Listening guide Essay Example | Topics and Well Written Essays - 500 words

Listening guide - Essay Example In other words, Mozart applies instrumental alterations. The second theme is followed by a short cadence, which brings the listener back to the repetition of the entire exposition. At the very beginning, the first theme changes its key; the modulation growth into the contrapuntal treatment of the theme by the whole orchestra. In the following phrases, the modulation takes place as well and is accompanied but the breaking up of the main theme into small portions, or fragmentation. Fragmentation ends up the transition passage performed forte by the full orchestra; the retransition leads to the recapitulation. In the recapitulation part, the first theme is performed in G minor piano, as in exposition but with the differences in the orchestration as the party of the bassoon becomes more prominent. The second theme (originally performed in major key) is now played in the tonic key of the piece, which is G minor. It results in the change of the mood of the movement. In addition to this, recapitulation is more stable compared to exposition due to the fact both themes are played in the minor key as well as the bridge theme. The piece under analysis ends up with a short coda comprised imitative passage performed by the strings, piano and then followed by repeated cadences played forte. Like in all the parts of the movement, cadence theme is followed by an abrupt stop. This time, however, the stop is followed by three chords which end the

Categories of drivers Essay Example for Free

Categories of drivers Essay Since the start of road transportation, there have been drivers of the varied kind. The modes of transportation changed from horses or horse driven carts to cars but these set of drivers have always remained since then. Drivers of automobiles can be categorized into three categories teenage drivers, old drivers which mainly comprises of senior citizens and drunk or substance abusive drivers. The safety on the road of a person is basically depended on the kind of driving one does. A person’s skill to drive depends upon a certain set of factors due which he gets categorized. Teenage drivers who use automobiles are mostly adrenalin driven and have a habit of being impatient on roads. Teenagers with attitude problems can indulge in major road mishaps and can cause severe damage to themselves along with the innocent car drivers on the road. A teenager cultivates his driving skills by looking at his parents or guardians and later on the pressure of his per group plays a massive factor in driving. It has been estimated about sixty five percent of passengers have had fatal injuries due to the reckless driving of an immature teenager. The habit of risk taking or trying to create impressions on their peer groups more often than not result in deadly crashes. If apart from impulsive behavior, a teenager also does any kind of alcoholic or drug abuse, then the combination of impulsive behavior with substance abuse not only makes them dangerous on the road, but also they risk of having the worst kind of crashes possible on road. As we age our reflexes and our ability to make life saving maneuvers also go down. This is a problem with all the old aged drivers in the world. These old drivers in their experience have a perfect mentality to drive safe, but because of ageing lots of occurrences physically take place like loss of good vision, or their loss of their ability for quick response time. These drivers won’t commit mistakes on purpose and would have a thinking of driving at lower speeds with an intention of attaining maximum safety. How much ever these drivers have good intentions, any physical bustle can cause them to crash anytime which sometimes makes a risky commodity on the road. The worst kind of a driver however is a driver who abuses alcohol or any substance and then drives a set of wheels. These are the kind of drivers who irrespective of their age which can comprise from being a teenager to being a senior citizen have the ability to kill and get killed depending on the amount of alcohol or drug they have consumed. These drivers knowing that they are not in right condition risk everyone’s life around and are equivalent of a deadly weapon on the road, as it become highly unpredictable about when they would crash and cost someone their lives. The following evidence will show the risk taken by these drivers and the amount of crashes that can take place because of their carelessness: ‘Nearly half a million people are injured in alcohol-related crashes each year. More than 15,786 of them die. Thats one death every 33 minutes. In 2000 in Kansas, 2,469 people were injured in alcohol-related crashes. Thats more than six persons injured each day’ (Courtesy: Kansas Department of Transportation, â€Å"Types of drivers†. Retrieved on November 24, 2008 from http://www. ksdot. org/burTrafficSaf/sns/Presentation/types. asp) It can only be understood that a safe and a good driver should always maintain patience while driving, as a small move from any of the three categories discussed above can cause them their lives for no fault of their own. Reference: 1) Kansas Department of Transportation, â€Å"Types of drivers†. http://www. ksdot. org/burTrafficSaf/sns/Presentation/types. asp

Michael Clayton: Attorney Client Privilege Essay -- Film Analysis

It is a plot line that seemed to come straight out of a John Grisham novel. After all it had all the major elements: a conspiracy, a corrupt corporation, but most importantly a lawyer examining his inner conscience only to decide to break with the status quo and expose his corporate masters. In fact, one could say that the film Michael Clayton (2007), was a modern day John Grisham film that never was. In all certainty, Michael Clayton is a typical Hollywood movie with a typical Hollywood ending where good defeats evil and where truth prevails over obfuscation.That does not mean that it should be dismissed so readily however. The film Michael Clayton still raises many of the ethical questions within the legal profession. Namely, the film explores the concept of the Attorney Client Privilege, and through its plot and rich storyline, questions the very notion of it. However, it is easy to forget that the film is a pure work of fiction; and although it does a adequate job of pointing out the disadvantages of the Attorney Client Privilege, its assertion that the privilege should be eroded when the attorney knows that his or her client is lying, is just as phantasmal as the scenes are which are in the film. â€Å"I’m not a miracle worker; I’m a janitor,† remarks Michael Clayton in one of the opening scenes of the film. An apt phrase because Clayton has been dispatched to rein in a fellow associate named Arthur Edens who is suffering from a manic breakdown—stripping off his clothes during the middle of a deposition and running around naked in the parking lot. Visiting Edens in jail after the incident, the sighs of the breakdown showed no sighs of subsiding. In the middle of a conversation with Clayton, Edens goes on a tirade, eventually aski... ...t everyone has a job to do. Lawyers are—and should not be—an exception to that rule. Works Cited Freedman, Monroe H., and Abbe Smith. Understanding Lawyers' Ethics. New Providence, NJ: LexisNexis, 2010. Print. Kairys, David. "Legal Education As Training For Hierarchy." The Politics of Law: a Progressive Critique. By Duncan Kennedy. New York: Basic, 1998. 54-75. Print. Keefe, Patrick Radden. "Michael Clayton's Devastating Critique of the Legal Profession. - By Patrick Radden Keefe." Slate Magazine. Washington Post.Newsweek Interactive Co. LLC, 19 Feb. 2008. Web. 10 Mar. 2011. Shanahan, Sara Jane. "Another View: The Eroding Attorney-Client Privilege - NYTimes.com." NYTimes.com. The New York Times Company, 2 Nov. 2009. Web. 10 Mar. 2011. Simon, David. "The Attorney-Cleint Privilege As Applied to Corporations." Yale Law Journal 65.7 (1956): 953-90. Print.

