate in investment activities, and a weak institutional environment

A History, a past, and a Trail Essay Example for Free

A History, a past, and a Trail Essay The discovery of the North American continent created, literally, an entirely new world. With the congestion of Europe and a desire for agricultural land, many from the East loaded upon massive carrier ships in sight of a new life. It was a long voyage across the Atlantic. The sight of the new world from off-shore had been described as salvation. What these settlers did not know was that they were entering into shore-side cities that were even more cramped than their original location. The flocking to America is what attributed to the congestion and size of New York itself. This degraded living conditions and created an entirely new form of social status that had never been seen by Europeans. Something needed to be done to spread out the population of the Eastern shore side. Luckily our rookie government, fresh out of a war, had a creative idea to promote a move to the West. These politicians, in a vote of fifty-two to fifty. decided to intervene by offering any married couple six-hundred and forty acres of land. This was the equivalent to one square mile of land. They labeled the effort: Manifest Destiny. One can imagine how tempting this sounds to factory workers and small time farmers. Previously to this, some early explorers thought it necessary to devise a route from East to West. Lewis and Clark were the first to map the journey. The route they took covered 2,170 miles and practically covered all of the land that was accessible to wagons(Wiki). After a little fine-tuning by John Jacob Astor, to avoid dangerous areas of the Rocky Mountains and hostile Blackfeet Indians, the Oregon Trail was set in stone. This sparked many to make the dangerous move from East to West. Settlers that lived in cramped suburbs and local Camp Towns now had the motivation to spread out their horizons in a search for wealth and happiness. Manifest Destiny developed from a dream to a reality. With all of this came the hearsay and rumors that many viewed as dangerous. Many had heard of the Dead Lands located in the South Western dessert. Fatal stories were told about land that was not suited for farming. Although this caused a delay among some settlers, many had no choice to move westward, and set off on to their destination. Starting in Kansas City, the Oregon Trail began following the Santa Fe Trail. The growth of Kansas City can be attributed to being at the start of the massive trail; Local business sky-rocketed within a few years (END). The need for supplies caused many stores to become profitable overnight. Since there wasnt much along the route to Oregon, many had to stock up for the long journey. Horses, food, and spare parts were just some of the many items a traveler would need to complete the journey (END). Many referred to the Kansas City area as The Docks, in reference to it being a loading dock for the expansion. After leaving Kansas City, and sticking to the rules of survival, wagons would use the natural terrain to their advantage. Many would stick to lower valleys that followed the river. After a few years, the trail was actually visible to those who traveled it; however, this does not seem to hold true for the remainder of the trip. Nebraska was in sight for most that started the trip. After crossing the Blue River it was just one river after another until arriving at the Rocky Mountains. Along the way, settlements began to form, which made the journey easier. The more who traveled, the easier it became. Many did not actually travel the entire route. If a good location or opportunity arose, families would start their new lives at that very spot along the trail (Wiki). Since many had no idea of where they were going to live when they completed their journey, it made sense that, if a good location was spotted along the way, that became their home. This is what forged cities and trade routes along the way. Even in the Rocky Mountains people began to settle. Mountain towns became good places to start the logging industry. With the rivers along the Oregon Trail flowing from North to South, logs from the Rockies found their way back down the trail to Kansas City. The direction of trade, however, was not a one-way street. The towns that were created along the trail needed supplies too. Many who traveled beyond the Rocky Mountains were sure to bring over-stocked supplies with them. Supplies were almost as valuable as gold on the Oregon Trail. Beyond the Rockies, it was pretty much a straight shot to Oregon. Following rivers one could go as far as Washington State. Many started homes in the forests of Oregon. After avoiding the southern desserts, it was clear that this area was suitable for cultivation and living. The only problem was that Oregon had harsh winters and very short windows of time for farming. New ways, such as the gold rush, were what sealed the fate of the northwestern states as being a contributing district of America. The settlers of western America were not just poor people looking for a way out of trouble. Many rich tycoons took advantage of the rising boom towns. When starting any venture, most people need a lender. Banks started to sprout at several points along the trail. In terms of business, it was common practice for towns to make their start, purely on credit. Many say that this is the reason the west side of the continent received venues for big business. It was until a newer improved method of transportation was devised that the Oregon Trail became the secondary path to the west. Until the invention of the Transcontinental Rail Road, the Oregon Trail was the main route for traversing the middle section of the country (Vance, 1961). People still relied on animal-based transportation and inefficient ways to cultivate their lands . This is where a change needed to take place the most in our country. Since the land was harder to farm and many were having a hard time finding the resources to do so, many believe that ingenuity was the only answer to the wests problems. The need of the settlers is what sparked the inventions that farmers were looking for. New methods of plowing and irrigation were among the advancements along the trail. It seems, though, that pure luck and not the Oregon Trail is the hammer that etched the fate of the western states into stone. The Gold Rush of 1848-1855 drove the remainder of the population to the west . The search for gold and prosperity could be seen in people throughout the country. Although most were left empty handed, they had at least gained a new home in the left side of our country. This new home would suit them nicely. In the end, the Oregon Trail can be said to have carved a path of prosperity along the horizon of our nation. The details of this can often be seen in cities like Los Angeles and San Francisco. Many started on a destination of uncertainty and ended up with more than they had bargained for. The rest worked hard and put food on the plate. History is the only area that the Oregon Trail is used today. Even though US Highway number 26 practically parallels the trail, the duration of the trail stays in the culture and heritage of families that live in the Western United States. Works Cited http://www.endoftheoregontrail.org/histhome.html http://en.wikipedia.org/wiki/Oregon_Trail

Benefits of Non Verbal Communication Essay Example for Free

Benefits of Non Verbal Communication Essay Non verbal communication is defined as certain ways that a person communicates his thoughts and meanings without actually saying anything. These are the subtle clues that can help an investigating officer uncover a truth while questioning a suspect or witness or can lead him to more questions that will aid the investigating team. Programs such as CSI have shown us how police officers and crime scene investigators utilize contradicting, complementing, substituting, accenting, or regulating verbal messages. An investigating officer will benefit immensely from being familiar with these methods because of the way a crime scene is most often chaotic and witnesses who are being questioned are dealing with fear of being implicated in the case or perhaps, trying to cover their own involvement in the case. A sample of a contradicting non verbal communication that he can look out for has to do with the way a witness recalls the events as it transpired in a certain case. When a witness is looking down while relating the events transpired, that witness is most likely creating a memory. A person recalling a memory usually looks upward when trying to remember events, places, and situations. Under such circumstances, he should take notes and make sure to verify all the events by interviewing other people who might attest to the validity of the statements previously made. He may also consider the tone of voice of a person being interrogated. When a person is trying to hide a truth, there is a certain intonation and nervousness in the voice that usually causes it to raise in tone by a pitch or so. The officer must make sure to gain the trust and confidence of the witness or accused prior to questioning to keep the person off guard in order to get the most truthful answers out of them. A parole officer on the other hand must be highly observant and familiar with the psychological profile of his parolee that could indicate his behavior during certain situations in order to easily recognize the signs being displayed by the parolee when he comes in for his weekly reports. While meeting with the parolee, he should observe his complementing and accenting behavior. Particularly the first time the person enters the room. Does he shake your hand? Does he make eye contact? Does he seem nervous and on the edge? All of these could add up to a specific non verbal message that will give one an insight into the real score behind what the parolee wants to portray as truth. He should then react accordingly by enticing the person to become more open and share more information with him. In the event that the parolee begins to display accenting behavior such as hitting the table or throwing something, he must be prepared to restrain the person and try to snap him out of his mood. The one non verbal communication that both an investigating and parole officer must be quick to realize are the regulating non verbal communication tools. Such actions could be a simple look of question, a hint of despair in the eyes, or the wringing of hands of the person spoken to. Once recognized, he must be prepared to follow up on the subtle messages either by asking follow up questions or reassuring the person that the officer is in charge and everything is under control. People say that there is no such thing as the perfect crime. I have to agree with that statement because any officer who is familiar and highly observant when it comes to non verbal communication cues will easily be able to follow up on subtle clues not included in the physical evidence present at a crime scene or parole interview.

