Trauma experience Assignment Example | Topics and Well Written Essays - 1500 words

Injury experience - Assignment Example The dispossessed grown-up will likewise have poor correspondence and social abilities, particularly when managing his friends. Additionally, the youthful grown-up may need inspiration for scholastic and word related achievement. The loss of parental exhortation isn't replaceable and there is a requirement for consistent direction and guiding just as support from companions and the general public all in all. The passing of a parent, particularly when this parent was a mindful provider of the family may course into an expanded weight particularly on the old youngsters. Such old deprived youthful grown-ups have a higher danger of assorted mental issues, for example, misery and post-awful pressure issue. Subsequently, the older deprived youthful grown-ups may neglect to deal with such circumstances bringing about medication misuse and undesirable practices. As per various inquires about on formative brain science, the impacts of family difficulties and dangers on the older deprived youthful grown-ups has developed past mental issues point of view to incorporate different outcomes from more extensive markers of versatile methodologies. They incorporate the results of affliction for the accomplishment of formative errands in the training and profession areas, just as approaches in the improvement of relational relationship. For my situation, the loss of my dad in a mishap three months prior has influenced my whole family. My mom and my sister can't converse with anybody. This is on the grounds that nobody at any point felt that our bread supplier could out of nowhere leave us. Furthermore, the mourning has left me with a tremendous obligation of dealing with my family. Because of the intricacy, I wound up feeling focused on constantly. I likewise felt that the general public has disregarded me, yet in addition that indiscreet driver ought to be granted capital punishment. Because of the injury, I chose to meet both my sister advertisement my mom so as to see more on the best way to deal with the deprivation and join my family. Before directing

Biological molecules Essay Example | Topics and Well Written Essays - 1250 words

Organic particles - Essay Example The two strands of the helix run in inverse ways (1 up and 1 down). The internal edges of the helices are framed by the nitrogenous bases and they run two by two. Adenine sets with thymine with 2 hydrogen bonds and cytosine sets with guanine with 3 hydrogen bonds (Murray et al, 2007). DNA is available in the chromosomes of the majority of the living creatures. The human genome roughly has 3 billion base sets of DNA which are organized in the 23 sets of chromosomes. Grouping bits of DNA structure qualities which convey imperative data. The hereditary data is accomplished by corresponding base matching. Transmission, interpretation and interpretation are the means engaged with transmission of hereditary data. Right now, DNA is utilized in the field of hereditary building for the treatment of numerous ailments (Murray et al, 2007). RNA or ribonucleic corrosive is like DNA with the exception of that it is single abandoned and the sugar present in it is ribose sugar. RNA comprises of rehashing units of nucleotides which are comprised of a nitrogenous base, a ribose sugar and a phosphate. The pyramidines are guanine and cytosine and the purines are adenine and uracil. RNA is interpreted from DNA by the catalyst called RNA polymerase. There are fundamentally 2 sorts of RNA: coding RNAs and non-coding RNAs. Dispatcher RNA (mRNA) is a coding RNA. There are numerous non-coding RNAs. These incorporate ribosomal RNA (rRNA), move RNA (tRNA) and others. Capacities: mRNA conveys data from DNA to the ribosome which is the site of amalgamation for proteins. The amino corrosive grouping in the protein depends on the coding arrangement of the mRNA. tRNA and rRNA are associated with the procedure of interpretation. Numerous other non-coding RNAs are associated with RNA handling, quality guideline, catalysis of concoction responses, cutting and ligation of other RNA atoms, catalysis of peptide bond development in the ribosomes and different jobs (Murray et al, 2007). Sugars Structure: Sugars are natural aggravates that are either ketones or aldehydes with numerous hydroxyl bunches included. These hydroxyl bunches are included one every carbon iota that isn't a piece of either the aldehyde or the ketone gathering. Consequently the general recipe of a sugar can be assigned as (C'H2O)n. Here n is any number more noteworthy than 3. There are numerous starches like uronic acids and fucose which don't have this equation in their structure. Additionally, all synthetic compounds which have this structure don't fall into the classification of starches. The essential starch units are monosaccharides. These are additionally characterized dependent on the quantity of carbon particles, the situation of the carbonyl gathering and the chiral handedness. Monosaccharides with the carbonyl gathering aldehyde are known as aldoses, those with carbonyl gathering ketone are known as ketoses, those with three carbon particles are known as trioses, those with four are called tetroses, fi ve are called pentoses and six are hexoses. Every carbon molecule with a hydroxyl gathering (aside from the first and last carbon particles) is assymmetric making them stereocenters with either right-side setup or left-side design. In this manner numerous isomers can exist for some random monosaccharide recipe. Glucose, galactose and fructose are monosaccharides. Monosaccharides can connect together from various perspectives to frame disaccharides and poly-saccharides. One or

CPW 2008 The Hack Edition

CPW 2008 The Hack Edition Hackers dont waste any time hacking CPW this year. Its the first day and already some strange things are appearing around campus. Have you ever been walking down the hall and caught a whiff of rotting flesh? Maybe heard the sounds of a shuffling creature behind you, limping and dragging his right foot? Have you ever been standing quietly, uneasy, and heard a barely audible groan from right over your left shoulder? Students at MIT realize that a zombie invasion is a serious threat, one that shouldnt be taken lightly. MIT, although likely concerned about our safety, doesnt see the zombies as a threat, forcing hackers to help protect the students. While traveling down the hall in building 16 you will see something that looks like this. Upon closer inspection Finally, we can rest easy, knowing that if ever we are threatened by the undead, we have a convenient and easily accessible form of defense. Some are oblivious to the threat and are confused by the need for a chainsaw in a box. They will be the first to go come the zompocalypse. Seeing this got me thinking . . . why would there be a chainsaw in building 16? Sure, its heavily trafficked, but wouldnt it make more sense to have the chainsaw in building 46, the Brain and Cognitive sciences building? I headed over there. Sure enough, sitting in the lobby . . . Students of MIT and CPW prefrosh, I am happy to announce that, in case of zombie invasion, we will have a chance at survival. If we are forced to take action, grab the nearest chainsaw and head for the small dome, well fend them off and wait for rescue. Are you with me???

Transcendentalism Depicted in Henry David Thoreaus The...