Prom Nights from Hell Chapter Twelve

Miranda, dressed in the blue uniform, pushed aside the man she'd just hit over the head with the clock to reach Sibby. She still had handcuff bracelets around her wrists, each dangling a piece of chain. Her wrists, her hands, were shaking. She lifted the unconscious girl gently. â€Å"Sibby, come on, open your eyes.† It wasn't supposed to have taken so long. The plan had been simple: She and Sibby would switch identities by switching outfits. When Deputy Reynolds double-crossed them, like Miranda knew he would, it would be Miranda disguised as Sibby he'd hand over to his crew, and she'd deal with them, then come back and rescue Sibby. At least, that's how it should have gone. â€Å"Okay, Sib, time to wake up,† Miranda said, carrying the girl now, cradling her pressed against her chest as she moved as quickly as possible. She could hear Sibby's heartbeat, but it was faint, and slow. Getting fainter. This is not happening. â€Å"Rise and shine, Sibby,† she said, her voice cracking. â€Å"Up and at 'em.† Miranda hadn't expected to find all five of Deputy Reynolds's goons waiting for her-shouldn't someone have been in the getaway car? – and especially hadn't anticipated the woman he'd picked up from the airport having rhinestone-studded brass knuckles. The blow to the head had given them time to cuff Miranda to a pipe and made her a little weak, so it had taken her longer than it should have to knock them off with a series of roundhouse kicks and one side scissor, then break the chain on the cuffs and free herself. Giving Deputy Reynolds more time with Sibby's esophagus than she'd planned. A lot more. The heartbeat was getting softer, harder to hear. â€Å"I'm so sorry, Sibby. I should have gotten here sooner. I tried my best, but I couldn't get the handcuffs off and I was too weak and I failed and-† Miranda was having trouble seeing and realized she was crying. She stumbled but kept running. â€Å"Sibby, you've got to be okay. You can't go. If you don't come back, I swear I'll never have fun again. Not once.† The heartbeat was just a whisper now, the girl in her arms a pale ghost. Miranda choked back a sob. â€Å"God, Sibby, please-â€Å" Sibby's eyes flickered. Color surged into her cheeks and her heart picked up. â€Å"Did it work?† she whispered. Miranda swallowed the huge lump in her throat and resisted the urge to crush her. â€Å"It worked.† â€Å"Did you-â€Å" â€Å"Clocked him with the clock, as requested.† Sibby smiled, reached her hand up to Miranda's cheek, then closed her eyes again. They didn't reopen until they were in the car with the historical society behind them. She sat up and looked around. â€Å"I'm in the front seat.† â€Å"Special occasion,† Miranda explained. â€Å"Don't get used to it.† â€Å"Right.† Sibby worked her neck back and forth. â€Å"That was a good plan. Trading outfits so they'd think you were me and not worry so much about restraints.† â€Å"They still went all out.† Miranda pushed the cape back. â€Å"I broke the chain, but I can't get the bracelets off.† Thinking for some reason of Kenzi at the prom saying, Are you ready to unshackle yourself from the insecurities of your youth? Are you ready to own your future? â€Å"What happened to Plant Boy?† â€Å"I called in an anonymous tip telling them where to find him and the bodies of the guards he shot. He should be on his way to jail.† â€Å"How did you know you were right? That he was trying to trick us?† â€Å"I can tell when people are lying.† â€Å"How?† â€Å"Different things. Little gestures. Mostly by listening to their heartbeats.† â€Å"Like if they speed up, they're lying?† â€Å"Everyone is different. You need to know how they react when they're telling the truth to know how they react when they're lying. His heartbeat gets slower, more even when he lies, like he's trying to be extra careful.† Sibby looked at her more closely. â€Å"You can hear people's heartbeats?† â€Å"I hear a lot of things.† Sibby took that in. â€Å"When Plant Boy was strangling me because he thought I was you? He called me Princess. And said some people thought you had superpowers like a teen Wonder Woman or something.† Miranda felt her chest get tight. â€Å"He did?† â€Å"And he said there was a bounty on your head. Alive or dead. Although I'm sorry to say that I'm worth ten times as much as you are.† â€Å"It's not nice to brag.† â€Å"Is it true? That you're Wonder Woman?† â€Å"Maybe the lack of oxygen went to your head but Wonder Woman is a comic-book character. Made up. I'm a real, normal person.† Sibby snorted. â€Å"You are definitely not normal. You're totally neurotic.† A pause. â€Å"That wasn't an answer. Are you really a princess with superpowers?† â€Å"Are you really a sacred prophet who knows everything that is going to happen?† Their eyes met. Neither of them said anything. Sibby stretched, sprawling out over the front seat, and Miranda turned up the radio and they drove on in silence, both of them smiling. After a few miles Sibby said, â€Å"I'm starving. Could we stop for a burger?† â€Å"Yeah, but we're on a schedule, so no kissing strange guys.† â€Å"I knew you were going to say that.†