Capital Structure And Cost Of Capital For Morrisons Finance Essay

Capital Structure And Cost Of Capital For Morrisons Finance Essay It is very essential in todays modern age to upgrade and promote business in such a way that functioning can take place smoothly. This assignment is about the capital structure and cost of capital for Morrisons PLC. Also in this project an analysis on if I was a project manager and had to design a new project for the company what all stages and things I would have to do; are mentioned. This study is based on facts taken from the company website and annual report of 2009/10. Other information is gathered from educational case studies, website and core textbooks on this topic. Introduction According to www.wisegeek.com  [1]  Corporate  finance  is a broad term that is used to collectively identify the various financial dealings undertaken by a  corporation. In other words we can say that corporate finance is a division within a particular company that deals with financial operations of the company i.e. raising finances for various projects, analysis of various mergers and acquisitions etc. In the present world scenario, one of the most profitable sectors is retailing. Large scale retailers have become very powerful, in some ways even more powerful as companies than manufacturers. The British layman is highly dependent on these retailers like ASDA, Morrisons, Morrisons, Tesco etc so as to buy everyday use products and services. Even these retailers have broadened their scope of activity and have diversified into more than just everyday goods. One such retailer is WM Morrison Supermarkets PLC also referred to as Morrisons. Morrisons was a company started at Bradford market by William Morrison in the year 1899. Today it is termed as the fourth largest chain of supermarkets in the United Kingdom. With almost 124,000 employees working in 403 stores across the nation, Morrisons has an operating income of  £671 million in 2010. The different types of products that Morrisons has to offer are as below:- Groceries Consumer products Fuel and Oil Pharmaceuticals Alcohol and beverages These are the major areas of business for Morrisons but apart from these also certain services are offered at different locations which are store specific. Morrisons has not yet set up base outside the United Kingdom but according to the company website and also the annual reports, the business can be divided into 6 main regions, namely Scotland with 51 stores North UK with 72 stores Midlands with 75 stores South East including Gibraltar at 63 stores South Central with 62 stores South West with 51 stores To discuss on the size of its business relative to its industry we can look at the report prepared by Edward Garner, 2008  [3]  as shown below (certain areas deleted as appropriate):- TOTAL TILL ROLL Great Britain Consumer Spend Includes all expenditure through main store tills and excludes petrol instore concession 12 Weeks to 12 August 2007   12 Weeks to 10 August 2008 change  £000s %  Ã‚   **   Ã‚ £000s %  Ã‚   ** % Total Till Roll   Ã‚  Ã‚   26,615,239   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   27,621,890 3.8   Total Grocers   Ã‚  Ã‚   18,733,701 100.0%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   20,076,033 100.0% 7.2   Ã‚   Total Multiples   Ã‚  Ã‚   17,402,359 92.9%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   18,719,527 93.2% 7.6   Ã‚  Ã‚  Ã‚   Tesco   Ã‚  Ã‚  Ã‚   5,962,922 31.8%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   6,351,531 31.6% 6.5   Ã‚  Ã‚  Ã‚   Asda   Ã‚  Ã‚  Ã‚   3,142,151 16.8%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   3,410,431 17.0% 8.5   Ã‚  Ã‚  Ã‚   Morrisonss   Ã‚  Ã‚  Ã‚   3,016,586 16.1%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   3,175,543 15.8% 5.3   Ã‚  Ã‚  Ã‚   Sainsbury   Ã‚  Ã‚  Ã‚   2,042,026 10.9%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2,233,137 11.1% 9.4   Ã‚   Total Coops   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   815,208 4.4%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   846,405 4.2% 3.8   Ã‚   Total Independents   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   516,134 2.8%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   510,101 2.5% -1.2      Ã‚  Ã‚  Total Symbols   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   183,349 1.0%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   181,137 0.9% -1.2   Ã‚  Ã‚  Ã‚   Other Independents   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   332,785 1.8%   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   328,964 1.6% -1.1   ** = Percentage Share of Total Grocers According to this report we can clearly say that in comparison with other supermarkets, Morrisons is ranked as #4 in this sector. The performance over the last few years can be summed in by the use of a table as shown below: (all figures are in million  £) Year Turnover Profit or loss before tax Profit or loss after tax 2009 14,528 655.0 460.0 2008 12,969 612.0 554.0 2007 12,462 369.0 247.6 2006 12,115 (312.9) (250.3) According to the figures shown in the table above we can say that although 2006 was a tough and bad year for the company, its recovery process was efficient and planned. Through 2007 the company improved methods so as to maximize profits. The entire tenure has shown an increase in turnover for the company but although the turnover in 2009 was at its peak the company failed to achieve a higher profit which might be due to a variety of reasons that will be discussed in the project ahead. Morissons though been facing problems in 2006 2007 they have been winning awards and earning high percentage of profits with the production units of morissons as with special brewing, wines and bakery unit. they also have been The Oracle Retailer of the year 2009,The Oracle Retailer Week Awards, March 2009 Morissons have been pioneering in the retail sector comprising The Own Grocer Label awards, with gold and silver allocades among the retailers wining The Cloudy Apple Juice The Best Toffee Popcorn offering wide range of fresh farm products to freshly prepared breads and confectioneries within the nested units of morissons along with wide range of wine cellars and brewed beers and cafà © outlets within Financial structure The financial structure of a company is known by the balance sheet of the company. In what areas changes are required and in what ways are all known through the balance sheet of the company. For a person to analyze the balance sheet appropriately one must understand the basic concepts of the balance sheet as a financial analyst. After going through the financial report (balance sheet as well as the annual report) for Morrisons, I have come to a point where a conclusion can be made on the financial structure with relevance to turnover and operating profits, capital expenditure, earning per share, tax payable, return to shareholders and dividend cover. All these factors will help to calculate the standing of Morrisons. A brief study is also done on the basis of the return on assets to compare Morrisons with other retailers. Turnover and operating profit 2008/09 2009/10 Changes Turnover  £14528m  £15410m 6.07% Operating profit  £671m  £907m 35.17% Capital expenditure the capital expenditure has increased by  £228m and now is  £906m. This is due to the recent buying of the new co-operative and Somerfield stores at a cost of  £223m and a refurbishment cost of  £102m. Apart from this we can see a fall in the previous made capital expenditure. This is a healthy growth projector. Earnings per share the earnings per share has increased from 17.4pence per share to 22.8 pence per share. This is mainly due to the increase in underlying profits. There have been no other significant factors that would affect the earning per share. Tax payable the tax paid during the year is  £209m. In comparison to the tax paid in the previous year i.e.  £104m there has been a vast increase, this is mainly due to the effective tax rate that was increased and made 30%.This represents 50% of the tax for the year ended 1 February 2009, as well as 50% of the expected tax for the year ended 31 January 2010, and repayments of previous years. Return to shareholders the final dividend paid during the year is 7.1pence which shows an increase of 2.1pence per share in comparison to last year. This makes the entire dividend paid during the year 8.2 pence and the dividend cover 2.5 times. The calculation is as shown below Comparative study According to a study by Biz/Ed  [4]  the following information can be gathered on the return to assets and profit margins. As we can clearly observe in the table underneath, Morrison has the highest return on assets in comparison to any other retailer of food and the profit margin is also comparative higher than any other retailer. Company Return on Assets Profit margin Marks and spencers 4.43% 3.91% Morrisons 5.60% 3.61% Morrison 12.93% 5.87% Tesco 9.99% 5.72% Working Average Cost of Capital An average representing the expected return on all of a companys securities. Each source of capital, such as stocks, bonds, and other debt, is assigned a required rate of return, and then these required rates of return are weighted in proportion to the share each source of capital contributes to the companys capital structure. The resulting rate is what the firm would use as a minimum for evaluating a capital project or investment. According to www.investorwords.com  [5]  . The calculation for this is as shown below. All data is sourced from the annual report of 2009/10:- Current share price =  £277.50 (P1) Previous years share price =  £237.75 (P0) Dividend for previous year = 5.80 (D-1) Dividend for this year = 8.20 (D0) Increase in dividends = 41.37% The formula for calculating the cost of equity is as follows: Re = D1/P0 +G Therefore cost of Equity (Ke) = 10.6/326.25 + 41.37% = 41.40% Cost of debt (Kd) = Interest Paid/Average debt = 260/924 = 28.13% Therefore, WACC = Ke*(proportion of equity) + Kd*(proportion of debt) = 41.40*0.28 + 28.13*0.71 = 11.59+19.97% = 31.56% This shows that the average return that the company must pay to its investors is 31.56 % Project analysis If I were appointed as a project manager for the company, several roles would need to be fulfilled by me. For any new project to be successful the project manager is the key. The focus and aim success depends highly on the manager. The main functions for me in such a case according to Duncan Haughey  [6]  are as follows:- Planning and Defining Scope Activity Planning and Sequencing Resource Planning Developing Schedules Time Estimating Cost Estimating Developing a Budget Managing Risks and Issues Creating Charts and Schedules Risk Analysis Morrisons is a large retail firm which operates and sells almost all consumer goods. The latest expansion plan was too diverse into household furniture. The project being evaluated is the introduction of Morrisons into the furniture segment. The aims of such a project would be to beat Morrisons that has already started into this sector. The final objective of beating the other retailers would almost be fulfilled in such a way. Key determinants Initial Investment In order to conclude the early speculation for mounting into the manufacturing segment a careful research will be required on part of Morrisons. This would occupy looking at a business plan of a medium to large scale furniture producer. It will also involve hiring of an actuary to decide several costs. The recognition of accurate expenses necessary will involve hiring of engineers as well. An in depth study into the accessible furniture industry would be the best source of identifying the primary investment. Annual Revenue The quantity of cost to be incurred can be recognized with logical accuracy, however, annual revenues cannot. This is because of the fact that revenues are based upon demand for the product. Since Morrisons has been always selling furniture its growth in the furniture production will have reasonable sales if the quality is maintained. It can also be seen from the intensity of sales of Morrisonss own range of product labeled Morrisonss Basics. Annual Operating Costs The present level of operations of Morrisons is based upon buying and reselling. This indicates that there is a low level of in service cost. In order to make out the correct level of operating cost an imminent into the financial statements of a furniture company will be mandatory. Additional transport costs will require to be assessed as Morrisons operates in a number of locations of UK. In order to reap the profit of economies of scale Morrisons will have to generate a central production facility. This will add to the set cost and help to reduce the operating costs. Rates of Inflation Rates of price rises straight affect retailers like Morrisons. Specific inflation of raw materials like wood will unfavorably affect the company directly. General inflation will also have an outcome as the price paid by consumers will reap lower value in the future. This has to be accounted for in the project assessment. The sources of inflation will be in print data provided by the government. These will include national financial plan and forecasts. Rates of Taxation/ payment and Relief Rates of taxation are significant elements of capital budgeting as they affect the cash flow. The tax rates are always particular by the government. So there are no problems identifying them. Other than taxes several allowances can be obtained when investing in a fresh project. There are special release programs that promote investors to invest rather than take dividends. Furthermore the fixed equipment bought is also eligible for capital allowance which is a taxation relief. Risk When any project needs to be taken up, an analysis on the risk involved needs to be done. Risk can be known as the possibility of making a loss. If we wish to analyse this in terms of money then, we can use the formulae:- To manage the risk effectively I would carry out the following steps:- Identify threats the risk can be of various types i.e. overshooting costs, interest fluctuations, jobs taking too long etc. Estimate risk using the formulae given above, we can calculate the amount of risk for the proposed project. Managing risk you can manage risk by either utilizing the present assets or by creating new assets. Review testing systems and plans must be used effectively to check on the progress to manage risk. Due to lack of data, the figures that are shown below are fictitious. The assumption that the project will function in the way of the product life cycle. Year 2011 2012 2013 2014 Sales Revenue 1500 2000 2350 2550 Variable cost 620 680 720 860 Contribution 880 1320 1630 1790 Fixed Costs 500 500 500 500 Net Cash Flow 380 820 1130 1290 Taxation 30% 114 246 339 387 After Tax Cash Flow 266 574 791 903 8% Discount Factor 0.926 0.857 0.794 0.735 Present Value 246.31 491.91 628.05 663.70 Assumptions Initial investment is  £3000 Fixed cost is  £500 Variable cost is at 40% of sales Discount factor is 8% Tax rate is fixed at 30%  £ Sum of Present Values 2029.97 Written down Allowance 400.03 PV after 4 years 4000 Less: Initial Investment 3200 Net Present Value 3230 Quarterly report format Following is the table assumed for the year with four quarters considering the assumed forecast for the year 2011 Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Budget Actual Budget Actual Budget Actual Budget Actual Sales Revenue Variable cost Contribution Fixed Costs Profit The per quarter report starting for the first month of year for a quarter will be as follows Quarter 1 January February March Budget Actual Budget Actual Budget Actual Sales Revenue Variable cost Contribution Fixed Costs Profit The above comparative statement is for all 4 quarters of the financial year. Each quarter is divided into Budgeted and Actual. The report I would be sending to the directors if I were a manager the report would be in this format because it can be easily understood by the directors. If there is a difference between the budget and the actual amount in the statement then, this can be for a variety of reasons such as interpretation of budgets. If the difference is high then I would have to try and re-modify the budget for the next quarter and try and improve actual figures by all ways possible. References The role of a project manager; Duncan Haughey; 2009 a snapshot of the UK grocery market(2008); Edward Garner; TNS World-Panel http://www.wisegeek.com/what-is-corporate-finance.htm http://www.morrisons.co.uk/Corporate/About-Morrisons/Company-history1/ http://www.bized.co.uk/compfact/ratios/ror12.htm http://www.investorwords.com/5849/WACC.html

