The Hero Journey in Star Wars :: Film Movies Star Wars Themes Essays

The hacek Journey in Star WarsStar Wars was a low budget science-fiction film that became a blockbuster box office success. The movie has been extremely touristy with all cultures and ages for several decades. As well as being popular Star Wars in like manner conveys many an(prenominal) important themes. I believe one of the more prominent themes throughout the movie is the classic hero jaunt. The hero move is a major(ip) part of stories and myths throughout the world. Both primitive and modern cultures pulmonary tuberculosis hero journeys as the basis for stories. The three main parts of a hero journey are the departure, the initiation, and the return. Lukes departure is caused by a multifariousness of factors.Lukes eventual departure is set in motion by the purchase of twain androids that were previously involved in the rebellion. Luke receives a call to back up in the form of a prerecorded message stored in one of the androids memory. Luke finds a traveling companion an d a teacher in Obi-wan Kenobi. Luke is hesitant to leave his home planet until the empire kills his Aunt and Uncle, leaving him no weft but to fight. Lukes next step is initiation. Luke goes through many initiations during his journey. He is initiated to the loss of loved ones with the deaths of his Aunt and Uncle and eventually Obi-wan. He is initiated to the way the world rightfully works by spending time in the Mos Eisley Cantina. He is also initiated to battle during the groups amazing escape from the Deathstar. The final step in Lukes journey is the return. Lukes return most certainly takes place at the end of the movie. It seems all might be lost as Darth Vader has wiped out all the fighters shut for Luke. Darth is moving Luke into his sights when Han Solo and the Millennium Falcon appear and exact all threats to Lukes safety.The Hero Journey in Star Wars Film Movies Star Wars Themes EssaysThe Hero Journey in Star WarsStar Wars was a low budget science-fiction film that became a blockbuster box office success. The movie has been extremely popular with all cultures and ages for several decades. As well as being popular Star Wars also conveys many important themes. I believe one of the more prominent themes throughout the movie is the classic hero journey. The hero journey is a major part of stories and myths throughout the world. Both primitive and modern cultures use hero journeys as the basis for stories. The three main parts of a hero journey are the departure, the initiation, and the return. Lukes departure is caused by a variety of factors.Lukes eventual departure is set in motion by the purchase of two androids that were previously involved in the rebellion. Luke receives a call to aid in the form of a prerecorded message stored in one of the androids memory. Luke finds a traveling companion and a teacher in Obi-wan Kenobi. Luke is hesitant to leave his home planet until the empire kills his Aunt and Uncle, leaving him no option but to fight. Lukes next step is initiation. Luke goes through many initiations during his journey. He is initiated to the loss of loved ones with the deaths of his Aunt and Uncle and eventually Obi-wan. He is initiated to the way the world really works by spending time in the Mos Eisley Cantina. He is also initiated to battle during the groups amazing escape from the Deathstar. The final step in Lukes journey is the return. Lukes return most certainly takes place at the end of the movie. It seems all might be lost as Darth Vader has wiped out all the fighters except for Luke. Darth is moving Luke into his sights when Han Solo and the Millennium Falcon appear and remove all threats to Lukes safety.

Yamaha YZF R6 :: essays research papers

Some people may define this disease as a need for speed the adrenaline shock which pulls you closer to it like magnets attracting and forcing you nearer. A secret obsession sparked on and revved up. Redlining the velocity of your heart burning tabu through each sufferers eyes set gazing at the perfect motorcycle a Yamaha R6. When you first look at the bike you flat picture yourself on it. The coolness factor skyrockets. Bent towards you are the handlebars and at either end silver shiny levers on top of the warm fitted handles. A perfect fit for anyones anxious hands. Youll probably catch a glimpse of yourself as a shimmering, twinkling eyes is seen in the rearview mirrors just bottom of the inning the windshield. Its small, sleek and swoops to the ass of the bike. Below are housed crisp headlights halogen beams casting daylight in front. A whirlwind of wheels with dipped chrome rims hold the bike and its counterparts. plane smooth tred is wrapped around them eight inches in wid th. A concave padded seat spills latex liner over the entire top of the motorcycle. This leads to the back brake lamp that drops off at a point. All over, stickers sport Yamaha, YZF and R6 modesty aside. Plastics cover the intricacy of the engine, with thick, smooth fittings. Vents are sliced into the plastics below the bulging catalyst tank following the indents for knees to hug each side of the motorcycle snuggly. On the bottom left side of the bike you will find the gear pedal, the fundament brake opposing. These stick out like thorns, gouging the rubber of your shoes stuck stiffly to their surface. Popin off the engine invokes your nostrils with a warm mixture of oil and gas. A bonkers head rush to increase the already trembling presence of power. Generously flood the carburetor with fuel to burn a musty whiff out the wobbling muffler rumbling thunderously. A clean idle pants softly gurgling within. Inside your helmet heavy breath fills, humidifying and raising your body temp erature. Open the notice to feel the rush of cool oxygen streaming around your face. The longer your mounted above the motorcycle the warmer the insides of your legs become. Reverse sensations occur whether stationary or in motion. When stood still the heat becoming of the engine intensifies letting the mild breeze cool the exposed skin. While in motion the chilly straining greets you leaving the motorcycle to warm you up.

Steroid Use By Athletes Should be Banned :: Argumentative Persuasive Steroids Essays

It is amazing what athletes will do to achieve higher levels of performance and to some eons get the extra edge on the competition. Most of the time people do non realize the long-term effects that result from the decisions they create early in life. This resembles the implement of steroids in a persons life.Steroids became an option to athletes in the Olympics and other major sporting events during the 1950s. But this use of steroids among athletes only became widely app bent when Canadian sprint runner Ben Johnson tested optimistic for steroid use after winning the gold medal for the one hundred-meter dash during the 1988 Olympics (Francis, 45). Now a skinny fifteen-year-old can just walk protrude to the local gym and find people who either sell or know how to get in contact with those who sell the drug that will make him envious of his friends. Steroids are an attractive drug. While steroids seem harmless to the unaware user, they can have a risky effect. Most of the time whe ther the users are virgin or experienced, they do not know the dangerous consequences steroids can have on their bodies and their minds. Though steroids cause a relatively insignificant number of deaths in our society, the banning of steroids is justified because steroids have a lot of side effects not known to the uninformed user.Even though steroids are known as a somewhat dangerous substance, they are legal to have and to consume. There has not been a study that proves such possible side effects are linked to medical problems of steroid users (Rogak, 89). There are those who have pointed out several cases where someone has died and an autopsy has shown that the person was using steroids, exactly they claim this does not mean that it is a deadly drug as some medical professionals have stated (97). Some advocates of steroids believe that because steroids are legal, and because it is the decision of the user to want the drug, steroids are not causing a problem in society. Alcohol and cigarettes are consumed by millions of people, causing a lot of deteriorating effects on their bodies, but there has never been a ban on these items because of the dangers that they can cause. Why should steroids be different? Some people say that the wide spread use of steroids among athletes is forcing the young athletes to use steroids, even though it is against their standards.

Katrina Broke down :: essays research papers

I. This disaster appears to have been made far far worse than it could have been by a number of factors A. The Hurricane was a Category 4/5. 1. We are in a bad hurricane cycle that will last another 20 years. 2. globose warming might contribute to hurricane intensity, but this is most likely political dogma in the case of Katrina. 3. Levee system (see C) was designed for Category 3 max. B. The hazardous location of New Orleans. 1. Surrounded by water on three sides. 2. 70% below sea level and slowly sinking. C. A river levee system, along with rabid oil exploration. 1. causes the marshes protecting New Orleans from storm surge to disappear at a rate of two acres per hour (yeah I live thats pretty stunning - I got it from National Geographic). D. A lack of funding for the levee system and for marshland protection. 1. Has never been fully funded. Bushs cuts have made it worse. 2. Several snow million required to expland and maintain levee system. Bush cut funding to about 1/4 to 1/2 what was needed. 3. $14 Billion requested oer 30 years for marshland restoration. Bush cut back to $2 Billion over 10 years. E. Failure in FEMA planning. 1. partially due to incompetence. 2. Partly due to reorganization woes after 9/11. Focus shifted to terrorist attacks, natural disaster releif de-emphasised. 3. FEMA incorporated into DHS, adding to beareaucratic red tape. F. Louisiana National Guard in Iraq fighting war - unavailable for Katrina Disaster. G. New Orleans population one of poorest in country. 1. 68% Black. 2. Many did not have means to leave city, did not own cars, etc.

U.s Monetary Policy In 1995 :: essays research papers

U.S Monetary Policy in 1995When Alan Greenspan presented the plyeral Reserves semi-annual reporton monetary form _or_ system of government to the Subcommittee on Domestic and International MonetaryPolicy, the Committee on Banking and Financial Services, and the U.S. House ofRepresentatives on February, Dr. Greenspan touted a cautionary yet favorableview of the U.S. economy. He states that "With inflationary pressuresapp bently receding, the previous degree of symmetricalnessraint in monetary policy was nolonger deemed necessary, and the FOMC consequently implemented a small drop-offin reserve market pressures last July." (Greenspan, 1996, Speech)During the Summer and Fall of 1995, the economy experienced astrengthening of aggregate demand growth. According to Greenspan, this increasein aggregate demand brought finished goods inventories and sales into nearequilibrium. The Feds fine tuning of the economy seemed to be paying off.Greenspan had a positive outlook for the eco nomy for the rest of 1995. Hestates "the economy, as hoped has moved onto a trajectory that could bemaintained--one less steep than in 1994, when the rate of growth was clearlyunsustainable, but one that merely would imply continued significantgrowth and incomes." (Greenspan, 1996, Speech)     Towards the end of the year, the economy showed signs of slowing.Fearing a prolonged slowdown or even a recession in the economy, and withinflationary expectations waning, Chairman Greenspan and the Federal Reserve cutrates again in December. (Greenspan, 1996, Speech)     There are, of course, critics of 1995s monetary policy. Most of thecriticism came in the early part of 1995 when the Fed raised rates again.     In the article "Are We Losing Altitude Too Fast" from the May 1, 1995issue of Time magazine written by thaumaturgy Greenwald, he explains that the economymight not be coming in for a "soft landing" like the fed predicts. Trying tosustain 2 to 3 percent growth might lead us into a recession. Mr. Greenwaldexplains how the Feds actions in 1994 and early 1995 has hurt individuals andthe economy as a whole. "Corporate layoffs are far from over," says Greenwald,"they generally accelerate when firms find themselves in an economy that isweakening." (Greenwald, Time, 5/1/95, p80)     Unemployment and layoffs arent the only thing to worry about accordingto Mr. Greenwald. The automobile constancy and the housing markets are bothgetting hit in the pocket books. Paul Speigel, owner of a New York cardealership explains his woes by facial expression "Were doing our best to keep up thevolume by discounting, working on our customers, but the Feds rate hikes havedampened the ability of many Chevrolet customers to buy that new vehicle." potty Tuccillo, chief economist for the National Association of Realtors states