Alternative Investments Essay

Executive Summary: The purpose of the report is to do an in-depth investigation, study and analysis on alternative investments. From the various alternative investments, our team of analyst chose commodities, variable annuities and hedge funds as our subject of interest for the study. Each financial product has its own aims as to cater to the different investment goals to meet the needs of investors. Thus, just by looking at the basis on expensiveness and tax-efficiency, and then from selecting the better one is unwise. We have to look at the overall picture and considering other indispensable factors like risks, liquidity, asset allocation which are equally important. Therefore, our basis of evaluation comprises of various important factors so as to make  a robust analysis. Firstly, commodities are a highly demanded investment which is traded using options and futures contract.. Moreover, they are also an element of diversification that investors can lower their vulnerability to market volatility. Despite its high volatility in its prices, it managed to gain a higher return as compared to stocks and bonds. As commodities have a low correlation with bonds and stocks, it is able to reduce unsystematic risk through diversification. Its high correlation with rate of inflation thus looks favorable in times of crisis and these enable investors to control its asset allocation decision. By using the 60/40 tax treatment, it has shown that it is indeed an efficient method in lowering taxes. Its high commodity market liquidity thus seem promising to investors as it correlates well with it market trading especially in corn, gold and precious metals futures. Moreover, it is advisable for them to allocate 5% to 10% of their investment to commodities so as for better diversification to eliminate unsystematic risk. As it has no or few substitute, it is advised that investor should take note of any unexpected risk involved. Variable annuities on the other hand are tax-deferred with a withdrawal date only after the age of 59 ½. The performance of its sub-accounts affects many aspect of variable annuity. This is so as the performance of varied underlying investments in the sub-account results in non-uniform distribution in its returns. Furthermore, variable annuity is relatively volatile as it returns tend to varies as accordance to the returns of its underlying investments. Thus, granted with a choice of an asset for the underlying investments, investors will choose an underlying asset that is non-correlated to their portfolio holdings. Variable annuity also incurs reasonable costs. However, the main benefit of investing in variable annuity is that it is highly tax-efficient as it is a tax-deferred vehicle. This reduces the tax burden on investors and at the same time creates an opportunity for them to invest in tax-inefficient vehicles before the withdrawal date as no tax is imposed before the date. The downside to investing in variable annuity is that it has liquidity risks. However, it can reduce unsystematic risk significantly due to the investment options for  its sub-account and this important aspect of it also provide investors with the ability to allocate their assets. The primary aim of most hedge funds is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market conditions which brings investors an indispensable option to invest in hedge fund. With a low standard deviation of almost zero, hedge funds are highly of an advantage as it does not fluctuate widely within periods. However, volatility is not the only indicator of risk affecting the fund. For hedge funds, the skewness variations are not uniform across styles. While hedge funds offer potential for returns that are not highly correlated with other markets, their unique properties would also mean that they involve a high degree of risk. Its fees are regular thus investors should follow accordingly. Hedge Funds exploit different ways to minimize capital gains and income taxes for investors. With the Tax Exemption for Singapore Resident Funds, it places investment in Hedge Fund at an advantage. Putting their trust in the fund manager’s ability to meet the fund’s objectives, it is then recommended for investors to choose the right fund manager to manage their investments. From the in-depth analysis on alternative investments, we realized that there is no a perfect product to solely invest in. Each alternative assets has its advantages and disadvantages, thus we have to invest in varieties of asset classes but diversified it. There is also the need for proper asset allocation management and the use of investment strategies. Introduction: The continual search to reap higher risk-adjusted returns has led to a number of highly alternative assets to be considered for financial investment purpose. Thus, the growth of alternative investments market is outstanding. According to the 2010 Alternative Investment Survey of U.S Institutions and Financial Advisor, 36% of the institutional investors that are surveyed have $1-10 Billion in asset under management and 29% with greater than $11 Billion in asset under management. In this report, our team of financial analyst has chose to do an in depth analysis on commodities, variable  annuities and hedge funds. Through this report, we are going analyze the aforementioned alternative assets through various important factors namely its returns, risks, costs, other competitive advantages and disadvantages. At the end of this report, we hope to achieve an in-depth evaluation on the attractiveness of each subject of interest and make sound recommendations. Introduction to Commodities: Commodities are raw materials used for producing secondary goods which are transacted in volumes and classified into energy, metals, grains and livestock. Manufacturers in the commodities market purchase commodities needed on a â€Å"spot market† while speculators purchase and sell commodities using options and futures contracts. Commodity markets are real demand and supply markets. Thus with the increasing world population, there is now higher demand than supply for commodities, making commodities a viable investment for both the present and the future. Expected Returns: During inflation, commodities total returns will soar. When making an investment in commodities one can expect returns that are capital return. Commodities have been providing its investors with relatively high returns, exhibiting negative correlations with equities and bonds as well as hedge against risks. Based on the Commodity Price Index for the past year, expected returns were at 0.85%, volatility were at 0.0641 which is considered to be relatively low, while the return-risk was 0.1319. Volatility: Volatility in commodities’ prices fluctuated recently with their highs and lows due to the â€Å"interference† of the commodities market like political disputes and natural disasters. In 1973 to 2007, based on the S&P 500 Index, MSCI Index and Lehman Brothers Bond Index, it has an annualized return of 10.9% and 24.5% annual standard deviation, volatility. Although stocks performed better than commodity, commodities’ volatility was in the peak compares among stocks and bonds. Historical risk return on commodity had remained positive of about 5% during the years. T-statistic, outlining the level of confidence that the risk return is different from 0 shows a  figure of 2.84 which shows that it is higher than stocks and bonds. Distribution of returns [Refer to Appendix]: From the bell-shaped curve, we can surmise that the distribution of returns on commodities is widely distributed and tends to be close to a normal distribution as investors are concern about their real returns as they want to outperform inflation. As compared to stocks and bonds, the returns in commodities are positively skewed. Since returns for commodities investment is right skewed, it means that the amount of returns will be higher than stocks and bonds which are negatively skewed. Returns distribution is very wide as the returns show a greater than 3 excess kurtosis. However, this also means higher risk for investors due to the wide distribution of returns. Correlation with other asset classes: [Refer to Appendix]: From the table, it shows that Standard & Poor’s 500 and the company are closely related in contrast to the other asset classes. GSCI and 1 month T-bills with a correlation value of -0.003, proves that they are independent of one another. It is revealed that commodities futures are negatively correlated to returns of stocks and bonds with coefficients of -0.42 and -0.25 respectively. Therefore, by allocating funds to those assets of negative correlations, it provides the benefits of diversification when facing a stand-alone risk asset class. Fees, Trading and other expenses: There are many fees and expenses that are implied in commodities trading. When trading commodities, investors incur management and brokerage fees, service tax and a possible loss of investments. When a futures contract is purchased, an initial down payment on the total futures price (initial margin) is to be made. The margin requirement is basically a small percentage of the total purchasing price for a commodity. This margin requirement usually adds up to be less than 10%. Liquidity: Commodity market liquidity often correlates well with commodity market  trading profits. Investors can benefit in high commodity market liquidity. It is easier to enter and exit trades. With the high trading volume and liquidity, the statistics of predictive ability of time honored tools like Candlestick patterns formulates tend to be more precise. Commodities that offer good commodity market liquidity include trading in Corn and Gold futures. Each of these trades at high volume and high liquidity. However, they are driven by different factors. Gold and other precious metals perform well when investors are worried about