The House of Seven Gables as a Gothic Novel Essay -- House of the Seve

The House of Seven Gables as a Gothic Novel      Ã‚  Ã‚  Ã‚   To be a paradigm of a Gothic novel, The House of Seven Gables needs to include many elements, all which center on the ideas of gloom, horror, and mystery. The action of a Gothic novel takes place in a "run-down, abandoned or occupied, mansion or castle," which often include secret passages, doors, and compartments (Encarta). The mansion also adds its own flavor and variety to the atmosphere of mystery and suspense in the novel by providing a dark and gloomy setting where the story takes place. The basis of mystery and suspense in the atmosphere of the novel feeds off of "an unexplained or supernatural event" in the present or from past generations (Harris). The unexplained event in the novel is a result of ancient prophecy in connection with the history of the mansion, or the earlier generations, and explains the negative vicissitude in future present generations. The ancient prophecy sometimes only provides the reader with "partial or confusing" informa tion or only provides one side of the story, thus presenting and even stronger feeling of mystery in the novel (Harris). Bad omens and visions of death also occur to foreshadow the misfortune of a character in the novel in the near future. The use of omens as foreshadowing devices also develops and presents additional suspense to the already mysterious plot. Along with omens, supernatural events also appear in a Gothic novel to add mystery and include: "ghosts, giants, or inanimate objects coming to life" (Harris). The supernatural events continue to add the atmosphere of suspense and even horror to the Gothic novel. In a Gothic novel, a "tyrannical male" usually threatens a weak female, adding an elemen... ...n and fulfills the last criteria in presenting the House of Seven Gables as a Gothic novel.    The use of the elements of mystery, suspense, and horror in the House of Seven Gables creates the atmosphere common to a Gothic novel. The use of the supernatural and other mysterious events, in the House of Seven Gables, also compose the elements present in Gothic Literature. By presenting the elements through the setting and plot, The House of Seven Gables contains all requirements of a Gothic novel, claiming its spot in dark halls of the Gothic literature genre.    Works Cited "Gothic Literature." Encarta Encyclopedia: Microsoft. 2nd Ed. 1998. Harris, Robert. Vanguard University of Southern California Gothic Literature Page. 20 November 2000. Hawthorne, Nathaniel. The House of Seven Gables. New York: Dover Publications, 1999.   

Friedrich Engels Essays -- Biography Communism engels Essays

Friedrich Engels During the time of the industrial era, there were many people upset over the manner in which the nations were being run. They were upset with the idea of capitol gain and how it was affecting people’s actions. They saw this era causing people to exploit each other with the intent of monetary gain. Those that were already part of the higher ranking class, the richer, would see reason to force the lower class, the working man, to spend his life in the new factories. He would be bullied into risking life and limb at the monstrous machines while hardly earning a penny. The working man suffered because the richer man owned the factory and consumed all the profits himself. Some men, however, saw a solution as well as the problem. They thought that if the power could be taken out of the hands of the strong and power hungry, then the working class would realize the rights they had all along. The constant struggle for power would be eliminated and so society would become better . Two of these men were Karl Marx and Friedrich Engels. Marx had received all the recognition while Engels has been shunted off the pages of history. He did, however, still have an impact on the development of communism. Friedrich Engels was born on November 28, 1820 in Barmen, Germany. Engels began to learn the family business rather early, being the oldest son of an auspicious industrialist.1 Engels studied commerce and worked for his father as an office clerk from 1837 to 1841. But this was not his only focus. He also tried his hand at poetry as did his future friend Marx. Like Marx, his attempts did not gain him any recognition in the literary world. By his eighteenth year he had sworn off poetry all together. This was... ...e story of his life. Ann Arbor Paperbacks, 1962. 3. Mehring, Franz. Karl Marx: The story of his life. Ann Arbor Paperbacks, 1962. 4. Modern History Sourcebook: Friederich Engels: Industrial Manchester, 1844 http://www.fordham.edu/halsall/mod/1844engels.html 5. Anderson, Thornton. Masters of Russian Marxism. New York: Appelton-Century- Crofts, 1963. 6. BIOGRAPHICAL ARTICLE ON ENGELS, Brockhaus' Konversations-Lexikon. Vol. 6, 14th ed., Leipzig and Vienna, 1893. Translated into English by Progress Publishers 7. BIOGRAPHICAL ARTICLE ON ENGELS, Brockhaus' Konversations-Lexikon. Vol. 6, 14th ed., Leipzig and Vienna, 1893. Translated into English by Progress Publishers 8. Marx and Engels. Reminiscences of Marx and Engels. Moscow: Foreign Lauguages Publishing House.