Blood Red Horse Essay

When you think of advisors most people think of old nurse, Brother Randolph, and other found in the book air Red Horse bye K.M. Grant. However, most people dont think about Baha Adin or Gavin de Granville. They might have not been such great advisors at first, but have became wonderful advisors later on. Many things in their life and what they went through must have had an effect on who they became.Gavin de Granville and Baha Adin both had many an(prenominal) similarities. They both went through hardships. Gavin lost his arm, as stated in rascal 275, separate 2, and sentence 6. With the loss of his arm.. Baha Adin went through hardships as well. He byword many of the Saracen soldiers killed and bloody, as stated in page 127, ending to page 128 beginning,Baha Adin was standing by the flap, looking out at and listening to messengers. Wounded soldiers were streaming past. Another similarity was that they were good advisors/supporting characters. Gavin was a good advisor to king R ichard that, King Richard made Gavin count of Hartslove stated in page 275, paragraph 3, and sentence 3, I also bequeath to my faithful councilor Gavin de Granville, now count of Hartslove.. Baha Adin was as loyal to Saladin as Gavin was to King Richard. As stated in page 71, paragraph 7, sentence 2, By Baha Adin, a councilor whose advice Saladin particularly valued .A big difference between Gavin and Baha was their religion. Baha Adin was a Saracen, as you can infer from this rumor found in page 127, paragraph 4, Only ten miles away in the Saracen camp, Saladin was striding around his tent angry and worried. Baha Adin was standing by the flap. . Gavin was Christian as you can infer from this statement in page 232, the brothers embraced. God, the king and Hosanna, William whispered. Gavin tried to reply. He got far as god, the king but could say no more.Gavin and Baha did show good advisory. Lets see if they still share a good talent in the next book Green Jasper by K.M. Grant.

The Significance of Adult Education

Adult education encompasses planned and organized activities that consists of classes, lecture series, group study and systematic discussions and gathering which involves mature men and women acquire new knowledge, understanding, attitudes, interests and values as a means of adapting and coping up with dramatic changes happening in the new(a) confederacy and environment. It is dedicated to learning improvement and extension of opportunity for adults (encyclopedia Americana).Adult education is a form of continuing education that serves as a delegacy of expanding horizons, under germinateed understanding, creating meaningful activities and bridging the gap between generations. It has a critical role in a rapidly changing world by providing information and knowledge that peck compulsion in dealing with changing conditions. It is of great help in perceiving and solving crucial issues of the times. It can be a tool also for sustaining brotherly relationship among aged adults.Adul t education is the practice of teaching and educating adults. Adult education takes place in the workplace, through extension or continuing education courses at secondhand schools, or at colleges or universities. Other learning places include folk high schools, community colleges, and lifelong learning centers. The practice is also often referred to as Training and Development and is often associated with workforce or professional development.It has also been referred to as andragogy (to distinguish it from pedagogy). Adult education is different from vocational education, which is mostly workplace-based for acquisition improvement and also from non-formal adult education, including learning skills or learning for personal development. Programs provide one to one tutoring and small group sessions for adults at the 6th alumnus level or below. Public libraries, nonprofit organizations and school systems administer these programs across the country.Many adult education centers from community colleges receive grants from Welfare and Unemployment departments to offer procreation to welfare and unemployment recipients to help these individuals gain life and work skills to facilitate their return to the mainstream. They also provide programs for ex-offenders to reintegrate to society. There are underlying factors and forces which paved way for the development and improvement of Adult education.Changes in technological processes, in communication, in knowledge in social organization and in patterns of living implies that a modern man must constantly learn new ideas, new facts, new skills and new attitudes to keep up with the progress of the society. Through this kind of formal literacy education, adults develop the sincerity and aim to learn those things they need to know in order to cope effectively with the real life situation. Adult education is simply a continuation and way of improving prior knowledge of matured individuals.It believes and wanted to prove tha t adults are pragmatic learners. Adults frequently apply their knowledge in a practical fashion to learn effectively. They must have a reasonable expectation that the knowledge recently gained will help them further their goals. One example, parking area in the 1990s, was the proliferation of computer development courses in which adults (not children or adolescents), most of whom were office workers, could enroll.These courses would teach basic use of the operating system or specific activity software. Because the abstractions governing the users interactions with a PC were so new, many people who had been working white-collar jobs for ten years or more eventually took such training courses, either at their own whim (to gain computer skills and thus earn higher pay) or at the behest of their managers.Adults by social definition, individual need, and institutional expectation are responsible people that seek to enhance their identity through learning that further develop their com petence. They have a strong need to apply what they have acquired and in order for them to be competent in that application, there is a reciprocal needs of interaction between them and the rapidly changing environment to produce a powerful desire for more knowledge.