inflation or when there is the threat of economic or political disruption. Corn is determined by supply and demand. Location: The location of where the commodity is produced is not an important factor that an investor should consider as there are similar products that will be sold regardless of where it has been produced. Hence investors’ consideration of location is not required when making an investment. Tax Efficiency: In commodities, it is quite tax-efficient as they follow the 60/40 tax treatment whereby 60% of the gain is taxed as long-term gains and 40% are taxed as short-term gains. Long-term capital gains are capped at 15% which is favorable for high income investors, meaning that 60% of gains will be taxed at 15% while 40% of gains will be taxed at 35% which both equals to 23% for commodities. Thus, it will help investor to save money in tax. Ability to eliminate or significantly reduce unsystematic risk: Investing in commodities does not reduce unsystematic risks. Firstly natural disaster and bad weather may affect a various types of commodities. Another risk is geopolitical risk. This risk occur as world’s natural resources are located in various continents and the jurisdiction over these commodities lies with sovereign governments, international companies, and many other entities. Thus, international disagreements over the control of natural resources are quite commonplace. Negotiations on the extractions are pretty tense as disagreements may easily rise over licensing agreements, tax structures, environmental concerns, employment of indigenous workers, access to technology, and many other complex issues. Ability to control the asset allocation decision: Investors are able to control asset allocation decision in commodities. This is so as commodities are not professionally managed unless you have the intentions to. Thus, investors who wish for professional money managers who specialize in commodity trading to handle their investments, they may turn to ETFs or mutual funds. With that, commodities traders are able to free decisions on the allocation of their assets. It is advisable for investor to allocate more of his investments to other types of investments and allocates 5 to 10% of his investments into commodities due to its volatility. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: Commodities have few/no substitutes as they are generic goods that we utilize in our everyday lives. It’s suggested for any investor to take into consideration the unexpected risk such as natural disasters and bad weather. If they allocate most of their investment in commodities and when an adverse event strikes, they would be caught in a difficult position. Commodities have the best advantage against inflation. During inflation, prices of commodities have the tendency to rise. Therefore, as an investor in commodities, you would be able to gain much from the increment of value. Introduction to Variable Annuities: Variable annuities are tax-deferred investment vehicle that comes with a minimal insurance contract so they can qualify for their tax-deferred status. Variable annuities can be immediate or deferred. Once you reach 59 ½, you can begin withdrawing the funds without any penalty. Expected Returns: Variable annuity has no expected rate of returns as its return is based on the marketplace performance. Its fees will be subtracted from the returns. By diversifying assets, a portfolio may have a higher return potential with a lower level of risk than the portfolio’s components would achieve separately. Volatility: The standard deviation indicates the tendency of the returns to rise or fall drastically in a short period of time. Since the return on investment in a variable annuity is directly tied to the performance of sub-accounts that make up investors’ annuity, the fund would exhibit a high standard deviation as each year’s return of the fund may differ from its mean return. This in turn makes variable annuity riskier as it is volatile. Distribution of returns: Return on investment in a variable annuity is directly tied to the performance of sub-accounts that make up investor’s annuity. If the underlying investments are in stock and bonds for example, there’s potential for a greater return. However, this will be coupled with a higher risk of loss including loss of capital which involves the funding options. It means that payments and earnings are not guaranteed. Thus the skewness variations are not uniform as returns varies depending on the instruments it consists of in the underlying investments. Correlation with other asset classes: Variable annuity offers a range of investments options for the sub-accounts. Investors will have to choose a specific one of his interest. Thus, entitle with the benefit of deciding the underlying investments, it enable investors to pick an asset that is low correlated or non-correlated with other assets classes of his portfolio. Thus, variable annuity offers balance and diversification to investors. Fees: Firstly, there is the surrender charge. It is a type of sales charge that will be issued to the customer when they withdraw money from a variable annuity within a certain period (which may vary from six to ten years) after the purchase. It is to pay the financial professional as a commission for the sale of the variable annuity. It decreases gradually over the surrender period, usually 1% less each year. Next, it is the mortality and expense risk charge which is 1.25% per year. It compensates insurance company for insurance risks. Its profit is to pay the insurer’s initial cost of sale of  the variable annuity. Next up is the administrative fees which are charges for record-keeping and other administrative expenses and is charged 0.15%. Trading and other expenses: Underlying Fund Expenses are fees that will be charged indirectly and they are imposed by mutual funds which are the underlying investment options in the variable annuity. Fees and Charges for other features are other miscellaneous fees charged in special features offered in some variable annuities. Such features include stepped-up death benefit and long-term care insurance. Liquidity: Variable annuity has liquidity risk in it whereby the proceeds from the variable annuity may be unavailable at the time of withdrawal or it will be available but at a significantly lowered value. These are attributable to two factors. Firstly, because annuities are designed as retirement vehicles, getting out early can mean taking a loss. Many variable annuities assess surrender charges for withdrawals within a specified period, which can be as long as 6 to 8 years. Furthermore, any withdrawals before an investor reaches the age of 59 ‘/2 are subject to a 10% tax penalty by the IRS (Internal Revenue Service) in addition to any gain being taxed as ordinary income. Secondly, if the holder is in a need for cash and must liquidate his variable annuity, there is a possibility that on the date of liquidation, its account balance is lower than what it was previously simply due to market fluctuations. Location: Annuities are a commonplace in the current world but actually it existed way back during the Roman times. It was then introduced in Europe and the United Kingdom. It made its mark in America in 18th century but was only fully aware of in the 1930s where the Great Depression caused Americans to â€Å"save for a rainy day†. Variable annuities were first created in America in 1952. Today, variable annuities is popular than ever with sales estimated to be USD40.2 billion and are offered in many countries due to its applicability for retirement purposes. Singapore is not excluded in the variable annuities  market as well. Manulife Singapore launched the first variable annuity, Secure Retirement Plus (US$), in 2007 and later introduced Secure Retirement Plus(S$) in 2008. Tax Efficiency: Variable Annuities are tax-deferred. It can help investors save more while reducing their overall tax burden. This provides investors with good opportunity to invest in tax-inefficient vehicles such as bonds and types of equities. However, there will be a taxable amount of 10% IRS penalty with withdrawal before reaching the age of 59 ½ years. This means that investors pay no taxes on the income and investment gains from their annuity until the withdrawal date. They may also transfer their money from one investment option to another within a variable annuity without paying tax at the time of the transfer. At their withdrawal of variable annuity, they will be taxed on the earnings at ordinary income tax rates rather than lower capital gains rates. Ability to eliminate or significantly reduce unsystematic risk: By diversifying, investing in variable annuity does reduce unsystematic risk. Investors are able to make payment purchase and allocate it to various asset classes such as small-company stocks, international government bonds and fixed annuities. Unsystematic risk decreases as the number of stocks in a portfolio increases. It could help to protect the investors against sustained losses in a single stock or sector of the market. Ability to control the asset allocation decision: Variable Annuity has an accumulation phase whereby the investor makes purchase payments in which they can allocate it to a number of investment options. Moreover, it is a flexible investment that allows investors to move their money into more stable accounts such as fixed account to preserve their gains. It also allows investors to have play in the strong stock market. