History of Municipal Solid Waste (MSW) Research Paper

History of Municipal Solid Waste (MSW) - Research Paper Example Introduction Open dumps and landfills have been used over the years as a place for waste disposal. Open dumps were used back in 1950’s and 1960’s. However, they unhygienic and had a lot of negative impact to the environment. Therefore, most of them were illegally created. Later, in 1970’s early landfills were created to cover the dump sites so as to reduce it impact to the environment. However, this early landfills lack proper equipments and designs that enabled the waste to be disposed off properly. This brought more research and modern landfills were created. These landfills are well deigned, planned and monitored thus improving waste disposal method. Further, these landfills also act as sources of energy and revenue to municipalities. 1. Open dumps are abandoned piles of garbage, household appliances, bags of yard waste, used tires and demolition debris such as shingles, lumber, asbestos and pipes in large quantities. There are commonly found in backyard, fore sts, abandoned swimming pools and buildings. Generally, open dumps are created when making building foundations (Binder et al, 2007). Open dumps are usually not permitted thus illegal. Often, if open dumps are allowed they tend to grow very large. 1a There are many problems associated with open dumps as it possesses safety, health and environmental threats. These environmental threats include; air pollution: open dumps has garbage’s of from different source which react to produce toxic gases. These toxic gases are inhaled by humans and animals around the area thereby causing respiratory diseases. Open dumps also cause water contamination in rivers, streams, lakes and even ground water. This leads to drinking water contamination thus resulting to water scarcity as water is a scare resource. Furthermore, open dumps cause a lot of damage to the natural ecosystem that is the plants and wildlife habitats. They cause soil contamination, which does not work well with the plants and animals. Evidently, local communities near open dumps have high prevalence of diseases such as malaria because open dumps carry disease carrying mosquitoes, rodents and flies. Moreover, open dumps cause a loss of aesthetic value of a location. Due to the many types of garbage in the open dump it makes the area unattractive, smelly and unbearable environment. Lastly, open dumps cause fire and explosion which in turn cause severe damage to the environment. These also decrease the quality of life of residents and local community living around it. 2 Early landfills were constructed without much technology and designing put to it. They were constructed in the 1970’s, to control the problem of odors as a result of sanitary landfills. They mainly entailed installing cover system in formal dumpsites to deal with the problem of windblown refuse and often fires caused by the open dump sites. These early 1970’s landfills were constructed without leachate and liners collection sys tems (Reno, 2008). Lack of leachate collection system becomes one of the major problems associated with these landfills. 3 Leachate is the liquid that comes from dew and rain, and natural moisture penetrates through waste. It moves through the waste dissolving salts, picking up organic components and leaching heavy metals. Furthermore, landfill leachate has an organic strength greater than 20 to 100 times that of raw sewage. Consequently, this makes it a potentially potent polluter of groundwater and soil.