Kaplan P4 Mock Exam

ACCA REVISION MOCK June 2010 Question paper Time allowed Reading and planning Writing 15 minutes 3 hours This paper is divided into two sections Section A TWO compulsory questions Section B TWO questions ONLY to be attempted Formulae Sheet and numerical Tables argon on pages 3, 4, 5, 6 and 7 Do NOT open this paper until instructed by the supervisor This question paper must non be removed from the trial run hall Kaplan Publishing/Kaplan monetary KAPLAN humanityation scalawag 1 of 14 Paper P4 Advanced Financial steering ACCA P4 Advanced Financial Management Kaplan Financial Limited, 2010 All rights reserved.No part of this examination whitethorn be reproduced or transmitted in whatever form or by all means, electronic or mechanical, including photocopying, recording, or by whatsoever reading storage and retrieval system, with bug out prior permission from Kaplan Publishing. The text in this material and every others do available by any Kaplan Group familiarity does non a mount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any enthronization or other conclusiveness or in connection with any advice given to third parties. divert consult your appropriate professional adviser as requirement.Kaplan Publishing Limited and all other Kaplan convention companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the habit of such materials. page 2 of 14 KAPLAN produce Revision Mock Questions FORMULAE SHEET Modigliani and Miller proposition 2 (with tax) ke = kie + (1 ? T)(kie ? kd) Vd Ve Two asset portfolio sp = 2 2 w a s a + w 2 s 2 + 2w a w b rab s a s b b b The keen asset set stumper E(ri) = Rf + ? i(E(rm) ? Rf) The asset beta formula ? ? ? Vd (1 ? T ) ? Ve ? a = ? ?e ? + ? ?d ? ? (Ve + Vd (1 ?T )) ? ? Ve + Vd (1 ? T )) ? The growth model Po = D o (1 + g ) (re ? g) Gordons growth approximation g = bre The weighted average terms of great ? Ve ? ? Vd ? WACC = ? ?k e + ? ? k d (1 ? T ) ? Ve + Vd ? ? Ve + Vd ? The Fisher formula (1+i) = (1+r)(1+h) Purchasing power parity and interest graze parity s1 = S o x (1 + h c ) (1 + h b ) f0 = so x (1 + i c ) (1 + i b ) KAPLAN make rapscallion 3 of 14 ACCA P4 Advanced Financial Management The Black-Scholes option set model c = PaN(d1) PeN(d2)e? rt Where The forex modified Black-Scholes option pricing model c = e? rt F0N(d1) ? XN(d2) Or d1 = In(Pa / Pe ) + (r + 0. 5s ) t s t p = ert XN(? d2) ? F0N(? d1) Where d 2 = d1 ? s t d1 = and 1n (F0 / X) + s T / 2 s T 2 d 2 = d1 ? s T The put bring down parity relationship p = c ? Pa + Pee? rt Modified Internal Rate of Return ? PV ? n MIRR = ? R ? (1 + re) 1 ? PV1 ? 1 Page 4 of 14 KAPLAN publication Revision Mock Questions MATHEMATICAL TABLES Standard normal distribution table 0. 00 . 0000 . 0398 . 0793 . 1179 . 1554 . 1915 . 2257 . 2 580 . 2881 . 3159 . 3413 . 3643 . 3849 . 4032 . 4192 . 4332 . 4452 . 4554 . 4641 . 4713 . 4772 . 4821 . 4861 . 4893 . 4918 . 4938 . 4953 . 4965 . 4974 . 4981 . 4987 0. 01 . 0040 . 0438 . 0832 . 1217 . 1591 . 1950 . 2291 . 2611 . 910 . 3186 . 3438 . 3665 . 3869 . 4049 . 4207 . 4345 . 4463 . 4564 . 4649 . 4719 . 4778 . 4826 . 4865 . 4896 . 4920 . 4940 . 4955 . 4966 . 4975 . 4982 . 4987 0. 02 . 0080 . 0478 . 0871 . 1255 . 1628 . 1985 . 2324 . 2642 . 2939 . 3212 . 3461 . 3686 . 3888 . 4066 . 4222 . 4357 . 4474 . 4573 . 4656 . 4726 . 4783 . 4830 . 4868 . 4898 . 4922 . 4941 . 4956 . 4967 . 4976 . 4983 . 4987 0. 03 . 0120 . 0517 . 0910 .1293 . 1664 . 2019 . 2357 . 2673 . 2967 . 3238 . 3485 . 3708 . 3907 . 4082 . 4236 . 4370 . 4485 . 4582 . 4664 . 4732 . 4788 . 4834 . 4871 . 4901 . 4925 . 4943 . 4957 . 4968 . 4977 . 4983 . 4988 0. 04 . 0159 . 0557 . 0948 . 331 . 1700 . 2054 . 2389 . 2704 . 2995 . 3264 . 3508 . 3729 . 3925 . 4099 . 4251 . 4382 . 4495 . 4591 . 4671 . 4738 . 4793 . 4838 . 4875 . 4904 . 4927 . 4945 . 4959 . 4969 . 4977 . 4984 . 4988 0. 05 . 0199 . 0596 . 0987 . 1368 . 1736 . 2088 . 2422 . 2734 . 3023 . 3289 . 3531 . 3749 . 3944 . 4115 . 4265 . 4394 . 4505 . 4599 . 4678 . 4744 . 4798 . 4842 . 4878 . 4906 . 4929 . 4946 . 4960 . 4970 . 4978 . 4984 . 4989 0. 06 . 0239 . 0636 . 1026 . 1406 . 1772 . 2123 . 2454 . 2764 . 3051 . 3315 . 3554 . 3770 . 3962 . 4131 . 4279 . 4406 . 4515 . 4608 . 4686 . 4750 . 4803 . 4846 . 4881 . 4909 . 4931 . 4948 . 4961 . 4971 . 4979 . 4985 . 989 0. 07 . 0279 . 0675 . 1064 . 1443 . 1808 . 2157 . 2486 . 2794 . 3078 . 3340 . 3577 . 3790 . 3980 . 4147 . 4292 . 4418 . 4525 . 4616 . 4693 . 4756 . 4808 . 4850 . 4884 . 4911 . 4932 . 4949 . 4962 . 4972 . 4980 . 4985 . 4989 0. 08 . 0319 . 0714 . 1103 . 1480 . 1844 . 2190 . 2518 . 2823 . 3106 . 3365 . 3599 . 3810 . 3997 . 4162 . 4306 . 4430 . 4535 . 4625 . 4699 . 4762 . 4812 . 4854 . 4887 . 4913 . 4934 . 4951 . 4963 . 4973 . 4980 . 4986 . 4990 0. 09 . 0359 . 0753 . 1141 . 1517 . 1879 . 2224 . 2549 . 2852 . 3133 . 3389 . 3621 . 3830 . 4015 . 4177 . 4319 . 4441 . 4545 . 4633 . 4706 . 4767 . 4817 . 4857 . 4890 . 4916 . 4936 . 952 . 4964 . 4974 . 4981 . 4986 . 4990 0. 0 0. 1 0. 2 0. 3 0. 4 0. 5 0. 6 0. 7 0. 8 0. 9 1. 0 1. 1 1. 2 1. 3 1. 4 1. 5 1. 6 1. 7 1. 8 1. 9 2. 0 2. 1 2. 2 2. 3 2. 4 2. 5 2. 6 2. 7 2. 8 2. 9 3. 0 This table can be utilise to calculate N (d1), the cumulative normal distribution function guideed for the Black-Scholes model of option pricing. If d1 0, add 0. 5 to the applicable number above. If d1 0, subtract the relevant number above from 0. 5. KAPLAN PUBLISHING Page 5 of 14 ACCA P4 Advanced Financial Management fruit cherish table Present rank of ? 1, i. e. (1 + r)-n where r = discount appraise n = number of goals until liquidatementPeriods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1% 0. 990 0. 980 0. 971 0. 961 0. 951 0. 942 0. 933 0. 923 0. 914 0. 905 0. 896 0. 887 0. 879 0. 870 0. 861 2% 0. 980 0. 961 0. 942 0. 924 0. 906 0. 888 0. 871 0. 853 0. 837 0. 820 0. 804 0. 788 0. 773 0. 758 0. 743 3% 0. 971 0. 943 0. 915 0. 888 0. 863 0. 837 0. 813 0. 789 0. 766 0. 744 0. 722 0. 701 0. 681 0. 661 0. 642 4% 0. 962 0. 925 0. 889 0. 855 0. 822 0. 790 0. 760 0. 731 0. 703 0. 676 0. 650 0. 625 0. 601 0. 577 0. 555 5% 0. 952 0. 907 0. 864 0. 823 0. 784 0. 746 0. 711 0. 677 0. 645 0. 614 0. 585 0. 557 0. 530 0. 505 0. 481 6% 0. 43 0. 890 0. 840 0. 792 0. 747 0. 705 0. 665 0. 627 0. 592 0. 558 0. 527 0. 497 0. 469 0. 442 0. 417 7% 0. 935 0. 873 0. 816 0. 763 0. 713 0. 666 0. 623 0. 582 0. 544 0. 508 0. 475 0. 444 0. 415 0. 388 0. 362 8% 0. 926 0. 857 0. 794 0. 735 0. 681 0. 630 0. 583 0. 540 0. 500 0. 463 0. 429 0. 397 0. 368 0. 340 0. 315 9% 0. 917 0. 842 0. 772 0. 708 0. 650 0. 596 0. 547 0. 502 0. 460 0. 422 0. 388 0. 356 0. 326 0. 299 0. 275 10% 0. 909 0. 826 0. 751 0. 683 0. 621 0. 564 0. 513 0. 467 0. 424 0. 386 0. 350 0. 319 0. 290 0. 263 0. 239 11% 0. 901 0. 812 0. 731 0. 659 0. 593 0. 535 0. 482 0. 434 0. 391 0. 352 0. 317 0. 286 0. 258 0. 232 0. 209 2% 0. 893 0. 797 0. 712 0. 636 0. 567 0. 507 0. 452 0. 404 0. 361 0. 322 0. 287 0. 257 0. 229 0. 205 0. 183 13% 0. 885 0. 783 0. 693 0. 613 0. 543 0. 480 0. 425 0. 376 0. 333 0. 295 0. 261 0. 231 0. 204 0. 181 0. 160 14% 0. 877 0. 769 0. 675 0. 592 0. 519 0. 456 0. 400 0. 351 0. 308 0. 270 0. 237 0. 208 0. 182 0. 160 0. 140 15% 0. 870 0. 756 0. 658 0. 572 0. 497 0. 432 0. 376 0. 327 0. 284 0. 247 0. 215 0. 187 0. 163 0. 141 0. 123 16% 0. 862 0. 743 0. 641 0. 552 0. 476 0. 410 0. 354 0. 305 0. 263 0. 227 0. 195 0. 168 0. 145 0. 125 0. 108 17% 0. 855 0. 731 0. 624 0. 534 0. 456 0. 390 0. 333 0. 285 0. 243 0. 208 0. 178 0. 152 0. one hundred thirty 0. 11 0. 095 18% 0. 847 0. 718 0. 609 0. 516 0. 437 0. 370 0. 314 0. 266 0. 225 0. 191 0. 162 0. 137 0. 116 0. 099 0. 084 19% 0. 840 0. 706 0. 593 0. 499 0. 419 0. 352 0. 296 0. 249 0. 206 0. 176 0. 148 0. 124 0. 104 0. 088 0. 074 20% 0. 833 0. 694 0. 579 0. 482 0. 4 02 0. 335 0. 279 0. 233 0. 194 0. 162 0. 135 0. 112 0. 933 0. 078 0. 065 Page 6 of 14 KAPLAN PUBLISHING Revision Mock Questions Annuity table 1- (1+ r) -n r Present value of an annuity of ? 1, i. e. where r = interest site n = number of periods Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1% 0. 990 1. 970 2. 941 3. 902 4. 853 5. 795 6. 728 7. 652 8. 566 9. 471 10. 37 11. 6 12. 13 13. 00 13. 87 2% 0. 980 1. 942 2. 884 3. 808 4. 713 5. 601 6. 472 7. 325 8. 162 8. 893 9. 787 10. 58 11. 35 12. 11 12. 85 3% 0. 971 1. 913 2. 829 3. 717 4. 580 5. 417 6. 230 7. 020 7. 786 8. 530 9. 253 9. 954 10. 63 11. 30 11. 94 4% 0. 962 1. 886 2. 775 3. 630 4. 452 5. 242 6. 002 6. 733 7. 435 8. 111 8. 760 9. 385 9. 986 10. 56 11. 12 5% 0. 952 1. 859 2. 723 3. 546 4. 329 5. 076 5. 786 6. 463 7. 108 7. 722 8. 306 8. 863 9. 394 9. 899 10. 38 6% 0. 943 1. 833 2. 673 3. 465 4. 212 4. 917 5. 582 6. 210 6. 802 7. 360 7. 887 8. 384 8. 853 9. 295 9. 712 7% 0. 935 1. 808 2. 624 3. 387 4. carbon 4. 767 5. 389 5. 971 6. 515 7. 024 7. 499 7. 43 8. 358 8. 745 9. 108 8% 0. 926 . 1783 2. 577 3. 312 3. 993 4. 623 5. 206 5. 747 6. 247 6. 710 7. 139 7. 536 7. 904 8. 244 8. 559 9% 0. 917 1. 759 2. 531 3. 240 3. 890 4. 486 5. 033 5. 535 5. 995 6. 418 6. 805 7. 161 7. 487 7. 786 8. 061 10% 0. 909 1. 736 2. 487 3. 170 3. 791 4. 355 4. 868 5. 335 5. 759 6. 145 6. 495 6. 814 7. 103 7. 367 7. 606 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 11% 0. 901 1. 713 2. 444 3. 102 3. 696 4. 231 4. 712 5. 146 5. 537 5. 889 6. 207 6. 492 6. 750 6. 982 7. 191 12% 0. 893 1. 690 2. 402 3. 037 3. 605 4. 111 4. 564 4. 968 5. 328 5. 650 5. 938 6. 194 6. 424 6. 628 6. 811 13% 0. 885 1. 668 2. 361 2. 74 3. 517 3. 998 4. 423 4. 799 5. 132 5. 426 5. 687 5. 918 6. 122 6. 302 6. 462 14% 0. 877 1. 647 2. 322 2. 914 3. 433 3. 889 4. 288 4. 639 4. 946 5. 216 5. 453 5. 660 5. 842 6. 002 6. 142 15% 0. 870 1. 626 2. 283 2. 855 3. 352 3. 784 4. 160 4. 487 4. 772 5. 019 5. 234 5. 421 5. 583 5. 724 5. 847 16% 0. 862 1. 605 2. 246 2. 798 3. 274 3. 685 4. 039 4. 344 4. 607 4. 833 5. 029 5. 197 5. 342 5. 468 5. 575 17% 0. 855 1. 585 2. 210 2. 743 3. 199 3. 589 3. 922 4. 207 4. 451 4. 659 4. 836 4. 988 5. 118 5. 229 5. 324 18% 0. 847 1. 566 2. 174 2. 690 3. 127 3. 496 3. 812 4. 078 4. 303 4. 494 4. 656 4. 793 4. 910 5. 008 5. 092 19% 0. 840 1. 47 2. 140 2. 639 3. 058 3. 410 3. 706 3. 954 4. 163 4. 339 4. 586 4. 611 4. 715 4. 802 4. 876 20% 0. 833 1. 528 2. 106 2. 589 2. 991 3. 326 3. 605 3. 837 4. 031 4. 192 4. 327 4. 439 4. 533 4. 611 4. 675 KAPLAN PUBLISHING Page 7 of 14 ACCA P4 Advanced Financial Management SECTION A TWO lordly QUESTIONS QUESTION 1 (a) Hunt plc is a medium sized UK keep social club that trades with companies in several European countries. Trade deals everywhere the next three calendar months ar delegaten below. Assume that it is now 20 April. Two months time Receipts Payments ? 393,265 ? ? ? ? Three months time Receipts Payments 491,011 60,505 890,217 1,997,651 Kr 8. m ? France Germany Denmark Foreign exchange counts recognise Two months forward Three months forward Dkroner (Kr)/? 10. 68 10. 71 10. 74 10. 77 10. 78 10. 83 Euro ()/? 1. 439 1. 465 1. 433 1. 459 1. 431 1. 456 Annual interest rates (valid for two months or three months) Borrowing (%) United Kingdom 7. 50 France 5. 75 Germany 5. 75 Denmark 8. 00 Investing (%) 5. 50 3. 50 3. 50 6. 00 Futures foodstuff rates Three month Euro engenders (125,000 Euro contract size). Contracts are for buying or selling Euros. Futures prices are in ? per Euro. Current 20 April June September December 0. 6964 0. 6983 0. 013 Page 8 of 14 KAPLAN PUBLISHING Revision Mock Questions Required (i) Using the forward market, money market and currency time to comes market as appropriate, devise a foreign exchange dodgerow strategy that is judge to maximise the interchange flows of Hunt plc at the end of the three month period. (Note Denmark is not a member of the Euro block. ) Transaction be and valuation reserve requi rements may be ignored for this part of the question. The basis may be assumed to reduce to zero in a linear manner over the period to expiry of the proximos contracts. Futures contracts may be assumed to mature at the month end. 15 label) (ii) Successive daily prices on the time to comes market for a June contract which Hunt plc has sold are Selling price Day 1 Day 2 Day 3 0. 6916 0. 6930 0. 6944 0. 6940 Initial boundary lines are ? 1,000 per contract. Variation margin is 100% of the initial margin. Spot exchange rates may be assumed to not change significantly during these three days. For all(prenominal) of the three days, show the effect on your cash flow of the price changes of the contract. (4 marks) (b) Discuss the advantages and disadvantages of forward contracts and currency futures for hedging against foreign exchange risk. 6 marks) ( append 25 marks) KAPLAN PUBLISHING Page 9 of 14 ACCA P4 Advanced Financial Management QUESTION 2 Brookday plc is considering whether to e stablish a subsidiary in the USA. The subsidiary would cost a marrow of $20 million, including $4 million for running(a) crown. A suitable existing manufactory and machinery hold up been located and production could commence quickly. A payment of $19 million would be required immediately, with the remainder required at the end of yr 1. Production and gross sales are forecast at 50,000 units in the beginning year and 100,000 units per year there later.The unit sales price, unit variable cost and total fixed costs in year 1 are expected to be $100, $40 and $1 million respectively. After year 1 prices and costs are expected to rise at the same rate as the previous years aim of inflation in the USA this is forecast to be 5% per year for the next five years. In addition, a fixed royalty of ? 5 per unit volition be due to the parent follow, payment to be made at the end of each year. Brookday has a quaternion year planning horizon and estimates that the realisable value of th e fixed assets in four years time ordain be $20 million.It is the companys policy to remitment the maximum funds possible to the parent company at the end of each year. Assume that there are no wakeless complications to prevent this. Brookday currently exports to the USA yielding an after-tax net cash flow of ? 100,000. No production will be exported to the USA if the subsidiary is established. It is expected that spick-and-span export markets of a similar worth in Southern Europe could replace exports to the USA. United Kingdom production is at full capacity and there are no plans for further expansion in capacity. Tax on the companys profits is at a rate of 50% in both countries, payable one year in arrears.A double taxation treaty exists between the UK and USA and no double taxation is expected to arise. No withholding tax is levied on royalties payable from the USA to the UK. Tax allowable depreciation is at a rate of 25% on a cracking line basis on all fixed assets. Brookd ay believes that the appropriate beta for this coronation is 1. 2. The market rate of return is 12%, and the risk-free rate is 7%. The current spot exchange rate is US $1. 300/? 1, and the pound is expected to fall in value by approximately 5% per year relative to the US dollar.Required (a) Evaluate the proposed investment from the viewpoint of Brookday plc. State clearly any assumptions that you make. (20 marks) (b) What further information and analysis might be useful in the evaluation of this project? (10 marks) Briefly discuss ethical come to the fores that might need to be considered as part of a multinational companys investment decision process (5 marks) (Total 35 marks) (c) Page 10 of 14 KAPLAN PUBLISHING Revision Mock Questions SECTION B TWO QUESTIONS ONLY TO BE act QUESTION 3 The following data relates to a large company operating in the electronics industry. 