Cost of Capital, Capital Budgeting and Financial Planning

Assignment| Cost of Capital, Capital Budgeting and Financial Planning| Chapter(s)| 9, 10, 12| Group Name| | Student Name(s)| | Date| | Instructions: HW Assignments will be uploaded to Kean Blackboard and must be accessed from there. You must work in groups where assigned (or independently if not assigned to groups) on homework assignments. Points are noted against each question. You are required to submit Home Work assignments electronically on Kean Blackboard using MS-Office or other text editor. You are required to complete your assignments as per the due date indicated by the Professor.Total Points in Assignment: 100 (Points scored will be scaled down to a maximum of 15 towards the final grade) Assignment: Part I: Cost of Capital During the last few years, Harry Davis Industries has been too constrained by the high cost of capital to make many capital investments. Recently, though, capital costs have been declining, and the company has decided to look seriously at a major expansio n program that has been proposed by the marketing department. Assume that you are an assistant to Leigh Jones, the financial vice-president. Your first task is to estimate Harry Davis’s cost of capital.Financial StatementsJones has provided you with the following data, which she believes may be relevant to your task: a) The firm's tax rate is 40%. b) The current price of Harry Davis’s 12% coupon, semiannual payment, noncallable bonds with 15 years remaining to maturity is $1,153. 72. Harry Davis does not use short-term interest-bearing debt on a permanent basis. New bonds would be privately placed with no flotation cost. c) The current price of the firm’s 10%, $100 par value, quarterly dividend, perpetual preferred stock is $116. 95. Harry Davis would incur flotation costs equal to 5% of the proceeds on a new issue. ) Harry Davis’s common stock is currently selling at $50 per share. Its last dividend (D0) was $3. 12, and dividends are expected to grow at a constant rate of 5. 8% in the foreseeable future. Harry Davis’s beta is 1. 2; the yield on T-bonds is 5. 6%; and the market risk premium is estimated to be 6%. For the over-own-bond-yield-plus-judgmental-risk-premium approach, the firm uses a 3. 2%judgmental risk premium. e) Harry Davis’s target capital structure is 30% long-term debt, 10% preferred stock, and 60%common equity. To help you structure the task, Leigh Jones has asked you to answer the following questions. . What sources of capital should be included when you estimate Harry Davis’s weighted average cost of capital (WACC)? Should the component costs be figured on a before-tax or an after-tax basis? Should the costs be historical (embedded) costs or new (marginal) costs? (5 points) Sources of capital to be included to estimate WACC are * Long term debt – to be considered after tax * Preferred stock – to be considered before tax ( preferred stock is not tax deductible) * Common equity à ¢â‚¬â€œ to be considered before tax When it comes to corporate financing, most firms incorporate tax effects in the cost of capital.For this reason, component costs should be calculated on an after-tax basis. In financial management the WACC is used primarily to make investment decisions and these decisions hinge on projects expected future returns versus the cost of new or marginal capital that will be used to finance these projects. Thus the relevant cost it marginal cost of new debt to be raised during the planning period 2. What is the market interest rate on Harry Davis’s debt, and what is the component cost of this debt for WACC purposes? (3 points) Pre -Tax cost of Debt is the YTM in the case of a Bond.The current price of Harry Davis’s 12% coupon, semiannual payment, noncallable bonds with 15 years remaining to maturity is $1,153. 72. We used the RATE function in Excel to calculate the YTM: n| 30| PV| -1153. 72| pmt| 60| FV| 1000| Rate (i)| 5%| =RATE(30,60,-115 3. 72,1000) = 5% Since this is a semiannual rate, we multiplied by 2 to find the annual rate, which is the pre-tax cost of debt. 5% x 2 = 10% = rd After tax component cost of debt = Interest Rate – Tax Savings = rd – rdT We calculated that the rd is 10%, and it is stated above that the tax rate is 40%. rd(1 – T) = 10. %(1 – 0. 40) = 10. 0%(0. 60) = 6. 0 = 6% component cost of debt, which is the after-tax cost of debt. 3. What is the firm's cost of preferred stock? (3 points) The current price of the firm’s 10%, $100 par value, quarterly dividend, perpetual preferred stock is $116. 95. Harry Davis would incur flotation costs equal to 5% of the proceeds on a new issue. The cost of preferred stock is simply the preferred dividend divided by the price the company will receive if it issues new preferred stock. No tax adjustment is necessary, as preferred dividends are not tax deductible.Dps is the Preferred dividend = . 10($100) = $10 Pps is the preferr ed stock price = $116. 95 F is the flotation cost as a percentage of proceeds = 5% rps = Dps / Pps(1-F) = $10 / 111. 10 = 0. 09 = 9% cost of preferred stock 4. Would you expect Harry Davis’s preferred stock to be more riskier or less riskier to investors than its debt? Compare the preferred stock yield to the yield to maturity on the debt and explain the risk/return trade-off between preferred stock and debt from an investor’s point of view. (3 points) Preferred stocks are riskier to investors than debt.Corporations own most preferred stock, because 70% of preferred dividends are non-taxable to corporations. Therefore, preferred stock often has a lower before-tax yield than the before-tax yield on debt. But, the after-tax costs to the issuer are higher on preferred stock than debt. This is consistent with the higher risks of preferred stock. 5. Harry Davis doesn’t plan to issue new shares of common stock. Using the CAPM approach, what is Harry Davis’s est imated cost of equity? (2 points) Harry Davis’s beta is 1. 2; the yield on T-bonds is 5. 6%; and the market risk premium is estimated to be 6%.Risk-free rate: 5. 6% Market risk premium: 6% Beta: 1. 2 rs = Risk-free rate + (Market risk premium) (Beta) rs = rRF + (RPM) bi rs = . 056 + (. 06)(1. 2) = 0. 128 = 12. 8% estimated cost of equity using CAPM approach 6. What is the estimated cost of equity using the discounted cash flow (DCF) approach? (2 points) Harry Davis’s common stock is currently selling at $50 per share. Its last dividend (D0) was $3. 12, and dividends are expected to grow at a constant rate of 5. 8% in the foreseeable future. P0 = $50 D0 = $3. 12 g = 5. 8% D1 = $3. 30 rs = D1/P0 + g D1= D0(1+g)= $3. 12(1+. 058) = $3. 30 s = ($3. 30/$50)+5. 8% = 6. 6% +5. 8% = 12. 4% estimated cost of equity using DCF approach 7. Suppose the firm has historically earned 15% on equity (ROE) and retained 62% of earnings, and investors expect this situation to continue in th e future. How could you use this information to estimate the future dividend growth rate, and what growth rate would you get? Is this consistent with the 5. 8% growth rate provided by Jones? (2 points) Payout rate = 100% – 62% = 38% ROE = 15% Growth from earnings retention model: g = (Retention rate)(ROE) g = (1 – Payout rate)(ROE) g = (1 – 0. 38)(15%) = 9. %. Using the Earnings Retention Model, the estimated future dividend growth rate is 9. 3%, which is almost twice the growth rate provided by Jones, and hence inconsistent. Note that the earning retention model assumes the retention and payout rate will remain constant, as will the ROE on new investments. Under these assumptions, the earnings growth and dividends growth rate will also be constant. 8. What is the cost of equity based on the bond-yield-plus-judgmental-risk-premium method? (2 points) For the over-own-bond-yield-plus-judgmental-risk-premium approach, the firm uses a 3. %judgmental risk premium. We calculated earlier that the company’s bond yield is 10%. rs= rd + Judgmental risk premium rs= 10. 