Trinitarian Theology of Prayer and Healing Essay Example for Free

Trinitarian Theology of Prayer and Healing Essay There has been considerable reflection more recently on the nature of Trinity and its place in church life and theological thinking. Feminists, liberationists, process thinkers, and more traditionalist Catholic and Protestant theologians as well as Eastern Orthodox desire to free the Trinity from its isolation in traditional statements with the consequent lack of relation to practical Christian faith and life. The realization that in the economy of salvation we have to do with God as he is in himself has radically focused thought in a new way on the being and act of God as triune. The double context of salvation and liberation in relation to the Trinity has been the prime reason for renewed interest in the doctrine today and in its practical implications. Recent rejuvenation of the Trinity has owed much to the efforts and success of theologians in laying out a wide range of trinitarian implications. It is as we properly understand God as triune that we win have a right view of the faith, of its doctrines, and of the relevance of all this for every sphere of human life and activity. It is in many ways remarkable that this insight, always latent in our traditions, has now, almost suddenly and unexpectedly, emerged as a central aspect of current theology. Current thinking is very varied; here the work will concentrate on that which relates directly a trinitarian basis and the implication for our understanding of the nature and goal of healing. Before we go on to do this in some detail in the work, we must say something about the Trinity itself as the general framework for understanding religious diversity. After discussing that general framework, we will indicate some of its implications for Christianitys internal life. Trinity means the reality of one God who is three persons. There are not three Gods somehow joined together, which would be explicit tritheism, nor can one envisage the three persons as together making up the Deity. This would reduce the â€Å"persons† to partial gods and mean that the Trinity was some kind of mathematical conundrum. Nor can the unity in Trinity be seen as simply a variety of attributes or perfections which constitute the being of God. Rather, the Trinity affirms that while each person is wholly divine both per se and in relation to the others, there is only one God. Gods being is a unity in Trinity and not otherwise. This naturally excludes the view that one can begin with a different conception of unity to which the Trinity must in some measure conform. It also indicates that the being of God as one can only be known as mystery in the actions of his grace and salvation in Jesus Christ by the Holy Spirit or, to put it otherwise, in revelation and reconciliation. But if God is the one God as the Father sending the Son by the Holy Spirit, how do these three persons or ways of Gods being in action express his unity? That is the question. Two main answers have been given but elaborated in various ways. The first favored by the Orthodox East and by many Western theologians today is summarized cryptically as â€Å"being in relationship† or â€Å"being as communion† or â€Å"ontorelational unity† (Vanhoozer 188). The second traditional Western view sees the persons as inhering in the being of God as the focus of unity. Christians believe God is intrinsically relational. Salvation is communion with the triune God. Salvation is not a realization of pure identity, the unity of one absolute Self, a one without a second. That religious end would be relationless, because there is nothing outside the One with which to relate. Any relation of the One to something outside it could only be a diminishment or contamination of the divine perfection. Salvation is also not emptiness, the dissipation of any continuing consciousness of being at all. This too is a relationless end. In the first case there was one absolute with nothing/no one to relate with. In this case it is not the absence of an other that rules out relation, but the radical insubstantiality even of one. Instead of one without a second to relate with, we might regard this end as pure relation, with no â€Å"ones† — distinct persons or entities — to have the relation. These religious ends differ from salvation because they exclude relation itself, seeing it as extrinsic to religious fulfillment. In that light, salvation appears too interactive, too wedded to difference. Christians believe that the understanding of God as Trinity, the understanding whose catalyst is the incarnation of Christ, allows us to grasp key features of Gods character and Gods relation with us. If relationship itself is an impossible, unnecessary, or counterproductive religious aim, then this belief is in error. But if relation is truly an irreducible component of the religious end, then characterizations of God are not only passing tools. They are in some measure constitutive of that end. Salvation is shaped by a particular vision of the God with whom we are in relation. Here we glimpse the way in which Christ is integral to salvation, both embodying the relation with God that constitutes salvation and distinctively representing to us the nature of the God with whom we have communion in salvation. The Trinity is not about levels of divine being but about dimensions of God. Height, length, and width are features of a whole body and of every part of it, and yet the three are not the same. If emanations from God or acts of God are put on a ladder of being, then humans, who are farther down the ladder of creation, can relate only to the rungs immediately above or below them. Ultimate divinity lies further above and beyond. If the three divine persons of the Trinity are treated in this way, they become levels of being. But in fact no person of the Trinity is a lower or earlier step, and none is â€Å"less far in† to God. For the Christian, salvation is not passing beyond the Spirit to the Son or the Son to the Father. Salvation is participation in the divine life that is the communion among the three persons. The doctrine of the Trinity has its basis in Gods self-revelation in Israel and in Jesus Christ his Son by the Holy Spirit. In other words, it is to be found exclusively in this revelation as the Scriptures bear witness to it. This positive affirmation carries a negative within it. Since the unity of God is a unity in trinity no other conceived or supposedly proven unity of God is a Christian conception of the true God. Traditional doctrine has sometimes been at fault here. It brought a division into the whole conception of God beginning with a general doctrine of the one God and his attributes on the basis of some biblical material or philosophical proofs and then went on to speak of God as triune. This clearly has various dangers which are being recognized today. It could lead to the Trinity being subordinated to an already preconceived idea of God with a consequent weakening and undermining of its true nature in a modalistic way. Again, it could be seen as a creator God as Father being largely divorced from Son and Holy Spirit so that the Father was known otherwise than by faith, whereas Jesus Christ and the Holy Spirit were the true objects of our belief and worship. This could bring a serious division into our conception of the Trinity, endangering the equality and nature of the persons and misunderstanding their mutual relationships. This dichotomy in the doctrine of God meant a real difficulty too in relating it to Christian life, faith, and worship. Augustine considers what is involved in the perfection of the image of God in humanity when through exercise of the trinity of faith the mind is purified and comes to contemplate God the Trinity. The image of God in the soul is memory, understanding and love, which is manifested (and can never be ultimately lost) when the mind remembers itself, loves itself and knows itself, but which is truly the image because it is the capacity the soul has to remember, know and love God and it is in such cleaving to God that the image is perfected: When its cleaving to him has become absolute, it will be one spirit with him . . . The mind will be raised to the participation of his being, truth and bliss, though nothing thereby be added to the being, truth and bliss which is its own. In that being, joined to it in perfect happiness, it will live a changeless life and enjoy the changeless vision of all that it will behold (Cavadini 103). What is happening here is less the souls ascent to God than the souls submitting to be refashioned by God: â€Å"the beginning of the images reforming must come from him who first formed it. The self which it was able to deform, it cannot of itself reform† (Cavadini 115). It is a process which begins in the moment of baptism, and is perfected in a long gradual process of penitence and endurance: â€Å"the cures beginning is to remove the cause of the sickness: and that is done through the forgiveness of sins. Its furtherance is the healing of the sickness itself, which takes effect by gradual progress in the renewal of the image† (Cavadini 121). The souls return to God is the perfecting within it of the image of God in which it was created. It is a movement away from the â€Å"land of unlikeness† in which it finds itself as a result of the fall. But Augustine emphasizes in the last book (XV) of De Trinitate that the likeness to God we have discovered in humanity is no equality: it is a likeness between two utterly different beings, God and the creature, and so he says, foreshadowing the language of the fourth Lateran Council, that we must â€Å"rather discern in its measure of likeness a greater unlikeness too† (Cavadini 122). For the love of God, beware of illness as much as you can, so that as far as possible your self is not the cause of any weakness . . . For the love of God, control your body and soul with great care, and keep as fit as you can. Here speaks the positive, life-affirming voice of Christian spirituality, in this case from plague-ridden England of the fourteenth century. The voice is also realistic: â€Å"should illness come in spite of everything, have patience and wait humbly for Gods mercy† (Peel 255). Between the twin poles of the passive acceptance of unavoidable suffering and the active care of health and work for healing, Christian spirituality moves with varying emphases, first in one direction, then in the other. In the twentieth century, Christian spirituality in its literature and practice has moved in the second direction, showing a more challenging attitude towards disease, and a wider concern for human development, personal and social. Wholeness in body, mind and spirit is presented as a goal to which ascetics need not run counter, and should indeed subserve. Wholeness and holiness, if not precisely synonymous, are regarded as related. â€Å"Properly understood, prayer is a mature act which is essential for the complete development of the personality . . . It is only in prayer that we can achieve the complete and harmonious union of body, mind and spirit† (Dr Alexis Carrel, quoted in H. Caffarel 20). The incarnation is seen to have implications for the redemption of every aspect of the worlds activity. At the same time, in society generally, a larger concept of health has begun to take hold, as meaning not merely the absence of sickness, but the realization of human potential. Advances in clinical medicine, pharmacology and psychiatry have helped to create a new climate of expectation. Partly through the growth of nuclear physics and a changed scientific and philosophical outlook, some writers have questioned the very distinction between the physical and the spiritual, as hitherto understood. It is in this changing atmosphere that the Christian ministry of healing, as distinct from forms of faith-healing which deny the value of scientific medicine, has been renewed in the churches. A fruitful meeting-point between spirituality and medicine lies in the fact that it is the vis medicatrix naturae, the recreative power of nature, which brings healing. Physicians and surgeons do not directly heal anybody: they seek by their skills to remove obstacles to natures healing energies, as when they correct chemical imbalances in the body, or take away diseased tissue. Means which touch the human spirit, such as are employed in the ministry of healing by prayer and sacrament, may equally be seen as seeking to liberate and quicken by grace the God-given forces within human nature. Three aspects of the subject attract attention, and developments in each can be expected. Christian Science arose at a time when Protestantism left little room for the teaching and practice of spiritual healing (Kelsey 69). It offered a unique product blend of metaphysics with an unorthodox interpretation of Christian scriptures that appealed to a large number of people during the late 19th century. With the inception of the Pentecostal movement early in the 20th century and its spillover into historic Christian denominations since 1950, healing was once again incorporated with orthodox Christian theology. Despite some obvious similarities between Christian Science and mainline Christian healing groups, very little rapport exists between the two approaches to religious healing. Christian Science accepts as an assumption that illness is a form of evil, and all evil is an illusion (Peel 254). Each person has it within her/himself to counter illusion with truth. As Christian Science foundress Mary Baker wrote: â€Å"That which [God] creates is good, and He makes all that is made. Therefore the only reality of sin, sickness or death is the awful fact that unrealities seem real to human, erring belief, until God strips off their disguise† (Peel 256). Faith in Gods power to heal has to reckon with the fact that there appear to be blocks in a disordered world and within human personality to receiving Gods healing energies. Such obstacles may be moral, in the form of unrepented sin. They may also be due to emotional disturbances caused by past wounds to the spirit. Inner healing is concerned to bring to light the causes of the inner pain; to help the sufferer to interpret them correctly; and to release the person from the emotional grip of the past. Prayer and meditation play a crucial part in this exodus from captivity. Deeper levels of the mind are reached in contemplative prayer, when the focus is upon God alone, and the soul waits upon him. Inner healing comes also in corporate worship, when the gaze is Godward and the worshipper is lifted by the Spirit out of self-centredness or narrowness of vision. Closer union with God in the depth of the spirit thus brings an integration of the whole person around the new Centre, and it is quite usual for physical health to be improved. Diseases are caught in a diseased society. Environment counts, for better or for worse. â€Å"It is cruel and false to brand every sufferer as a sinner: much suffering and sickness is due to the sin either of other persons, or of society in general† (Peel 269). There is in some churches a growth of less formal kinds of reaching out to minister to the sick in the name of Christ, alongside the sacramental ministries of Eucharist, anointing, laying on of hands, reconciliation of penitents, and occasionally exorcism. The dedicated use by every member of Christ of his or her personal gift of the Spirit enables the local church to become an actively healing community. Where some have a physical gift of healing through the hands (a phenomenon still little understood, though real), they may use it as members of a parish team, and are sometimes licensed by a bishop for a wider ministry. I believe that Jesus Christ is in fact constitutive of healing. Christ is constitutive of healing for all people who attain it. Christ is constitutive in this way not as some separate and additional actor besides God, but precisely as an expression of the triune life of God. Christ is one who comes from the triune life into human life but also one who brings human life into its fullest participation in the triune life. Christ is not extrinsic to the love of God, not only a representation of it, but also the working of it. Christ is in such unity with God that communion with God involves a fundamental relation with Christ. Healing is constituted solely by Gods everlasting love. Christ does not constitute healing; Christ represents the God who does. Ordinary Christian sacraments and preaching can only symbolize God by representing Christ. Christ represents God by constituting these lesser representations. Whereas they represent Gods love by also representing him, he represents Gods love by also constituting them. Christs special role is not to constitute healing but to constitute the Christian symbols for it. Other religions may have their own representations.   The problem with this analysis is that it makes â€Å"Gods everlasting love† an abstract quality and agent, some kind of prior decision in the mind of God, and downplays its personal nature. That love is precisely a feature of the personal communion that is the divine life, of which the second person of the Trinity is a constitutive member. Prior to being an idea or a decision, this love is an event. And Christ, the divine Word, is participant in that event, constitutive of that everlasting love. Likewise the extension of this love to humanity which constitutes healing is not an abstract possibility. The path for human participation in the triune communion is laid in the unity of God and humanity in Christ. Though Christ is certainly the way, in the Christian view, Christ is also the life and the truth in whom we rest and grow while on the way and at the end of the way. The proposition that Christ is the sole savior of the world is not adequately translated by saying that everyone must make use of Christ for at least one crucial moment, long enough to negotiate part of the passage to the promised land of â€Å"salvation,† after which time Christ can be discarded or replaced. In inviting his followers into a relation with God like his own, Jesus presumed that those in such relation were one body that they lived in him and he lived in them, just as Christ lived in God and God in him. Jesus did not counsel his followers to go out and independently approach God as Jesus did. Jesus invited them to share in that relationship by virtue of their connection with him. There is nothing purely instrumental about this: the images and substance are all organic. Communion is the way Christ saves, and it is the salvation that results. Healing seems to be restored as a normal part of the Churchs ministry and of the Christian experience, wherever the Church is alive with faith in Christ. But, as with the mission to evangelize the world, so with the healing work of Christ in his Church, opposition abounds and the story is one of failure as well as success. God reigns, and the word is preached with signs following. But the end is not yet, and in Christian perspective the total healing of people and nations waits for the consummation of all things, when God shall be all in all. Deep dialogue with others can begin with prayer, the deepest dialogue with the Ultimate Other. Within this deepest dialogue, active and receptive prayer processes proposed by the Relational Prayer Model have been related to eastern and western historical descriptions of the prayer of the Holy Name. A comparison of the method and function of the prayer of the Holy Name has revealed several similarities between eastern and western spiritual traditions. These points of common ground between spiritual traditions support the expansion of the original Interpersonal Christian Prayer Model to account for more than a solely western spiritual tradition. In addition, intercultural religious dialogue and prayer between eastern and western spiritual traditions has been developed with several examples. Such religious enculturation could lead to further development and/or revisions of the Relational Prayer Model. Most modern perspectives on the Trinity and worship see prayer as a central aspect of this relationship. The passages in the New Testament that distinguish most clearly between the Father, the Son and the Holy Spirit are those that deal with prayer. Christ as our reconciler and peace giver is the one through whom we have access by one Spirit to the Father. â€Å"It was when he was thinking about prayer that Paul also thought about how in their different ways the Son and the Spirit enable us to approach the Father† (Thompson 70). While all three persons in the Trinity are necessary properly to speak of God as one it is primarily to the Father that the Son and the Spirit lead us in prayer. This is summed up by Paul when he says, â€Å"God sent the Spirit of his Son into our hearts crying Abba, Father† Thompson 65). Central to this is the Son, who reveals the Father, and whom, when we see, we see the Father. This leads us back to our Lords Prayer and his relation to God where the distinctive name he gives him is â€Å"Father.† Prayer is â€Å"through Jesus Christ our Lord,† that is, through all he was and said and did in his fife, death, and resurrection. He is the way, as well as the truth and the life. If prayer is to the Father and through the Son, it is enabled by the Spirit. Only the Spirit enables us to know God as Father or to confess Jesus as Lord or to pray to the Father in a way that is acceptable to him. The role of Son and Spirit in this is profoundly expressed in Romans. â€Å"Christ who died for us is now our great High Priest and Intercessor by his presence with the Father in the power of his finished work on the cross† (Thompson 96). Yet we can know this and be able to enter into its meaning only by the Holy Spirit. He is the One who lays hold upon our weaknesses by his strength and intercedes for us with sighs too deep for words. Through Christ we become children of God and this relationship is made possible, continued, and brought to its completion by â€Å"his Spirit which dwells in you† (Thompson 98). He is the gift and power of the present and the hope of immortality. It is the Spirit (who is divine) who intercedes for us. God the Father who knows us and our weaknesses knows his own Holy Spirit and God, speaking to us through God, as it were, prays for us and with us as the Spirit, as God wants and as prayer ought to be. At the same time, paradoxically, it is not simply the Spirits prayer but ours as well. So close is the work of Son and Spirit in bringing us to the Father that each is spoken of as Advocate and Intercessor. The trinitarian aspect of prayer has profound significance for worship. It is not seen primarily as our work but Gods own gift through Christ and the Holy Spirit. Thus â€Å"prayer and worship are not primarily hard tasks that God sets us; they are gifts that through his Son and in his Spirit he shares with us† (Thompson 99). The triune God in his life is both one and three in his being and relationships. This insight is applied in relation to the church in two areas, the local and the universal. The New Testament speaks not only of the church but also of the churches. By this is not meant denominations in our modern sense of the term, but the various ecclesiae, the various local communities wherever found. In this sense the churches represent the universal church. Each particular congregation shares in this fullness and totality in both locality and universality. In the diversity of churches or communities the one church appears in each place. One can put it in picture form by saying that the whole universal church looks out in the local church. The Conference of European Churches (C.E.C.) made the point clearly: â€Å"The whole church of Christ is constituted not by adding together part church to part church, but is expressed by the communion of local churches in mutual interpenetration. Conciliar community of churches is thus an integral part of the concept of the trinity† (Bockman 89). By this it means not that church can and should seek to live by and for itself   but, by its very basis and existence, is one with the church universal and must express that relationship analogous to the Trinity, in concrete structured form, however one may interpret this. â€Å"The primary goal of the participation of the church in the mission of God is, as expressed by Christ in his missionary mandate, to make disciples† (Bockman 89). Put otherwise, it is to bring men and women into living fellowship with the triune God and with one another through him. The church is thus not a static product of the Spirits work, but a dynamic instrument in the service of others. â€Å"You are Gods own people that you may declare the wonderful deeds of him who called you out of darkness into his marvelous light† (Bockman 89). The church is, on the one hand, the provisional result of mission but, on the other hand, it is Gods agent of it. The goal of the church is thus not itself but the world. The church participates in Gods mission to bring to humankind righteousness and salvation and to reconcile a broken creation. There are many avenues for the interpretation of religions. The distinctively Christian way passes through the trinitarian dynamic we have been describing, the heart of a Christian theology of religions. We saw that Trinity is a non-reductive religious ultimate, in whom the three persons and their unique relations subsist as co-equal dimensions of a single communion. This is like a musical polyphony, a simultaneous, non-excluding harmony of difference that constitutes one unique reality. Each voice has its own distinctive character by virtue of its relation with the others. We can equally well say that each receives its special voice by participation in the oneness of the whole musical work. In the trinity we are dealing with three subjects who are reciprocally conscious of each other by reason of one and the same consciousness which the three subjects possess, each in his own proper way. This means that Father, Son, and Holy Spirit are conscious of one another through their united consciousness and possession of the one divine essence and therein lies the unity of God. This does not go as far as either the Eastern tradition or the statement of Torrance. It is impossible to overemphasize the importance of the Christian doctrine that God is one in three persons. This has correctly been called the teaching distinctive of the Christian faith, that which sets the approach of Christians to the â€Å"fearful mystery† of the deity apart from all other approaches. To be human is to be separated from God in some degree. To be Christian, the Christian believes, is to be separated from him least. The knowledge of the Trinity which we have from the New Testament is above all personal. We are introduced to the Three and invited to share the happiness of the divine company. This is truly the great mystery of Christianity, the mystery of love. In the New Testament there is none of the remoteness in conceiving God which today tends to separate Christians from their triune Lord. Bibliography Bockman, Peter Wilhelm â€Å"Trinity, Model of Unity Relationship between Unity and Communion the Universal and the Local,† in The Reconciling Power of the Trinity, p. 89. Cf. Moltmann. Cavadini, John â€Å"The Structure and Intention of Augustines De Trinitate,† Augustinian Studies 23, 1992. Dr Alexis Carrel, quoted in H. Caffarel, The Body at Prayer. London, SPCK, 1978. Kelsey, Morton T.   Psychology, Medicine Christian Healing. San Francisco: Harper Row, 1988. Peel, Robert.   Spiritual Healing in a Scientific Age. San Franciso: Harper Row, Publishers, 1987. Thompson, John. Modern Trinitarian Perspectives. Oxford University Press: New York, 1994. Vanhoozer, Kevin J. The Cambridge Companion to Postmodern Theology. Cambridge University Press: Cambridge, England, 2003. Endnotes Bockman, Peter Wilhelm â€Å"Trinity, Model of Unity Relationship between Unity and Communion the Universal and the Local,† in The Reconciling Power of the Trinity, p. 89. Cf. Moltmann. Cavadini, John. â€Å"The Structure and Intention of Augustines De Trinitate,† Augustinian Studies 23 (1992), 103-23. Dr Alexis Carrel, quoted in H. Caffarel, The Body at Prayer ( London, SPCK, 1978), 20. Kelsey, Morton T., Psychology, Medicine Christian Healing, (San Francisco: Harper Row, 1988), 69. Peel, Robert, Spiritual Healing in a Scientific Age, (San Franciso: Harper Row, Publishers, 1987), 254-69. Thompson, John, Modern Trinitarian Perspectives, (Oxford University Press: New York, 1994), 69-85. Vanhoozer, Kevin J., The Cambridge Companion to Postmodern Theology, (Cambridge University Press: Cambridge, England, 2003), 188.

