Social entrepreneurship Essay Example | Topics and Well Written Essays - 1500 words

Social entrepreneurship - Essay Example From the period, the concept of fifteen began taking shape in his mind. His vision is using the magic of food to provide a chance of employment to the young youths who had dropped out of school. However, the realization of his dream took him 10 years to bring to fruition (Slocum et al. 2011, 189). He was more excited with the social enterprise model whereby an enterprise was driven by social ambitions rather than financial gain that brought motivation to him to start his enterprise. The enterprise is referred to as Jamie Oliver’s Fifteen in London also referred to as Naked Chef star restaurant in US has a unique way of going about its business. The enterprise is known for its charity acts as it employs ex-convicts that lack any experience in the restoration enterprise with little or no social skills some with criminal records and turns them to productive members of the society. Jamie believes that by equipping a sense of responsibility and routine to the young people, they will develop the notion of order resulting in a steady rhythm that is ideal for social integration (Warin 2011, 34) (Illustrated in appendix 3 and 4). Jamie Oliver is a son of a pub owner in  England, and  he is a  dropout  of high school, thus never completed school  who parlayed is a strong personality in entrepreneurial skills. His dream is to have a strong, suitable movement of educating children on food. Jamie intention was to create a fine restaurant in London and on the other  side he  utilized the magic of cooking to provide opportunities for the young people who were not privileged and were facing enormous challenges in their lives (Flego et al. 2013, 411). These are the ex-con youths as well as those who lacked education. Thus, his goal was to provide an opportunity to these individuals giving them a chance of unlocking their true talent through training and mentoring. According to Jamie, training those

Policy review Essay Example | Topics and Well Written Essays - 1250 words

Policy review - Essay Example 2006: 1). Perioperative environment area is the sterile area that should be free of the infection-causing bacteria. Therefore preventing cross transmission of the MRO must be addressed in all perioperative settings including, day surgery, the surgical ward, the holding area, the surgery suite, and the PACU. It is the responsibility of all healthcare staff to protect themselves and their surgical patients from contracting MRO infections. The Infection Control Policy: Prevention and Management of Multi-Resistant Organisms (MRO), a policy directive of the NSW Department of Health, or PD2007_084 would guide all health workers in the prevention and management of MRO. The content of document, PD2007_084, the NSW Department of Health policy directive which is the Infection Control Policy: Prevention and Management of Multi-Resistant Organism (MRO) outlined the roles and responsibilities of healthcare staffs by highlighting the general and specific measures that should be observed as standar d practices in all healthcare units. The general measures refer to infection control measures, use of antimicrobials, and environmental cleaning. Specific measures included surveillance of MRO, screening patients and healthcare workers for MRO, risk categorisation of patients and healthcare workers for MRSA, decolonisation and clearing a patient of MRSA, and risk categorisation of patient care area. Guidelines on specimen collection, decolonisation protocol for MRSA, and relevant readings are also included in this policy. Lee and Bishop (2002:273-274) stated that nosocomial infections are grouped into two categories: exogenous infections and endogenous infections. Exogenous infections refer to those infections from the hospital environment, staff, other patients and visitors. Endogenous infections are cause by microorganism in the patient’s own normal flora, including hospital strains. Lee and Bishop (2002: 274-275) also stated that the Australian survey showed a higher preva lence of nosocomial infections in large teaching hospitals because they usually have a large reservoir of infection in intensive care unit, specialised burns unit and in transplant operations facilities. In Australia, there has been an increasing awareness of the importance of controlling and managing infection control in the recent years. All staffs are responsible to control hospital infection by observing the infection control policies and guidelines (Lee and Bishops, 2002: 276). Purpose of the Policy The purpose of infection control policy is primarily the prevention and management of MRO