Transcendentalism was a trend during the romantic period where some authors chose to depict the serenity and the innocence that nature holds. Transcendentalists also believed that living totally dependent on oneself brings out the best in a person. Being a fairly independent person myself, I can identify with some of their opinions about life and nature. The idea of nature being a spiritual experience is a rebellious idea compared to the rationalism of many others during the same time period. The transcendentalist writer of the late 1700’s, author Henry David Thoreau, shares the same thoughts about nature, independence, and recreation as I do. The transcendentalists thought nature is something pure that can be fully appreciated if civilization is left behind. In Isabel Wilkerson’s, â€Å"The Warmth of Other Suns, written by Henry David Thoreau, looked at his short term lifestyle of simple living in natural surroundings with appreciation. Living in Perry County m eans you do not have to live with the hustle and bustle of big city living. Instead, we live everyday in a place with very little noise and interruption much like the outskirts of Thoreaus town. Although many of us may not care to admit it, Perry County is full of nature in its most pristine form. Someone like Thoreau would have loved to stay in a state park such as Fowlers Hollow due to its peacefulness and low number of visitors. Thoreaus main goal was to find a new level of understanding life with

America Needs Capital Punishment Essay - 2044 Words

In this essay, I will argue for the implementation of the death penalty. I will establish a clear-cut profile for a criminal to be eligible for death row. I will put forth arguments for and against the death penalty as supported by various groups and try to defend my position. I shall also try to criticize the case against the death penalty with individual arguments. Finally, I will demonstrate that no alternative to capital punishment can be reached and try to convince you for its fairness. Despite ethical and moral concerns, the issue of capital punishment must not be dismissed without serious consideration and scrutiny. Is our judiciary system working the way it is suppose to? Many people and countries are convinced that the†¦show more content†¦Many ethical concerns arise when the issues of the death penalty is brought into the public eye. Some people argue it is morally wrong to kill a person while others believe that the authorities should maintain an iron fist and not be lenient. So what are the most common arguments that are used to defend the death penalty as well as attack its validity? (I shall try to avoid religious beliefs because while every religion might have similar practices, not every religion is exactly the same in terms of its views on the discussed issue. Moreover, while the Christian bible stated â€Å"thou shall not kill† it also requires a death penalty for wide variety of crimes of crime ranging from doing work on Saturday to murder. Nonetheless, while there are many religion- based objections, one that even non-believers argue is playing the role of God.) Let us focus on a more human-oriented point of view. Common reason against the death penalty include negative effective effects on society, lack of deterrence, value of human life, unfairness and chance of error. Also the family of the family of the prisoner comes into play, in addition to lack of jury convections (Constanzo, Mark). On the other side of the spectrum is justice, vengeance, deterrence, value of human life, cost and safety (Constanzo, Mark). Tough certian aspects of pro’s and con’s intervene such as value of human life, cost andShow MoreRelated The Need for Capital Punishment in America Essay1151 Words   |  5 PagesIt is the firm belief and position here that committing such a crime as murder is punishable by death. Americans should take a position for anyone on death row, to be executed sooner rather than later. The moral reality in an argument for capital punishment is that they know the difference between the death penalty and what happens when it is actually put into place from the court of law. In the United States there are more people sitting in prison on death row than actually being executed at timeRead More America Needs Capital Punishment Essay2127 Words   |  9 Pages The case of William Horton offers a fitting introduction to the subject of Americas need for capital punishment. Horton was a violent habitual criminal, sentenced in 1988 to a Massachusetts prison to life with no possibility of parole for savagely slaying an innocent teenage boy. After only ten years in prison he was transferred to a minimum-security facility. There he became eligible for daily work release, as well as unescorted weekend furloughs from prison. Following the example ofRead MoreCapital Punishment Is Not Effective865 Words   |  4 Pagesthere is an estimated 2% to 5% of all prisoners in America are innocent. Capital punishment is legal authorization to kill someone as a punishment for crimes such as treason, terrorism, espionage, federal murder, and large-scale drug trafficking. In the 1960s, the American Convention on Human rights was created providing a right for life, but the death penalty is included as an exception. While the percent for capital punishment is high in America the majority of Americans would rather have the sentencingRead MorePersuasive Essay On Capital Punishment1414 Words   |  6 PagesCapital punishment is a heated topic in today’s America. Capital punishment is the repercussion of a capital crime; most capital crimes committed in America are murders. The crime of murder can be punishable by the death penalty. A great way to stop future killing from happening is capital punishment but it is only currently allowed in 32 of the 50 states. Murder in America is at such a high rate that there needs to be something done to help stop the climbing rate. In Edward Koch’s essay â€Å"Death andRead MoreThe Death Penalty is An Effective Weapon Against Crime Essay1309 Words   |  6 Pages   Ã‚  Ã‚  Ã‚  Ã‚   For years now the Americans have debated over the issue of capital punishment.  Ã‚   Many people believe that it no longer serves out its intended purpose of deterring crime.   Others believe that the death penalty is an inhumane act of violence and that it should be banished from the justice system all together.   The thought of playing God also is another aspect of the situation.   Despite these allegations however, the facts still remain.   The death penalty deters crime, stops repeat offendersRead MorePros And Cons Of The Death Penalty1348 Words   |  6 Pagesmethods of punishment on lawbreakers and criminals. These include jail time, community service, paroles, fines, and the most shocking, the death penalty. The death penalty, also referred to as capital punishment, was first introduced in the form of hanging hundreds of years ago when America was first established. Now, the most common way of execution proves to be death by lethal injection. For hundreds of years, people have argued over whether or not the general idea of capital punishment stands morallyRead MoreThe Canadian Justice System And Capital Punishment1713 Words   |  7 Pagesjustice system in its vie ws on capital punishment. Two men, Arthur Lucas, and Ronald Turpin was to be executed in Canada for committing crimes. Both had been accused of committing murder, Lucas for killing an officer while fleeing a robbery and Turpin for murdering an undercover narcotics officer. Both were hanged back to back at midnight and buried side by side with no marking on their graves. Lucas and Turpin were the last to be executed under capital punishment and since then Canada has stoppedRead MoreEssay on A Call for Change: Abolishing the Death Penalty1728 Words   |  7 Pagessociety, an idea from the past has become crooked and is no longer needed. A fashion of punishment might have benefited society in past generations, but the human race is always advancing and improving; therefore, a change must occur to keep enhancing humanity. One change must be capital punishment. The United States’ government must stop trying to preclude murder by committing murder and the ultimate punishment should be prison for life with no chance of parole. In 2010, 558 citizens in the stateRead MoreCapital Punishment Should Be Eliminated1342 Words   |  6 PagesCapital Punishment should be eliminated in America The European influence on America gave way to the similarities between our cultures, including the death penalty. The first recorded execution in America was that of Captain Kendall in Virginia in 1608. Kendall was executed for being a spy, but at that the time capital punishment was used even for minor crimes. Fast forward 150 years to the Abolitionist Movement and we see Cesare Beccaria post an essay in 1767 declaring the state has no right toRead MoreThe Death Penalty Should Be Legal1457 Words   |  6 Pagesthe entire family was executed with them as a warning to the people of their tribe or city to not commit the same crime. In today’s time, since most people have found the term â€Å"death penalty† offensive, we have moved to calling it â€Å"capital punishment†. This punishment today is primarily used for offenders who have committed a first degree murder. Other reasons for this sentence vary from state to state. In Florida, the death penalty may be used for an offender(s) who has committed aggravated sexual