equss vs amadeus by peter shaffer Essay -- essays research papers

In both Equus and Amadeus Shaffer shows insanity in his characters. He does this not only to stress the characters feelings and state of mind of which they are in. Also, he attempts to cast a blanket over the reader; it gives the reader the feeling that Shaffer designed the characters to express and reflect the beauty in insanity and to convey the ugliness on normality. â€Å"Madness, if not out rightly divine, is at best preferable to the 20th century’s ruthless and uninspired sanity, is in this play, as it is so much fashionable philosophizing, totally dependent on a pleasant, aesthetically rational form of derangement for the credibility of its argument† (Richardson 389). Shaffer brings us into these feelings with the story of Alan Strang, a seventeen-year-old British boy. He has been sent to Rokeby Psychiatric Hospital in southern England to get â€Å"help† for the crime of blinding six horses that he worked with. â€Å"Equus†¦. surgically probes man’s continuing fascination with violent forms of belief† (Gill 387). Shaffer makes this all so obvious to us. Alan is an insane young man with no justification and quandary that must be dealt with. His therapist Dysart sees that this boy is troubled and can be helped, but fears that there might be something deeper. â€Å"Dysart recognizes also that the boy he is treating has experienced ‘a passion more ferocious that I have felt in any second of my life† (Real389). Clearly he envies this. In turn Dysart fears that the passion of the boy, not because he can’t understand it, but because he does. â€Å"The inference is that, once cured, that is, rid or his ‘divine’ suffering, Alan will become a dullard like most normal people† (Clurman 388). Shaffer is trying to illustrate that â€Å"normality† is not good, but bad and that the only way to be divine is this state of mind is to go by Shaffer’s idea of â€Å"insane.† Shaffer wants us to think in the mindset of the boy and see what he sees. He wants us to feel the insane thoughts of Equus and experience the urge to follow to voice, but we must ask our selves; what divine spirit is this we see? There is nothing to it but the pure crazed madness of a boy. After reading the play you are left feeling sorry for the poor soul because he was never able to fit into society and the normality, but hear he is being forced into it. Shaffer uses the word insane is strong context because as the author he has cont... ...ely worthless,’ Salieri survives only to see himself become extinct as Mozart’s posthumous reputation increases. For thirty-two years Salieri nurses his hate, refusing to be God’s joke and demanding to be remembered, ‘if not in fame, then infamy.’ Thus, he composes ‘a false confession’ in which he explains ‘how I really murdered Mozart—with arsenic—out of envy!’ Then, as the sun rises and the play draws to its conclusion, he cuts his throat with a razor. Again, however, Salieri fails. He does not die; his confession is found but not believed. It is dismissed as the raving of a madman† (Morace 39). Shaffer ends off leaving us with our mouths wide open, craving more of the story like bees after honey, more of the tale told by the insane old man. This story of the insane from the eyes of the insane also makes it seem as if the norm is insanity and we are all but puppets with our strings being dangled for us by normality. â€Å"But positioning such an alternative is false. One need not be ‘crazed’ to live untrammeled by conventional proscriptions. Most of the insane are in every way for more wretched and pitiful than the average man in his quiet despair of humdrum gloom† (Clurman 388).

A Little Bit Here and There Essay

I have taken 12 years of English in my past. My experience was good, I always felt like English was my strongest subject and I always enjoyed it the most because it gave me the opportunity to express myself with pen and paper. In high school I finished of the year strong graduating doing extra classes such as college writing. I would probably have to say it was my favorite subject because there was nothing I ever disliked. Even till this day I still remember some Shakespeare quotes I had memorized in high school from â€Å"Macbeth†. A major goal I would love to accomplish would be finishing college with a high GPA. I graduated high school in 2008 and have not gone to college because of my work schedule. I’m actually happy that I went through all the trials in my life because now I have so much more respect for school and I understand completely how vital it is to my success. My goal in college is to organize my life in a way that it would help me achieve the best grades as possible in school. I need to discipline myself in ways I never have before. I’m in college now to make a better life for myself and for my family. My major is Psychology; eventually I want to be a high school counselor. I’ve experienced quite a lot of things in my life that a normal teenager shouldn’t have experienced and I feel like I could use it as a testimony to help troubled teens overcome obstacles in high school. My goals for this semester is get all A’s in all my classes and show the world that you can achieve anything if you put 110% of your effort into it. I’m very excited to jump back into school. My goal for this class is to get back in the habit of writing again. I’ve always enjoyed writing a lot because it allows me to drift into my own world with my thoughts. There is no â€Å"ultimate† crisis with the world today because everything is messed up in my opinion. The crisis starts on how we live and our environment. American’s are one of the unhealthiest out of all countries. If we step back and open our eyes to what advertisements show our kids and families we’d be devastated. The sexuality expressed in it alone is wrong. Can you believe that some commercials relay that smoking or wearing a certain perfume will make you sexier? Some things about me that make me unique are: I’m the first to go to college in my family. My parents are both from Uruguay which is a very, very small country that not a lot of people know of. I played piano since the age of 8, first teaching myself then picking up lessons along the way. The title of the text book required for this class is The Little Seagull Handbook by Bullock & Weinberg. The mildest penalty for plagiarism is anywhere from failing the class to academic probation or expulsion. Unintentional plagiarism IS penalized. The final date to withdraw for this term is April 1, 2013. HCCS policy states that a student who is absent more than 12.5% (6 hours) of class may be administratively dropped from the class. If I log into Eagle Online regularly, it counts as being present but if I don’t participate in the weekly activities I risk being dropped. If I am not able to log into Eagle Online I am able to email you on your HCCs email account. The news discussion posting must be 250 words. Each comment on a classmates posting must be at least 100 words. The deadline for the weekly news discussion forum posting is 9 pm Sunday of that week. The Research Proposal is due February 4th. The Informative Essay is due Monday, February 25th. The Journal is due April 15th. The minimum word count for the Informative Essay is 1000-1250 words. Major assignments have to be emailed to the professor and uploaded into turnitin. It is very necessary to do both. I should comment on at least one of my classmates’ research topics with a minimum of 100 words. MLA format is the preferred format when emailing assignments. There is generally NO extra credit. Three documents that I’m required to read during week one are: â€Å"An Introduction to your Professor and your DE class†, â€Å"Myths of DE Classes† and â€Å"Online Etiquette†. Gaudi is one of your favorite architects. I wasn’t very familiar with him so I researched about him and his artwork is beautiful and very intriguing. One of my favorite structures would probably have to be Casa Batllo because of the uniqueness and detail of the building. Amazing. The last city you visited was Lihue in Hawaii. I found this pretty interesting because when I was younger I lived in Maui, Hawaii for about a year or so. I remember the beautiful weather, beaches, and exotic flowers. Your favorite musician is Olafur Arnalds. His music has so much emotion it’s beautiful. Being that I am also a pianist I can definitely appreciate this type of music. I definitely enjoy his music as well!