in healthcare facilitates so as to ensure the safety of patients and healthcare workers through the implementation of routine and standard practices of preventing and controlling the risk of transmission and colonisation of infectious agents. This will prevent fatal illness or death from MRO infection, prolonged hospital stays, readmissions, and additional diagnostic and treatment cost associat ed with such infectious contamination. Implementation would thereby improve the delivery of healthcare services and protect the lives of both patients and healthcare workers. The purpose of infection control policy is not only for the prevention and management of multi-resistant organism in the perioperative environment but also in every aspect of the

Essay for the Sandpiper Essay Example for Free

Essay for the Sandpiper Essay Tragedy, in multiple views leads to grief, misery and may even cause emotional desensitization. However this solely depends on the cause of such tragedy. A simple tragedy exists as a result of the irony of combining diverse religion and cultures and is especially expressed in the story â€Å"Sandpiper†. Here author Ahdaf Soueif expresses cultural differences through the breaking relationship of a European writer and her Egyptian husband. Acquiescent undermine passivity Being the protagonist, the narrator becomes the view point character in the story and this is where audience criticisms take place. From the beginning she seems to display a sort of weakness and compliance towards events; watching the waves swoop back into the sea; conforming to her lack of work and loss of identity ; â€Å"watching (her husband) vanish†, and watching her daughter â€Å"grow away† from herself. The sand image, as the story opens portrays her compliance-The way she did not wish to obstruct nature`s pattern of â€Å"one grain of sand† because of her movement. Later as Um Sabir (her â€Å"husband`s old nanny†) prevents her from doing any work, her feminine independence also appears to be deplored yet she simply accepts this fact and though seeming solemn, does not take any action. The reader soon becomes critical about such fragility. Notice how the writer mentions -â€Å"watch† her husband vanish. Due to her foreignness, she seemed to slowly fade away from her and her husband`s relationship and displays severe grief. However it appears indeed so absurd for the re ader, because this narrator does not develop any sort of resistance to her dilemma. Furthermore her despondency grows gradually, and it seems that her daughter is being torn away from her the same way as with her husband. She simply pines her heart and the narrator grows a sort of dissent for the protagonist. Sandpiper a coastal bird which cannot fly too high nor too far from the coastal region (due to its habitat and feeding habits) is a perfect name for this story it seems. The way the protagonist’s life appears limited and restricted is definitely the main cause. However the reader may wonder why the narrator does not rebel to this lifestyle. There may be numerous causes. Firstly notice the narrators patience as she sits by the beach observing the water`s â€Å"frilled white edge nibbling at the sand†. As she displays no qualms to her situations (for example being deprived of work as previously mentioned) it seems she still retains hope- of a happy lifestyle. This e xaggerated patience she conforms, may perhaps be one of the reason she does not rebel. Another may be simply her love of and to sustain the happiness of her daughter. These causes all sum to the habitat and ability of a â€Å"Sandpiper†, its only restrictions. Therefore it seems that the protagonist subsists in a self imposed jail, like a sandpiper and indeed does not soar beyond the beach which could momentarily give access to another sort of freedom, mentally, from her own conscience. However if we pay attention to the situation the author rejects such criticisms-instead condemning the readers as absurd. Certainly following different cultures is not the protagonists fault. The consistent confusion and grief of the narrator’s situation is perhaps the cause of her helplessness. This way the author deems the protagonist as universal for humans; which either are NOT exceptions, to displaying similar responses, in such emotionally grim situations and though her image is portrayed as weak it is not held true to how we asses her. In some way the writer creates ambivalent views one portraying the theme of ‘fate’ and the other ‘free will’. A customary feature, to be noticed in this story is the authors unvarying image of the beach. Obviously this picture signifies the present and therefore, perhaps, alludes to the narrators ‘drifting’ thoughts. It also