Financial Management Free Essays

I believe that the code of ethics would be effective in an organization particularly when it comes to decentralization of the decision making authority. Employees are the most important assets of an organization and in order to maximize the utilization of these assets companies are focusing on building organizational cultures based on ownership, responsibility and accountability. The managements in companies are focusing on this objective because it enhances employee motivation. We will write a custom essay sample on Financial Management or any similar topic only for you Order Now As employees are empowered to make decisions, they begin to develop a sense of ownership over the operational processes and thus take the responsibility to improve effectiveness on their own. In this respect, organizational interests must be aligned to employee interests and this alignment is facilitated with the code of ethics. The code enables employees to take initiatives on their own in alignment with organizational interests. This alignment maximizes the strategic focus of the company and in that respect the code of ethics is an essential part of an effective organizational structure. Question 2 I was surprised by the contradiction between integrity and confidentiality. In the integrity section, employees are advised to apprise all parties of any potential conflicts. However I think that would violate the laws of confidentiality because certain information cannot be disclosed to all the parties in the company. Therefore I think the code should be modified to address this conflict between integrity and confidentiality. In the event that there is a breach in the code of conduct, then it should be treated strictly on a departmental basis in order to preserve confidentiality. However, according to the code, no such limitations are required.   In the event that the conflict cannot be resolved within the department, then it should be taken up to the next level. However, according to the points covered in the section of integrity, employees do not have to worry about who to pick in communicating the issues of the conflict. This would violate confidentiality which is the one of the critical success factors in any organization (cited in Brigham Ehrhardt, 2007). Therefore there is a gap here which should be addressed in the code. Comments I don’t think that it should be surprising that there should be a code of ethics in accounting discussion. This is particularly so in the current business environment in which the management is increasingly decentralizing the decision making process. As a result, a lot of the decisions have to be taken by the employees by themselves. In a lot of areas they do not have the luxury of supervision. It is in this respect that the code of ethics becomes a critical success factor. It guides the employees in making effective decisions if they should find themselves in situations which are difficult to resolve. Therefore this is a critical consideration for the management. If they are to effectively empower their employees, then they should provide the necessary framework in which employees can take decisions in alignment with the strategic focus of the organization. In this respect, the code of ethics can guide the employees. It must be remembered that in an organization there will be conflicts of interests between different departments. In such situations, it is absolutely essential that there should be a code of ethics to address the relevant issues without delay. Particularly when it comes to the dissemination of accounting information, the employees are frequently unsure of which information to communicate and which not to (cited in Higgins, 2007). In this respect, it is the duty of the management to develop a code of ethics which will enable the employers to make decisions without requiring supervision. In this respect, the management needs to communicate frequently with the employees in order to promote the use of the code of ethics in arriving at effective decisions. Employees may not bother to check with the guidelines before making their decisions. This is the issue that the management needs to address in creating a code of ethics for its organization. References Brigham, Eugene F., and Michael C. Ehrhardt. (2007). Financial Management: Theory Practice. South western college pub. Higgins, Robert C. (2007). Analysis of Financial Management. McGraw-Hill/Irwin. How to cite Financial Management, Essays Financial Management Free Essays Financial Management WORKBOOK The ICFAI University # 52, Nagarjuna Hills, Hyderabad – 500 082  © 2005 The Icfai University Press. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from The Icfai University Press. We will write a custom essay sample on Financial Management or any similar topic only for you Order Now ISBN : 81-7881-969-4 Ref. No. FMWB 11200502 For any clarification regarding this book, the students may please write to us giving the above reference number of this book specifying chapter and page number. Financial Statements iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" src="https://phdessay.com/financial-statements-2/embed/#?secret=ZB0sgqMct4" data-secret="ZB0sgqMct4" width="500" height="282" title="#8220;Financial Statements#8221; #8212; Free Essays - PhDessay.com" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"/iframe While every possible care has been taken in type-setting and printing this book, we welcome suggestions from students for improvement in future editions. Preface The ICFAI University has been upgrading its study material to make it more beneficial to the students for self-study through the Distance Learning mode. We are delighted to publish a workbook for the benefit of the students preparing for the examinations. The workbook is divided into three parts. Effective from April, 2003, the examinations for all the subjects of DBF/CFA (Level-I) consist of only multiple choice questions. Brief Summaries of Chapters A brief summary for each of the chapters in the textbook is given for easy recollection of the topics studied. Part I: Questions on Basic Concepts and Answers (with Explanatory Notes) Students are advised to go through the relevant textbook carefully and understand the subject thoroughly before attempting Part I. In no circumstances should the students attempt Part I without fully grasping the subject material provided in the textbook. Frequently used Formulae Similarly the formulae used in the various topics have been given here for easy recollection while working out the problems. Part II: Problems and Solutions The students should attempt Part II only after carefully going through all the solved examples in the textbook. A few repetitive problems are provided for the students to have sufficient practice. Part III: Model Question Papers (with Suggested Answers) The Model Question Papers are included in Part III of this workbook. The students should attempt all model question papers under simulated examination environment. They should self score their answers by comparing them with the model answers. Each paper consists of Part A and Part B. Part A is intended to test the conceptual understanding of the students. It contains 40 questions carrying one point each. Part B contains problems with an aggregate weightage of 60 points. Please remember that the ICFAI University examinations follow high standards that demand rigorous preparation. Students have to prepare well to meet these standards. There are no shortcuts to success. We hope that the students will find this workbook useful in preparing for the ICFAI University examinations. Work Hard. Work Smart. Work Regularly. You have every chance to succeed. All the best. You can read also Portfolio Management Quizzes   Contents PAPER I Brief Summaries of Chapters Part I: Questions on Basic Concepts and Answers (with Explanatory Notes) 1 10 Frequently Used Formulae 101 Part II: Problems and Solutions 108 Part III: Model Question Papers (with Suggested Answers) 333 PAPER II Brief Summaries of Chapters 467 Part I: Questions on Basic Concepts and Answers (with Explanatory Notes) 480 Frequently Used Formulae 560 Part II: Problems and Solutions 570 Part III: Model Question Papers (with Suggested Answers) 749 Detailed Curriculum Paper I Introduction to Financial Management: Objectives, Functions and Scope, Evolution, Interface of Financial Management with Other Functional Areas, Environment of Corporate Finance. Indian Financial System: a. Financial Markets: Money Market, Forex Market, Government Securities Market, Capital Market, Derivatives Market, International Capital Markets. b. Participants: i. Financial Institutions: IDBI, IFCI, ICICI, IIBI, EXIM Bank, SFCs, SIDCs ii. Insurance Companies: LIC, GIC iii. Investment Institutions: UTI, Mutual Funds, Commercial Banks; Non-Banking Financial Companies; Housing Finance Companies; Foreign Institutional Investors. c. Regulatory Authorities: RBI, SEBI, IRA. Time Value of Money: Introduction; Future Value of a Single Cash Flow, Multiple Flows and Annuity, Present Value of a Single Cash Flow, Multiple Flows and Annuity. Risk and Return: Risk and Return Concepts, Risk in a Portfolio Context, Relationship between Risk and Return. Leverage: Concept of Leverage, Operating Leverage, Financial Leverage, Total Leverage. Valuation of Securities: Concept of Valuation, Bond Valuation, Equity Valuation: Dividend