0% + 3. 2% = 13. 2% cost of equity based on bond-yield-plus-judgmental-risk-premium method 9. What is your final estimate for the cost of equity, rs? (2 points) CAPMrs = 12. 8% DCF rs= 12. 4% Bond-yield-plus-judgmental-risk-premium risk rs = 13. 2% Average rs= 12. 8% Final estimate for the cost of equity, rs = 12. 8% 10. What is Harry Davis’s weighted average cost of capital (WACC)? (2 points) The firm's tax rate is 40%.Harry Davis’s target capital structure is 30% long-term debt, 10% preferred stock, and 60%common equity. We calculated earlier that the pre-tax cost of debt, rd is 10%, the cost of preferred stock, rps is 9% and the cost of equity, rs is 12. 8%. Wd = 30% rd = 10% T = 40% Wps = 10% rps = 9% Ws = 60% rs = 12. 8% WACC= wdrd(1 – T) + wpsrps + wsrs WACC= 0. 30(. 10)(1 ? 0. 40) + 0. 10(. 09) + 0. 60(. 128) = . 1038 = 10. 38% weighted average cost o f capital 11. What four common mistakes in estimating the WACC should Harry Davis avoid? (2 points) Four common mistakes that are to be avoided are 1.Using current cost of debt (instead of historical cost of debt) 2. Mixing current and historical measures to calculate MRP 3. Using book weights to estimate the weight for capital structure (instead of market weights) 4. Misidentifying the capital component sources Part II: Capital Budgeting You have just graduated from the MBA program of a large university, and one of your favorite courses was â€Å"Today’s Entrepreneurs. † In fact, you enjoyed it so much you have decided you want to â€Å"be your own boss. † While you were in the master’s program, your grandfather died and left you $1 million to do with as you please.You are not an inventor and you do not have a trade skill that you can market; however, you have decided that you would like to purchase at least one established franchise in the fast-foods ar ea, maybe two (if profitable). The problem is that you have never been one to stay with any project for too long, so you figure that your time frame is three years. After three years you will sell off your investment and go on to something else. You have narrowed your selection down to two choices; (1) Franchise L, Lisa’s Soups, Salads, ; Stuff and (2) Franchise S, Sam’s Fabulous Fried Chicken.The net cash flows shown below include the price you would receive for selling the franchise in Year 3 and the forecast of how each franchise will do over the three-year period. Franchise L’s cash flows will start off slowly but will increase rather quickly as people become more health conscious, while Franchise S’s cash flows will start off high but will trail off as other chicken competitors enter the marketplace and as people become more health conscious and avoid fried foods. Franchise L serves breakfast and lunch, while Franchise S serves only dinner, so it is possible for you to invest in both franchises.You see these franchises as perfect complements to one another: You could attract both the lunch and dinner crowds and the health conscious and not so health conscious crowds without the franchises directly competing against one another. Here are the net cash flows (in thousands of dollars): Depreciation, salvage values, net working capital requirements, and tax effects are all included in these cash flows. You also have made subjective risk assessments of each franchise, and concluded that both franchises have risk characteristics that require a return of 10%. You must now determine whether one or both of the franchises should be accepted. . What is the difference between independent and mutually exclusive projects? (2 points) Independent projects are those projects whose cash flows are not affected by other projects. If Costco is considering opening a new store in Los Angeles and another one in New York, they would be independent. Mutu ally exclusive projects are two different methods of attaining the same result. If one is accepted the other would be rejected. If Costco were considering relocating its corporate headquarters to Los Angeles or New York, only one of the 2 locations will be selected thus rejecting the alternate location.When projects are mutually exclusive, it means they do the same job or have the same purpose. 2. Define the term net present value (NPV). What is each franchise’s NPV? (4 points) Net Present Value is defined as the present value of project’s cash inflows minus the present value of its costs. It tells us how the project contributes to shareholder wealth. The larger the NPV the more value the project adds and thus the higher the stock price. NPV = CF0 + CF1/ (1+r)1 + CF2/(1+r)2 + CF3/(1+r)3†¦.. + CFN/(1+r)N r = 10% Franchise L CF0L = -100 CF1L = 10 CF2L = 60 CF3L = 80NPVL= CF0L + CF1L/ (1+r)1 + CF2L/(1+r)2 + CF3L/(1+r)3 = -100 +10/(1+. 10)1 + 60/(1. 10)2 + 80/(1. 10)3 = -100 + 9. 09 + 49. 59 + 60. 11 = $18. 79 Franchise S CF0S = -100 CF1S = 70 CF2S = 50 CF3S = 20 NPVS= CF0S + CF1S/ (1+r)1 + CF2S/(1+r)2 + CF3S/(1+r)3 = -100 +70/(1+. 10)1 + 50/(1. 10)2 + 20/(1. 10)3 = -100 + 63. 64 + 41. 32 + 15. 03 = $19. 99 3. What is the rationale behind the NPV method? According to NPV, which franchise or franchises should be accepted if they are independent? Mutually exclusive? How would the NPVs change if the cost of capital changed? (4 points)NPV is generally regarded as the best single screening criterion, primarily because it is directly related to the firm’s central goal of maximizing the stock’s intrinsic value. NPV tells us how the project contributes to shareholder wealth. The larger the NPV the more value the project adds and thus the higher the stock price. A negative NPV indicates sufficient cash is not being generated from the project to meet cost associated with the project. Zero NPV indicates that cash generated is only sufficient to cover costs. Positive NPV on the other hand indicates that the inflow of cash is larger than the outflow.NPV rules dictate that if projects are independent, both projects should be accepted as long as they have a positive NPV. In this case both Franchise S ; L have positive NPV’s and should be accepted. If projects are mutually exclusive, then the project with the larger NPV should be selected. In this case, Franchise S has a higher NPV indicating that the returns from investing in Franchise S is larger and thus Franchise S should be selected. 4. Define the term internal rate of return (IRR). What is each franchise’s IRR? (4 points) IRR is the discount rate that forces the PV of the inflow of a project to equal the initial cost.In other words it forces the NPV to be zero. IRR is an estimate of the projects rate of return and it is comparable to the YTM on a bond. NPV = CF0 + CF1/ (1+IRR)1 + CF2/(1+IRR)2 + CF3/(1+IRR)3†¦.. + CFN/(1+IRR)N = 0 Using Excel function IRR | Expected | | net cash flows | Year (t)| Franchise L| Franchise S| 0 | ($100)| ($100)| 1 | 10 | 70 | 2 | 60 | 50 | 3 | 80 | 20 | IRR| 18. 13%| 23. 56%| IRRL = 18. 13% IRRS = 23. 56% 5. What is the logic behind the IRR method? According to IRR, which franchises should be accepted if they are independent? Mutually exclusive? How would the IRRs change if cost of capital changed? 4 points) IRR is an estimate of a projects rate of return. If the return exceeds the cost of funds used to finance the project, then the difference is a bonus that goes to the firm’s stockholders and causes the stock price to rise. So if the WACC/hurdle rate(r) is less than the estimated return IRR, it indicates project will be profitable. As in NPV where zero is the threshold above which the project is considered profitable, r is the threshold above which IRR is considered profitable In the condition where Franchise S and L are independent, both franchises have positive IRR’s and thus both franchises should be accepted.However, when both franchises are mutually exclusive, the franchise with the larger IRR has to be selected, which in this case Franchise S. 6. Construct NPV profiles for Franchises L and S. At what discount rate do the profiles cross? From the NPV profile which franchise or franchises should be accepted if they are independent? Mutually exclusive? Explain. (6 points) NPV Profile for Franchise S ; LCost of Capital = 10%| | Year =| 0| 1| 2| 3| Project S| -100. 