Make Better Decision Essay

That the current era of economic uncertainty may have been ushered in through a series of poor government and corporate decisions is implied through the rear view mirror. Could some of the events that shaped todays crises have been avoided through better decision making processes? Thomas Davenport (2009, p. 117) presents examples of â€Å"decision making disorder† evident in both the public and private sectors and offers a framework to guide managers in making better decisions in the future. His premise lies in the ineffectiveness of the individual decision-making process resulting in dire consequences for the organization. Davenport provides a framework to guide managers in adopting a more analytical and systematic approach, resulting in greater effectiveness. He posits that the use of data, especially analytics embedded in automated systems can be powerful tools when balanced with informed human judgment. Davenport presents no new information entailing the decision making process. He does, however, raise the question of why the majority of organizations continue to rely on intuition and ignore proven tools and methods without regard for the evidence pointing to their effectiveness. The author warns that without proper prioritization and systematic review of the decision making process, success remains a gamble. Article Highlights According to Davenport (2009), allowing individual managers to make decisions without a systematic analysis has severe consequences that result in languishing profit margins. In spite of the resources available, most organizations fail to implement the recommendations that would help managers employ better decision making processes. The author notes that while these processes do not guarantee better outcomes, they certainly increase the potential (p. 118). Davenport (2009) outlines a four-step process to improve managerial decisions, the components of which are identification, inventory, intervention and institutionalization. He suggests mangers begin by prioritizing the top decisions required to achieve a goal. He states: â€Å"without some prioritization all decisions are treated as equal, which probably means that the important ones won’t be analyzed with sufficient care† (p. 118). He goes on to stress the importance of identifying key decisions in in order to examine all variables through an inventory process to determine effectiveness and lay the groundwork for organizational communication. Subsequent to identification and taking inventory, considering all parameters of the decision, the appropriate intervention should rise to the surface. The final step is the institutionalization of the decision making process, for which Davenport (2009, p. 119) recommends hiring â€Å"decision experts† in guiding managers through the process. Davenport (2009, p. 119-122) cites two examples of organizations who improved the decision making process: Educational Testing Service (ETS) and The Stanley Works. Meeting with great success, ETS has expanded the new processes to evaluate and prioritize all product changes as well as apply the methodology to handle new prospects. A center of excellence was developed at The Stanley Works that created an analytical tool for sales data and new potential sales opportunities. According to the author, due to automated decision processes created by the center of excellence, the company realized a 6% growth in gross margin. Although highly in favor of analytical tools, Davenport (2009) warns of reliance solely on automation, and cautions managers to use their expert human insight to monitor how well analytical tools are working. The decision making process should always be a human endeavor with analytics only a part of the overall toolbox. Significance of the article Davenport (2009) raises a universal concern encompassing the impact of poorly thought out organizational as well as individual decisions. The decisions of today are the realities of tomorrow, and in spite of the myriad of excellent resources available, â€Å"few organizations have reengineered their decisions† (p. 117). The author presents an excellent argument for the necessity of a systematic decision making process as well as the use of analytical tools to provide reliable information in order to make sound decisions. Corporate CEO’s exist that agree with the concepts and actively ngage in systematic decision-making processes. Donna Thompson, CEO of Access Community Health Network in the Chicago area is one example. She shares her ritual of going through the same decision-making process before taking any action, and offers â€Å"good decision making isn’t as much about having all the right answers as is using a process to ask all the right questions† (Reed-Woodard, M. A. 2006p. 164). Gully, Stainer and Stainer (2006), in their study on moral decisions within organizations, have also found a systematic process to yield the best decisions. The authors describe an organized â€Å"balance sheet† designed to prevent disordered thinking as a model of cooperative business behavior. Their findings include the need for systematic decision-making and state â€Å"the moral decision making maze needs ordered steps of asking questions and providing answers that can readily be applied to solving problems and dilemmas in business† (p. 194). Davenport’s (2009) article continues with accolades for analytical tools within automated systems as long as managers thoroughly understand the models. Jim Ciampaglio CEO of NeoSpire exuberantly claims the success of an analytical sales tool used to manage leads and store sales information and states this tool â€Å"helped us change who we are as a sales organization† (McKay, L. 2010). Executive decisions lay the foundation for business strategy: poorly thought out decisions lead to less than optimal results and systematic decision making takes the emotionality out and puts the issue in an objective framework, leading to better outcomes. Organizations integrating this type of framework reduce the risk of moving ahead with a faulty plan. Davenport (2009) states while managers are buying and most likely reading resource material providing the basis for better decision making, few actually adopt the recommendations (p. 118). Conjecture rather than interviews with key decision makers is offered to support this particular viewpoint with the implication that this may be due to the failure to connect bad outcomes to faulty decision making Conclusion Davenport (2009) does an excellent job of tying the process of decision-making to an organization’s ultimate failure or success. His thought provoking discussion as to what exactly transpires during the individual decision making process and why organizations need to gain some control over this process makes intuitive sense. The success of the author’s suggested framework for making decisions is well supported by the organizations cited in his work, with confirmations easily found in other studies such as Gully et al (2006). Further research is recommended examining the decision making processes generally employed by organizations before conclusions that support Davenport’s (2009) negative assumptions can be drawn. The author does not support his claim that only a few companies employ a systematic process and is biased in his perception of the† poor calls made in both the public and private sectors† in recent years. Overall, Making Better Decisions provides food for thought and raises the question that if Davenport’s (2009) assumptions are in fact correct, why is it that corporations continue to allow managers to use more intuition than systematic processes to arrive at decisions that impact the organization’s bottom line?

Eunotosaurus - Facts and Figures

Eunotosaurus - Facts and Figures Name: Eunotosaurus (Greek for original noded lizard); pronounced you-NO-toe-SORE-us Habitat: Swamps of southern Africa Historical Period: Late Permian (260-255 million years ago) Size and Weight: About one foot long and a few pounds Diet: Unknown; possibly omnivorous Distinguishing Characteristics: Small size; wide, shell-like ribs About Eunotosaurus The ultimate origin of turtles and tortoises is still shrouded in mystery, but many paleontologists believe that these shelled reptiles can trace their ancestry all the way back to the late Permian Eunotosaurus. The striking thing about this prehistoric reptile is that it possessed wide, elongated ribs that curved around its back, a kind of proto-shell that one can easily imagine evolving (over the course of tens of millions of years) into the giant carapaces of Protostega and Meiolania. As to what kind of animal Eunotosaurus itself was, thats a matter of debate; some experts think it was a pareiasaur, a family of ancient reptiles best represented by Scutosaurus. Recently, researchers at Yale University made a major discovery that cements Eunotosaurus at the root of the testudine family tree. Technically, modern turtles and tortoises are anapsid reptiles, meaning they lack characteristic structural holes on the sides of their skulls. Investigating the fossilized skull of a juvenile Eunotosaurus, the Yale scientists identified small openings characteristic of diapsid reptiles (the vast family that includes crocodiles, dinosaurs and modern birds) that closed up later in life. What this means is that anapsid testudines almost certainly evolved from diapsid reptiles some time during the Permian period, which would rule out the proposed pareiasaur origin mentioned above. Given the hypothesis that Eunotosaurus was ancestral to modern turtles, what was the reason for this reptiles elongated ribs? The most likely explanation is that its slightly rounded and expanded ribcage would have made Eunotosaurus harder to bite through and swallow; otherwise, this foot-long reptile would have been easy pickings for the large, predatory therapsids of ifs southern African ecosystem. If this anatomical bulge gave Eunotosaurus even a slight edge in survival, it makes sense that future turtles and tortoises would improve on this body planto the extent that the giant turtles of the later Mesozoic Era were virtually immune to predation as adults (though hatchlings, of course, could easily be gobbled up as they emerged from their eggs).

How Do You Assess An Ideology Essay Example

How Do You Assess An Ideology Essay Example How Do You Assess An Ideology Essay How Do You Assess An Ideology Essay How do you assess an ideology? An ideology is the study of ideas, or a science of ideas. It forms the basis of economic or political theory and policy or can be a set of beliefs of a social group or individual (Press n. D. ) In order to assess an ideology it is essential to know how to asses, this is when you evaluate the nature, ability or quality of something. However it is difficult to assess an ideology as it is a contested concept, it is impossible to define as it is fundamentally hard for everyone to agree on. In this essay will be making a judgment about the ways in which he concept ideology should be approached. Michael Freedmen sees ideology as thought behavior which is how people actually use ideas. Whereas ideology in Marxism is seen as a dominant set of ideas which reflects and legitimates existing arrangements Of power it also makes unequal social relations seem natural and inevitable. These notions are on the opposite spectrum from one another as one embraces the Enlightenment period and the other rejects key Enlightenment values. Breeders view on ideology seems to be more relevant to our society today unlike Marx and Engels interpretations of ideology as it is very one sided. Firstly, the rise of ideology has shown that reason replaces divine proficiency and religious views on understanding how the world works. The rise in science, along with key enlightenment values played a major role in replacing religion as it helped answer many questions that religion was incapable of answering. Enlightenment thinkers believed that the truth existed in the world we live in and not in religious scriptures or the word of God as these are outages for todays world. The enlightenment period embraced equality, freedom and individualism. This brought about change for the people who were treated unfairly, the French Revolution was one of the biggest revolts which started from the concept of rationality and reason as the divine King was overthrown. As a result the revolution brought about ideologies where individuals were able to create their own ideas about humanity, politics and the economy. Furthermore it seems as though Michael Breeders approach to understanding ideologies can be applied to how ideologies are viewed in todays society. Freedmen provides his definition of ideology in his book A Very Short Introduction as a political ideology being which is a set of ideas, beliefs, opinions and values that exhibit a recurring pattern. A political ideology is held by significant groups who compete over providing and controlling plans for public policy they do this by justifying, contesting or changing the social and political arrangements and processes of a political community (Freedmen 2003). He provides an analysis of his definition by breaking down the definition using the Four AS. The first P that Freedmen mentions is proximity which shows that political concepts cannot make sense on their own, unless its applied to an ideology for instance when looking at two of the dominant ideologies for the political system which are conservatism and liberalism. The concept of same sex marriage doesnt have any substance by itself but when looked at from a conservative view the Republican Party will deem it deviant and against the law. On the other hand when looking at same sex marriage from a liberalism viewpoint it would be made legal and normal. This is just one of the many cases showing how a certain concept has no backbone without an ideology. The second P is priority, where ideologies are organized based on rank of importance as the importance of ideologies can change in society. The third P permeability, this is where ideologies interlink with one another such as Liberal Feminism, it contains Feminist concepts and liberal concepts which are intertwined. The final P is proportionality which is how an ideology wishes to present its arguments, there is a different representation for each individual. In contrast to Freedmen, Marxist have a very radical critic of ideology, they strongly reject the enlightenment values such as rationality and scientific objectivity. They see reason as being shaped and constrained by social norms and dominant systems Of power unlike enlightenment thinkers who believe otherwise. Capitalism oppresses, alienates and exploits citizens whilst leading them to believe that this is unavoidable. On the other hand Marxist agree with enlightenment thinkers on how religion is not rational, Marx mentioned that religion is just an opium of the people. It provides people with an illusion of happiness, if they sin they will be punished and if they do not they will be rewarded so Marx states that religion is another lie that helps people accept the position they are in. Marxist consider ideology to have a similar purpose to religion, it justifies the position people are in due to the hierarchical, capitalist system. Ideology to Marxist assist the bourgeoisie to continue exploiting the working class by concealing their struggle by making it appear as though the working class are working towards a way out of the position hey are in, when really everything the working class do are in favor of the ruling class. Ideology plays against the working class in a number of ways by blinding them, for example the Health and Safety Act was created to protect workers from injuring themselves which will cause them to be out of work but Marxist look at it from a different perspective. They say that really the act protects the ruling class, if an employee was to injure themselves due to no health and safety being available the company would be at a loss. They will eave to find a replacement and in most cases have to pay sick pay or they can even be sued, so this can be seen as blinding the working class into thinking the ruling class care about them when truly they care about themselves. Other ideologies such as Feminism see Marxist views as influential as they also believe that people are misled and oppressed except they see as men as the oppressors and not the ruling class. Many people see ideologies in a positive light which provide a foundation to political identity where people can understand and participate in politics. Conversely others see ideology as he basis of oppression and control which prevents positive change. Unlike Freedmen is becoming difficult to apply the Marxist ideology to todays society, whilst there is still a struggle between classes which causes oppression there are more and more opportunities which are allowing many people from lower class background to be socially mobile and climb up the social ladder. Overall Freedmen provides a better definition of an ideology, he was able to break down the concept of an ideology and gives different viewpoints which are not one sided. Whereas the Marxist view is very restricted to the idea that al ideology does is oppress, hence it is very difficult to relate our current society to the Marxist ideology. Freedmen notes that ideologies provides a basis where a political identity is developed which helps individuals compare and apply it to their own beliefs.