Capitalization Approach and Ratio Approach, Valuation of Warrants and Convertibles. Financial Statement Analysis: Ratio Analysis, Time Series Analysis, Common Size Analysis, Du Pont Analysis, Funds Flow Analysis, Difficulties associated with Financial Statement Analysis. Financial Forecasting: Sales Forecast, Preparation of Pro forma Income Statement and Balance Sheet, Growth and External Funds Requirement. Paper II Sources of Long-Term Finance: Equity Capital and Preference Capital, Debenture Capital, Term Loans and Deferred Credit, Government Subsidies, Sales Tax Deferments and Exceptions, Leasing and Hire Purchase. Cost of Capital and Capital Structure Theories: Cost of Debentures, Term Loans, Equity Capital and Retained Earnings, Weighted Average Cost of Capital, Systems of Weighting, Introduction to Capital Structure, Factors affecting Capital Structure, Features of an Optimal Capital Structure, Capital Structure Theories: Traditional Position, MM Position and its Critique Imperfections. Dividend Policy: Traditional Position, Walter Model, Gordon Model, Miller Modigliani Position, Rational Expectations Model. Estimation of Working Capital Needs: Objectives of Working Capital (Conservative vs. Aggressive Policies), Static vs. Dynamic View of Working Capital, Factors affecting the Composition of Working Capital, Interdependence among Components of Working Capital, Operating Cycle Approach to Working Capital. Financing Current Assets: Behavior of Current Assets and Pattern of Financing, Accruals, Trade Credit, Provisions, Short-Term Bank Finance, Public Deposits, Commercial Paper, Factoring, Regulation of Bank Credit. Management of Working Capital: a. Inventory Management: Nature of Inventory and its Role in Working Capital, Purpose of Inventories, Types and Costs of Inventory, Inventory Management Techniques, Pricing of Investments, Inventory Planning and Control; b. Receivables Management: Purpose of Receivables, Cost of Maintaining Receivables, Credit Policy Variables (Credit Standard, Credit Period, Cash Discount, Collection Program), Credit Evaluation, Monitoring Receivables; c. Treasury Management and Control; d. Cash Management: Meaning of Cash, Need for and Objectives of Cash Management, Cash Forecasting and Budgets, Cash Reports, Factors and Efficient Cash Management. Capital Expenditure Decisions: The Process of Capital Budgeting, Basic Principles in Estimating Costs and Benefits of Investments, Appraisal Criteria: Payback Period, Average Rate of Return, Net Present Value, Benefit-Cost Ratio, Internal Rate of Return, Annual Capital Charge, Infrastructure Decisions and Financing. Current Developments. Brief Summaries of Chapters Introduction to Financial Management †¢ The financial goal of any firm including public sector firms is to maximize the wealth of the shareholders by maximizing the value of the firm. †¢ The objective of financial manager is to increase or maximize the wealth of owners by increasing the value of the firm which is reflected in its earning per share and market value of the firm. †¢ Function of finance manager includes mobilization of funds, deployment of funds, control over the use of fund, and balancing the trade-off between risk and return. †¢ The advantages of sole proprietorship are (i) easy and inexpensive set up. (ii) few governmental regulations and (iii) no firm tax. Partnership firm is a business owned by two or more persons. They are partners in business and they bear the risks and reap the rewards of the business. A partnership firm is governed by the Indian Partnership Act, 1932. Hence it is relatively free from governmental regulations as compared to the joint stock companies. A group of persons working towards a common objective is a company. It represents different kinds of associations, be it business or non-business. †¢ Corporate investment and financing decisions are circumscribed by a government regulatory framework. The important elements of these framework re: (i) Industrials policy (ii) Industrial licensing provisions and procedure (iii) Regulation of Foreign Collaborations and Investment (iv) Foreign Exchange Management Act (v) Companies Act and (vi) SEBI. Indian Financial System †¢ The economic development of a country depends on the progress of its various economic units, namely the Corporate Sector, Government Sector and the Household Sector. †¢ The role of the financial se ctor can be broadly classified into the savings function, policy function and credit function. †¢ The main types of financial markets are: money market, capital market, forex market and credit market. †¢ The financial markets are further sub-divided into the Primary market and the Secondary market. †¢ A market is considered perfect if all the players are price takers, there are no significant regulations on the transfer of funds and transaction costs, if any, are very low. †¢ The accounting equation: Assets = Liabilities, can be altered as Financial Assets + Real Assets = Financial Liabilities + Savings. †¢ The main types of financial assets are deposits, stocks and debt. †¢ While designing a financial instrument, the issuer must keep the following in mind: cash flows required, taxation rules, leverage expected, dilution of control facts, transaction costs to be incurred, quantum of funds sought, maturity of plan required, prevalent market conditions, investor profile targeted, past performance of issues, cost of funds to be borne, regulatory aspects to abide by. †¢ While investing in a financial instrument, the investor must keep the following in mind: risk involved, liquidity of the instrument, returns expected, possible tax planning, cash flows required and simplicity of investment. †¢ Various financial intermediaries came into existence to facilitate a proper channel for investment. The main ones are: stock exchanges, investment bankers, underwriters, registrars, depositories, custodians, primary dealers, satellite dealers and forex dealers. Time Value of Money †¢ †¢ †¢ †¢ †¢ †¢ †¢ Additional compensation required for parting with say Rs. 1,000 now is called ‘interest’. There are two methods by which the time value of money can be taken care of compounding and discounting. Under the method of compounding, we find the Future Values (FV) of all the cash flows at the end of the time horizon at a particular rate of interest. Under the method of discounting, we reckon the time value of money now i. e. at time zero on the time line. So, we will be comparing the initial outflow with the sum of the Present Values (PV) of the future inflows at a given rate of interest. To determine the accumulation of multiple flows as at the end of a specified time horizon, we have to find out the accumulations of each of these flows using the appropriate FVIF and sum up these accumulations. Annuity is the term used to describe a series of periodic flows of equal amounts. To determine the present value, we have to first define the relevant rate of interest. Risk and Return †¢ The risk associated with a common stock is interpreted in terms of the variability of its return. The most common measures of riskiness of security are standard deviation and variance of returns. †¢ Unsystematic risk is the extent of the variability in the security’s return on account of the firm specific risk factors. This is also called diversifiable or avoidable risk factors. †¢ Systematic risk refers to factors which affect the entire market and hence the firm too. This is also called non-diversifiable risk. †¢ If a portfolio is well diversified, the unsystematic risk gets almost eliminated. The non-diversifiable risk arising from the wide movements of security prices in the market is very important to an investor. The modern portfolio theory defines the riskiness of a security as its vulnerability to market risk. This vulnerability is measured by the sensitivity of the return of the security vis-a-vis the market return and is called beta. †¢ The concept of security market line is developed by the modern portfolio theory. SML represents the average or normal trade-off between risk and return for a group of securities. Here the risk is measured typically in terms of the beta values. Application of Security Market Lines: The ex post SML is used to evaluate the performance of portfolio manager; tests of asset-pricing theories, such as the CAPM and to conduct tests of market efficiency. The ex ante SML is used to identify undervalued securities and determine the consensus, price of risk implicit in the current market prices. Depending upon the value of alpha, using SML it is possible to estimate whether the scrip is underpriced (it is then eligible to be purchased) or overpriced (it is then eligible to be sold). Valuation of Securities †¢ Value of any security can be defined as the present value of the future cash streams i. e. , the intrinsic value of an asset should be equated to the present value of the benefits associated with it. †¢ Book value is an accounting concept. Assets are recorded at historical costs and they are depreciated over years. Book value includes intangible assets at acquisition cost minus amortized value. The book value of debt is stated at the outstanding amount. The difference between the book value of assets and liabilities is equal to shareholder’s funds or net worth (which is equal to paid-up equity capital plus reserves and surplus). Replacement Value is the amount that a company would be required to spend if it were to replace its existing assets in the current condition. 