00| 70| 50| 20| Project L| -100. 00| 10| 60| 80| | | | | | | r| NPVS| NPVL| | | 0%| $40. 00| $50. 00| | | 5%| $29. 29| $33. 05| | 8. 68%| $22. 32| $22. 32| | | 10%| $19. 98| $18. 78| | | 15%| $11. 83| $6. 67| | | 18. 126%| $7. 23| $0. 00| | | 20%| $4. 63| -$3. 70| | | 23. 564%| $0. 00| -$10. 20| | On this plot the X Axis is the cost of capital and the Y axis is the NPV. IRR is the discount rate at which profile line crosses the X axis. Profiles crossover at an 8. 68% cost of capital. Based on the pl ot, the NPV for both Franchise S and Franchise L have NPV’s above the cost of capital indicating cash inflow is larger than the costs and thus both projects should be selected if they are independent of each other.On the other hand, if the projects are mutually exclusive, the project with the larger x-intercept (higher IRR), which is Franchise S, should be accepted. 7. What is the underlying cause of ranking conflicts between NPV and IRR? (3 points) Ranking conflicts occur when cost of Capital is higher than crossover rate which causes NPV and IRR to point in different directions. The two basic conditions that cause these conflicts are * Timing difference: When one project receives majority of the cash early while the other receives it later.This is the reason for conflict between Franchise S ; Franchise L * Project size (scale) difference: Significant difference in invested amount can cause a conflict When either timing or size differences occur, the firm will have different amounts of funds to invest in other projects depending on which of the two mutually exclusive projects it chooses. Given this situation, the rate of return at which differential cash flows can be reinvested is a critical issue. Therefore, whenever conflict exists between mutually exclusive projects, NPV method is better to use. 8.What is the â€Å"reinvestment rate assumption,† and how does it affect the NPV versus IRR conflict? (3 points) NPV calculation is based on the assumption that cash inflows can be reinvested at the projects risk adjusted WACC, whereas the IRR calculation is based on the assumption that cash inflows can be reinvested at the IRR itself. Since NPV assumes reinvestment at cost of capital which is more realistic and is typically lower than the IRR (cash flows generally cannot be reinvested at heir IRR), so NPV is the more reasonable method. NPV should be used to choose between mutually exclusive projects. . Define the term modified IRR (MIRR). Find the M IRRs for Franchises L and S. (4 points) IRR overstates the expected rate of return for accepted projects because cash flows cannot be reinvested at the IRR. The Modified IRR (MIRR) rectifies this problem by assuming reinvestment at the WACC or any other reasonable rate. Using excel function MIRR, we calculated the MIRR for Franchise L and S. WACC| 10%| | | | year| 1| 1| 2| 3| Franchise L| ($100)| 10| 60| 80| Franchise S| ($100)| 70| 50| 20| | | | | | MIRRL| 16. 50%| | | | MIRRS| 16. 89%| | | | 10.What are the MIRR’s advantages and disadvantages vis-a-vis the regular IRR? What are the MIRR’s advantages and disadvantages vis-a-vis the NPV? (4 points) MIRR has two significant advantages over IRR. First, MIRR assumes reinvestments at cost of capital rather than investment at IRR which is generally not correct. Thus, MIRR is usually a better indicator of profitability. In addition, the MIRR eliminates the multiple IRR problem because there can never be more than one MIRR, a nd it can be compared with the cost of capital when deciding on accepting or rejecting projects.MIRR does not always lead to the same decision as NPV in the case of mutually exclusive projects where difference in size and timing can give rise to conflicts. In these considerations, NPV is a better indicator as it selects the project that maximizes value. However, MIRR is superior to the regular IRR as an indicator of a project’s â€Å"true† rate of return. Part III: Forecasting Financial Statements Matthews Industries’ most recent financial statements are available in the attached Excel worksheet and also in the partial model file Ch12 P11 Build a Model. xls from the textbook’s web site.Matthews Industries’ financial planners must forecast the company’s financial results for the coming year. The forecast will be based on the forecasted financial statements method, and any additional funds needed will be obtained by using notes payable. Comple te the partial model and answer the following questions. 1. Assume that the firm’s 2010 profit margin, payout ratio, capital intensity ratio, and spontaneous liabilities to sales ratio remain constant. If sales grow by 10% in 2011, what is the required external capital the firm will need in 2011 as calculated by the AFN equation? 10 points) AFNMatthews =| Add'l Req'd Assets| ? | Spontaneous liabilities| ? | Add'n to RE| =| (A0*/S0)? S | ? | (L0*/S0)? S | ? | S1 ? M ? (1–POR)|   | | | | | |   | =| (A0*/S0)(gS0) | ? | (L0*/S0)(gS0) | ? | S1 ? M ? (1–POR)|   | | | | | |   | =| $660| ? | $74. 70| ? | $257. 73|   | | | | | |   | AFNMatthews =| $327. 27| million|   |   |   |   | The required external capital for 2011 as calculated by AFN is 327. 27 Million. 2. If 2010 ratios remain constant, what is Matthews’ self-supporting growth rate?How will the self-supporting growth rate change if each of the following changes occur: (1) the profit mar gin declines, (2) the payout ratio increases, or (3) the capital intensity ratio declines? (10 points) | PM(1 – POR)(S0)| $234. 30|   | Self-supporting g =| =| | = 4. 17%| | A0* – L0* – PM(1 – POR)S0| $5,615. 70|   | Mathew’s self-supporting growth is calculated to be 4. 17%. Effect on Self-Supporting growth when all ratios are kept constant except one ratio is changed as follows 1) When the profit margin declines, the self-supporting growth percentage drops.Assuming that everything else is constant and M falls to 2. 55%, self-supporting growth g would fall to 2. 96% 2) When Payout-ratio increases, self-supporting growth percentage drops. Assuming that everything else is constant and POR increases to 55%, self-supporting growth g would fall to 3. 39% 3) When capital intensity ratio (A0*/S0) declines, it does not change the self-supporting growth 3. Matthews’ management has reviewed its financial statements and arrived at two possible sce narios for 2011.The first scenario assumes a steady state while the second scenario, the target scenario, shows some improvement in ratios toward industry-average values. Forecasted values for the scenarios are shown in the partially completed file Ch12 P11 Build a Model. xls. If Matthews assumes that external financing is achieved through notes payable and financing feedbacks are not considered because the new notes payable are added at the end of the year, what are the firm’s forecasted AFN, EPS, DPS, and year-end stock price under each scenario? (14 points) Using the file Chapter 12P11 Build a Model. ls, forecasted values for scenarios are as follows: Forecasted Values| Steady State| Target State| AFN| $324. 40 Million| -332. 50 Million| EPS| $3. 16| $5. 66| DPS| $1. 42| $2. 41| Year-end Stock Price| $25. 27| $70. 79| See excel file submitted separately for detailed calculations on Part III. Scoring Sheet: Question #| Max Points| Points scored| Part I| | | 1| 5| | 2| 3| | 3| 3| | 4| 3| | 5| 2| | 6| 2| | 7| 2| | 8| 2| | 9| 2| | 10| 2| | 11| 2| | Part II| | | 1| 2| | 2| 4| | 3| 4| | 4| 4| | 5| 4| | 6| 6| | 7| 3| | 8| 3| | 9| 4| | 10| 4| | Part III| | | 1| 10| | 2| 10| | 3| 14| | TOTAL| 100| | | | | Points towards final grade| 15| |