seems, the descriptions of the sand and the sea reflect her emotions. As the story opens, observe the serene albeit somewhat somber, descriptions (of the beach), in the past participle: â€Å"I used to see patterns†¦I did not want †¦. I used to sit†. Definitely the narrator is affectionately looking back at nostalgia, yet with regret. Her emotions drift in melancholy as a compliant stream of conscience guides her and suddenly we imagine a somber weak character, in passivity to not stir a single â€Å"grain of sand† from its ‘natural’ pattern. This is where the readers display an interest to this character`s matters. Slowly her emotions begin to frill as the descriptions become gradually violent –â€Å"the sea unceasingly shifts†¦surges forward with a low growl†¦ like thousand snakes† .By now the reader is absorbed into the persona`s feelings. The usage of the personal pronoun â€Å"I† becomes highly universal to the reader and definitely induces sympathy. Finally, as she â€Å"revert(s) to (the) dry grains that would easily brush away† the emotions are returned to the previous serenity however now there seems to be a hint of pain, a hint of helplessness. This way the writer skillfully attains the reader`s attention to the story, and somewhat forth shadows incidents in the story, pertaining to the emotions. Hereby the atmosphere seems so somber, so calm; slowly the reader drifts in with the thoughts of the writer. What the reader may also take notice, with hindsight, is that perhaps Soueif uses this initial beach image as an extended metaphor for the life of the narrator; as in the beginning her life was filled with bliss (in love with her husband), which suddenly changed to desperation and somewhat anger (as he slowly â€Å"slip away† from her) and finally grief (of the freedom she lost). Proactive pragmatic The next imagery of the beach occurs after she mentions the second summer at the â€Å"beach house west of Alexandria†. Here the narrator utilizes the sand and the sea as symbols for her husband and herself, the way these two entities seemed to â€Å"meet and flirt and touch† and establishes the theme of love . However, reading between the lines, perhaps the writer forth shadows a sort of obscurity in the relationship. Notice how the sand and the sea simply â€Å"meet† metaphorically indicating love; although away from this â€Å"edge† such love does not seem to prevail as the sea and the sand form a tight boundary. Also the sea consistently â€Å"drifts† and the sand itself shifts, especially with the pressure of the waves: perhaps the author accentuates fluid emotions which flow and â€Å"shift† with due time and therefore depicts this couple to slowly â€Å"drift† apart from each other. This way another theme, of relativity of time and emotion is established here. The ending of the story also prevails with this beach image. It seems the narrator is back to the present and this picture plays the greatest significance as she sees â€Å"different things from those 6 years ago†. Now she appears calmer yet more melancholic. The reader can effective ly perceive such emotion; especially in the lines â€Å"the last of the foam is swallowed bubbling into the sand† and â€Å"with each ebb of green water the sand looses part of itself to the sea†. This definitely feels somber; as if love is being persistently broken down by the force of nature. Realistically, it seems such force subsists as cultural pressure. Where the couple belonging to 2 different cultures altogether formed such a relationship, the narrators â€Å"foreignness†¦began to irritate him (her husband)†. Cultural pressure and foreign tensions arise as a conflict due to the ignorance of each other`s culture and perhaps a development in this slowly weakened their relationships. Not only does the husband feel irate yet this deplored the protagonist`s freedom- â€Å"I tried at first at least to help, but she would†¦Ã¢â‚¬ ¦ease the duster or the vacuum cleaner from my hand†. Coming back to the coastal descriptions, note how the author mentions â€Å"the†¦foam is swallowed bubbling into the sand† and how these two bodies meet but never ‘mix’. Probably the author, here portrays the theme of immiscibility. As sea and sand are immiscible it appears the foreignness and its resultant family tensions never intended a strong relationship; the love of both the narrator and her husband was immiscible, which would interact, yet as easily drift away. Perhaps this way the author undermines the system of religion. Indeed such a trivial matter, as exemplified is the commencement of weak relations and eventually such tragedies; for certainly, every being strays ethnocentric and this simple arrogance leads to major conflicts. This is later supported as the narrator finally questions-â€Å"But what do the waves know of the massed, hot, still sands of the desert? And what does the beach know of the depths, the cold currents†¦where the water turns a deeper blue.