2 †¢ Liquidation Value is the amount that a company could realize if it sells its assets after having terminated its business. It is generally a minimum value which a company might accept if it sells it s business. †¢ Going Concern Value is the amount that a company could realize if it sells its business as an operating one. Its value would always be higher than the liquidation value, the difference accounting for the usefulness of assets and value of intangibles. Market Value of an asset or security is the current price at which the asset or the security is being sold or bought in the market. †¢ Face Value: This is the value stated on the face of the bond and is also known as par value. It represents the amount of borrowing by the firm which it specifies to repay after a specific period of time i. e. , at the time of maturity. A bond is generally issued at face value or par value which is usually Rs. 100 and may sometimes be Rs. 1,000. †¢ Coupon Rate or Interest: A bond carries a specific rate of interest which is also called as the coupon rate. The interest payable is simply the par value of the bond ? Coupon Rate. Interest paid on a bond is tax deductible for the issuer. †¢ Maturity: A bond is issued for a specific period of time. It is repaid on maturity. Typically corporate bonds have a maturity period of 7-10 years whereas government bonds have a maturity period up to 20-25 years. †¢ Redemption Value: The value which a bondholder gets on maturity is called redemption value. A bond may be redeemed at par, at premium (more than par value) or at discount (less than par value). †¢ Market Value: A bond may be traded in a stock exchange. Market value is the price at which the bond is usually bought or sold in the market. Market value may be different from Par Value or redemption value. †¢ One Period Rate of Return: If a bond is purchased and then sold one year later, its rate of return over this single holding period can be defined as rate of return. †¢ Current Yield measures the rate of return earned on a bond if it is purchased at its current market price and if the coupon interest is received. †¢ Coupon rate and current yield are two different measures. Coupon rate and current yield will be equal if the bond’s market price equals its face value. †¢ Yield-to-Maturity (YTM): It is the rate of return earned by an investor who purchases a bond and holds it till maturity. The YTM is the discount rate which equals the present value of promised cash flows to the current market price/purchase price. †¢ Based on the bond valuation model, several bond value theorems have been derived which state the effect of the following factors on bond values: I. Relationship between the required rate of return and the coupon rate. II. Number of years to maturity. III. Yield-to-maturity. When the required rate of return (kd) is equal to the coupon rate, the value of the bond is equal to its Par Value. . e. , If kd = Coupon Rate; then value of a bond = Par Value. When the required rate of return (kd) is greater than the coupon rate, the value of the bond is less than its par value. If kd coupon rate; then value of a bond par value. When the required rate of return (kd) is less than the coupon rate, the value of the bond is greater than its par v alue. i. e. , if kd coupon rate; then value of a bond par value. †¢ †¢ †¢ 3 †¢ When the required rate of return (kd) is greater than the coupon rate, the discount on the bond declines as maturity approaches. †¢ When the required rate of return (kd) is less than the coupon rate, the premium on the bond declines as maturity approaches. †¢ A bond’s price is inversely proportional to its yield to maturity. †¢ For a given difference between YTM and coupon rate of the bonds, the longer the term to maturity, the greater will be the change in price with change in YTM. †¢ Given the maturity, the change in bond price will be greater with a decrease in the bond’s YTM than the change in bond price with an equal increase in the bond’s YTM. That is, for equal sized increases and decreases in the YTM, price movements are not symmetrical. For any given change in YTM, the percentage price change in case of bonds of high coupon rate will be smaller than in the case of bonds of low coupon rate, other things remaining the same. †¢ A change in the YTM affects the bonds with a higher YTM more than its does bonds with a lower YTM. A warrant is a call option to buy a stated number of shares. †¢ The exercise price of a warrant is what the holder must pay to purchase the stated number of shares. †¢ A convertible debenture, as the name indicates, is a debenture which is convertible partly or fully, into equity shares. If it is partially converted, it is referred to as ‘partly convertible debenture’ and if the debentures are converted into equity shares at the end of maturity fully, it is referred to as ‘fully convertible debentures’. The option of conversion is either at the discretion of the investor, i. e. , (optional) or compulsory (if it is specified). †¢ The conversion ratio gives the number of shares of stock received for each convertible security. If only the conversion ratio is given, the par conversion price can be obtained by dividing the conversion ratio multiplied by the face or par value of the convertible security. †¢ The conversion value represents the market value of the convertible if it were converted into stock; this is the minimum value of the convertible based on the current price of the issuer’s stock. †¢ Intrinsic value is the value of a stock which is justified by assets, earnings, dividends, definite prospects and the factor of the management of the issuing company. †¢ According to the dividend capitalization approach, which is a conceptually sound approach, the value of an equity share is the discounted present value of dividends received plus the present value of the resale price expected when the equity share is sold. The E(P/E) ratio is formed by dividing the present value of the share by the expected earnings per share denoted by E(EPS). Financial Statement Analysis †¢ A financial statement is a compilation of data, which is logically and consistently organized according to accounting principles. †¢ Financial Statement Analysis consists of the application of analytical tools and techniques to the data in financial statements in order to derive from them measurements and relationships that are significant and useful for decision making. †¢ The financial data needed in the financial analysis come from many sources. The important tools of analysis: 1. Ratio Analysis – Comparative Analysis – Du Pont Analysis 2. 4 Funds flow Analysis. †¢ The analysis of a ratio can disclose relationships as well as bases of comparison that reveal conditions and trends that cannot be detected by going through the individual components of the ratio. The usefulness of ratios is ultimately dependent on their intelligent and skillful interpretation. †¢ Financial ratios fall into three groups: 1. Liquidity Ratios 2. Profitability or Efficiency Ratios 3. Ownership Ratios – – – †¢ Earnings Ratios Dividend Ratios Leverage Ratios a. Capital Structure Ratios b. Coverage Ratios. Liquidity implies a firm’s ability to pay its debts in the short run. †¢ Current Ratio: The liquidity ratio is defined as: †¢ Current assets include cash, marketable securities, debtors, inventories, loans and advances, and pre-paid expenses. Current liabilities include loans and advances taken, trade creditors, accrued expenses and provisions. Quick Ratio Quick-test (also acid-test ratio) is defined as: = †¢ Current Assets Current Liabilities Quick Assets Quick Assets ? Inventories = Current Liabilities Current Liabilities Bank Finance to Working Capital Gap Ratio = Short ? term bank borrowings Working capital gap where Working capital gap is equal to current assets less current liabilities other than bank borrowings. †¢ Accounts receivable turnover ratio = †¢ Average collection period = = Net credit sales Average accounts receivable 360 Average accounts receivable turnover Average accounts receivable Average daily sales Cost of goods sold Average inventory †¢ Inventory turnover = †¢ The Gross Profit Margin Ratio (GPM) is defined as: Gross Pr ofit Net Sales Where net sales = Sales – Excise duty. †¢ The Net Profit Margin ratio (NPM) is defined as: †¢ Asset turnover ratio is defined as: Net Pr ofit Net Sales Sales Average assets 5 †¢ Earning power is a measure of operating profitability and it is defined as: Earning before interest and taxes Average total assets †¢ Return on Equity The Return on Equity (ROE) is an important profit indicator to shareholders of the firm. It is Net income calculated by the formula: Average equity †¢ Ownership ratios are divided into three main groups. They are: 1. 