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: Exchange  Traded Note (ETN) is an alternative that can achieve the same objective of a variable annuity in a less expensive and more tax efficient way. A variable annuity can cost up to 4% a year in its fees, while ETN only charge 1% fees. Both ETN and variable annuities are tax efficient and there is no negative tax consequence till the ETN is sold. However, while an annuity is passed through death to its beneficiaries, its entire gain will be taxed. The ETN under the current estate tax laws, will be receiving a step up in basis, this makes it more tax efficient than the variable annuity. However, investors of ETN have to assume credit risk as it is an unsecured debt. Thus, we have to look at other equally important factors before deciding the better alternative as just using cost-effectiveness and tax-efficiency does not equate to a robust eva luation. Introduction to Hedge Fund: Hedge fund is a fund that can take both long and short positions through the use of arbitrage, buying and selling undervalued securities, trading options or bonds, and investing in any opportunity in any market where it foresees impressive gains at reduced risk. Its strategies vary enormously especially today with volatility and anticipation of corrections in overheated stock markets whereby many hedge against downturns in the markets. Main aim of most hedge funds is to reduce volatility and risk while trying to preserve capital and deliver positive returns under all market conditions. Expected Returns: Most hedge funds’ goal is to earn a positive return despite how the overall stock market is performing. It is refer to as an absolute return. Absolute return gains and losses of a hedge fund can be measured relative only to the assets in the fund itself and investors do not compare returns to market benchmarks. With the absolute return goal, hedge fund managers often use aggressive investment techniques like short selling and leveraging. Volatility: Standard deviation reports a fund’s volatility which indicates the tendency of the returns to rise or fall drastically in a short period of time. It measures this risk by measuring the degree to which the fund fluctuates in  relation to its mean return, the average return of a fund over a period of time. Since hedge fund seeks absolute returns independent of market movements; the standard deviation for this fund would then be zero as the fund’s return does not differ within periods. Hence it shows that hedge funds are highly at an advantage since the fund with the lower standard deviation would be more optimal as it is maximizing the return received for the amount of risk acquired. Distribution of Returns: By knowing which way data is skewed, one can better estimate whether a data future point will be more or less than the mean. For hedge funds, the skewness variations are not uniform across styles. For instance, when the number of funds increases, the skewness drops systemically and is negative for Fixed Income Arbitrage, Convertible Arbitrage and Event Driven Strategies while it increases slightly. The Kurtosis tends to be concentrated in the -0.5 to +0.5 range. Changes in kurtosis tend to less predictable and differ widely over time and across investment styles. However, diversification within some hedge fund strategies may appear highly attractive in mean or variance terms, but this is much less so when skewness and kurtosis are taken into account as assessing hedge funds based on return and volatility criteria maybe misleading because of the potential underestimation of return volatilities. Correlation with other asset classes: Correlation is interlinked with diversification. Investors aim for a sound portfolio which is achievable through applying diversification. However, traditional assets classes like bonds and stocks are increasingly linked. Hedge funds which performances often highly dependent on the qualities of individual investment decisions or strategies, as opposed to being highly correlated to an overall market, diversify risk thus bringing about high returns. Instead of achieving returns from market activities, hedge funds use unique investing strategies to exploit market inefficiencies that the markets have not perceived. This further intensified diversification which put them at a better stead than traditional asset classes. Fees: Hedge fund consists of 3 kinds of fees. Sales Charge. It is a one-time charge, generally 5% and it’s the front-end load or commission that is charged on the investment amount. Management fee. It varies around 2% and it is charged on an annual basis and imputed into the Net Asset Value of the fund. Performance fee. It varies around 10-20% above the benchmark and it is charged on an annual basis and imputed into the Net Asset Value of the fund. The benchmark can be simply the zero return line or a benchmark like the London Interbank Offered Rate. Performance fees are charged on a high water mark which means investors are only charged for excess returns with reference to the previous high. If investment drop in value, the manager must bring it back above the previous greatest value before they can receive performance fees. Trading and other expenses: Apart from the above fees, investors also need to pay expenses such as the accounting and tax preparation expenses, auditing expenses, costs and expenses of entering into and utilizing credit facilities and structured notes, swaps or derivative instruments. Liquidity: There are two forms of liquidity constraints that are impose on investors which are liquidity dates and lock-up. Liquidity dates refer to pre-specified times of the year when an investor is allowed to redeem shares. Hedge funds typically have quarterly liquidity dates. Moreover, it is often required that investors give advanced notice of the desired to redeem: these redemption notices are often required 30 days in advance of actual redemption. Lockup refers to the initial amount of time an investor is required to keep his or her money in the fund before redeem shares. Lockup therefore represents a commitment to keep initial investment in a fund for a period of time. For Singapore registered hedge fund, MAS guidelines stipulate one regular dealing day per quarter. Redemption of funds usually requires a notice period and it states that redemption proceeds must be paid to the end investor within 95 days from the dealing day the redemption request is accepted. Location: Funds with a regional presence outperform those without one. Risk-adjusted return difference between nearby and distant hedge fund portfolio is about 4% and is significant. A fund’s geographical proximity to the companies in which it invests the closer it is to its investments the greater the chances that the hedge fund will earn high returns. They are better able to take advantage of local information via short selling and the use of derivatives. Direct way for hedge fund to take advantage of local knowledge is to invest in stocks and bonds in their region. Moreover, Singapore is perceived as having a high level of transparency and reliability in business, economic and regulatory affairs. It boasts a stable political structure, well-established judicial system and forward-looking financial authority thus bringing an advantage to investors locally. Tax efficiency: Tax consideration can be a benefit of alternative investments, particularly hedge funds which exploit different ways to minimize capital gains and income taxes for investor. Investors might be worried of being charged at a higher rate for tax. Singapore has in place a tax incentive scheme which exempts offshore funds from tax. Broadly speaking, a qualifying fund will be granted tax exemption provided it is not 100% owned by Singapore investors. There is also Tax Exemption for Singapore Resident Funds. It requires pre-approval from the authorities and although it is aligned to the offshore fund exemption scheme, some additional conditions have been imposed. Ability to eliminate or significantly reduce unsystematic risk: To diversify from stock-specific risk known as non-systematic risk one can invest in a range of stocks with different characteristic. Most investors of such practice regard it as unwise not to diversify into non-systematic risk. However, killing two birds with one stone is a more attractive opportunity to be seized. Thus, we turn to hedge fund. The main idea behind diversifying your non-systematic risk into assets like hedge funds is that any investment with a positive expected return, low volatility and low correlation to the rest of portfolio, will have a great chance of reducing the overall  portfolio volatility which is an additional advantage as compared to diversifying through stocks and bonds. Thus, hedge fund is an indispensable option. Ability to control asset allocation decision: Hedge fund manager has total trading authority over the fund. They are not required to provide investors with information about the underlying holdings of the hedge funds. Thus, there’s a lack of transparency when investing in hedge funds. Investors are putting their complete trust in the manager’s ability to meet the fund’s objectives. As such, investors lose control over their asset allocation. Thus, it is essential to choose the right fund manager to manage their investments. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: The primary objective of hedge funds is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market conditions. The emphasis here is positive returns under all market conditions and thus this explains fully utilization of specialized and carefully selected investment strategies to achieve that primary goal. There are alternatives which are less expensive and more tax-efficient such as ETFs and ETNs. Both offer similar advantages which are lower fees, lower investment minimums and greater tax efficiency. However, both products have different investments goals. ETFs mirror the indexes they track by holding diversified collection of securities, such as stocks or bonds but traded like stock on an exchange while ETN is an unsecured debt typically issued by an investment bank that mirror index like ETF. Thus, from the way they operate, we are able to conclude that their investment aims just show differences with that of hedge funds.