† .Duplicity is heavily prevalent due to ignorance of other religion, and like the sand and the sea it extends massively. What the writer Ahdaf Soueif is attempting to accentuate is that this concept of worldly cultures actually constructs a sort of mistrust amongst others and its great irony is exhibited in the form of this story Another image which we can relate to this theme is the difficulty, even dislike the wife shows towards adapting to a different culture. During the second summer at the beach house the narrator mentions her nostalgia of her hometown (Europe as Georgian sq uare is mentioned) and â€Å"misses† her time spent there. The moment this is mentioned suspicion rises in the readers mind; of her happiness following the new culture. She does display a sort of irritation as she is not allowed to work at home. Finally (later) she appears to complain- â€Å"my foreignness†¦my inability to remember namestruggles with his (her husband’s) language†, etc. Definitely the author is attempting to depict another cultural pressure here; despite the passage of time, evidently she depicts, that the wife has problems shifting to the new culture. Ironically, though, this foreignness actually appealed her husband yet now repelled him. LorDhRUv

Romanians And Romanian Culture History Essay

Romanians And Romanian Culture History Essay In the name of the Romanians is reflected the reminiscence of their ethnic origins which are connected with the period when their country was part of the Roman Empire. Although the Romanians speak a language whose basis is spoken Latin, Romanian culture is permeated with traits that stem from periods predating the presence of Romans. Romanian culture owes much to the legacy of the earliest European civilization, the Danube civilization of the sixth and fifth millennia B.C.E. Scientists have often wondered how the Romanians could have maintained their Romance language through long periods of foreign domination and external influence. Similarly, one can wonder how certain cultural patterns of much older periods persisted to form an organic whole with more recent innovations, of what is known as Romanian culture. Most of the 26 million Romanians live in two states with a predominantly Romanian-speaking population. The great majority (Romà ¢nii) inhabit Romania (20.5 million) where they account for 90 per cent of the population. Among the minorities in Romania are (>) Roma (Gypsies), (>) Hungarians, (>) Germans, (>) Tatars and other ethnic groups. Neighboring Moldova is the home country of some 2.8 million speakers of Romanian who call themselves Moldovenii (Moldavians) and these make up 76 per cent of the population. Other ethnic groups living in Moldova are (>) Ukrainians, (>) Russians, (>) Gagauz and others. Romanian minorities are scattered outside the two states with concentrated Romanian population, in Ukraine (0.35 million), Serbia (0.25 million), Greece (0.25 million), Russia (0.18 million), Hungary (0.1 million), Bulgaria. There is a populous Romanian minority in Israel (0.25 million). Since the tenth century the development of the various groups of ethnic Romanians follows different trajectories. Four regional groups with distinct cultural patterns and local varieties of Romanian language can be discerned: 1)Daco-Romanians (the Romanian population north of the Danube, in Romania, Moldova, Ukraine); 2) Aromunians or Macedo-Romanians (in Macedonia, Bulgaria, Greece, Serbia and in the historical region of Dobruja, south of the Danube); 3) Megleno-Romanians (Romanian minorities in the South of Bulgaria and in the Northeast of Greece; these groups originated, in a secondary ethnic process, from Aromunian populations); and 4) Istro-Romanians (Vlachs of Istria; Romanian minority on the Istria peninsula in Croatia). Romania is among the areas in Europe where the Neolithic inhabitants adopted agriculture at an early date. The beginnings of plant cultivation and animal husbandry go back to the sixth millennium B.C.E. The western region of Romania, Transylvania, is the cradle of metal-working. There, copper artifacts were worked hundreds of years earlier than in western Asia or Mesopotamia. Early evidence for the tradition of metallurgy in Transylvania dates to around 5500 B.C.E. The art of the ancient Danubians was prolific and varified in style and ornamentation. What strikes the eye in the archaeological record is the multitude of figurines, most of them female, that were found in sanctuaries, together with altars, and