2. †¢ Earnings Ratios Leverage Ratios – Capital Structure Ratios – Coverage Ratios 3. Dividend Ratios. The earnings ratios are Earnings Per Share (EPS), price-earnings ratio (P/E ratio), and capitalization ratio. From earnings ratios we can get information on earnings of the firm and their effect on price of common stock. Net income (PAT) Number of outstanding shares †¢ Earning Per Share (EPS) = †¢ Price earnings multiple = †¢ Capitalization rate = †¢ Debt equity ratio = Debt Equity †¢ Debt-Asset ratio = Debt Assets †¢ Interest coverage ratio = †¢ Fixed charges coverage ratio Earning = †¢ Earnings per share Market price of the share EBIT Interest expense before depreciation, debt interest and lease rentals and taxes Debt interest + Lease rentals + Loan repayment installment + Preference dividends (1? tax rate) (1? tax rate) Debt Service Coverage Ratio = †¢ Market price of theshare Earnings per share PAT + Depreciation + Other non ? cash charges + Interest on term loan Interest on term loan + Repayment of the term loan Dividend Pay-out Ratio This is the ratio of Dividend Per Share (DPS) to Earnings Per Share (EPS) Dividend per share Market price of theshare †¢ Divident yield = †¢ Different types of comparative analysis are: 1. 2. 3. 6 Cross-sectional analysis Time-series analysis a. Year-to-year change b. Index analysis Common-size analysis. †¢ Cross-sectional analysis is used to assess whether the financial ratios are within the limits, they are compared with the industry averages or with a good player in normal business conditions if an organized industry is not there. †¢ A comparison of financial statements over two to three years can be undertaken by computing the year-to-year change in absolute amounts and in terms of percentage changes. †¢ When a comparison of financial statements covering more than three years is undertaken, the year-to-year method of comparison may become too cumbersome. In the analysis of financial statements, it is often instructive to find out the proportion that a single item represents of a total group or subgroup. In a balance sheet, the assets, the liabilities and the capital are each expressed as 100%, and each item in these categories is expressed as a percentage of the respective totals. Similarly, in the income statement, net sales ar e set at 100% and every other item in the statement is expressed as a percentage of net sales. †¢ Analyzing return ratios in terms of profit margin and turnover ratios, referred to as the Du Pont System. Funds Flow Analysis †¢ A funds flow statement is a statement which explains the various sources from which funds are raised and the uses to which these funds are put. †¢ The major difference, however, between a true funds flow statement and a balance sheet lies in the fact that the former captures the movements in funds, while the latter merely presents a static picture of the sources and uses of funds. †¢ A funds flow statement would enable one to see how the business financed its fixed assets, built up the inventory, discharged its liabilities, paid its dividends and taxes and so on. Similarly, it would enable one to see how the business managed to meet the above capital or revenue expenditure. †¢ The simplest funds flow statement for a period is the difference between the corresponding balance sheet items at the beginning and the end of the period, such that all increases in liabilities and decreases in assets are shown as sources of funds and all decreases in liabilities and increases in assets are shown as applications of funds. †¢ FFS can also be prepared with the help of the two balance sheets (opening and closing) and the profit and loss statement of the intervening period. Such a funds flow statement defines funds as â€Å"total resources† and the sources of funds will always be equal to the uses of funds. 7 †¢ A funds flow statement may be so prepared as to explain only the change in the working capital (current assets and current liabilities) from the beginning of a period to the end of the period. †¢ Sources of funds that increase cash are: – A net decrease in any asset other than cash or fixed assets. – A gross decrease in fixed assets. – A net increase in any liability. – †¢ Proceeds from the sale of equity or preference stock. – Funds from operations. Uses of funds which decrease cash include: – A net increase in any asset other than cash or fixed assets. – A gross increase in fixed assets. – A net decrease in any liability. – A retirement or purchase of stock. – Cash dividends. †¢ Gross changes in fixed assets is calculated by adding depreciation for the period to net fixed assets at the ending financial statement date. From this figure, the net fixed assets at the beginning of financial statement date is deducted. †¢ An increase in a current asset results in an increase in working capital. A decrease in a current asset results in a decrease in working capital. †¢ An increase in a current liability results in a decrease in working capital. †¢ A decrease in a current liability results in an increase in working capital. Leverage †¢ †¢ Leverage is the influence which an independent financial variable has over a dependent/ related financial variab le. Operating leverage examines the effect of the change in the quantity produced on the EBIT of the company and is measured by calculating the Degree of Operating Leverage (DOL). †¢ A large DOL indicates that small fluctuations in the level of output will produce large fluctuations in the level of operating income. †¢ DOL is a measure of the firm’s business risk. Business risk refers to the uncertainty or variability of the firm’s EBIT. So, every thing else being equal, a higher DOL means higher business risk and vice-versa. †¢ The financial leverage measures the effect of the change in EBIT on the EPS of the company. Financial leverage refers to the mix of debt and equity in the capital structure of the company. The measure of financial leverage is the Degree of Financial Leverage (DFL) †¢ If the management decides to finance a part of the total investment required of through debt financing, the following two factors are important: The proportion of total investment which the management decides to finance through debt (Debt Equity Ratio the firm aspires to) and the interest rate on borrowed funds. †¢ The greater the tax rate, the more is the tax shield available to a company which is financially leveraged. †¢ As the company becomes more financially leveraged, it becomes riskier, i. e. increased use of debt financing will lead to increased financial risk which leads to: Increased fluctuations in the return on equity and increase in the interest rate on debts. †¢ The greater the use of financial leverage, the greater the potential fluctuation in return on equity. 8 †¢ As the interest rate increases, the return on equity decreases. Even though the rate of return diminis hes, it might still exceed the rate of return obtained when no debt was used, in which case financial leverage would still be favorable. †¢ A combination of the operating and financial leverages is the total or combined leverage. Thus, the Degree of Total Leverage (DTL) is the measure of the output and EPS of the company. DTL is the product of DOL and DFL †¢ There is a unique DTL for every level of output. At the overall break-even point of output the DTL is undefined. If the level of output is less than the overall break-even point, then the DTL will be negative. If the level of output is greater than the overall break-even point, then the DTL will be positive. DTL decreases as the quantity of sales increases and reaches a limit of one. †¢ DTL measures the changes in EPS to a percentage change in quantity of sales. †¢ DTL measures the total risk of the company since it is a measure of both operating risk and total risk. Financial Forecasting †¢ Financial forecasting is a planning process with which the company’s management positions the firm’s future activities relative to the expected economic, technical, competitive and social environment. †¢ There are three main techniques of financial projections. They are proforma financial statements, cash budgets and operating budgets. †¢ Proforma statements are projected financial statements embodying a set of assumptions about a company’s future performance and funding requirements. Cash budgets are detailed projections of the specific incidence of cash moving in and out of the business. †¢ Operating budgets are detailed projections of departmental revenue and/or expense patterns, and they are subsidiary to both proforma statements and cash flow statements. †¢ Sales Budget can be prepared by making a sales for ecast, sales forecast can be made from subjective and objective methods. †¢ Subjective methods use the judgments or opinions of knowledgeable individuals within the company, ranging from sales representatives to executives. †¢ Objective methods are statistical methods which range in sophistication from relatively simple trend extrapolations to the use of complicated mathematical models. More and more companies are relying on computers to predict causal relationships. 9 Part I: Questions on Basic Concepts Introduction to Financial Management 1. 2. 3. 4. 5. 6. 