Canadian Governments Fiscal Year

Canadian Government's Fiscal Year If youve ever dealt with publicly-traded companies or government entities, you know that they keep a different calendar for things such as quarterly earnings and budget  reporting. In most cases (but not all), the fiscal year calendar they follow isnt the standard January 1 through December 31. For the purposes of bookkeeping and financial reporting, companies and governments in most countries follow whats known as a fiscal year. Simply put, a fiscal year is the financial year of an organization for accounting purposes. Its a 52-week period that doesnt end on Dec. 31. The fiscal year for most American companies, especially those listed on a public stock exchange, is typically July 1 to June 30.   The calendar a company or organization follows is what determines how its taxes and expenditures are calculated by taxing bodies such as the Internal Revenue Service in the U.S. or the Canada Revenue Agency in Canada.   Canadas Fiscal Year The fiscal year of the Canadian federal government and the countrys provincial and territory governments is April 1 to March 31, just like most other British commonwealths (and Britain itself). This is different than the tax year for Canadian citizens, however, which is the standard January 1 to December 31 calendar year. So if youre paying personal income taxes in Canada, youll follow the calendar year. There are some circumstances under which a Canadian business may request a change to its fiscal year calendar. This requires a written appeal to the Canada Revenue Service, and it cant be done just to get a particular tax advantage or for reasons of convenience. If youre seeking a change to your fiscal year, be prepared to explain why to the CRA. Heres an example of a potentially valid reason for changing a companys fiscal year: Joes Swimming Pool Supply and Repair Company operates 12 months out of the year, but he sells fewer swimming pools and does fewer maintenance calls in the winter than in the spring and summer. For Joe, it makes fiscal sense for him to operate on a fiscal year calendar that more closely aligns with the natural cycle of the business. Reasons for a Fiscal Year Calendar For companies that are legally required to have their financial returns audited, it may be more cost-effective to hire auditors and accountants at a slower time of year, when tax preparers are in lower demand. Thats not the only reason to follow an alternate calendar. For school districts, following a fiscal year that closely matches the school year (July 1 to June 30, for example) makes more sense than a calendar year that ends when the school year is barely half over. Retail businesses that see most of their revenue come in the form of holiday gift purchases may opt to include December and January in the same quarter for revenue reporting purposes, rather than letting December skew the entire years financial results.

The impact of Information Technology on a career or profession of your Term Paper - 1

The impact of Information Technology on a career or profession of your choice - Term Paper Example Businesses have become equipped with information management systems that manage the company’s intellectual assets and provide basis for predictive analysis of future sales and consumer behaviors. Medical treatments have become safer, more reliable and quicker due to the integration of technological equipments and procedures. Technology has intervened in the life of modern man to such a great extent that it is almost impossible to imagine life without its presence. Modern technology has also broken the geographical barriers by creating innovative modes of communication. 2. Field of Education The field of education has undergone numerous changes after the introduction of technology. The conventional modes of acquiring education in a classroom setting have transformed into much broader concepts. One of major pitfalls of the conventional concept was the assumption that all students are able to acquire education in the same manner and at the same pace. The instructor used to evalua te the level of comprehension of the students on the basis of feedback from a selected number of prominent students. The slow learners suffered in this process since they were compelled to follow the pace of the fast learners in the classroom sessions. Technological intervention has addressed this drawback and has provided innovative ways to acquire education. ... Multimedia is commonly adapted across schools, colleges and universities for a diverse range of purposes. Reeves defined multimedia as the accumulation of different types of mediums, like sound, text, animation etc, on a single platform that has a greater effect on the users than the platform with only one type of medium (22). Multimedia is used to present lectures in a classroom setting to make the sessions more interactive and interesting. Graphs and diagrams can be displayed on the screens and can be explained in a more detailed manner. Interactive whiteboard is another form of multimedia that is being adapted by educational institutes around the world. It comprises of a computer that is connected with a projector and a touch screen. Painter explained that the projector displays the desired content (from the computer) on the whiteboard that can be controlled with an electronic pen (3). Figure 1: Interactive Whiteboard being used in a primary school (Painter) Impact The use of mult imedia has benefitted the field of education to a great extent. The monotonous lectures have been converted into interactive and interesting sessions due to the integration of multimedia in the programs. Teachers are able to present different types of video clips, animations, graphs, architectures etc. This makes it easier for the students to comprehend different concepts since visual aid is coupled with the knowledge of the instructor. Reeves stated that multimedia tends to kindle more than one sense at one instance therefore it proves to be a better medium to attain attention of the audience (22). Teoh and Neo stated that interactivity of multimedia sessions promotes the interaction between the learner and the instructor (29); this provides an opportunity to the learner to address

Evaluation of the Visual Environment - analyse the interactions Essay

Evaluation of the Visual Environment - analyse the interactions between surfaces and light - Essay Example Whenever light hits on a surface, three possibilities exist: It is reflected, transmitted or absorbed (Phillips,2008). Wall -The walls of a room do not emit light but reflects light from the lights on the ceilings or coming from outside. The large part of light falls on the walls and they have a significant role in changing the atmosphere of an architectural space. Light bounces or reflects off the wall and light up the entire room and here the light is coming from outside through glass on the wall. Light definitely does scatter off all kinds of different surfaces, but when there is light on the ceiling, that will be illuminating the walls, the walls will tend to appear bright because the light is scattering off those walls, and they’ll for example  preferentially scatter some colors more than others†. (Karsh,2013) The color of the walls makes the light absorb or reflect light. Naturally white walls here reflect all the light hit on its surface and makes the room look brighter or whiter. All reflected light follow the relationship, called Snells Law, that the angle of incidence equals the angle of reflection (Optical Society of America, 2008) .Here, there is also glass on the walls which does not reflect light. The absorption of light on the wall depends on the color of the wall. The dark colored walls absorb light comparing to light colored and white walls. The glass walls absorb some of the light and make the room less bright. Glass has to do something more than transmitting light ( Brite,2013) .The glass walls in the kitchen does transmit light into the kitchen very well. The glass wall in the kitchen refract and enter the room .Nowadays, house owners want views from every corner of the room. As large expanses of glass became architecturally acceptable in traditi onal and modern homes, new technology is allowing living in a fishbowl more practical (Bounds, 2011).

Event Studies and the Measurement of Abnormal Returns Essay

Event Studies and the Measurement of Abnormal Returns - Essay Example This paper is aimed at identifying the events of stock market and making a case study of one of the events. Many studies were carried out for the events of stock market. Study was made on the influences of stock splits and stock prices by Dolley (1933). Publication of papers in the leading business journals indicate that the event studies were done by Myers (1948), by Barker (1956), (1957), (1958) and by Ashley (1962). Event studies were introduced to the financial experts and managers through two papers first by Ball Brown in 1968 and second by Fama et al in 1969. The methodology of studying events of the capital markets have developed and advanced manifold since then and yet the two papers of Brown and Fama provide the core elements of an event. MacKinlay (1997) The market model developed by Ball Brown and Fama contributed in their success. Their model was patterned after the Capital Asset Pricing Model (CAPM) developed in 1964 by Sharpe. The data from the Center for Research in Se curity Prices (CRSP) at University of Chicago was used by Ball Brown and Fama which also made it a standard source for research for the entire capital markets. The development of computer hardware and statistical analytical software and its increasing access and usage also played important role in the success of event studies. The key issues of capital structure market were made prominent by papers of Modigliani and Miller (1958), (1961) and (1963) which made studies of event a key empirical tool. The events that can impact capital market include declaration of dividends or earnings, splits of stock, mergers of two or more companies, listings of new companies in exchanges, initial public offerings (IPO) and changes of people at key management positions. The impact of such events can be underreaction, overreaction, abnormal returns and reversals. Corrado (2011) Literature Review There are many types of event studies in the literature such as examination of Return Variances by Beaver (1968), and Patell (1976), studies on volume of stock trading by Beaver (1968) and Campbell and Wasley (1996), analyzes of operating performance by Barber and Lyon (1996) and management of earnings through discretionary accruals by Dechow, Cloan, and Sweeney (1995) and Kothari, Leone, and Wasley (2005). However our paper is focused only the mean stock prices. Corrado (2011) The researches during past thirty years have not changed the basic statistical format and it still concentrate around the measurement of mean and cumulative mean of abnormal return before and after the event. The only major changes that took place are the periods of the data for which mean is calculated. Earlier data of returns were used on monthly basis but today data are used on daily and intraday basis. This helps in measuring the abnormal returns more accurately and determines its effects more descriptively. The second change which has come in the event studies is in the ways of estimating the abnormal return s for events that are long-horizon. The new development of French 3 factor model in pricing asset by Fama also brought some changes in event studies methodology. In spite of these changes, there are serious limitations in the methods of long-horizon and extreme caution is required while making any inferences from it. (Kothari and Warner, 1997, p.301) The model of event study constitute examination of behaviour of the stock

Sustainable Scottish Urban Property Development Coursework

Sustainable Scottish Urban Property Development - Coursework Example The Scottish Government has proposed a sustainable urban development strategy for the development of thriving and healthy communities. Such communities should be well planned, well connected and well maintained for making it attractive for inhabitants. The strategy supports an active effort in shaping local services and the local physical and cultural environment. The needs of everyone in the community should be considered and taken into account.The underlying policy behind the land reform is the community right to buy land in rural Scotland. Communities wishing to exercise the right to buy must have sustainable development as the heart of the community, and plans for the land. According to Pillai (2010), the most econocentric approach has been the focus on sustainable economic growth. Also, the community right to buy has its own sustainable development agenda. A diverse range of community ownership plans has been considered. These include the creation of sports facilities for the pr eservation of castles, lighthouses, and villages. Several economic, social and environmental objectives have been approved. It is widely held that communities failing to adopt the right approach will not succeed in using the legislation. Three themes have been critically examined in light of the strategy.Extensive land use rights are an integral attribute of property entitlements and ownership in the UK. Several legal and policy instruments have resulted in incremental reform. According to Rodgers (2009), some of these have been influenced by UK’s accession to the European Community and associated laws such as the European Union environmental law and Common Agricultural Policy. Some changes include the modification in allocation land-based utility in property rights. As land use policy increasingly has an increasing focus on the promotion of environmental stewardship, especially the countryside. General duty of environmental stewardship has become an attribute of land ownersh ip. This includes a consideration of recognition of larger community interests and sustainable management of land.  