0X3 After tax compensation (? million) Dividend per touch (pence) Number of banausic shares (million) Average share price (pence) Net capital investment (? million) Annual adjoin in inflation (%) 130 9. 75 508 740 210 4 20X4 195 11. 0 600 875 270 4 20X5 255 12. 75 650 690 340 3 20X6 295 14. 0 695 20X7 472 15. 5 930 820 1,012 410 520 3 3 A major institutional shareowner has criticised the aim of dividend payment of the company suggesting that it should be considerably amplificationd. Required (a) Briefly discuss the factors that are presumable to enamor the companys dividend policy. 6 marks) Discuss whether or not the institutional shareholders criticism is likely to be valid. (6 marks) Hiome plc has see a period of above average growth for its industry, but is now growing at a normal rate of astir(predicate) 10% per annum. The companys theater handlers are reviewing the current dividend policy. one director has suggested that, as the company no longer needs as much internally generated funds to pay new investment, a higher proportion of allowance should be paid out as dividend s in order to benefit the companys shareholders.Another director has read that two eminent economists, Miller and Modigliani, grow stated that the pattern of dividend payouts is irrelevant, and therefore shareholders will experience no gain from a higher level of dividends. Discuss whether or not an increase in dividends is likely to benefit the shareholders of Hiome plc. (8 marks) (Total 20 marks) (b) (c) KAPLAN PUBLISHING Page 11 of 14 ACCA P4 Advanced Financial Management QUESTION 4 (a) One of the most important elements of any decision is the specification of goals or objectives which the decision maker seeks to achieve.The literature on capital budgeting, or investment judgment, generally assumes the goal of a company is the maximisation of shareholder wealth. Required Discuss the rationale for this assumption. Include in your discussion an explanation of selection goals available to companies. (12 marks) (b) XYZ plc is a medium-sized company operating in the chemical indust ry. It is a profitable business, currently producing at below maximum capacity. It has one large factory located on the outskirts of a small industrial town. It is the regions main employer. The company is evaluating a project which has substantial environmental implications.Required Discuss the inclusion body of environmental costs and benefits into the investment appraisal process, and explain how this might be done. (8 marks) (Total 20 marks) QUESTION 5 Island Energy Ltd is a small private company on the Island of Senyeh ? a small island whose company law and accountancy practices are ground on those of the UK. The company is the monopoly provider of all domestic fuels (electricity, gas and warming oil). The company imports oils and gas and generates and distributes its own electricity. The company currently has 20 staff working on engineering and electrical work at varying level of skills and three clerk/typists.The company at present does not have any management staff the pr evious Managing Director (an engineer) resigned at the end of 2006 and has not been replaced the Chairman (a retired engineer) has taken over the dayto-day management. The remaining board members are also all retired and comprise two lawyers, a teacher, a politician, an engineer and an operations director for a shipping company. Their role is simply to rubber-stamp the Chairmans decisions none of them takes an active role in the company and there have been board meetings where it has been hard to obtain a quorum.Recently the islands press has started to express concern most the way the company is being run partly in reaction to state-supported dismay at the resignation of the MD who was felt to be more approachable than the Chairman, and partly be micturate the company is seen to be spending vast sums of money on capital equipment and worries have started to emerge about how this will impact on the price of fuel. Fuel prices on Senyeh are currently 20% above those on other isla nds in the region. Page 12 of 14 KAPLAN PUBLISHING Revision Mock QuestionsPengers, a member of the government of Senyeh has recently read an article about corporate failure and thinks that Island Energy Ltd may fit about of the criteria Lakes, another government member, disagrees arguing that the Chairman has been in place for several years ? and has asked you, a newly qualified ACCA accountant, to apply the model to show that there is no reason for concern. N. B. Accounting data for the company is presented in the Appendix to this question. You find that the model that Pengers read about was Altmans Z score model applied to private manufacturing companies and that Z score = 0. 17X1+ 0. 847X2 + 3. 107X3 + 0. 420X4 + 0. 998X5 where X1 = working capital/total assets X2 = retained recompense/total assets X3 = earnings before interest and tax/total assets X4 = market value of equity/total liabilities X5 = sales/total assets get on research shows that companies with a score less than 1. 23 have a 95% chance of break outcy, those with a score greater than 2. 90 are unlikely to become bankrupt and those in between the two figures require additional scrutiny. (a) Calculate the Z score for Island Energy Ltd and comment upon your findings. 12 marks) (b) List any further concerns you may have about the company and any concerns you may have about the use of the model. (8 marks) (Total 20 marks) Appendix Island Energy Ltd Income Statement for the year ended 31 December 20X7 TURNOVER Less Cost of sales GROSS PROFIT Less Administrative costs OPERATING PROFIT/(LOSS) Bank charges and interest payable PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Tax on profit on ordinary activities PROFIT/(LOSS) FOR THE FINANCIAL YEAR NET DIVIDEND stipendiary (NON-EQUITY) TRANSFER TO/(FROM) RESERVES ? 2,374,087 ? 1,923,872 450,215 ? 381,592 68,623 ? 3,999 64,624 ? 8,753 55,871 ? ,120 54,751 KAPLAN PUBLISHING Page 13 of 14 ACCA P4 Advanced Financial Management Island Energy Ltd Statement of Financial Position as at 31 December 20X7 ? NON CURRENT ASSETS Tangible assets CURRENT ASSETS Inventory Receivables Cash at bank and in hand ? 1,622,009 213,979 275,522 487,953 977,454 TOTAL ASSETS 2,599,463 CAPITAL AND LIABILITIES CURRENT LIABILITIES craftiness PAYABLES LONG-TERM LOAN CAPITAL AND RESERVES CALLED-UP SHARE CAPITAL RESERVES General reserve Profit and loss reserve 586,117 400,000 64,405 1,129,584 419,357 1,548,941 TOTAL CAPITAL AND LIABILITIES 2,599,463 Page 14 of 14 KAPLAN PUBLISHING ACCA Paper P4 Advanced Financial Management June 2010 Revision Mock Answers To gain maximum benefit, do not refer to these answers until you have completed the revision mock questions and submitted them for marking. KAPLAN PUBLISHING Page 1 of 17 ACCA P4 Advanced Financial Management Kaplan Financial Limited, 2010 All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, rec ording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing.The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials.Page 2 of 17 KAPLAN PUBLISHING Revision Mock Answers ANSWER 1 (a) (i) Any hedging should be based upon expected net utility and payments. Net communicate/payments Receipts Two months Three months Three months Forward market hedge 393,265 1. 433 676,928 1. 431 Kr8. 6m 10. 83 Payments 393,265 676,928 Kr 8. 6m Two months = (? 274,435) Three months = (? 473,045) Three months = ?794,090 Money market hedge (i) right off Payment Euro deposit rate (1. 005833) 2 months (393,265) Buy Deposit 390,984 (393,265) 0 Buy at spot (Immediate payment in ? s) 1. 439 (? 271,705) (1. 0125) UK borrowing rate (? 275,101) Forward market The forward market is cheaper.Payment (? 274,435) KAPLAN PUBLISHING Page 3 of 17 ACCA P4 Advanced Financial Management instanter Payment Euro deposit rate (1. 00875) 3 months (676,928) Buy Deposit 671,056 (676,928) 0 Buy at spot (Immediate payment in ? s) 1. 439 (? 466,335) (1. 01875) UK borrowing rate (? 475,079) Forward market The forward market is cheaper. Now Receipt danish pastry borrowing rate (1. 02) Payment (? 473,045) 3 months Kr8,600,000 Sell Loan Kr8,431,373 (Kr8,600,000) 0 Sell at spot (Immediate receipt in ? s) 10. 71 ? 787,243 (1. 01375) UK deposit rate ? 798,068 Forward market The money mar ket offers the better alternative in this case.Futures hedge The currency of the contract is Euros Payment of 393,265 1 Set up the hedge Payment in Euros Buying Euros Buy E contracts Receipt ? 794,090 Number of contracts = 393,265 ? 125,000 = 3. 15 contracts say 3 contracts Buy 3 June future contracts at a current price of ? 0. 6964 Page 4 of 17 KAPLAN PUBLISHING Revision Mock Answers 2 The play off Now 20 April Spot market ? /Euro (1/1. 439) Futures market ? /Euro ? 0. 6964 Basis 0. 0015 ? 0. 6980 (BAL) 0. 0002 10 days of 71 left BASIS NIL Conversion hear 20 June departure date 30/6 ?0. 6949 Fwd rate 1/1. 433, i. e ? 0. 6978 3 Profit on the futures Profit on futures ? 0. 6980-0. 6964) ? (125,000 ? 3) = ? 600. In sterling, therefore no need to convert. 4 The cash flows Actual payment Profit on futures Net payment 393,265 ? 0. 6978 = (? 274,420) ? 600 (? 273,820) In this case, the futures alternative is cheaper than the forward market. Payment of 676,928 1 Set up the hedge Paym ent in Euros Buying Euros Buy E contracts No of contracts = 676,928 ? 125,000 = 5. 42 contracts say 5 contracts Buy 5 E September future contracts at a current price of ? 0. 6983 KAPLAN PUBLISHING Page 5 of 17 ACCA P4 Advanced Financial Management 2 The play off Now 20 April Spot market ? /Euro (1/1. 39) Futures market ? /Euro ? 0. 6983 Basis 0. 0034 ? 0. 7003 (BAL) 0. 0015 BASIS NIL 72 days of 163 left Conversion date 20 July Expiry date 30/9 ?0. 6949 Fwd rate 1/1. 431 i. e. ?0. 6988 3 Profit on the futures Profit on futures ? (0. 7003-0. 6983) ? (125,000 x 5) = ? 1,250. In sterling, therefore no need to convert. 4 The cash flows Actual payment Profit on futures Net payment 676,928 ? 0. 6988 = (? 473,037) ? 1,250 (? 471,787) Again, the futures are cheaper than the forward market. In conclusion, the money market should be used for the Danish Kroner hedge and the futures market for the Euro hedges.Although in reality the outcome of futures hedges is not known with certainty, as the basis will probably not reduce to zero in a linear manner before the expiry dates, i. e. we do not know what the closing futures price will be. (ii) Day one a exertion from 0. 6916 to 0. 6930 would produce a loss of 125,000 (0. 0014) or ? 175. You would need to provide an extra ? 175 to oblige the margin at ? 1,000, otherwise the contract will be closed out by the Clearing House. Day two the price change is the same and a further ? 175 would need to be provided to maintain the required margin. Day three a profit is made of 125,000 (0. 944 0. 6940) or ? 50, which may be taken in cash. Page 6 of 17 KAPLAN PUBLISHING Revision Mock Answers (b) Forward contracts Advantages (i) Forward contracts on the Over The Counter (OTC) market are tailored to the needs of the parties concerned and are flexible in terms of size and maturity. (ii) No payments are required until the contracts are settled. (iii) Contracts are available in a very wide range of currencies. Disadvantages (i) Forward contracts have two prices, a buying and a selling price, which means that companies must bear the cost of the spread between these prices. ii) Prices can vary according to the size of deal and the customer. (iii) Long maturity contracts are rare (normally six months) and some currencies do not have a forward market. Currency futures Advantages (i) There is a single specified price which is transparent. (ii) As the markets Clearing House is the formal counter company to every transaction. This effectively reduces counter party default risk for those dealing in futures. Disadvantages (i) Futures contracts are not very flexible. Contracts are only(prenominal) of a specified size and maturity and are only available for a very limited number of currencies. ii) The cost of operating the margin system. An initial margin (deposit) is required and further variation margins are necessary on a daily basis. KAPLAN PUBLISHING Page 7 of 17 ACCA P4 Advanced Financial Management ACCA marking schem e (a) (i) Use of net receipts and payments Forward market Money market Futures market Conclusions scoopimum (ii) Understanding of variation margin Day 1 and 2 loss Day 3 gain Maximum Marks 1 2 4 6 2 ___ 15 ___ 1 2 1 ___ 4 ___ (b) Advantages and disadvantages of forward contracts Advantages and disadvantages of futures 3-4 3-4 Max 6 Total ___ 25 ___ Page 8 of 17 KAPLAN PUBLISHING Revision Mock Answers ANSWER 2 a) Brookdays stated policy is to remit the maximum funds possible to the parent company. The net present value of relevant cash flows to the parent company will be the appropriate decision criterion, and should lead to maximisation of parent shareholder wealth. The dollar profit and relevant cash flow from the subsidiary must be determined first. Projected earnings data of the US subsidiary form 1 $000 5,000 2,000 1,000 309 4,000 7,309 (2,309) 0 (2,309 class 2 $000 10,500 4,200 1,050 586 4,000 9,836 664 0 664 Year 3 $000 11,025 4,410 1,102 557 4,000 10,069 956 0 956 Year 4 $ 000 11,580 4,630 1,158 529 4,000 10,317 1,263 0 1,263 Year 5 $000Sales (Note 1) Variable costs Fixed costs Royalty (Note 2) Depreciation Taxable profit US tax payable (Note 3) Profit after tax (287) (287) Projected cash flow data of the US subsidiary Year 0 $000 Profit after tax Depreciation Initial investment Additional capital Realisable value of fixed assets (Note 4) Tax on realisable value Working capital available Cash flows available to parent Exchange rate $/? (W2) Year 1 $000 (2,309) 4,000 (19,000) (1,000) Year 2 $000 664 4,000 Year 3 $000 956 4,000 Year 4 $000 1,263 4,000 Year 5 $000 (287) 20,000 (10,000) 4,000 (19,000) 1. 300 691 1. 235 4,664 1. 173 4,956 29,263 (10,287) 1. 115 1. 059 1. 006 KAPLAN PUBLISHING Page 9 of 17 ACCA P4 Advanced Financial Management Projected cash flow data for the parent company Year 0 Year 1 Year 2 ? 000 ? 000 ? 000 Available from US subsidiary (14,615) 559 3,976 Royalty payment 250 500 UK tax on royalty (Note 5) (125) Net cash flow Disco unt factors 13% (Note 6) Present values (14,615) 1 (14,615) 809 0. 885 716 4,351 0. 783 3,407 Year 3 ? 000 4,445 500 (250) 4,695 0. 693 3,254 Year 4 ? 000 27,633 500 (250) 27,883 0. 13 17,092 Year 5 ? 000 (10,226) (250) (10,476) 0. 543 (5,688) Net present value = ? 4,166,000 The positive NPV means that the project is acceptable. The loss of exports to the USA if the project is undertaken is not a relevant cash flow. Notes 1 Sales price increases by 5% per year Year 1 Year 2 Year 3 Year 4 Price 100. 00 105. 00 110. 25 115. 80 Units (000) 50 100 100 100 Sales taxation (000) 5,000 10,500 11,025 11,580 Similar calculations are necessary for variable costs, and price adjustments for fixed costs. 2 The royalty is payable in ? s and will depend upon the $/? exchange rate.The ? is expected to fall in value by 5% per year relative to the $. Year 1 Expected exchange rate $/? Royalty (? 000) Royalty ($000) 3 4 1. 235 250 309 Year 2 1. 173 500 586 Year 3 1. 115 500 557 Year 4 1. 059 500 529 Y ear 5 1. 