7. The financial goal of a public sector firm fully owned by the government is to a Maximize the book value per share b. Maximize the profits earned by the firm c. Maximize the present value of stream of equity returns d. Maximize the return on equity e. Both (a) and (d) above. Which of the following is not an objective of financial management? a. Maximization of wealth of shareholders. b. Maximization of profits. c. Mobilization of funds at an acceptable cost. d. Efficient allocation of funds. e. Ensuring discipline in the organization. Which of the following is not a function of a finance manager? a. Mobilization of funds. b. Deployment of funds. c. Control over use of funds. d. Manipulate share price of the company. e. Maintain a balance between risk and return. The market value of the firm is the result of a. Dividend decisions b. Working capital decisions c. Capital budgeting decisions d. Trade-off between cost and risk e. Trade-off between risk and return. Which of the following is related to the control function of the financial manager? a. Interaction with the bankers for arranging a short-term loan. b. Comparing the costs and benefits of different sources of finance. c. Analysis of variance between the targeted costs and actual costs incurred. d. Assessing the costs and benefits of a project under consideration. e. Deciding the optimum quantity of raw materials to be ordered for procurement. The minimum number of persons required to form a private limited company and a public limited company respectively are a. and 5 b. 5 and 7 c. 2 and 7 d. 7 and 2 e. None of the above. Which of the following is an advantage of a sole proprietorship? a. Life of a firm is limited to the life of the owner. b. Fund raising from outside is easy. c. Limited personal liabilities. d. Easy and inexpensive to set-up. e. Expansion of Business is possible. Part I 8. Which of the following i s an advantage of partnership firms? a. The life of the firm is perpetual. b. Personal liabilities of the partners are limited. c. Its ability to raise funds is virtually unlimited. d. It is relatively free from Governmental regulations as compared to joint stock companies. . None of the above. 9. The objective of financial management is to a. Generate the maximum net profit b. Generate the maximum retained earnings c. Generate the maximum wealth for its shareholders d. Generate maximum funds for the firm at the least cost e. All of the above. 10. Which of the following statements represents the financing decision of a company? a. Procuring new machineries for the RD activities. b. Spending heavily for the advertisement of the product of the company. c. Adopting state of the art technology to reduce the cost of production. d. Purchasing a new building at Delhi to open a regional office. e. Designing an optimal capital structure by using suitable financial instruments. 11. The amount that can be realized by a company when it sells its business as an operating one is termed as a. Going concern value b. Market value c. Book value d. Replacement value e. Liquidation value. 12. Which of the following functions of the financial system facilitates conversion of investments in stocks, bonds, debentures etc. , into money? a. Savings function. b. Liquidity function. c. Payment function. d. Risk function. e. Policy function. 13. The objective of financial management to increase the wealth of the shareholders means to a. Increase the physical assets owned by the firm b. Increase the market value of the shares of the firm c. Increase the current assets of the firm d. Increase the cash balance of the company e. Increase the total number of outstanding shares of the company. 14. Which of the following is a function of the finance manager? a. Mobilizing funds. b. Risk return trade off. c. Deployment of funds. d. Control over the uses of funds. e. All of the above. 11 Financial Management Indian Financial System 15. A financial asset should necessarily have a. A claim to a payment in the form of an instrument b. An underlying asset, with a charge over it c. Parting of money today with an expectation that it will be returned in future with some addition to it d. Both (a) and (c) above e. All of (a), (b) and (c) above. 16. Which is/are the essential feature(s) of a Call Money Market? a. Maturity periods of 1-15 days. b. Market determined interest rates. c. Low liquidity. d. High agency costs. e. Both (a) and (b) above. 17. The apex financial institution in India that promotes housing finance is a. Housing Urban Development Corporation (HUDCO) b. Housing Development Finance Corporation Ltd. (HDFC) c. Cooperative Housing Finance Society d. National Housing Bank (NHB) e. LIC Housing Finance Limited. 18. â€Å"Single Window Lending† refers to a. An arrangement by which the lead bank in a consortium of banks releases the initial requirements of the borrower b. Loans given by commercial banks to the agricultural sector, which are subject to efinance from NABARD c. A specialized cell set up in scheduled banks exclusively for the purpose of industrial loans d. Priority sector lending by nationalized banks e. Loans given by NBFCs to some sectors to which nationalized banks are not allowed to give. 19. The difference(s) between Commercial Paper (CP) and Certificate of Deposit (CD) is/are a. CP is secured while CD is unsecured b. CPs can be issued by private sector companies while CDs can be issued by scheduled banks c. CP is sold at a discount and redeemed at face value whereas for CD the principal and interest are payable upon maturity d. Both (b) and (c) above e. All of (a), (b) and (c) above. 20. The money lent in money market for a period of 2 to 15 days is referred to as a. b. Demand loan c. Term loan d. Notice money e. 12 Call money None of the above. Part I 21. Which of the following are feature(s) of Gilt-edged securities? . Only repayment of principal is secured. b. They are issued by non-governmental service organizations. c. They are issued by government entities. d. The repayments of both principal and interest are secured. e. Both (c) and (d) above. 22. Which of the following provides liquidity to money market instruments by creating a secondary market where they can b e traded? a. Discount and Finance House of India. b. National Securities Depository Limited. c. State Bank of India. d. Reserve Bank of India. e. Over the Counter Exchange of India. 23. Which of the following is an example of non-fund based activity of an NBFC? . Bill discounting. b. Leasing. c. Issue management. d. Hire purchase. e. Inter-corporate loans. 24. The minimum maturity period for a Certificate of Deposit is a. Fifteen days b. One month c. Three months d. Six months e. No specific time limit is prescribed. 25. Statutory Liquidity Ratio (SLR) refers to the a. Percentage of secret reserves which acts as a cushion for nationalized banks b. Percentage of reserves banks are required to park with instruments approved by RBI c. Ratio between current account and fixed account deposits of banks d. Percentage of reserves banks are required to utilize only for forex ransactions e. Percentage of reserves meant for priority sector lending. 26. Public debt in the Indian economy is bein g managed by a. SBI on behalf of Government of India b. Ministry of Finance c. RBI d. All nationalized banks and term lending institutions e. Ministry of Commerce and Trade. 27. In which of the following instances bought-out deal is more appropriate? a. Companies do not wish to disclose information by way of public issue. b. Promoters do not want to dilute their stake by going public. c. Small projects require funds but costs of public issue are substantially high. d. Foreign Institutional Investors offload their shares when market is down. e. Board for Industrial and Financial Reconstruction (BIFR) offers a sick unit to existing blue chips in that industry. 13 Financial Management 28. Which of the following is/are not a feature(s) of National Stock Exchange? a. NSE was promoted by FIs at the bentest of GOI. b. The trading is on-line in national network. c. The volume of trading in it is less than that of BSE. d. It has a debt market segment. e. The weights to the stocks on NIFTY are based on total share holding. 29. Which of the following is/are not true in respect of PSU bonds? . There is no secondary market. b. Market lot for trading purposes is minimum of Rs. 10 crore. c. They come under â€Å"approved investments† by RBI. d. Both (a) and (b) above. e. All of (a), (b) and (c) above. 30. Unit banking refers to the system a. With a single bank having units at different places b. With the overall operations of a bank conducted from a singl e office c. Which deals with the units of UTI d. Which deals with the units in small-scale sector e. Either (a) or (b) above. 31. Which of the following is not a function performed by a financial system? a. Savings function. b. Liquidity function. . Risk function. d. Social function. e. Policy function. 32. The maturity period of a Certificate of Deposit (CD) issued by a bank is a. Not less than 1 month and not more than 6 months b. Not less than 2 months and not more than 9 months c. Not less than 15 days and not more than 12 months d. Not less than 4 months and not more than 12 months e. Not less than 1 month and not more than 12 months 33. If in an order to buy/sell shares from a stock exchange is limited by a fixed price it is called a. Limit order b. Limited discretionary order c. Stop loss order d. Best rate order e. None of the above. 4. ‘Gilt edged’ securities are the bonds issued by a. b. Multinational corporates c. Global corporations d. Central government e. 14 Big corporates Financial institutions. Part I 35. Medium dated government securities have maturities ranging from a. 1 to 3 years b. 1 to 5 years c. 3 to 5 years d. 3 to 10 years e. 5 to 10 years. 36. Which of the following maturity of T-Bills does not have a provision? a. 30-day. b. 91-day. c. 182-day. d. 364-day. e. None of the above. 37. In secondary spot capital market, the delivery and payment is completed a. On the same day of the date of contract b. How to cite Financial Management, Papers

The Novel Remarques all quiet on the Western Front