in areas of the households reserved for domestic rituals. The aesthetic impression of those figurines has not lost any of its attraction throughout the ages and their timeless aesthetic appeal inspired artists in later periods. In the early twentieth century, the Neolithic spirit was revitalized in the works of modern art. The Romanian-born Constantin Brancusi is among the best-known representatives of this trend. The civilization of Old Europe was overformed by the culture of the Indo-European nomads who migrated westward out of the Russian steppe and established themselves in the areas of the agriculturalists. Old European traditions, though, continued albeit in a fragmentary way. The legacy of the ancient Danubians was not limited to the technology of metal-working or to forms of the visual arts. Old European traditions also persist in certain architectural forms and in the narrative themes of Romanian folklore. And just as certain features of prehistoric shrines eventually evolved into basic parts of Christian churches (), much of what we know as mythology derived, more or less directly, from the ritual-cultural life of prehistoric peasants (Poruciuc 2010: xiv). Those who transmitted the Old European traditions into later periods were the Dacians, themselves descendants of the Indo-European tribes that came to populate Southeast Europe in the fourth and third millennia B.C.E. At the time when the Romans conquered the Balkans and were organizing administration in the provinces of Southeast Europe the Dacians were the strongest military power north of the Danube. At intervals the Dacians and Romans were in alliance but the interests of the indigenous population and the Roman colonizers differed fundamentally so that, eventually, military confrontation was unavoidable. In a long and hard war the Romans subdued the Dacians under their king Decebalus and established their power in Dacian lands, in 106 C.E. The Roman province was named after the people that inhabited the region, Dacia. New villages and towns were founded by the Romans, among them the administrative and economic center of Dacia. That was Sarmizegetuza in Transylvania, named after the former capital of the Dacian kingdom, located at some distance from the Roman town. Living-conditions in Dacia favored acculturation and assimilation, and within a few generations the majority of Dacians had experie nced a shift to Roman lifeways, including a shift from Dacian to spoken Latin. During the period of Roman rule groups of Dacians had been forcefully relocated by Roman authorities to areas south of the Danube, following rebellions of local Dacian tribes against Roman rule. Those Dacians who continued to live south of the Danube assimilated completely to Roman lifeways. During the tenth and eleventh centuries their descendants moved back into the region from where their ancestors had come. The kind of Latin spoken by the Dacians was different from the Latin in Italy or in the western provinces of the Roman Empire, and it absorbed words of the Dacian language before that was no longer spoken and vanished altogether. The development of the Latin speech as used by the new Romans deviated further when Dacia was abandoned by the Roman administration and the military in 271 C.E. and contacts with the Roman world were cut off. The Latin of Roman times gradually changed to become a local Romance language. Those who continued to speak it were ordinary people. This means that Romanian ethnicity finds its roots in the medieval communities of illiterate peasants and shepherds. Written Latin, the language of civilization and of the church in western Europe, played no role in early Romanian society. The medieval Romanian language lacked the medium that roofed local Romance dialects in the West and provided a source for literacy. The Romanian language and the Christian religion have been the major markers of Romanian identity since the Middle Ages. The development of the Romanian speech community, though, was quite uneven in the regions with Romanian populations. Transylvania has been a contact zone since antiquity. After the Romans had abandoned Dacia this region was settled by Germanic peoples, by Gepids (allies of the Huns) and Visigoths, later by Slavic tribes and Hungarian populations. German settlers arrived in the area in the twelfth century, leaving their imprint on culture and political history. Slavic, Hungarian and German influence shaped the interaction with local Romanians whose communities grew in size to eventually become the most populous of the ethnic groups in Transylvania. Political sovereignty was achieved, in the course of the fourteenth century, in other regions with Romanian