006 5 Losses are assumed to be carried forward and allowed against future profits for taxation purposes. Although the subsidiary will exist for more than four years, the companys planning horizon is only four years. A value must be placed upon the subsidiary at this time. The only information available is an estimate of realisable value of fixed assets.Tax on this realisable value will be payable as the assets are fully depreciated. Potential working capital available must also be considered. There will be no double taxation on cash flows from the USA. However, the royalty has not been able to US tax, and will be liable to UK taxation. Page 10 of 17 KAPLAN PUBLISHING Revision Mock Answers 6 Using the capital asset pricing model to determine the discount rate R project = R project = = RF + (RM ? RF)? project 7% + (12% ? 7%) 1. 2 13% (b) Further information and analysis might include (i) How accurate are the cash flow forecasts? How have they been established? ii) Why has a four-year planning horizon been elect? The valuation of the fixed assets at year 4 is highly significant to the NPV solution. How has this valuation been established? Is this valuation based upon future earnings as a going concern? It would be more desirable to evaluate the project over the whole of its projected life. (iii) Risk is taken into account by using a CAPM derived discount rate. How has this rate been derived for a situation involving two countries? Does this fully reflect the risk of the project? Is the use of CAPM appropriate (as it is a single period model)?Other, theoretically weaker measures of risk might be useful as an aid to decision making, e. g. sensitivity analysis of the key variables or simulation. (iv) Cash flow is unremarkably assumed to occur at the end of each year. Greater accuracy would result if consideration were given to when during the year cash flow arises and these cash flows discounted at the appropriate rate. (v) Political and economic factors . How stable is the US government policy? Will a change in government lead to changes in taxation policy, exchange controls, restrictions on the remittance of funds, attitudes toward foreign investment? vi) Are there any intangible benefits of establishing a manufacturing plant in the USA, e. g. making the American public more aware of Brookdays product? (vii) Real options analysis. The Black-Scholes option valuation model could be used to place a value on any real options. Thus enabling the calculation of a true NPV of project with options True NPV = Short term NPV + NPV of all real options Multinational companies may go in activities which, whilst not illegal, are questionable ethically, and may have detrimental long-term effects on the companys reputation.Ethical considerations include (i) (ii) (iii) (iv) (v) (vi) Would the investment cause pollution or other environmental cost in the country? Does the investment involve experiments on animals, genetic modifications etc? Should the investment be undertaken if the country has a poor record on human rights? If local officials ask for inducements to facilitate the investment process, should these be paid? Would the investment in any way dish trading in drugs or arms? Are wages to be paid below subsistence level? Are working conditions of an acceptable standard? c) KAPLAN PUBLISHING Page 11 of 17 ACCA P4 Advanced Financial Management ACCA marking scheme (a) Exchange rates Sales Variable costs Fixed costs Royalty Depreciation US tax payable Tax on realisable value Working capital Discount rate Loss on exports not relevant UK tax on royalties NPV and conclusion Reward technique even if calculation errors exist Maximum (b) (c) 1 2 marks for each bully point 1 2 marks for each good point Total Marks 2 2 1 1 2 1 2 1 1 2 2 2 1 ___ 20 ___ 10 5 ___ 35 ___ Page 12 of 17 KAPLAN PUBLISHING Revision Mock Answers SECTION B ANSWER 3 a) There is considerable debate as to whether dividend policy can influence corporate value. oft of the debate concerns the question of whether it is the dividend that affects share value, or the information implied by the payment of the dividend. Dividends may provide, in the cheapest and most efficient manner, unambiguous signals about a companys future prospects and management performance. Managers have an incentive to send truthful signals via dividends, as any changes in dividends that are not likely to be accompanied by changes in cash flows will not fool a market that is at least semi-strong form efficient.Dividends therefore may be a valuable parley medium. There are a number of possible practical influences on dividend policy including (i) (ii) (iii) (iv) Dividends are to be discouraged as they may lead to issue costs associated with raising additional external finance. Corporate growth. The faster a company is growing the lower the dividend payment is likely to be. Liquidity. Cash is needed to pay dividends. The level of corporate liquidity might influenc e dividend payouts. The volatility of corporate cash flows.Companies may be reluctant to increase dividends unless they believe that future cash flows will be large enough to sustain the increased dividend payment. Legal restrictions, for example, government constraints, limitations on payments from reserves, and covenants on debt that restrict dividends. The rate of inflation. Many shareholders like dividends to increase by at least as much as inflation. The desires and tax position of the shareholder clientele. However, most companies have a broad spread of shareholders with polar needs and tax positions. (v) (vi) (vii) b) Statistical data Earnings per share (pence) Retained earnings (? m) Payout ratio (%) Dividends (? m) Real growth in dividend per share (%) 20X3 25. 6 80 38. 1 49. 5 20X4 32. 5 129 33. 8 66. 0 8. 48 20X5 39. 2 172 32. 5 82. 9 12. 53 20X6 42. 4 198 33. 0 97. 3 6. 60 20X7 50. 8 328 30. 5 144. 1 7. 49 The companys dividend per share has increased, in real terms, by between 6. 6% and 12. 53% per year during the last five years. Although no relative industry data is available, this appears to be a good performance. The payout ratio has reduced from 38% in 20X3 to 30. % in 20X7, which may be why the institutional shareholder has KAPLAN PUBLISHING Page 13 of 17 ACCA P4 Advanced Financial Management made the criticism. However, there is fine point in the company paying out large dividends if it has positive NPV investments which can be financed partially by dividend retention. Although there is by no means a sodding(a) correlation between NPV and earnings per share, the fact that earnings per share have consistently increased over the period suggests that the companys investments are financially viable.The company has consistently had high net capital expenditure relative to earnings, and in such circumstances it is not unusual for dividend payments to be relatively low. The companys share price has not increased by as much as earnings per shar e but, without information on stock market trends and the relative risk of the company, it is not clear whether or not the companys share price is under performing. Unless the institutional shareholder could invest any dividends received to earn a higher yield (adjusted for any differences in risk) there is little evidence to support the validity of the criticism. c) The argument by Miller and Modigliani (MM) that dividend policy is irrelevant to the value of company was formulated under very restrictive perfect market conditions. If such conditions existed then shareholders would not value an increase in dividend payments. However, there are several real world factors that are likely to influence the preference of shareholders towards dividends or retentions (and hence expected capital gains). These include Taxation.In some countries dividends and capital gains are subject to different marginal rates of taxation normally with capital gains being subject to a lower level of taxatio n than dividends. Brokerage fees. MM ignore brokerage fees. However, if shareholders have a preference for some current income and are paid no or low dividends, their wealth will be reduced if they have to sell some of their shares and incur brokerage fees in order to create current income.If a company needs to finance more new investment it is usually cheaper to fund investment through and through retained earnings as most forms of external finance involve issue costs. Information asymmetry may exist between shareholders and directors. If the market is not strong form efficient, shareholders may have less complete knowledge of the likely future prospects of the company than directors, which may influence the shareholders desire for dividends or capital gains. The implications of an increase in dividends need to be considered by the company.Dividends are often regarded as an unbiased signal of a companys future prospects, an increase in dividends signalling higher expected earni ngs. The company should be careful to inform its shareholders of the reason for any increase in dividends. A further factor is the use that the company can make of funds. If the company has a number of possible positive NPV investments, then shareholders will normally favour undertaking these investments (at least on financial grounds), as they will lead to an increase in shareholder wealth.If, however, the company has relatively few projects and can only invest surplus cash at an expected zero NPV, the arguments for retentions is weakened. For strategic and operational reasons most companies keep some funds in the form of cash or near cash, for transactional and preventative motives and to be in the position to take advantage of unexpected opportunities that may arise. The need for cash for such purposes may influence the level of dividend payout. Page 14 of 17 KAPLAN PUBLISHING Revision Mock Answers ACCA marking scheme a) (b) (c) One mark for each valid point Two marks for calcul ations. 4 marks for detailed analysis/explanation Two marks for each well-explained point Total Marks Max 6 Max 6 Max 8 ___ 20 ___ ANSWER 4 (a) It is generally assumed that the major objective of decision makers in a company is to maximise the net present value of future cash flows when discounted at a rate which reflects shareholders required rates of return. The rationale for this assumption is that of all the stakeholders in a company the demands of the equity investors are paramount.Equity investors are dominant because they own the assets of the company and employ directors and managers (the decision makers) to make the best use of those assets. Ultimately, if the directors do not produce an, at least, adequate return for shareholders they will be out of a job. It is accepted that often alternative goals govern decision making within a company. In some cultures and semipolitical environments, the assumed dominance of shareholder interests is questioned. Why shouldnt the provid ers of labour, rather than capital, have their rewards maximised?It is important to remember that it is senior management that actually make the decisions within companies and they will be looking for personal reward. They are likely to be interested in the level of their own salaries and pensions and security. It is often claimed that management seek maximum revenue rather than maximum profit, or, knowing that they may only work for a company for a limited time period, are more interested in short-term performance rather than the long-term growth of shareholders wealth. Finally there are other stakeholders in the company to be considered.Most companies will try to equilibrate the maximising of shareholder wealth with the motivation of workers and management, the delighting of customers and a good public image. In achieving this balance shareholder wealth will not always be the major objective. (b) In the modern world companies cannot ignore the environmental implications of their actions to do so may destroy the company because of the effect on their reputation in the eyes of customers or suppliers, or the effect of the imposition of fines and penalties if they break legislation or regulations designed to protect the environment.Including environmental costs and benefits in investment appraisal will probably require the advice of an environmental specialist who can calculate for the company such items as (i) (ii) the costs of machinery or changes to processes to avoid environmental damage the likely costs of penalties, fines or claims for compensation if environmental damage occurs KAPLAN PUBLISHING Page 15 of 17 ACCA P4 Advanced Financial Management (iii) (iv) he likely effect on future revenues from any adverse publicity that would be likely to arise from environmental damage the likely effect on future revenues from positive publicity from going beyond statutory requirements to protect the environment. Once costed, these costs and revenues could be includ ed in the net present value calculations undertaken by XYZ plc in its investment appraisal of the chemical project. A more extreme approach would be to place a subjective valuation on the cost of reinstating the environment to its original condition and treating that as a nominal outflow.ACCA marking scheme (a) (b) One mark for each valid point throughout One mark for each valid point throughout Total Marks Max 12 Max 8 ___ 20 ___ ANSWER 5 (a) X1 = working capital/total assets X2 = retained earnings/total assets X3 = earnings before interest and tax/total assets X4 = book value of equity/total liabilities X5 = sales/total assets And the Z score = 0. 717X1+ 0. 847X2 + 3. 107X3 + 0. 420X4 + 0. 998X5 X1 = 391,337/2,599,463 X2 = 1,548,941/2,599,463 X3 = 68,623/2,599,463 X4 = 64,405/986,117 X5 = 2,374,087/2,599,463 = 0. 505 = 0. 5959 = 0. 0264 = 0. 0653 = 0. 9133 Z = 0. 11 + 0. 50 + 0. 08 + 0. 03 + 0. 91 = 1. 63 Whilst Island Energy Ltd is not in the immediate danger zone, its score is i n the grey area and further analysis is recommended. (b) Further concerns about the company Page 16 of 17 The Chairman is also acting as MD so there is no counter-balance to him and, as such, no watchdog over his activities. The remainder of the Board does not participate in the running of the company. There appears to be a weak finance function.There is a lack of management depth there being no middle management. KAPLAN PUBLISHING Revision Mock Answers Concerns about the model General limitations about the Z score (and other prediction models). These accounting based models only focus on the financial aspects of a companys performance. This is only a snapshot of the company maybe the position is improving. Further analysis is required to fully determine what the situation is with Island Energy Ltd. This may only be a predicator for the short term we do not know what the companys future plans are.ACCA marking scheme (a) (b) Calculation of each x or z score = 2 marks , interpr etation 2 marks 1 mark for each valid point Total Marks Max 12 Max 8 ___ 20 ___ MARKING SCHEME This marking scheme is given as a guide to markers in the context of the suggested answers. Scope is given to markers to award marks for alternative approaches to a question, including relevant comment, and where well reasoned conclusions are provided. This is particularly the case for essay based questions where there will often be more than one definitive solution. KAPLAN PUBLISHING Page 17 of 17