Exam 2 Practice Questions Essay Example

Exam 2 Practice Questions Essay Example Exam 2 Practice Questions Paper Exam 2 Practice Questions Paper Essay Topic: Literature The basic principles of reinforcement are complex because Different people react differently to the same reinforcement, people are unable to repeat the desired behavior, and there are many potential reinforcers that must be considered Which of the following are guidelines for implementing behavior programs Consequences should be stated clearly, target behaviors must be defined in observable terms, behaviors should not be recorded In the study of a team of swimmers by Mckenzie and Rushall, An attendance board was used to track attendance at swim practice and the swimmers showed a significant increase in attendance after the intervention Feedback can provide instructional information about The specific behaviors to be performed, the levels of proficiency to be achieved, and the performers current level of proficiency in the desired skills According to the TARGET acronym, which of the following is not a measure to use to foster a mastery-oriented environment? Affiliation Which of the following statements are true? Every reward has both controlling and informational aspects to it, a negative coaching style (mostly critical in nature) can lead to a decrease in intrinsic motivation, and rewarding for mere participation in a sport will typically undermine the participants intrinsic motivation The study by Lepper and Greene investigating the effects of external rewards on intrinsic motivation of children found that The type of reward was important regarding its effects on intrinsic motivation and the expected-reward condition had the lowest levels of intrinsic motivation (compared to no reward and unexpected rewards) According to the results of Komaki and Barnetts study of a Pop Warner football team, The team performed three plays more effectively after the intervention A recent study (Amorose Horn, 2000) showed that changes in intrinsic motivation occurred primarily because of Coaching behaviors What is not a dimension of flow? High levels of arousal What is seen as the most extrinsically motivated behavior? External regulation Ryans studies on the relationship between scholarships and intrinsic motivation revealed that Wrestlers on scholarship exhibited higher levels of intrinsic motivation than wrestlers not on scholarship and female athletes on scholarship exhibited higher levels of intrinsic motivation than female athletes not on scholarship A study on reducing inappropriate tennis behaviors using behavior modification techniques revealed that Inappropriate behaviors were significantly reduced for all 5 players Which of the following is not true of reinforcement? The consequences of behavior are not as important as ones personality In a recent study on the relationship between holding scholarships and levels of intrinsic motivation in collegiate athletes, Amorose, Horn, and Miller found that Athletes on scholarship had lower levels of intrinsic motivation in general than did athletes not on scholarship An individual will have a higher level of intrinsic motivation when The informational aspect is more salient than the controlling aspect Which of the following is not one of the psychological needs included in self-determination theory? Confidence According to McAuleys and Tammens study on intrinsic motivation and subjective versus objective outcomes, Subjective perceptions of performance are the most important determinants of intrinsic motivation Backward chaining (as used by OBrien and Simek in their golf study) refers to Pairing the last step in a series of movements with the next-to-last step all the way through the movement until the second step is paired with the first step Which of the following statements are true regarding flow? Most athletes feel flow is a controllable state, athletes can learn to get into a flow state, flow is related to improvements in psychological states Besides rewarding the outcome of a persons performance (success), other areas that should be rewarded include Effort, emotional and social skills, and correct performance of the skill itself In a review of studies investigating the effects of performance feedback, it was found that performance increased approximately 50% Potential negative side effects of punishment include its Arousing a fear of failure, acting as a reinforcer, and hindering the learning of skills The additive approach to the relationship between intrinsic and extrinsic motivation suggests that Intrinsic plus extrinsic motivation equals more motivation Research by psychologists such as Edward Deci has shown that Extrinsic rewards undermined intrinsic motivation Behavioral coaching, behavioral modification, and contigency management have in common the goal of Structuring practices through the systematic use of reinforcement According to Weinbergs study on intrinsic motivation in a competitive setting, Success produces higher levels of intrinsic motivation than does failure and males exhibit higher levels of intrinsic motivation after success than after failure Flow is maximized when you are competing against an opponent Of equal ability Which of the following factors have been identified in preventing flow from occurring? Inappropriate focus, lack of confidence, and motivation to perform Receiving a reward that provides feedback concerning an athletes sense of competence is an example of The informational aspect of reward Rewards typically undermine intrinsic motivation when the reward is For mere participation, not tied to the quality of ones performance, and controlling in nature Which of the following statements are true? The amount of positive feedback is less important than receiving some type of positive feedback and getting positive feedback produces higher levels of intrinsic motivation than getting no feedback Most coaches approach reinforcement and punishment by A combination of positive reinforcement and punishment Shaping occurs when Rewards are given to behaviors that approximate the correct response Which of the following are factors deemed important to achieving flow? Confidence, maintaining appropriate focus, and optimal environmental conditions Which of the following is a competitive situation according to Martenss definition of the objective competitive situation? A runner competing in a 100-yard dash and a swimmer working out with his coach watching him Of all the experimental games used by psychologists to study the effects of competition and cooperation, the most often used game is Prisoners Dilemma The key part of Martenss definition of competition is Social Comparison In Kelley and Stahelskis study using the prisoners dilemma game, they found that Competitors drew cooperators into competition Which of the following is NOT a type of competitive orientation measured by the Sport Orientation Questionnaire? Fear-of-Failure Orientation Which of the following statements is (are) true? Varsity athletes are no different from nonathletes in terms of eventual career success outside of competitive sport. In the field experiments conducted by Sherif and Sherif, the experimenters first Created strong group identity Indicate any principle here that is NOT derived from the psychological studies on competition and cooperation People are born either competitive or cooperative. Coakley defines competition as A social process that occurs when rewards are distributed on the basis of comparative performance In relation to the subjective competitive situation (stage 2), which of the following is (are) true? Males score higher than females on win orientation; Females score higher than males on goal orientation; Athletes score higher than nonathletes in competitive orientation. Team sports of basketball and football are examples of which of the following classification of games? Cooperative MeansCompetitive Ends Which of the following behaviors would not support a cooperative learning environment? Extrinsic Rewards Emphasized According to Coakley, which of the following is (are) characteristic of unstructured youth sport? Personal involvement in the action is maximized; It provides opportunities to reaffirm friendships; Teams are relatively even. Which of the following is NOT a stage in Martenss model of competition? Social Comparison In his study of the effects of a 14-week program of cooperative games, Orlick found that Kids exposed to cooperative games engaged in three times as much cooperative behavior during free play as did kids in the control group and games played by the control group tended to emphasize individualistic concerns Deutschs study on competition and cooperation found that Communication patterns differed significantly based on whether subjects were given cooperative or competitive instructions; students receiving competitive instructions exhibited closed communication and mistrust; students receiving cooperative instructions communicated openly and shared information Coakley defines cooperation as A social process through which performance is rewarded in terms of the collective achievements of the group Which of the following is (are) characteristic of cooperative games? They require little equipment or money; They emphasize participation by all players; Players learn from mistakes rather than hide from them. Cooperative reward structures are more effective in which of the following situations? During work on tasks that are complex and that involve problem solving The first experiment investigating the effects of competition on performance was conducted in 1898 by Triplett One athlete looks forward to competition while another dreads the upcoming event. This is an example of The subjective competitive situation Which of the following is (are) true? Competitors cause cooperators to compete. In Aschs experiment of line-comparison judgments, _____ of the subjects conformed to the group norm. 1/3 One way athletes interpret whether they are being treated fairly is based on The coachs manner in communicating her views to the athletes and the degree of compatibility between the coachs and athletes skill assessments of the athlete Social loafing is increased under which of the following conditions? A comparison against group standards is not possible Team climate can be defined as A representation of how an individual perceives the interrelationships among the team members The results of a study by Ingham et al. (1974) using rope pulling, in which confederates were thought to be pulling on the rope but in fact were not, indicated that differences between actual and potential performances were due to a decrease in motivation In the pendulum example of the Indiana basketball