Product development Essay Example | Topics and Well Written Essays - 750 words

Product development - Essay Example 1) He may look for large and growing markets with real buyer needs. For example, the artist specialization is contemporary drawing that is very popular nowadays. The artist can make an accent on the fact that contemporary art market is growing and having even a small market share he would have a lot of customers because the market itself is big enough and flourishing. Insignificant point of difference is a vital factor of new-product failures. Moreover, superior characteristics of the product must be valuable for the customer to switch from another one. In general, the major sources of product differentiation are: quality (often related to price), usability and design, promotion methods, differences in availability (e.g. timing and location). According to these factors the products of art can differ from competitors on a basis of price: more expensive paintings would be perceived as more unique; due to aesthetic considerations; positioning: for example, â€Å"perfect present for the grand-father† or â€Å" do you want to be a modern person – buy only contemporary pieces of art work† and so on; place where the art is sold: underground den or luxurious gallery. Brand has a direct connection with a business growth. There are two ways how a brand can impact growth: negative and positive. For example, if the artist has a well-known and respectful brand of his â€Å"product line† his new pictures would be wiped off the shelves despite the fact that there may be not the best bets on the market. On the other hand, the artist may create something incredible but his brand would not be recognizable and his painting would gather dust on shelves. The more important thing is how exactly to measure the brand impact on the business. Sam Miller (Par. 8) offers: During the marketing of the art competitor-oriented, cost-oriented and demand-oriented pricing approaches might be utilized. If the artist is recently graduated and up and coming the

Sustainable Scottish Urban Property Development Coursework

Sustainable Scottish Urban Property Development - Coursework Example The Scottish Government has proposed a sustainable urban development strategy for the development of thriving and healthy communities. Such communities should be well planned, well connected and well maintained for making it attractive for inhabitants. The strategy supports an active effort in shaping local services and the local physical and cultural environment. The needs of everyone in the community should be considered and taken into account.The underlying policy behind the land reform is the community right to buy land in rural Scotland. Communities wishing to exercise the right to buy must have sustainable development as the heart of the community, and plans for the land. According to Pillai (2010), the most econocentric approach has been the focus on sustainable economic growth. Also, the community right to buy has its own sustainable development agenda. A diverse range of community ownership plans has been considered. These include the creation of sports facilities for the pr eservation of castles, lighthouses, and villages. Several economic, social and environmental objectives have been approved. It is widely held that communities failing to adopt the right approach will not succeed in using the legislation. Three themes have been critically examined in light of the strategy.Extensive land use rights are an integral attribute of property entitlements and ownership in the UK. Several legal and policy instruments have resulted in incremental reform. According to Rodgers (2009), some of these have been influenced by UK’s accession to the European Community and associated laws such as the European Union environmental law and Common Agricultural Policy. Some changes include the modification in allocation land-based utility in property rights. As land use policy increasingly has an increasing focus on the promotion of environmental stewardship, especially the countryside. General duty of environmental stewardship has become an attribute of land ownersh ip. This includes a consideration of recognition of larger community interests and sustainable management of land.  

English101 Essay Example | Topics and Well Written Essays - 750 words

English101 - Essay Example You meet this type of friends in school, gym or while travelling. You might also not remember how they look like once you not meet them for a short period of time. This type of friends will not have much of an impact on your life. You do not miss them when they are away from you. You generally do not object their company and will like to have a cup of tea or coffee with them. But if you are in the midst of some work you don’t mind parting with their company. One may know this type of friends throughout their school career, but they might never talk to each other outside their school. These friends are nice to talk to but you never intend to have anything more relationship with them. You just talk with them and then go on your merry way. You talk with them on common topics like hobbies or classes. And you don’t talk with them about your personal life. These types of friends may also irritate you the most. As you think that you are supposed to behave in a friendly manner with them you may not point out some of their bad habits such as taping the fingers on a table or chewing gum loudly. A guest friend is also known as a former friend. These are the friends who grew up with you in your neighbourhood and then moved away. These are the friends with whom you spend much of a time of your childhood. These friends form a major part of your enjoyment during the childhood days. You would love their company any time. These friends will bring memories about your childhood days. You might get embarrassed on first seeing these friends. But as the conversation starts between you, you seem to love it and will like to spend more amount of time with them. You may miss them once in a blue moon when somebody makes you to realise that you are adult and you cannot behave in a manner you used to behave during your childhood days. You would always like to meet these types of friends and they are closer to you than the pest friends. The relationship between you is

Discuss what Lady Macbeth’s persuasive language in 1.7 reveals to the audience about her character Essay Example for Free

Discuss what Lady Macbeth’s persuasive language in 1.7 reveals to the audience about her character Essay Discuss what Lady Macbeth’s persuasive language in 1.7 reveals to the audience about her character relationship with her husband In Shakespeare’s Macbeth, he portrays Lady Macbeth as a strong female character whom is equal to Macbeth and sometimes even stronger than Macbeth which was unusual for the time as at the time, men were considered to be above women as they believed in the divine order of the universe which stated that men came before woman and that women should only be there to serve men and obey their husband and their father and not question their husband’s decision. In Scene 1.7, Shakespeare uses Lady Macbeth’s language and sexual parts to persuade her husband into killing Duncan so that she can become Queen. She even goes as far as question Macbeth’s manhood. One of the quotes which supports my point is ,†We fail? But screw your courage to the sticking-place, and we’ll not fail.† which Lady Macbeth said to Macbeth after he questioned him and not obeying him. She used a rhetorical question which is seen in the above quote to scould him as would a child which is going against all of the things that a wife should be at that time and she is talking to him like a child when she tells him to get his courage up and reassures him that they will not fail which is all influenced by the rhetorical question. She also questions his manhood in the quote,†When durst do it, then you were a man,† by scolding him and saying that he is not a man now as he didn’t dare to do it and this has made him more feminine which is a great insult to give someone in Shakespearean times, which proves my point that Lady Macbeth does not want to give up and she f ft ff people into doing whatever she wants him to do. I believe that this quote is one of the strongest quotes which proves my opening point. Another quote which I believe proves my opening point is,†What beast was’t then, that made you break this enterprise to me? When you durst do i t, then you were a man.† This states that Lady Macbeth is hurt as Macbeth broke a promise to her. She uses repetition in the quote and she repeats the word ‘you’ which you could infer as making an accusation against Macbeth or you could infer that she is honestly hurt by Macbeth as she expresses hurt by her use of language in this quote. In this quote she also uses a rhetorical question which you could infer that she is so hurt and angry, she does not want him to answer the question and she ends with a very strong insult which a â€Å"loving† wife would never make to her husband, especially in the Shakespearean times. She further evaluates the importance of a promise to her in the quote, â€Å"know how tender tis’ to love the babe that milks me. I would, while it was smiling at my face, have plucked my nipple from his boneless gums and dashed the brains out, had I sworn as you have done this.† This quote proves that Lady Macbeth would do anything if it would uphold her promise even if it would mean killing her own child to uphold a promise. This quote also shows how truly hurt Lady Macbeth is and how angry and how fearful she is and her dertermination to get what she wants. This is quite masculine of her but I will cover more on that after this. A quote which shows how devious and courageous Lady Macbeth is, â€Å"Who dares receive it other , as we shall make our griefs and clamour roar upon his death?† This quote proves that Lady Macbeth is doing whatever she can to get what she wants. She uses persuasive language such as ‘dares’ which is a very strong word as it involves taking a risk and a risk which could ultimately stab you in the back. This quote also shows Lady Macbeth putting on a false face and pretending to grief and mourn for the King’s loss however in actual fact, it was her which set up the King to be killed. This shows that Lady Macbeth will be decisive and manipulate whoever she wants to get what she desires. A quote which I have mentioned before but I want to go more into detail is, â€Å"know how tender tis’ to love the babe that milks me. I would, while it was smiling at my face, have plucked my nipple from his boneless gums and dashed the brains out, had I sworn as you ha ve done this.† I strongly believe that this is the quote which really well establishes Lady Macbeth is a brutal and a character which will do anything to get what she most desires and not to care about anything or anyone else, just to get on top. This quote portrays Lady Macbeth as a mother which is a role which you need to care only about the baby and nurture the baby and bring it up as your own. This quote mentions that Lady Macbeth knows what it is like to breastfeed a baby but the play has not mentioned anything about Lady Macbeth and a baby, but I will get to that in further detail in my conclusion. This quote also mentions her killing the baby in the most brutal way: when it is it’s most vulnerable. During a breastfeeding. This shows that Lady Macbeth will do anything to keep a promise and you could infer that because of her incredibly detailed description, that she has done this before. One more quote which I believe solidifies my first point is, â€Å"And live a coward in thine own esteem, letting â€Å"I dare not† wait upon â€Å"I would† like the poor cat i’th’ adage? † This quote shows that Lady Macbeth is angry and full of adrenaline which really provokes her use of language in this quote by calling her husband a coward for backing out of his commitment and letting him live in the shame of not doing his deed which also interrupts the divine order and being a good wife in the Shakespearean times. She defies all this when she does not listen to her husband and takes on the role of the husband in the relationship in this quote and in this whole scene. In conclusion, I believe that Lady Macbeth is full of anger, grief and betrayal as she confronts Macbeth in this scene by saying that he is not a man and by calling him a coward and informing or reminding him of what she would do if she promised him. She would even go as far as killing her own child if that is what she has promised which means that she has built up a lot of trust in this relationship and she does not want to lose it now. By saying she knows how it feels to love a baby who she has breastfeed could imply that she and Macbeth had a baby and it died or it got murdered. If it got murdered or it got killed because of a promise she made, which she has proven is the most important thing to her, probably fuels her anger and hurt in this scene which makes this scene make so much sense that it is my final implied conclusion. The reason that I have inferred is that Lady Macbeth is so passionate and angry in this scene is because she had a baby and it died because of a promise she made which is why she made such an important and a significant reference to this is because this happened to her and she does not want it to happen again.