International Students Essay

Most young people believe that studying in a different country is a privilege because they are able to experience other cultures, and learn from them. However, in the United States it is not as good as they thought because International scholars have much much pressure being in this country, and sometimes they cannot handle it precise well. Therefore, in the United States the life of an supranational bookman is very unfavorable if people compare it to the life of an American student.International students have to learn a newly language to study, they cannot work spot studying, and their charge is much more expensive. When people moves to the United Stated to study they imagine that it will be very helpful, and they believe that learning a new language (English) will not be a problem. However, when they authentically start studying their major, they find out that it is not halcyon since people have to actually understand and appreciate the language.First of all, in order to have success in university in the United States people have to compose a list of essays which if people do not understand their structure, they will be incorrect , so international students have to really learn English, and they have to know how to print it in order to have success. Also, for them to have success in university they have to participate in class, and analyze an amount of readings, and because they are international students, it is very operose to come through since they believe that Americans are going to laugh at them or make jokes of them if they say something incorrectly.For example, some Americans do not realize sometimes how enceinte is for international students being in a different country, with different people, learning a new language, and experiencing different cultures, so some of them do not really appreciate the effort that international students put on being in the United States. They just think that it is easy and do not care active how they feel . On the other hand, American students since they are in middle school they are taught how to write very good essays , so when they get in college they do not have every problem creating essays.They know their structure and have a very superior vocabulary, so they can compose excellent essays. In addition, since American students speak English very well, they do not have any problem participating in class. They have confidence in themselves, so they will not be afraid of saying something wrong. Consequently, because American students do not have to learn any language to study their mayor, it is much easier for them to achieve excellent grades. Most university students feel the necessity of working since they would like to have their protest money in order to be independent from their parents.It is not the elision for International students because they also feel the necessity of working to be independent from their parents or whoever is responsible for them. However, for internati onal students to work in the United States it is very strong because they are only allowed to work on campus. These kinds of jobs are very limited since some of the campuses in which they study are very small. Also for an international student to find a job on campus is difficult because people prefer to employee an American student who is not going to have any problem oral presentation the language.For example, last semester a friend from Venezuela who is studying at Miami Dade College decided that he wanted to get a job in order to have his give birth money. He went to every single place where he could be employee. However, when he went to all these places, all the people told him that at that time they did not need any person, so he realize that to get a job on campus was very difficult, and not only that but a few weeks later he noticed that a new person was working in the campus coffee, so he proves that for an international student to get a job on campus is very difficult.On the contrary, American students can work wherever and whenever they want and it does not matter if they are studying or no. They can have their own money and support themselves while being in university. As a result, the fact that they can work while studying really helps them to have more confidence and to achieve better possessions. Because American students can work while studying, it is better to be a citizen of the United States than an international student. The most important discrimination between International students and American students is the tuition that they behave.International students are require to pay a very expensive tuitions if it is compare with the tuitions that American students have to pay. The tuition is very inequality, and it is only because they are international al students. Sometimes it seems to be very difficult for international students to pay the tuition because it is very expensive. For instance, an international student who studies in Miami Dade College is require to take twelve credits or more per semester which represents three thousand seven hundred dollars.However, an American student only has to pay for the same amount of credits twelve hundred dollars per semester. It is very inequality and unfair that just because they are from a different country, they would have to pay so much more money than an American student. On the contrary, it is very easy for American students to pay the tuition that the university requires. They can even pay for it with their own money. Therefore, it is easy for them to achieve their goals, and to have their independency from their parents.In conclusion, an international student has to put a lot of effort if he or she wants to be success in college. However, although American students also have to put a lot of effort to be success, it is easier for them since they already know the language, they can work while studying, and their tuition is evenhandedly much inexpensive. Also, people have to keep in mind that being an American student is a privilege, and they should take advantage of it in order to achieve their goals in life.