Carbon dioxide Essay

Do not write outside the box around each page or on blank pages. ? Do all rough work in this book. Cross through any work you do not want to be marked. Information The marks for questions are shown in brackets. ? The maximum mark for this paper is 45. ? You are expected to use a calculator where appropriate. ? You are reminded of the need for good English and clear presentation in your answers. ? Advice ? In all calculations, show clearly how you work out your answer. (Jan12CHy1H01) K76507 6/6/6 CHY1H 2 Answer all questions in the spaces provided. Do not write outside the box 1 Petroleum diesel is a fuel made from crude oil. Biodiesel is a fuel made from vegetable oils. To make biodiesel, large areas of land are needed to grow crops from which the vegetable oils are extracted. Large areas of forest are cleared by burning the trees to provide more land for growing these crops. Leave as forest Forest Produce food Burn the trees Grow crops Produce biodiesel 1 (a) 1 (a) (i) Use this information and your knowledge and understanding to answer these questions. Carbon neutral means that there is no increase in the amount of carbon dioxide in the atmosphere.

Disadvantages of Playing Video Games Essay

In the last several years the interactive games have had an amazing development in terms of image quality and variety of games. This has led to children and adults spend more time gaming and less time sharing with their families and friends. There are many significant disadvantages of playing video games. First, electronic games might have a negative impact over personal physical health. Gamers become lazy because they do not exercise every day. For example, they often eat only junk foods while playing, so they can become obese. Besides that, players have weak muscles because they do not exercise continuously, so their physical condition decreases. Moreover, their visibility is reduced by the time they are exposed in front of TV. When competitors spend a lot of time playing interactive games, their eyesight is damaged; as a result, they might need glasses. If gamers’ visibility decreases they have terrible headaches every day; consequently, they do not can sleep efficiently. The second disadvantage is that video games negatively affect the mental health of the people. Players can have a game addiction so they reduced contact with the environment. Playing electronic games loses the competitors interest in doing their daily activities such as hobbies or sports; thus, they do not perform outdoor activities. Furthermore, gamers’ attitude changes with the interactive games because they can be isolated, so they lack social interaction with their families and friends. Additionally, the children behavior can be affected by the excessive gaming because they do not difference between real life and in-game life. When a kid often plays video games, he wants to respond to any problem like his favorite character in the game, so this promotes his violence. Also, electronic games might produce mood swings in very young people; as a result, they have problems behavior in stress situation. Finally, players are irresponsible because do not mind their duties. The students fail in the exams so they repeat the grade. If learners do not do their homework, they do not practice enough their classes; thus, they have a low mark in their test. Besides that, the pupils do not review the lessons because they prefer on-line activities; consequently, they do not study adequately. Moreover, workers fail in their jobs. The gamers become disorganized with their jobs because they do not sleep sufficient by gaming; then, they lost their employment. Not only that, player is unable to concentrate on their work because he is thinking about interactive games all day, so he do not satisfy company expectations. In conclusion, playing video games has several important drawbacks. They are decreased physical condition, play compulsively, isolating, and feckless. Parents should be more careful with the time their children are exposed to electronic games, and adults should try to maintain an active social life.