population, in Moldavia and in Wallachia. The ruler of Wallachia, Mircea the Great (d. 1418), was aware of the po litical trend of his period which saw the rise to power of the Ottoman Turks and he advised his successor to come to terms with the Turks. Stephan the Great (d. 1504) of Moldavia tried to negotiate political relations with the powerful newcomers but, in the end, all of Wallachia and Moldavia were forcefully integrated into the Ottoman colonial territories of Southeast Europe. The region with German settlements in Transylvania (called in German Siebenbà ¼rgen the region with the seven fortified towns) retained some kind of autonomy, albeit under Ottoman supremacy. From 1709 until the 1820s, Romania was ruled by Greek governors (Phanariots) in Turkish services. This period is remembered by Romanians as one of oppression and exploitation. Gradually, Ottoman hegemony in Southeast Europe weakened in the wars with Russia that extended its territory at the cost of the Turks. In 1812, Russia occupied the eastern part of Moldavia, Bessarabia. The development of the Romanian communities in that part was different from the rest of Romania. Russia encouraged anti-Ottoman movements among the Romanians in Wallachia and western Moldavia and, in 1858, these two regions were united under a Russian-supported hospodar, Cuza. The year 1861 saw the proclamation of a Romanian state. The first king to rule the country was Carol I (reigned 1866 1914), a German-born prince of the House of Hohenzollern-Sigmaringen. Romanias infrastructure (i.e. railway system, army, school system, exploration of oil fields) was mostly developed according to the model of contemporary Prussia and later the German Empire. For several decades after World War I that ended in 1918, the countrys territory included Transylvania and eastern Moldavia and was reminiscent of a Greater Romania. As a result of World War II that ended for the Romanians in 1944 eastern Moldavia had to be ceded to the Soviet Union but Transylvania remained within the borders of Romania. Under the communist regime of Ceausescu (d. 1989), the Hungarian and German minorities of Transylvania became victims of a forceful Romanization campaign and many left Romania as emigrants. The demise of communism in Romania and the shift to a parliamentary democracy in 1989 did not change the high-handed attitude of Romanian governments toward minorities. Neither Hungarian nor German are acknowledged as official languages and Romanian, as state language, is the only official medium in administration and education throughout the country. Romanian is a Romance language and forms, with Italian, the eastern group. Its character as a Romance language is apparent in the grammar although less than half of the vocabulary has been preserved from spoken Latin. Nevertheless, these words of Latin origin are among the lexical elements of high frequency and they dominate everyday Romanian. Some 60 per cent of the Romanian lexicon are of Slavic, Germanic, Hungarian and other origin, reflecting the manifold contacts of Romanian with other languages in Southeast Europe throughout one and a half thousand years. Romanian remained unwritten until the sixteenth century. The earliest documents of written Romanian are a letter dating to 1521 (containing some 200 words) and a Lutheran catechism that was printed in Sibiu (the town in Transylvania that was founded by Germans under the name of Hermannstadt), in 1544. During its history, Romania has been written in two scripts. For about three hundred years the Cyrillic script predominated when writing Romanian. Although the Latin alphabet was already used in Transylvania in the late sixteenth century, it competed with Cyrillic well into the nineteenth century. With the rise of Romanian national awakening, the Roman heritage and the Latin script became celebrated. An orthographic system with Latin letters was adopted in Wallachia, in 1860, and in Moldavia, in 1863. The competition between the Latin and the Cyrillic tradition of writing Romanian was renewed in the twentieth century and, this time, it was politically motivated. Some groups of the Romanian-speaking population that lived east of the river Dniestr had remained on Soviet-Russian territory while eastern Moldavia had been united with Romania in 1918. Soviet language planners created a written standard, with Cyrillic orthography, for the Soviet Moldavians, as an ideological counterweight to language use in neighboring bourgeois Romania. When Moldavia was annexed to the Soviet Union in 1940 (and factually in 1944), the Moldavian standard language was used in all of Soviet Moldavia. The revised Cyrillic orthography for Romanian in Moldavia was in use until 