Life of Pi Existentialist Examination

Is flavor of Pi existential philosopher? There are two sketchs of existentialism, that of the more popular a theistical view, and that of the theistic view (Sartre Lecture). In the book Life of Pi, by Yann Martel the main theme of the book is religion, with the main character universe of multiple religions Hinduism, Christian Catholicism, and Islam. (Martel). Life of Pi is both Existentialist and non-existentialist, in both the skepticic and theistic views because of specific religious beliefs, abandonment of religion, despair, and the ultimate use of hu human beings instinct for survival.I would first like to begin by grownup brief explanations of both sides of existentialism, because both do apply to this book, even though the main theme is religion. The main idea of existentialism is that of existence in the first place essence (Sartre Lecture). By this, they mean that we define ourselves as what we are by our own actions and free will. We exist before our essence, or our d etermined character, because we determine it for ourselves by our own doings. In the book Life of Pi, by Yann Martel the main theme of the book is religion.The theistic view of existentialism can basically be summed up by this quote When we think of God as the creator, we are thinking of him, most of the time, as a supernal artisan (Sartre Lecture). By this, they mean that theists view idol as the all powerful creator. He created man with a specific idea in mind, and he knew what we would do and create. God creates he knows hardly what he is creating (Sartre, Lecture. ) He knows the past, present, and future, and will not leave us to be defined by our human nature.Human nature was simply a side effect, to allow us to understand possibly why and how we are, unless we cant let it define ourselves as humans. Our intellect and creations define us as who we are, not our natural instinct. Therefore, we cannot blame something on instinct and human nature, because god did not create us to do that. He created us to innovate. And as intellectuals, it is our job to suck up what we are here for, and to fulfill god and ourselves as human and not to let petty biological needs hinder our knowledge.It is our job to differentiate ourselves from unrivaled another, because we all have the same human nature and basic needs, and if we did not use our minds to create an image for ourselves, we would all be the same. On the other hand, the atheistic view, Atheistic existentialism, declares with greater consistency that if God does not exist there is at least one being whose existence comes before its essence, a being which exists before it can be defined by any conception of it. That being is man or the human reality (Sartre Lecture).This is saying that there is no human nature, because there was no god to conceive humans, or the idea of human nature. Man just simply is, and there is no meaning to vitality or existence unless they give meaning to it. They decide who they are and who they want to be, or if they are anything at all, and there is no god to have distinguishable what humans will be because he does not exist himself. Man will only attain existence when he is what he purposes to be. Not, however, what he may wish to be (Sartre Lecture).Man does not have existence unless he creates it for himself, therefore counteraction the theistic view, and saying that essence is before existence. Your essence allows you to exist. Within Life of Pi, there are many things that point to it being possibly theistically existentialist. For example, one of the three religions he believes in is Hinduism, which the aspect of reincarnation and karma are greatly central in. Reincarnation is the belief that your soul is passed down through many physical forms, and karma determines what physical form your soul will take on in the next lifetime.This follows with existentialism because it is the thought that you are not tied down by your physical attributes, but you are defined by what you do in life and what image you create for yourself, and gods ultimately decide what physical form you will take on. Therefore, you cannot be defined by what physical form you have or human instinctual needs. It is your job to see beyond that. Another thing that Pi does that coincides with theistic existentialism is that of when he is abandoned on the boat, he still continues to require five times a day (Martel).Yes, other actions that he committed on the boat proved otherwise to be non-existential, but he remained anticipant by praying on the boat for quite a while, feeling that he was not yet abandoned by god and did not completely accede to his human needs and solely focusing on survival. Moving on to ways that the book is non-existentialist, I believe that the book was far more non-existentialist from the theistic view. One of the ways was how Pi was the denomination of Catholicism (Martel), which is a denomination of Christianity that does not believe i n free will.They believe that free will is a denial of grace, or the denial that God created humans in the image of himself, which is pretty much the exact opposite of existentialism itself. Existentialists believe that god gave man the power of free will because he knows what they will do with their free will, and there is no denial of the image of god. Another way that Life of Pi is not existentialist is when he is on the boat, and commits acts of human instinctual survival. He goes against his beliefs to survive.An example of that is when he goes against his vegetarianism and love of animals to drink the turtles blood (Martel). This is abandoning your beliefs and self image to survive, and just giving into human instinct, which brings me to another topic of atheistic existentialism anguish, abandonment, and despair (Sartre Lecture). Anguish is basically describing that, when a man decides for himself, he is not only deciding something for himself, but that of all mankind because he is representing them all as a whole because all of our decisions define us (Sartre Lecture). Abandonment is saying that we cannot depend on god to give us moral guidance. We have to have our own moral, and not look to god and holy books to decide what we do in life (Sartre Lecture). discouragement basically means that there should be no despair, because there is no limit as to what we can do. If there is no god, there is no all-powerful being, and then there is no one to decide our limits for us. Therefore, we cannot be in despair, for the possibilities are endless (Sartre Lecture). They all seem to counteract the belief in god, so in the atheistic sense, Life of Pi isnt existentialist at all.He became a bit absorbed with himself, and not mankind while he was on the boat. He did not care about the animal he killed, and went with human instinct, thus only caring about himself. He depended on his multiple gods for guidance, and too expected them to help him while keeping up with prayer five times a day (Martel). In conclusion, I believe that Life of Pi is non-existentialist as a whole. Too many things point to it being non-existentialist in the theist sense, and pretty much all things point to it being non-existentialist in the atheist view.Reincarnation and Karma seem to coincide with that of existentialism, as well of his perseverance with faith. But that same perseverance counteracts that of the atheistic view, with anguish, abandonment, and despair. He also showed true human instinct by going against his instincts to survive. I believe that the non-existentialist aspects definitely outweigh the existentialist ones. Works Cited Martel, Yann. Life of Pi. Orlando Harcourt, Inc. , 2001. Print. Sartre, Jean Paul. Philip Mairet, trans. Existentialism is a Humanism. Lecture given in 1946. Web. 11 December 2012.

I Survived the Sinking of the Titanic

I SURVIVED the sinking of The Titanic, 1912 April fourteenth at seven fifteen a. m. in a first class suite on B Deck. We meet George and his eight-year-old sister Phoebe. They are returning to America after visiting London and the surrounding realm with their Aunt Daisy. George is always getting in trouble and is very curious. Hes been all over the ship even to areas where he is not supposed to go. Hes made fri closes in steerage and exasperated his aunt and his sister and a number of the other first class passengers.His behavior had previously been causing problems between him and his contract. Since George and Phoebes mother died a few years ago the family just hasnt been the same. This trip was a time for George and his father to get some distance and calm down. George as well describes many characters such as his aunt, sister, and other people that he meets aboard. He meets some people that baffle that become famous from the sinking. On the night of April fourteenth snuck o ut of bed and went in to the cargo hold to find the mummy rumored to be cursed and also rumored to be on board.When he got into the cargo hold a huge bang and shutter rocked the whole ship and within a second he was completely surround by pee. He returned to his room only to be awoken by one of his maids, him and his aunt were instructed to dress warmly and put your life belts on. When they were up and ready to go to the life boats they realized that Phoebe was gone. He soon realized that phoebe must have followed him to the cargo hold and did not see or know how to leave. He soon discovered that phoebe left lemon drops where ever she went to find her way guts.When he was looking he ran in to Enzo and Marco that he met before on the ship. Enzo was screaming phoebes, she herd and came running to them. Lucky for George, he had met the architect of the Titanic the night before. The architect showed George all the reclusive passages. So, Marco, Enzo, Phoebe, Aunt Daisy and George wer e able to get back up to the First Class Deck. Just as they were about to get on 1 of only 16 life boats, the sailors wouldnt let Marco or George get on the boat. Enzo got on with Phoebe and Aunt Daisy.Marco decided to them jump into the freezing water. Marco helped George get onto a floating get together of furniture to survive the cold water. But, part of Marco was still in the water. Marco was starting to fade away because the water was so cold. George said the water felt worry needles were stabbing him. Luckily, there was a life boat coming by and George was able to get on the boat. He lifted Marco into the boat because he was soft dying. After a couple of hours, a big ship called the Carpathia came by and George and Marco were rescued.On the Carpathia, George and Marco were able to find Phoebe, Aunt Daisy and Enzo. They were all so happy. The whole family made it back to New York and George & Phoebe were met by their Papa. Aunt Daisy stayed in New York with Marco to take car e of Enzo while Marco was in the hospital from being in the freezing water too long. George and his Papa became friends again. George also was able to finally accept that his mother was never coming back. She died before their trip and this is why George was always into trouble. In the end things turned out to be good for his family and his friends.

Wonders of Science

Science has done great service to homokind. Science has ensured life to be safer, surer and much more comfortable than ever before. Science has helped man to make computers, artificial satellites and robots. Science has given the Americans a defense umbrella in space and it has given the Russians a permanent space station. Russia, it is believed, will stupefy an industrial city in space before 2050 A. D. This would be the height of achievement in the field of science and technology. Science has also helped the common man in many ways. It has given him the modern machinery which has helped to increase the production of food grains.The famines which took the lives of millions of people in the past have now become a break through-of-town thing, except in some African countries. Man who was inciteling in bullock carts until two hundred years ago is now able to travel in supersonic jets which would take him around the world in twenty four hours. Science has also made communication e asier with the invention of telegraphy and the telephone. The invention of the printing press has brought education in the form of books and newspapers to the doorsteps of every common man. Science has given man several means of recreation to spend his empty time.The greatest wonder of modern science is that we can watch several events as they are happening on the other side of the world by sitting comfortably in our drawing rooms in front of the televisions. Satellite links of televisions have made this possible. Science has also given us the computer which can store a million times more of information in its memory than a human brain and bring them out the flicker of a second. The computer can also work out statistical data of all inhabitants of a city and can give expatiate of any singular feature for several years. These wonders of science have certainly made our living easier and lively.