Inflation Rate and Economic Stability of Brazil

Inflation Rate and Economic Stability of Brazil Introduction This paper is concerned with the economic consideration of one of the South American countries and analyzes the impact of an economic concern on that particular South American country that has been chosen and identifies the trend of the economic concern with in specified region on the basis of data sets accumulate from the source. The south American countries has major impact on American economy and the economic concern of one of an important country raise our body of knowledge regarding the economic trend in that particular country and its impact on overall economy as well. South American Country The economy of South America consists of twelve nations with three territories and comprise of 6% of population in the world. I have choose Brazil among other South American countries as Brazil is the largest South American country and Brazil is one of the fastest growing economies of the world. It is ranked at fifth spot in the world regarding population and geographical region and fifth largest economy regarding GDP in the world. The economic concern of Brazil is effectively contributes to world economy and interesting trend of economy can be seen. (Abreu, 2005). Economic Concern Among four economic concern including GDP, quantities of specific Goods and services gross Domestic Product (GDP), and unemployment inflation I have selected inflation. Inflation is an important economic concern that will effect the economy in great extend and inflation rate of a country economy is an important indicator for a country growth prospective. Inflation means rise in the general price level of the country and loss the real value of money as fewer commodities will bought with each additional unit of currency. Inflation directly relate to the economic productivity and has positive and negative both effect on economy as it create economic uncertainty which may discourage saving and investment. High prices of general commodities and hoarding will be its largest disadvantage. In positive sense it may encourage non monetary investment. But the inflation rate needs to be control in order to sustain country economy. Inflation trend in Brazil The inflation rate in Brazil is fluctuating over the years. No consistent trend can be seen in the inflation rate ac past year data support this assumption. According to the data displayed by ( IPCA) in 2002 the inflation rate was 12.53% that is quite high rate. Then the decreasing trend of inflation rate can be seen in Brazil economy as 9.3% in 2003, 7.6% in 2004, 5.69% in 2005, and 3.14% in 2006 that is least in this decade. Then the slight increasing trend can be seen in rate of inflation. 4.46% can be seen in 2007 and 5.91 in 2008. The fluctuating trend can be seen in this range in coming years as well. (Inflation Statistical table) Statistical Table Inflation (IPCA) 2002 12.53% 2003 9.30% 2004 7.60% 2005 5.69% 2006 3.14% 2007 4.46% 2008 5.91% Past two years Inflation Trend Past two years monthly inflation rate trend can be seen from this graph that shows the monthly frequency of the inflation rate. The graph bars shows the trend of inflation from year 2011 that is 6.01%. The increasing slope can be seen from March, 2011 up to October, 2011. Inflation rate at the month of October is the highest that is 7.31%. Then the control implementation on inflation increasing trend can be seen from 7.31% to the deep low rate at 4.92% in July, 2012 that is complemented to Brazil economy. The upward Trent at semi annual bases can be seen in Brazil economy. The last recorded inflation rate of 6.15% that is quite high. Brazil government target inflation rate is 4.5% with the plus and minus tolerance margin of 2% in it. The high inflation trend is important consideration for the government as increasing inflation rate affect the economy in deep roots and make the investment and saving difficult. People purchasing power will be effected that will effect their standard of living and indulge the poverty level in the country as commodities will be difficult to purchase with even more money in hand because due to inflation country will lose its real money value. (De Paiva Abreu, 2005). According to IBGE report it is recorded from 1980 the Brazil inflation trend has gone through various fluctuations. Historical data shows average of 411.8 % Brazil inflation rate that reached at highest rate of inflation of 6821.3 % in April 1990 that was the highest rate for all time. The low inflation rate of 1.7 percent was found in December 1998. The measure used to calculate inflation is consumer price index. Brazil important contribution in consumer price index are tobacco, food and alcohol that covers 31% of total, 15 percent by transport sector and communication carries 5 %. . (Brazil Inflation Rate) Statistical Evidence comparing various countries inflation rate Inflation Rate of various countries is showing the Brazil high rate of inflation as compare to other countries except India that has the inflation Rate o f 6.62. An increasing trend is quite threatening for Brazilian government for economic growth and required close consideration to control the rate in future in order to stabilize the economy. Conclusion The Inflation rate and economic stability are closely related to one another and required close concern in order to stabilize the economy. Brazil increasing trend provide the threatening for its future concerns and shows that the government need to closely consider this regime in order to stabilize the economy and to achieve the economical growth in the world.

Sir Gawain and Green Knight Essays: Plot Elements :: Sir Gawain Green Knight Essays

Plot Elements in Sir Gawain and the Green Knight  Ã‚   The most striking feature of the organisation of plot elements in Sir Gawain and the Green Knight is the fact that the meaning of the poem is enacted by the shape of the narrative itself. The three major elements of the plot of this narrative: the Beheading Game, the Temptation, and the Exchange of Winnings are linked in a way which helps convey the meaning of the poem. The reader quickly realises the interdependence of the Temptation plot and the Exchange of Winnings plot. The bedroom scenes correlate with the hunting scenes - therefore each one must be understood in reference to the other. On each of the three days the behaviour of Sir Gawain corresponds to that of the animal, which had been killed on that day. On the first day he is cautious - like a deer; on the second he is more like a boar; and on the third he is cunning - like a fox. These are not the only similarities between the two plot elements . Hunting is generally used in literature as a metaphor for the pursuit of love - that is for courting. This metaphor had most probably already been known in the Middle Ages and was used by the Gawain Poet. The most important device used to make readers aware of the interdependence of these two plot elements is the technique of narration. Great care is taken to make sure the reader understands that the bedroom scenes and the hunt scenes happen at the same time. The narration jumps from the castle to the forest â€Å"Pursuing the wild swine till the sunlight slanted./All day with this deed they drive forth the time/While our lone knight so lovesome lies in his bed†.(l 1467-1469). Each bedroom scene is â€Å"inserted† into a hunting scene - which emphasises their simultaneity. The Beheading Game is also linked to the other two plot elements - but in a way which only becomes visible to the reader after having read the entire text of the poem. At first, the castle episode seems to be an interlude between the two parts of the Beheading Game. The reader awaits the climax - that is the second part of the Beheading Game. Finally it turns out that the real test has already taken place and the Game itself proves to be an anticlimax.