1989 when the parliament in Chisinau, the capital of Moldavia, decided to shift to the Latin script and write according to the norms of Romanian in Romania. This regulation means that Romanians and Moldavians use the same standard langu age and write with Latin letters. The 1990s saw the division of the Romanian-speaking population in two independent states (i.e. Romania and Moldova) where they form the majority. Recent development in the two countries has followed very different trajectories. Romania joined the democratic integration movement of Europe and has been a member state of the European Union since 2007. Moldova has remained outside this process because of its weak economy, and it is in this country that ideas about communism still play a vital role in election campaigns. Harald Haarmann Further Reading Fernà ¡ndez-Armesto, Felipe (ed.). The Times Guide to the Peoples of Europe. London: Times Books, 1994 (Romanians: pp. 261-267). Goebl, Hans et al. (eds.). Contact Linguistics, vol. 2. New York: Walter de Gruyter, 1997 (Romania: pp. 1458-1486, Moldavia: pp. 1933-1941). Haarmann, Harald. Balkanic Linguistics, vol. 1: Areal Linguistics and Lexicostatistics of the Balkanic Latin Vocabulary (in German). Tà ¼bingen: Gunter Narr, 1978. Pernicka, Ernst and David W. Anthony. The Invention of Copper Metallurgy and the Copper Age of Old Europe. In The Lost World of Old Europe. The Danube Valley, 5000-3500 BC, ed. David W. Anthony, 162-177. Princeton, NJ: Princeton University Press, 2009. Poruciuc, Adrian. Prehistoric Roots of Romanian and Southeast European Traditions. Sebastopol, CA: Institute of Archaeomythology, 2010. Treptow, K.W. A History of Romania. Iasi, 1999.

Patient Falls and Medication Errors Essay example -- Health Care, Pati

Issue/Problem of Interest Falls are the second most common adverse event within health care institutions following medication errors, and an estimated 30% of hospital-based falls result in serious injury. The severity of this problem led the Joint Commission to make reducing the risk of patient injuries from falls a national patient safety goal for hospitals in 2009 (AHRQ, 2006). Falls are a leading cause of hospital-acquired injury and frequently prolong and complicate hospital stays and result in poor quality of life, increased costs, and unanticipated admissions to long-term care facilities. Changes in health care financing in the 1990s were accompanied by a variety of cost-cutting measures in hospitals across the United States. Common cost-cutting strategies included reducing the total number of nursing hours per patient day and reducing the percentage of hours supplied by registered nurses (RNs), the most highly paid group. The reduction in staffing led to widespread concern that patient care in acute care settings would suffer. In response to concerns about staffing and quality of care, the American Nurses Association (ANA) launched the Patient Safety and Nursing Quality Initiatives in 1994 to address the impact of health care restructuring on patient care and nursing. To facilitate the initiative, ANA established the National Database of Nursing Quality Indicators (NDNQI) in 1997, with two goals: (1) to develop a database that would support empirical monitoring of the impact of nurse staffing on patient safety and quality of care across the nation, and (2) to provide individual hospitals with a quality improvement tool that includes national comparisons of nurse staffing and patient outcomes with similar hospi... ...al adverse incidents, depending on the patient population studied (Hitcho, 2004). The rates vary from 1.9 up to 18.4 falls per 1,000 patient days depending on organization type, and according to a study by the National Council on Aging, 30% of these incidences result in serious injury (Stevens, 2004). Another significant consequence of falls is that they are expensive and contribute to the increasing health care expenditure. An estimate of the average DRG payment for injuries sustained by a patient falling is $25, 643 (Hart, Chen, Rashidee, and Sanjaya, 2009). This is significant in that with the developing atmosphere of pay-for-performance, initiated by CMS, hospitals now have a major monetary stake in reducing the number of fall-related injuries. The CDC estimates that the cost of fall injuries will exceed $23 billion within the next few years (Tzeng, 2008). Patient Falls and Medication Errors Essay example -- Health Care, Pati Issue/Problem of Interest Falls are the second most common adverse event within health care institutions following medication errors, and an estimated 30% of hospital-based falls result in serious injury. The severity of this problem led the Joint Commission to make