Fifth Monday Morning

Monday Morning Leadership The fifth Monday Hire Tough Introduction The book Monday Morning leaders is a book written by David Cottrell. Cottrell discussed the most beta issues in leadership as situations between Jeff who has little experience in leadership and Tony who has a great and well experience in leadership. Jeff goes to Tony either Monday to take lesson in leadership.Chapter 5 is about hire tough and it discusses the important of manpower and team in the social club. In this chapter, Jeff decided to eradicate Todd be source he is drinking in work. Jeff has a great emotion save he decided to terminate him with the help of Kim who assisted him to take this decision and told him that Todd took the decision to terminate himself and you unspoilt implement this decision. Jeff now has three open positions available in his company.He decided to make interviews with the candidates contained by Kim during this week. He also decided to put Kim in HR department. He told Tony about that. Tony greeted him for his brave decision to terminate Todd. Tony told him that he should give himself much time in selecting new employees because there be two strategies for trouble either to hire tough and manage easy or hire easy and mange tough.Tony told him that people are the most important factor in the company so you should take much time to select them and try to get affection away from your selection of new employees. Conclusion This was a very important chapter in the book it discusses the HR and the important of people in the company. Jeff realized that the people are the cause of success or failure of the company. I have learned to contain people in the company and try to satisfy them in order to increase the performance of the company.

The Corner and Nighthawks

Manuel Espinosa Professor Stefanovic ENC 1102 21 February 2013 NIGHTHAWKS Nighthawks by Samuel Yellen is a poem virtually three individuals who be troubled with life. These individuals are occupying the same space and they appear to be relatively close from each other, that they arein accompaniment disconnected from one another. The utterer sets a hopeless tone to help the reader analyze and exploitually understand the characters feelings. This is a poem based on a famouspainting by Edward Hopper that portrays people seance in a downtown diner late at night.Yellen wants his readersto be able to recognize that warmth and affection is the easiest way to a successful and joyful human interaction. The poems setting takes moorage at the corner of rescind and Bleak (1) and the time is the nights most desolated hour (2). Empty corners and night hours are an infamous mix. Evil deeds are performed at desolate corners during odd hours of the night. In the corner is Als Coffee Cup o r the Hamburger Tower (3), only crummy and plain shops would stay open till late hours at night and the servers would use language corresponding be with you in a jiff (7).Inside the establishment there are three nighthawks seated there (6). Yellenuses nighthawks because the characters chance on at night and hawks are lonely animals which in this drama do not speak (4). some other connotation is to perceive hawks as ferocious and independent creatures or how Yellen better describe them patrons of life (6). integrity of the nighthawks, the single man whose hunched back we see (9) challenged his fate when he put a gas to his head in Russian roulette (10). Even though he won the bet (11) his personify posture indicates he is troubled or pensive. And now he lives his x years guarantee (12). The vocalizer wants to clarify that the character might off cheated death that time by dying is inevitable. Then, we have liner us, the two central characters (13). They have finished their c offee, and have lit a contemplative queer (14-15). These characters are meditative cigarette smoking is associated with worried or stressed individuals. His hand lies close, but not touching hers (16). Now it is mute there is a male and a female character. The speaker points out that they are close but not ouching each other, describing no emotional familiarity between the characters. A sexual connection is implied when the speaker refers to a darkened room (17) and continues to give explicit details of this encounter mouth burned mouth, flesh round of drinks ground on a ravaged flesh (18-19). Yellen wants to show readers the difference between a sexual act and an intimate connection. This couple shared the ultimate bonding experience between two human beings and stock-still they were not able to connect spiritually but only physically.The speaker gives example of this when he mentions no local anesthetic habitation and no name (20). The speaker finishes the poem with a sarcast ic tone. He implies that everyone that peer done that curve of plate glass (5) should be fortune to be none of these (21) referring to the nighthawks. He assumes that anybody who compares themselves with these characters, using the self-complacent eye (22), should be pleased with what they see. With this conclusion Yellen sets himself aside and delivers a powerfully message to the readers.He feels superior to the characters and wants to bemuse that feeling to his readers, not taking in consideration or really understanding the reason the characters are in these situations in the first place. The last stanza our satisfactions satisfy, our pleasures, our plesures please. (23-24), makes emphasis on the way the speaker feels and wants the readers to feel about their own accomplishments, but leaving out the way they should feel about their fellow man. The speaker projects itself as a selfish individual who does not care about less fortunate individuals.It is often state that to have a better world we should care for one another. Yellens idea of human connection shows the total opposite, he emphasizes on his characters faults instead of his qualities. This poem contains many problems that our society faces on a routine basis but unfortunately for the readers, Yellen focused on showing the problem but does not spell a solution. Work Cited McMahan, Elizabeth, Susan X Day, Robert Funk, Linda Coleman. Literature and the Writing Process. Ninth Ed. Boston Longman. 2011. Print Rafeeq O. McGiveron (1998) Yellens Nighthawks, The Explicator, 563,148-149

Introductory Awareness of Autistic Spectrum Conditions Essay

Complete write up re Autistic spectrum conditions. Include in this the difficulties that those with these conditions devour and the demeanour they may exhibit. How do you sign those with Autism, who else may be involved and how do you ensure effective converse with ill people. Give actual exampls of your support where possible. prefatory aw arness of sick spectrum conditions.Autism is a developmental disability ca employd by neurological dysfunction. It affects the way a soul understands and responds to the world, how they hear, see, aroma, sense, perceive and interpret everything around them. This may affect how they eat, sleep, dress, work, spend leisure time etc. They are likely to have repetitive behaviour patterns and restricted repetitive interests. Individuals with an sick spectrum condition dejection have difficulties with language and communicating with others and with well-disposed interactions and relationships because there is an impairment of 2 way verbal and non verbal communication and impairment of flexible thinking and social imagination.People with autism derriere often have accompanying cultivation difficulties but everyone with the condition shares a difficulty in making sense of the world. Inflexibility and restrictiveness in activities and interests buns lead to a soulfulness on the autistic spectrum having difficulty relating to others and making friends, an inability to lock away in imaginary play, it after part lead to ritualistic behaviours , obsessions and fears.It is serious to identify the persons strengths and weaknesses, to use their strengths and interest and use positive approaches. It may be helpful to use social stories to facilitate social skills and to be structured, consistent and calm. It is important to recognise that each individualisticist on the autistic spectrum has their bear individual abilities, adopts, strengths, preferences and interests so that a person centered shared means of communicati on can be identified. Autism is considered to be a spectrum because individuals resist in the expression and severity of their symptoms although underlying similarities are present much(prenominal) as concrete thinking, difficulty generalising, excessive anxiety and strong impluses and maybe difficulty with motor planning, organisation and sequencing. in that location isgenerally some impairment of social interaction and of imagination. People on the Autistic spectrum can differ hugely in their abilities from world exceptionally intelligent, far above the norm to having severely impaired intellect, this is why it is called a spectrum.Other conditions which may be association with ASD are Aspergers Syndrome and Learning Difficulties. Many individuals with an autistic spectrum condition experience sensory difficulties so they may have a heightened sensory awareness so are not able to function in the same way as someone without the condition. arresting overload is a common complai nt of people with ASD and can lead to an inability to function if the randomness is too loud or the elation is too bright etc. Behavioural characteristics associated with autistic spectrum conditions are inappropriate eye adjoin, repetitive movement, stiffened motor control and literal interpretation. Individuals may exhibit such behaviours because they feel safe when carrying out the repetitive movement and have a lose of social awareness so make inappropriate eye contact and may be very stiff in themselves because they lack a means of expressing themselves comfortably.They may also become highly stressed if routine is disrupted or sense are overloaded. If an individual is highly anxious or stressed it would be nigh(a) to be able to find the stressor such as the flutter being too loud or the ethereal too bright and turn it off, it can help communication to mirror the persons behaviour so if they are rocking, to do the same as a way of entering into communication with them, t his can reduce their stress. Knowing the individual is the best way, using a person centered approach so that the response to calming them down is individual to their needs, I work with people with autism and after a piece of music have noticed their triggers and how to calm them down such as taking them out for a laissez passer and making sure that they have space to be on their own. Sometimes it is difficult to find a trigger for a display of anxiety and communication difficulties mean that the person is unable to say what is touch them so it is really important to notice what is going on around and what may have changed in the surroundings that has upset them.It is also important to have in place structures and routines that match the individuals wishes and needs as routine is highly important for most people with ASD, they need structure and to experience what is happening next. It prevents anxiety and stress. The support network for an individual with ASD includes in perfu nctorysupport such as family and friends and the formal support network including carers, psychologists, ASD specialist, Advocates and Speech and Language therapists. It is important to involve families, parents and carers in supporting the individual in a person-centered way because everybody has different needs, wishes and abilities and just because someone is labelled as being on the autistic spectrum the support they require will differ immensely. Support should be consistent with routines adhered to and person-centered approach being taken. This can be achieved through asking myself continuously, what does this person need and want and how best can I support them to be well and happy.Using this approach and communicating with others about what the persons stressors are and what they need helps to give the best support possible to the person. In order to contribute towards the learning of an individual with an autistic spectrum condition it is important to let them experience ne w things but try to avoid stressors as some(prenominal) as possible. Communication is a big part of learning and it helps when I use short place sentences, simplify the task/ routine and break it down into small steps, talk quietly and calmly being aware of how I use my voice, give clear instructions saying exactly what is required and avoiding overload. It is important to try to gain the persons attention first. It is important to be aware of the impact of my own verbal and non-verbal communication on an individual with an autistic spectrum condition because they may respond anxiously to sure things such as a loud voice or too much eye contact or standing too close so it is important to notice what is going on two verbally and non verbally.The environment can affect communication for example if there is a lot of upset in the room the person may not be able to filter out that noise so it will be impossible to expect to get their attention or if they cannot concentrate because t he light is too bright but they cannot say so. So it is important to try to identify these things in the environment to aid communication. In order to reduce barriers to communication with an individual it is important to notice anything with may be a stressor and to use a person-centered approach that is unique to that individual, it is important to make the person feel as safe and comfortable as possible so communication can be as good as possible. If the person cannot speak shared communication such as imitation or doing something with the person may help as this is a form ofcommunication too.I worked with an individual with autism and she enjoyed playing the piano and communicated non verbally that she wanted me to play the piano with her. Communicating through a shared interest can be very rewarding for both people. Visual communication aids are also important, they can be employ to show the persons daily routine and can be used by the individual to show whether they like or dislike something and can be used to aim when an activity if going to change or end. It can relieve a lot of stress to the individual if they know what their routine is and whats going to happen next. There are many people who could lead advice about effective communication with an individual and these can be both formal and informal supporters such as family and friends, support workers, speech therapists, psychologists and anyone who knows the individual and can provide insight into their likes, dislikes and the way they prefer to communicate.