Fin300 Midterm

Ryerson University CFIN300 Midterm Exam Fall 2007 There are 2. 0 hours in this exam. Version A Student Name____________________________ (Please Print) Student Number_________________________________ Notes: 1. This is a closed book exam. You may only have pens, pencils and a calculator at your desk. 2. A formula sheet is attached to the end of the exam. You may detach the formula sheet from the exam. Please fill out the scanner sheet as you go along in the exam. You will not be given extra time at the end of the exam to fill it out. 3.Select the best possible answer for each multiple-choice question 4. Each of the 30 MC questions is worth 1 mark Marks: Available Total 30_________ There are 14 pages in this exam. |2. |Poor Dog, Inc. borrowed $135,000 from the bank today. They must repay this money over the next six years by making monthly | | |payments of $2,215. 10. What is the interest rate on the loan? Express your answer with annual compounding. | |A) |5. 98% | |B) |6. 63% | |C) |4 . 1% | |D) |5. 65% | |E) |5. 80% | |3. |How much would you pay for a security that pays you $500 every 4 months for the next 10 years if you require a return of 8% per | | |year compounded monthly? | |A) |$11,228. 48 | |B) |$15,000. 00 | |C) |$10,260. 0 | |D) |$13,724. 90 | |E) |$10,200. 23 | |4. |You can earn 5% per year compounded annually for the next 4 years, followed by 8% per year compounded quarterly for 5 years. | | |What is the average annual compounded rate of return over the 9 year period? Express your answer with monthly compounding. | |A) | | |B) |6. 2% | |C) |6. 97% | |D) |6. 43% | |E) |6. 59% | |5. |You have just purchased a house for $540,000 with a $200,000 down payment. You are going to get a mortgage at the TF bank for | | |the balance. TF is charging a rate of 5. 8% per year compounded semi-annually on 5 year term mortgages.You want to make weekly| | |payments amortized over 20 years. What is your weekly payment? | |A) |$877. 60 | |B) |$549. 01 | |C) |$545. 47 | |D) | | |E) |$871. 92 | |6. |Master Meter is planning on constructing a new $20 million facility. The company plans to pay 20% of the cost in cash and | | |finance the balance.How much will each monthly loan payment be if they can borrow the necessary funds for 30 years at 9% per | | |year compounded semi-annually? | |A) |$128,740 | |B) |$158,567 | |C) |$160,925 | |D) |$141,982 | |E) |$126,853 | 7. |Gerry Industries has some 8% (per year compounded semi-annually) coupon bonds on the market that are selling at $989, pay | | |interest semi-annually, and mature in fifteen years. The company would like to issue $1 million in new fifteen-year bonds. What | | |coupon rate should be applied to the new bonds if Gerry Industries wants to sell them at par? Express your answer with | | |semi-annual compounding. | |A) |8. 00% | |B) |8. 3% | |C) |7. 87% | |D) |8. 13% | |E) |8. 26% | |8. |You have decided to save $30 a week for the next three years as an emergency fund. You can earn 3. 5 % per year compounded | | |weekly. How much would you have to deposit in one lump sum today to have the same amount in your savings at the end of three | | |years? |A) |$4,441. 26 | |B) |$4,382. 74 | |C) |$4,288. 87 | |D) |$4,305. 19 | |E) |$4,414. 14 | |9. |A credit card company charges you an interest rate of 1. 25% per month.The annual percentage rate is ____ and the effective | | |annual rate is _______. | |A) |15. 00%; 16. 08% | |B) |16. 08%; 15. 00% | |C) |15. 00%; 15. 00% | |D) |15. 00%; 14. 55% | |E) |14. 55%; 15. 00% | |10. The Friendly Bank wants to earn an effective annual rate of 9% on its auto loans. If interest is compounded monthly, what APR | | |must they charge? | |A) |8. 65% | |B) |9. 17% | |C) |8. 58% | |D) |9. 38% | |E) |8. 44% | Use the following to answer question 11: |Rondolo, Inc. |2006 Income Statement | |Net Sales |$12,800 | |Less: Cost of Goods Sold |10,400 | |Less: Depreciation |680 | |Earnings Before Interest and Taxes |1,720 | |Less: Interest Pa id |280 | |Taxable Income |$1,440 | |Less: Taxes |500 | |Net Income |$940 | | Dividends |$423 | | Additions to retained earnings |$517 | |Rondolo, Inc. |2006 Balance Sheet | |Cash | |$520 | |Accounts payable | |$1,810 | |Accounts rec | |1,080 | |Long-term debt | |3,600 | |Inventory | |3,120 | |Common stock | |5,000 | |Total | |$4,720 | |Retained earnings | |1,790 | |Net fixed assets | |7,480 | | | | | |Total assets | |$12,200 | |Total liabilities & equity | |$12,200 | | | | | | | | | |11. |Rondolo, Inc. is currently operating at maximum capacity. All costs, assets, and current liabilities vary directly with sales. | | |The tax rate and the dividend payout ratio will remain constant.How much additional debt is required if no new equity is raised| | |and sales are projected to increase by 4 percent? | |A) |-$122. 08 | |B) |$598. 75 | |C) |$416. 00 | |D) |-$562. 50 | |E) |$318. 01 | |12. |Your brother-in-law borrowed $2,000 from you four years ago and then disappeared. Yesterday he returned and expressed a desire | | |to pay back the loan, including the interest accrued.Assuming that you had agreed to charge him 10% per year compounded | | |annually, and assuming that he wishes to make five equal annual payments beginning in one year, how much would your | | |brother-in-law have to pay you annually in order to pay off the debt? (Assume that the loan continues to accrue interest at 10% | | |per year. ) | |A) |$738. 63 | |B) |$798. 24 | |C) |$772. 45 | |D) |$697. 43 | |E) |$751. 46 | |13. |What information to you need to find the 3 year forward rate starting 2 years from now? |A) |2 and 5 year zero coupon spot rates | |B) |3-year zero coupon spot rate | |C) |2 and 3 year zero coupon spot rates | |D) |5 year zero coupon spot rate | |E) |3 and 5 year zero coupon spot rates | |14. |You have been making payments for the last 25 years and have finally paid off your mortgage.Your original mortgage was for | | |$345,000 and the interest rate was 5% per year comp ounded semi-annually for the entire 25 year period. How much interest have | | |you paid over the last 5 years of the mortgage? | |A) | | |B) |$120,392. 23 | |C) |$13,931. 87 | |D) |$80,743. 13 | |E) |$106,460. 37 | |15. |Which of the following is (are) sources of cash? | | | | | |I. | |an increase in accounts receivable | | | | | |II. | | |a decrease in common stock | | | | | |III. | | |an increase in long-term debt | | | | | |IV. | |a decrease in accounts payable | | | | |A) |I, II, and IV only | |B) |II and IV only | |C) |I only | |D) |III only | |E) |I and III only | |16. Financial planning allows firms to: | | | | | |I. | | |avoid future losses. | | | | | |II. | | |develop contingency plans. | | | | | |III. | | |ascertain expected financing needs. | | | | | |IV. | | |explore and evaluate various options. | | | |A) |I, II, III, and IV | |B) |I and IV only | |C) |III and IV only | |D) |II and III only | |E) |II, III, and IV only | Use the following to answer q uestion 17: |Current |$100 | |Assets | | |A) |$52. 00 | |B) |$22. 50 | |C) |$0. 00 | |D) |$4. 50 | |E) |$29. 50 | |18. |A new security will pay an initial cash flow of $100 in 1 year. Thereafter it will pay cash flows every month for the rest of | | |time.The cash flows will grow at 3% per year compounded monthly forever. If you require a return of 6% per year compounded | | |monthly, how much would you be willing to pay for this security? | |A) |$18,932. 30 | |B) |$40,000. 00 | |C) |$37,864. 59 | |D) |$33,333. 33 | |E) |$20,000. 00 | |19. |Which one of the following actions is the best example of an agency problem? |A) |Basing management bonuses on the attainment of specific financial goals | |B) |Requiring stockholders approval of all management compensation decisions | |C) |Paying management bonuses based on the current market value of the firm's stock | |D) |Paying management bonuses based on the number of store locations opened during the year | |E) |Accepting a project th at enhances both management salaries and the market value of the firm's stock | |20. |The bonds of Frank's Welding, Inc. pay an 8% annual coupon, have a 7. 98% (per year compounded annually) yield to maturity and | | |have a face value of $1,000. The current rate of inflation is 2. 5% per year compounded annually.What is the real rate of return| | |on these bonds? | |A) |5. 42 percent | |B) |5. 48 percent | |C) |5. 35 percent | |D) |5. 37 percent | |E) |5. 32 percent | |21. |What is the future value of the following cash flows at the end of year 3 if the interest rate is 6% per year compounded | | |annually? The cash flows occur at the end of each year. | | | | |Year 1 | | |Year 2 | | |Year 3 | | | | | |$5,180 | | |$9,600 | | |$2,250 | | | | |A) |$19,341. 02 | |B) |$15,916. 8 | |C) |$19,608. 07 | |D) |$18,246. 25 | |E) |$18,109. 08 | |22. |The I. C. James Co. invested $10,000 six years ago at 5% per year simple interest. The I. M. Smart Co. invested $10,000 six years | | |a go at 5% per year compounded annually. Which one of the following statements is true concerning these two investments? | | | | | |I. | | |The I. C.James Co. has an account value of $13,400. 96 today. | | | | | |II. | | |The I. C. James Co. will have an account value of $13,400. 96 six years from now. | | | | | |III. | | |The I. M Smart Co. will earn $525 interest in the second year. | | | | | |IV. | | |Both the I. C. James Co. and the I. M. Smart Co. will earn $500 interest in the first year. | | | |A) |II, III and IV only | |B) |II and IV only | |C) |I and III only | |D) |III and IV only | |E) |I, III and IV only | |23. |The bonds of Microhard, Inc. carry a 10% annual coupon, have a $1,000 face value, and mature in four years. Bonds of equivalent| | |risk yield 15% (per year compounded annually). Microhard is having cash flow problems and has asked its bondholders to accept | | |the following deal: The firm would like to make the next three coupon payments at half the schedu led amount, and make the final | | |coupon payment be $251.If this plan is implemented, the market price of the bond will (rise/fall) to ___________. (Continue to| | |assume a 15% required return. ) | |A) |$892. 51 | |B) |$865. 45 | |C) |$829. 42 | |D) |$808. 89 | |E) |$851. 25 | |24. Your older sister deposited $5,000 today at 8% per year compounded annually for five years. You would like to have just as much | | |money at the end of the next five years as your sister. However, you can only earn 6% per year compounded annually. How much | | |more money must you deposit today than your sister if you are to have the same amount at the end of five years? | |A) |$367. 32 | |B) |$399. 05 | |C) |$489. 84 | |D) |$201. 0 | |E) |$423. 81 | |25. |Net income differs from operating cash flow due to the handling of: | |A) |Interest expense and depreciation. | |B) |Depreciation and dividends. | |C) |Dividends and non-interest expense. | |D) |Dividends and interest expense. | |E) |Dividends, interest expense, and depreciation. | |26. |Shirley adds $1,000 to her savings on the last day of each month. Shawn adds $1,000 to his savings on the first day of each | | |month.They both earn an 8% per year compounded quarterly rate of return. What is the difference in their savings account | | |balances at the end of 35 years? | |A) |$13,923. 34 | |B) |$15,794. 64 | |C) |$16,776. 34 | |D) |$14,996. 47 | |E) |$12,846. 88 | Use the following to answer questions 27-30: |KLM, Inc. |2006 Income Statement | |Net sales |$3,685 | |Cost of goods sold |$3,180 | |Depreciation |$104 | |Earnings before interest and taxes |$401 | |Interest paid |$25 | |Taxable income |$376 | |Taxes |$128 | |Net income |$248 | |Dividends paid |$60 | |Addition to retained earnings |$188 | | | |KLM Corporation | |Balance Sheets as of December 31, 2005 and 2006 | | | | |2005 |2006 | |2005 |2006 | |Cash |$520 |$601 |Accounts payable |$621 |$704 | |Accounts rec. $235 |$219 |Notes payable |$333 |$272 | |Inv entory |$964 |$799 |Current liabilities |$954 |$976 | |Current assets |$1,719 |$1,619 |Long-term debt |$350 |$60 | |Net fixed assets |$890 |$930 |Common stock |$800 |$820 | | | | |Retained earnings |$505 |$693 | |Total assets |$2,609 |$2,549 |Total liabilities and Owner's equity |$2,609 |$2,549 | |27. |What is the net capital spending for 2006? | |A) |$208 | |B) |$144 | |C) |-$144 | |D) |$64 | |E) |-$64 | |28. |What is the cash flow from assets for 2006? |A) |$1,307 | |B) |$2,259 | |C) |$355 | |D) |$2,503 | |E) |$111 | |29. |What is the operating cash flow for 2006? | |A) |$480 | |B) |$169 | |C) |$425 | |D) |$272 | |E) |$377 | |30. |What is the change in net working capital for 2006? |A) |$122 | |B) |$643 | |C) |$765 | |D) |-$643 | |E) |-$122 | |31. |A number of years ago you bought some land for $100,000. Today it is worth $225,000. If the land has been rising is price by | | |5% per year compounded annually, how long have you owned the land? | |A) |14. 1 years | |B) |16. years | |C) |Can't be determined with the given information | |D) |13. 8 years | |E) |12. 4 years | |FV = PV (1+tr) |[pic] | |FV = PV (1+r)t |[pic] | |[pic] |[pic] | |[pic] |[pic] |[pic] |[pic] | |[pic] |[pic] | |[pic] |[pic] | |[pic] |[pic] | |[pic] |[pic] | |[pic] |Total Dollar Return (TDR) = Dividend Income + Capital Gain (Loss) | | | | | |[pic] | |[pic] |[pic] | |[pic] |Variance of returns [pic] | |[pic] |[pic] | |[pic] |[pic] | |[pic] |[pic] | |Arbitrage Pricing Theory |PV of CCA tax shield [pic] | |[pic] | | |Current Ratio |= |Current Assets | |Total Asset |= |Sales | | | |Current Liabilities | |Turnover | |Total Assets | | | | | | | | | |Quick Ratio |= |Current Assets – Inventory | |ROA |= |Net Income | | |Current Liabilities | | | |Total Assets | | | | | | | | | |Inventory Turnover |= |COGS | |ROE |= |Net Income | | | |Inventory | | | |Total Equity | | | | | | | | | |Cash Ratio |= |Cash | |P/E Ratio |= |Price/common share | | | |Current Liabilities | | | |E PS | | | | | | | | | |Receivables |= |Sales | |Dividend Payout |= |DPS | |Turnover | |Accounts Receivable | |Ratio | |EPS | | | | | | | | | |D/E Ratio |= |Total Debt | |Dividend Payout |= |Cash Dividends | | | |Total Equity | |Ratio | |Net Income | | | | | | | | | |Total Debt Ratio |= |Total Debt | |Market to Book | |Price / Common share | | | |Total Assets | |Ratio |= |Book value of equity | | | | | | | | | | | | | | | | | |Equity multiplier |= |Total Assets | |Profit |= |Net Income | | | |Total Equity |Margin | |Sales | | | | | | | | | |Net Working |= |Net Working Capital | |Interval Measure |= |Current Assets | |Capital-Total Asset | |Total Assets | | | |Average Daily Operating Costs | | | | | | | | | |Long Term Debt |= |Long Term Debt | |Cash Coverage |= |EBIT + Depreciation | |Ratio | |Total Equity + LT Debt | |Ratio | |Interest | | | | | | | | | | | | | | | | |Days’ Sales in |= |365 Days | |Days’ Sales in |= |365 Days | |Receivables | |Receivables Turnover | |Inv entory | |Inventory Turnover | | | | | | | | | |Internal Growth |= |ROA x R | |‘Sustainable |= |ROE x R | |Rate | |1 – ROA x R | |Growth Rate | |1 – ROE x R | | | | | | | | | | | | | |‘Sustainable |= |p(S/A)(1+D/E) x R | | | | | |Growth Rate | |1 – p(S/A)(1+D/E) x R | | | | | | | | | |NWC |= |Sales | |Fixed Asset |= |Sales | |Turnover | |NWC | |Turnover | |Net Fixed Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Times Interest |= |EBIT | |CF from Assets = | | | | | |Operating CF – Cap Ex – Additions to NWC | | | | | | | | | | | |Operating CF = EBIT + Deprec – Tax | | | | | |=Sales – Costs – Taxes | | | | | |= (Sales – Costs) x (1 – Tc) + Deprec x Tc | | | | | | | | | | | |Cap Ex = End Gross FA – Beg Gross FA | | | | | |Cap Ex = End Net FA – Beg Net FA + Deprec | | | | | | | | | | |Add to NWC = End NWC – Beg NWC | | | | | | | | | | | |CF to Debtholders = Interest – Net New Debt | | | | | | | | | | | |CF to Shareholders = Divs – Net New Equity | | | | | | | | | | | |CF from Assets = CF to Debtholders + CF to | | | | | |Shareholders | |Earned | |Interest Charges | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Answer Key |2. |E | |3. |E | |4. |E | |5. B | |6. |E | |7. |D | |8. |A | |9. |A | |10. |A | |11. |A | |12. |C | |13. |A | |14. C | |15. |D | |16. |E | |17. |E | |18. |C | |19. |D | |20. |C | |21. |D | |22. D | |23. |C | |24. |C | |25. |A | |26. |D | |27. |B | |28. |C | |29. |E | |30. |E | |31. |B |