team, which of the following is (are) a stage of group development? Orientation; differentiation and conflict; resolution and cohesion According to Christian Buys, there are several negative aspects of group formation. These negative aspects include Conformity; Social Loafing; Deindividuation The phenomenon in which individual performance decreases as the number of people in the group increases is known as the Ringlemann Effect Which of the following is (are) true? Pendular models emphasize shifts in interpersonal relationships during growth of groups and Life cycle models emphasize the birth and death of groups. Which of the following can help reduce the occurrence of social loafing? increasing identifiability and breaking down the team into smaller units Research has indicated that social support can have a positive impact on which of the following? Recovery from injury; Coping with stress; Team cohesion Role acceptance depends on autonomy; feedback and role recognition; role significance If a rookie tried to take charge and exert leadership in critical games despite the fact that there was a veteran leader on the team, this would be considered a violation of Group Norms Team building is considered part of which stage of team development? Forming Which of the following is not a key defining characteristic of a group? Having individual goals One effective method for establishing positive group norms is to Enlist the formal and informal leaders of a team to set positive examples Which of the following is (are) part of the norming stage? role acceptance; increase in cooperation and solidarity; conflict resolution A level of performance, pattern of behavior, or belief that is formally or informally established as appropriate by a group is called a Norm Which of the following can facilitate team transition when an athlete disengages from a team? clarifying role differentiations and increasing an individuals awareness of disengagement Having athletes eat together or live together is an example of which factor that is important in developing an effective team climate? Proximity Formal roles, in contrast to informal roles, are a set of behaviors that are required or expected of persons in a group and are dictated by the nature and structure of an organization and include such roles as team captain, coach, and athletic trainer Which of the following is NOT one of the principles underlying the team-building model developed by Carron and colleagues? Autocratic Leadership Style Which of the following statements about cohesion is (are) true? Higher normative expectations are associated with higher levels of cohesion and More sacrifices are made by players when cohesion is high. Using the Group Environmental Questionnaire, research has revealed that group cohesion is related to which of the following? reduced absenteeism; increased member satisfaction; attributions for responsibility for performance outcomes The number of athletes holding scholarships and the eligibility requirements are examples of which antecedent of cohesion? Environmental Factors Which of the following statements about building cohesion is (are) true? Set goals that are easy to accomplish to keep up spirit and Encourage team identity. From an athlete perspective, to help build team cohesion you should give teammates positive reinforcement and be responsible for yourself Michael Jordan spoke about everyone on the team coming together (cohesion) when they stepped between the lines. This belief in one another is known as Collective Efficacy Which of the following statements is (are) true? There is a positive relationship between task cohesion and performance. Task and affiliation motivation are examples of which antecedent of cohesion? Personal Factors Which of the following statements best represents the relationship between cohesion and performance? Circular Which of the following statements is true? The cohesion-performance relationship is positive for interactive sports. Which of the following tips can build team cohesion? Develop pride within subunits and Avoid excessive turnover. Which of the following is NOT a construct identified in the Group Environment Questionnaire? Group Attraction-Environmental According to Carron and Dennis, the most important personal factor regarding the development of social and task cohesion i Individual Satisfaction A sociogram is An illustration of affiliation and attraction among team members In setting up a team goal-setting program, which of the following guidelines should be followed? Involve all team members in establishing goals; Set specific and challenging goals; Reward progress toward team goals. Which of the following was (were) found to be a barrier to cohesion? Members struggling for power According to the latest definition provided by Carron, Widmeyer, and Brawley, cohesion is seen to be Instrumental Which of the following sports requires the highest level of task cohesion? Basketball and Ice Hockey Individuals holding stronger beliefs about the cohesiveness of exercise classes are more likely to attend more classes and more resistant to group disruption The dimensions of the Multidimensional Sport Cohesion Instrument include attraction to the group; unity of purpose; quality of teamwork What are the two major categories of behavior from the Coaching Behavior Assessment System? Reactive and Spontaneous Which of the following is (are) FALSE concerning findings from studies of the antecedent conditions that affect leader behavior? Females prefer an autocratic style more than males do Which of the following statements is (are) true? Athletes high on internal locus of control prefer training and instruction coaching behaviors Smith and Smolls studies on coaching behaviors and Little League coaches found that Coaches can change their behaviors to become more positive According to Fiedlers contingency model, a relationship-oriented leader would be most effective under which type of situation? Moderately Favorable When coaches obtain the necessary information from relevant players and then come to a decision, what type of decision style are they using? Autocratic-Consultative According to the Multidimensional Model of Sport Leadership, performance and satisfaction are a function of the degree of congruence among 3 types of leadership behavior Regardless of age, athletes preferred coaches who Gave positive feedback and gave technical instruction The study using interviews of elite gymnastic coaches (Cote, Salmela, Russell) showed that expert coaches most often exhibited which of the following behaviors? Pushed gymnasts by constantly issuing threats and yelling According to results obtained in studies using the Leader Behavior Description Questionnaire, successful leaders tend to score High on both consideration and initiating structure Which of the following is (are) a guideline put forth based on 25 years of Smith and Smolls research? maintain clear expectations; reinforce effort as much as results; give encouragement and corrective instructional feedback immediately after a mistake The two major categories of behavior found using the Leader Behavior Description Questionnaire are Consideration and Initiating Structure The Leadership Scale for Sports identifies which coaching behaviors? social support; democratic; autocratic Great leaders are made, not born. This statement is an example of which approach to leadership? Behavioral In most organized sport teams, leaders and coaches are appointed In their classic study of the coaching (leadership) behaviors of legendary basketball coach John Wooden, Tharp and Gallimore found that his most often used coaching behavior was Verbal instructions on what to do and how to do it Great leaders are born, not made. This statement is an example of which approach to leadership? Trait Fiedlers research has identified which two types of leadership styles? Relationship Oriented and Task Oriented Which of the following results from Smith and Smolls studies on coaching behaviors is (are) true? Players for coaches who displayed high levels of general technical instruction evaluated their teammates and sport more positively According to successful professional football coach Bill Parcells, which of the following is NOT a quality of successful leadership? Trust The definition of leadership usually seen in the literature is The behavioral process of influencing individuals and groups toward set goals Supportive listening behaviors are empathetic and remain open to new ideas Intrapersonal communication is communication with yourself Which of the following would you NOT suggest for communicating with empathy? Make sure the other person understands your point of view What percentage of the time during communication is spent listening? 40% When there is a communication breakdown, most people believe that the problem resides with the other person Which of the following would you NOT suggest for communicating with consistency? Show more compassion in competition than in practices Which of the following general guidelines is (are) helpful to follow when facing confrontations? understand and be tentative Which of the following things should you NOT do during a confrontation? stop communicating; communicate the solution; rely on nonverbal cues to communicate After taking Sullivans communication training, athletes had the following reactions to the workshop: it helps to know the goals of my teammates and it is scary to open up, but this makes things easier The sandwich approach consists of which of the following elements? a positive statement and future-oriented instructions Proxemics is the study of how we communicate by the way we use space Supportive language has which of the following characteristics? Descriptive Breakdowns in communication can occur because the receiver fails to listen; the receiver misinterprets the message;the messages are inconsistent Sullivan devised seven communication exercises to promote more effective communication. Athletes said they would try to practice the following communication skills not interrupt others when they are speaking and confront issues right away Which of the following is NOT a type of communication? Introspective Communication Which of the following is NOT an element of communication? Paraphrasing the message Which of the following would you suggest for expressing anger in a positive manner? Try to attack the persons character to make your point Nonverbal behaviors that communicate interest and attention include which of the following? Maintaining eye contact Which of the following is (are) NOT a principle of communication when setting up team meetings? What is discussed in the meeting is open to others outside the meeting