Socrates’ death

To begin with, we need to introduce Socrates. Socrates was and still regarded as one of the most influential philosophers. Socrates throughout his life showed a deep understanding of the human life, as well as an understanding of the world. He is considered one of the most important ethical philosophers of all time. Nothing much is known about his personal life, but his works were well preserved which revealed a lot about him as a great man. Socrates was sentenced to death and was put into prison because he disobeyed the roman god, and claimed to be led by a mysterious power. He was accused with offences against public morality. After his sentence was released a lot of his friends and jury expected him to refuse the sentence, but for their surprise, he did not say anything and he accepted the sentence readily. Many of his friends urged him to escape the prison, but he refused saying that the state should be obeyed. He stayed in prison for 30 days because at the time of his sentence romans had a sacred time in which they did not kill anybody. During that time, many of his friends came to him and urged him to leave the prison, but he refused. One of the most important visits by his friends was Crito’s visit. Crito visited him the last day before his sentence, and they argued about whether Socrates should escape or not. In his argument, Crito used a teleological approach. He presented Socrates with the consequences of him staying in jail. On the other hand, Socrates replied to him using deontological approach, defending his point of view using valid reasons. First Crito presented Socrates with the argument that people will say that Socrates did not choose to stay in prison; it must be his friends that did not talk to him. By this, he is saying if you don’t escape people will talk badly about your friends. By this argument, Crito shows a large interest in public opinion, and a large care about his reputation. This represents a teleological approach, because he is stating facts and consequences of Socrates staying in prison. When Socrates heard this, he immediately refuted this argument. He told Crito that he should not care about the majority’s opinion. Socrates gave the example of a trainer and a student. He says that when the student does something, everybody around him will talk about the thing, but he doesn’t listen to anybody but the trainer. Then he tells Crito that he should do the same thing because â€Å"the general public† is not qualified to judge anybody. It is the responsibility of a qualified person to give judgment for actions taken by others. This argument represents a deontological approach, because he is talking about a purpose. He is not listing facts and consequences; he is just saying that all matters of justice and injustice should be handled that way because it is the right way. According to Socrates justice and truth work together. He gave an argument saying that the state is the one that bough him to life, and is the one who could end his life. He made a comparison between the state and parents. He said that the state in a sense is like a parent, who always wants the best for his son. This is a deontological approach because he did not say anything about a consequence he just listed his belief and his point of view on the subject. To add, Socrates mentioned another point, which is that by disobeying the state you are breaking a commitment and by breaking the commitment you are doing wrong. This also is a deontological approach of the issue because he is stating a point of view without mentioning any facts or evidence about it. He is just pointing out a personal point of view. He is basing his argument on his perception of right and wrong, without any reference to factual evidence. He said that by disobeying the state and going out of prison without an official charge he would be unfair and unjust to the people of Athens. He says that by escaping, he breaks the law and the law is found for everybody and is fair with everybody, so if he breaks it this justice will break down. This is another deontological approach because he is supporting his point of view using his own perceptions of right and wrong. He does not backup his argument with consequences or related factual evidence. In addition to the deontological approach, Socrates used the teleological approach in addressing some of the issues with him escaping prison. In his argument with Crito about leaving the prison because of his kids, Crito said that if he stays in the prison his children will be orphaned and will have nobody to take care of them and educate them. He used the teleological approach here because he mentioned a consequence of him staying in the prison. Socrates replied to that by saying that by escaping, he would break the law. By breaking the law Socrates would be labeled as an outlaw. Being an outlaw would not allow him to raise his children, because he will be running away from the government the whole time. Not having time for his children will let strangers raise them. While if he stays in prison and dies the state will take care of his children. This shows a teleological approach because Socrates is mentioning a consequence of him running out of prison. He says that if he escapes, he would not be able to live life the same way he was used to living it. In my opinion, Socrates’ argument is better and more concrete because he didn’t just apply the argument to this particular situation. He expanded the analogy to involve every situation that involves a case like his. His analogies could be expanded to any situation involving justice and injustice. In addition, Socrates’ arguments represent real moral values. While in Crito’s arguments, we could see that he is only concerned about himself and his reputation. In addition, they could be only applied to this situation not any other situation. His arguments do not have any real ethical or moral values because he is concerned only about himself. To sum up Socrates’ arguments care about the well-being of every human being, while Crito’s only care about the well-being of himself

Air quality Essay Example for Free (#2)

Air quality Essay ? The quality f air that we breathe in today has significantly reduced over the years. Atmospheric air contains nitrogen, oxygen, carbon dioxide and rare inert gases. Of these, the two highly inevitable ones are oxygen and carbon dioxide. Theses are important for the survival of life n the planet: 02 is useful for animals and CO2 for photosynthesis in plants. The quality of these gases is determined by availability and its pollution-free state. Both factors have contributed to the present unfavorable status quo of these gases with respect to the sustenance of life on the planet. Many conferences have held in nations of the world; quite a handful of International Summit have held to address the prevalent menace of environmental pollution that threatens all lives on the Earth. Daily, the number of endangered species increase, and many plants and animals have already gone into extinction as a result of the pollution affecting the quality of atmospheric gases available for daily cellular functions. Human activities such as deforestation and degradation, water pollution through oil spillage and poor river basin development programs have indeed played significantly roles. Besides, exhauist from mechanical equipment and vehicles, gaseous wastes from manufacturing industries, pollution with indiscriminate use of plants chemicals such as herbicides, pesticides, etc have contributed to the reduction in the quality of air available to plants. This has affected the produce of plants, and the health of animals including humans. One must realize the fact that plants constitute a major recycling pathway for the purification of atmospheric air. Photosynthesis uses sunlight and such inorganic molecules like CO2 to produce organic compounds in the from of glucose. This is consumed by animals to produce CO2. O2 is used in oxidation of food in animals with carbon dioxide as byproduct. This pathway is important in determining the quality of atmospheric CO2 and O2, a byproduct of photosynthesis. This implies that any process, natural or man-made, that alters this pathway will affect the recycling process and the availability of good quality air for life. The threat of destruction of rainforest would have tremendous impact on future levels of these gases: It would cause an automatic alteration in the pathway describes above. Plants population would reduce and animals would suffer greatly for this. As a result of this imbalance, atmospheric oxygen and carbon dioxide would change accordingly. The quality of atmospheric oxygen and CO2 has changes over the years. The threat of rainforest destruction would worsen the change in the future. www.climatechangeissues.com/files/science/Plimer.doc Air quality. (2018, Nov 08).