Table of Contents Introduction Discussion Conclusion Bibliography Footnotes Introduction â€Å"All quiet on the Western Front† is a novel that was written by Erich Maria Remarque. Remarque was a German war novelist born in 1898 in Osnabruck, Germany. This novel was published in 1929. It depicts Remarque’s experience in the World War 1. The main aim of the novel was to explain and bring out the generation that was negatively affected by the war. Paul Baumer is the narrator of the story. He narrates his part in the war in episode form as the war advanced and taking new ways and directions day after day.Advertising We will write a custom essay sample on The Novel: Remarque’s all quiet on the Western Front specifically for you for only $16.05 $11/page Learn More Baumer was a 20-year-old German soldier who took part in the war and ended up seeing how the war was disastrous to the youth. He had just completed high school and had joined the military in Germany. Baumer and other young men end up been hopeless about the future. The aim of this essay is to analyze what led German youths to war and how they ended up been affected by the same war. In addition, I will examine at the lessons that were learned from the war.[1] Discussion There are many reasons that led the youth in Germany into joining the war. One of the reasons that made the youth take part in the war was betrayal by their parents, teachers and the government. The parents as it is put are always accusing young people who do not participate in some things such as war. They even call them cowards and so they find it very painful. The parents’ knew very well that the war would be a misfortune but did not care at all. They pressurized the youth to take part in the war and this was very wrong, as the role of parents is always to guide and help young people. In an example Paul goes home, a sergeant- major condemns Paul for not saluting him, and yet he has spent his time in wars killing enemies and trying to survive. The young generation was helpless and it did not receive any positive concern from the older generation. The young generation did not share any traditional values with the older generation and the joy of the older generation was seeing the young people take part in the war. It became the work of the young people to fight for their country and to protect the older generation. Therefore, it is very clear that betrayal by parents made the young people to engage themselves in the war so that they could prove that they are not cowards.[2] Teachers also pressurized the young people to engage in the war. The schoolmaster is the one who urged Paul and his classmates Muller, Kropp and Leer to join the military. At the first encounter, many young men were killed and Paul puts the blame on the Head teacher who made them join the military. When Paul is already in the military, the head teacher argues that he knows more about the military and is operations than Paul who is already a member does. This and other arguments are only intended to provoke the youth to engage in the war. It makes no sense to say that you know more about a profession you have never been in than a person who is already in that profession, so the teachers were only pressurizing the youth to join up in the war. The teachers were also telling the young men that they should put all that they have been taught and trained into practice. This was only aimed at wanting the young men to join up in the war.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More With increased inhumanity in the war, the young soldiers were eager to join the military in order to save life. Paul and his friends were keenly observing what was happening day after day. They saw that many people were losing life and this hardened their position in the military hence fighting witho ut looking back. There were mass destructions that were not pleasing such as inured soldiers that had their noses cut and their eyes poked out. On another occasion, they found men who were hanged and others who were skinned alive. This and many other horrific incidents made the young men furious and they then opted to fight no matter what comes. The feeling of humanity therefore compelled the young people to join in the war. In addition, nature compelled the young soldiers to join up the war. Observing all that was happening, just like any other human being, the young men offered their hand in the war.[3] Another reason that made the young soldiers join in the war was comradeship. As one of them joined up in the war, others were also compelled to join due to friendship and unity. They could encourage each other even in hopeless situations and they became closer to each other even than they were with their own relatives. Even when some of their friends died, they did not show any sig ns of getting weak and they opted to fight even more to overcome the feelings of loneliness. Many of the consequences of the war to the young men were negative. The young soldiers who survived in the war became hopeless and they saw no good in life. This was because of losing friends and the horrific episodes they came across. Incidents such as seeing people die on their sight, other injured soldiers with missing body parts made them hopeless, and they were discouraged of living in such a world. They remained lonely as many of their friends died in the war and others got lost in due course. The young men also developed negative attitudes towards the profession. Many of them were regretting why they had opted to join the military. They were discouraged by the war and even other young men who were hoping to join the military lost morale to do so.[4] Many of the young men who survived the war had many injuries. Some had some of their body parts cut off and other internal injuries. Thes e sufferings were very painful to them and their living was threatened. Some ended in active euthanasia to get relieved from the pains that were de-moralizing to live with. The young people also developed negative attitudes towards teachers and parents who had provoked them to join up in the war referring to them as cowards. They had blamed the government for not taking other options apart from war, which they new very well would have, negative consequences. Since most of the soldiers in Germany were not ready to stop fighting, they were threatened of being reduced and in the process with some losing their jobs. The young jobless ex-soldiers began engaging in other bad things such as street fights that threatened the country’s peace.Advertising We will write a custom essay sample on The Novel: Remarque’s all quiet on the Western Front specifically for you for only $16.05 $11/page Learn More After the war, technology experienced a great boo st as each country opted to get better machinery for use. These technological advances made the government to invest much in the companies. This meant that much of the country’s money was directed towards technological advancement leading to negative effects on other developmental aspects. The young soldiers’ living standards were lowered as life became expensive. This threatened their living and some were ended up in absolute poverty. From the novel, we learn that war should not come in as a way of solving conflicts. Parties who are involved in a conflict should mediate and negotiate to come up with solutions. We clearly see the negative consequences of war on the young soldiers who remained hopeless and lonely. War should never be repeated again in the world. We also learn that it is not good to encourage young people to take part in war such as the teachers and parents did. The military should also be viewed positively as a body of enhancing peace, maintaining order and imposing laws and not as a body to engage in wars.[5] Conclusion This novel by Remarque is a good example to reveal the disadvantages of war. The parents in calling the young people cowards when they did not join up in the war were a way of provoking them to join it. In addition, the government and the teachers played part in provoking the young soldiers to engage into the war. The war made the profession to be viewed negatively as most of the young soldiers were regretting why they had joined the military. Lives of the young men after the war became difficult with injuries and increased living standards. War should never be encouraged but peaceful means should be used to solve conflicts. Bibliography Bloon, Harold. Erich Maria Remarque’s all quiet on the western front. New York: InfoBase Publishing, 2009. Wagener, Hans. Understanding Erich Maria Remarque. Columbia: University of South Carolina Press, 1991.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More Waine, Anthony. Changing cultural tastes: writers and the popular in modern Germany. New York: Berghahn, 2007. Footnotes Harold, Bloon. Erich Maria Remarque’s all quiet on the western front. New York: InfoBase Publishing, 2009. Hans, Wagener. Understanding Erich Maria Remarque. Columbia: University of South Carolina Press, 1991. Anthony, Waine. Changing cultural tastes: writers and the popular in modern Germany. New York: Berghahn, 2007. Anthony, Waine. Changing cultural tastes: writers and the popular in modern Germany. New York: Berghahn, 2007. Harold, Bloon. Erich Maria Remarque’s all quiet on the western front. New York: InfoBase Publishing, 2009. This essay on The Novel: Remarque’s all quiet on the Western Front was written and submitted by user Jayl1n to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.