reducing the risk of patient injuries from falls a national patient safety goal for hospitals in 2009 (AHRQ, 2006). Falls are a leading cause of hospital-acquired injury and frequently prolong and complicate hospital stays and result in poor quality of life, increased costs, and unanticipated admissions to long-term care facilities. Changes in health care financing in the 1990s were accompanied by a variety of cost-cutting measures in hospitals across the United States. Common cost-cutting strategies included reducing the total number of nursing hours per patient day and reducing the percentage of hours supplied by registered nurses (RNs), the most highly paid group. The reduction in staffing led to widespread concern that patient care in acute care settings would suffer. In response to concerns about staffing and quality of care, the American Nurses Association (ANA) launched the Patient Safety and Nursing Quality Initiatives in 1994 to address the impact of health care restructuring on patient care and nursing. To facilitate the initiative, ANA established the National Database of Nursing Quality Indicators (NDNQI) in 1997, with two goals: (1) to develop a database that would support empirical monitoring of the impact of nurse staffing on patient safety and quality of care across the nation, and (2) to provide individual hospitals with a quality improvement tool that includes national comparisons of nurse staffing and patient outcomes with similar hospi... ...al adverse incidents, depending on the patient population studied (Hitcho, 2004). The rates vary from 1.9 up to 18.4 falls per 1,000 patient days depending on organization type, and according to a study by the National Council on Aging, 30% of these incidences result in serious injury (Stevens, 2004). Another significant consequence of falls is that they are expensive and contribute to the increasing health care expenditure. An estimate of the average DRG payment for injuries sustained by a patient falling is $25, 643 (Hart, Chen, Rashidee, and Sanjaya, 2009). This is significant in that with the developing atmosphere of pay-for-performance, initiated by CMS, hospitals now have a major monetary stake in reducing the number of fall-related injuries. The CDC estimates that the cost of fall injuries will exceed $23 billion within the next few years (Tzeng, 2008).

Being a Good Tutor :: essays papers

Being a Good Tutor Tutoring, you think it is the easiest job that you could have. You think so because of the flexibility of time, and the only thing you need to do is be there on time to help students (Tutees) with the subject that they have difficulty understanding, which you obviously have the full knowledge about because you earned an ‘A’ or ‘B’ in earlier semesters. However, all that you were thinking is definitely wrong. The tutees don’t care how much you know, until they know how much you care. There are many qualities you need to have in order to be a good tutor besides being intelligent. As Clayton College and State University Peer Tutoring Program (CCSU) mentioned in their web site, â€Å"Intelligence alone does not result in successful tutoring; more important is what kind of person you are† (Characteristics of a Good Tutor). Also, as CCSU mentioned, the tutor should have a â€Å" Positive outlook, having a desire to help others, liking for the subject matter, open minded by accepting others points of view, having the ability to see what needs to be done and do it, understanding, and having the ability to feel what another person is feeling.† So what do you need to do when you have an appointment with a tutee for the first time? Besides having all the personal characteristics that I mentioned earlier, you also need to know about the subject that you are going to help the tutee with before going to the appointment. Then you need to review this subject even though you are good at it because you can gather the different ideas on this subject and also analyze the information that you might have forgotten. You need to think after that about how the session with the tutee is going to be, write some notes, and be ready to answer any question your tutee might ask you. Now you are ready to meet the tutee. When you meet the tutee, the first thing you need to do is to introduce yourself and tell him or her that you are a student, especially if that is his or her first time having a tutor. Try to be friendly in order to help the tutee lose his or her nervousness by asking the tutee how the class is going on. Use the first ten to fifteen minutes to organize, plan, and show the tutee what you are going to talk about in the session.

Inflation Is Assumed

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