Week 2 - Team C A ssignment Essays - Business Economics, Economy

Week 2 - Team C A ssignment Essays - Business Economics, Economy Week 2 - Team C A ssignment A CC / 4 00 November 2 , 2015 Mark Tischler Figure 2: T-accounts for Assume table is finished and sold Figure 3: Time Tickets and Materials Requisition Form Figure 5: T-accounts for Assume table is finished and sold, bookshelves are finished and China Cabinet is n ot finished This learning team learning activity required us to walk through the simulation of job order costing process for a manufacturer of a custom-made furniture that makes three different pieces of furniture - table, bo ok shelves and china cabinets. We walked through the manufacturing process of a table, bookshelf, and a china cabinet and flow through as well as the corresponding flow of costs through the accounting systems and the T accounts. We were also required to track the costs of direct materials, direct labor and manufacturing overhead. Part of this process was filling out labor cost sheets in order to accurately track three different jobs (table, bookshelves, and china cabinet ) . This process allowed our team to understand the entire production process from raw materials to finished goods as well as understanding how to these costs are treated in the accounting system. Job order costing systems are used for projects that are unique, custom, and non-repetitive. The primary purpose of activity based costing system focuses on generating more accurate costs and is used by several companies that produce custom made, non-mass products product (i.e. custom made tables, or private jets). When calculating costs for job order costing, overhead costs are allocated to each individual job, while direct costs are traced. In our example, first, the raw materials (both direct and indirect) were purchased from outside suppliers and place d in the raw material warehouse. Then, direct labor cost s involving two employees ( one (Employee A) in cutting and another (Employee B) in finishing departments) were tracked by using the time tickets. The direct materials are also tracked by using the materia ls request form, in which the direct labor worker requests the materials (for example wood, glass etc. ) needed to begin the work on a particular job. To complete the job cost sheet, manufacturing overhead must be allocated. In a normal costing system, a predetermined overhead rate is used estimated by the company. A predetermined overhead rate is determined by dividing total overhead by actual direct labor hours. This overhead rate is then applied the number of direct labor hours incurred by each job. If the applied overhead amounts are more than actual, then we have over applied overhead. These amounts tend to balance our from month to month, and the amount of over or under applied overhead at the year-end is usually not material and the balances may be closed directly to the cost of goods sold in the income statement. A major activity of allocating overheads in job order cost system involves selecting an activity base which is based on actual cause or driver of the Company to consume the resources. This is important as some products require less activity while others require more. For departments that are more capital intensive, machine hours should be used as an allocation base, while for manual labor intensive departments, direct labor hours should be used as an allocation base. This is an important aspect of allocation overhead in activity based costing, as activities that cause or drive overhead, called cost drivers must be properly determined. In this simulation, we were already given applied manufacturing overhead and used direct labor hours as a driver of for finishing department and machine hours as a dr iver for the cutting department. Contrary of activity based costing, a plant-wide cost driver is best to use when allocating all of the company's overheads to its production output. Plant wide rate is the amount per machine hour, labor hour, or a percentage of product's direct costs. References: Electronic Reading: Job Order Costing, a simulation and vehicle for conceptual discussion; derived from University of Phoenix Website Williams, J. R., Haka, S. F., Bettner , M. S., Carcello , J. V. (2015). Financial managerial accounting: The basis for business decisions (17th ed ). New York, NY: McGraw-Hill Companies

Geography of Arizona & Facts About the 48th State

Geography of Arizona & Facts About the 48th State Population: 6,595,778 (2009 estimate)Capital: PhoenixBordering States: California, Nevada, Utah, Colorado, New MexicoLand Area: 113,998 square miles (295,254 sq km)Highest Point: Humphreys Peak at 12,637 feet (3,851 m)Lowest Point: Colorado River at 70 feet (22 m)Arizona is a state located in the southwestern United States. It became a part of the U.S. as the 48th state (the last of the contiguous states) to be admitted into the Union on February 14, 1912. Today Arizona is known for its varied landscape, national parks, desert climate and the Grand Canyon. Arizona has recently been in the news due to its stringent and controversial policies on illegal immigration. 10 Geographic Facts About Arizona The first Europeans to explore the Arizona region were the Spanish in 1539. In the 1690s and early 1700s, several Spanish missions were established in the state and Spain established Tubac in 1752 and Tucson in 1775 as presidios. In 1812, when Mexico achieved its independence from Spain, Arizona became a part of Alta California. However with the Mexican-American War in 1847, the area of present-day Arizona was given up and it eventually became a part of the Territory of New Mexico.In 1863, Arizona became territory after New Mexico seceded from the Union two years earlier. The new Arizona Territory consisted of the western part of New Mexico.Throughout the rest of the 1800s and into the 1900s, Arizona began to grow as people moved into the area, including Mormon settlers who founded the cities of Mesa, Snowflake, Heber and Stafford. In 1912, Arizona became the 48th state to enter the Union.Following its entry into the Union, Arizona continued to grow and cotton farming and copper mini ng became the states two largest industries. After World War II, the state grew even more with the development of air conditioning and tourism to the states national parks also increased. In addition, retirement communities began to develop and today, the state is one of the most popular for people of retirement age on the West Coast. Today, Arizona is one of the fastest growing states in the U.S. and the Phoenix area alone has over four million residents. The total population of Arizona is hard to determine however because of its large number of illegal immigrants. Some estimates claim that illegal immigrants make up 7.9% of the states population.Arizona is considered one of the Four Corner states and it is best known for its desert landscape and highly varied topography. High mountains and plateaus cover more than half of the state and the Grand Canyon, which was carved over millions of years by the Colorado River, is a popular tourist destinations.Like its topography, Arizona also has a varied climate, though much of the state is considered desert with mild winters and very hot summers. Phoenix for instance has an average July high of 106.6ËšF (49.4ËšC) and a January average low of 44.8ËšF (7.1ËšC). By contrast, Arizonas higher elevations often have milder summers and very cold winters. Flagstaff for ex ample has a January average low of 15.3ËšF (-9.28ËšC) and a July average high of 97ËšF (36ËšC). Thunderstorms are also common throughout much of the state. Because of its desert landscape, Arizona mainly has vegetation that can be classified as xerophytes - these are plants like cactus that use little water. The mountain ranges however have forested areas and Arizona is home to the larges stand of Ponderosa pine trees in the world.In addition to the Grand Canyon and its desert landscape, Arizona is known as having one of the best preserved meteorite impact sites in the world. The Barringer Meteorite Crater is about 25 miles (40 km) west of Winslow, Az. and is almost one mile (1.6 km) wide and 570 feet (170 m) deep.Arizona is one state in the U.S. (along with Hawaii) that does not observe Daylight Saving Time.To learn more about Arizona, visit the states official website. SourceInfoplease.com. (n.d.). Arizona: History, Geography, Population and State Facts- Infoplease.com. Retrieved from: infoplease.com/ipa/A0108181.htmlWikipedia.com. (24 July 2010). Arizona - Wikipedia, the Free Encyclopedia. Retrieved from: http://en.wikipedia.org/wiki/Arizona

Beer in France Essay Example | Topics and Well Written Essays - 1000 words

Beer in France - Essay Example Denmark leads the continent with the highest number of alcohol users at 93% followed by Sweden and Netherlands at 90 and 88% respectively. On the other hand, the alcohol consumers were in Portugal at 58% with Italy and Hungary at 60% and 64% respectively, a trend that has remained intact since 2006 (Conibear, 32). Therefore, as the statistics above indicate, France is a moderate alcohol consumer, making it necessary for any marketers to understand beer or alcohol consumption trends in the country before implementing any marketing strategy. France portrays interesting dynamics with regard to beer and alcohol consumption at large. According to Conibear (34), there has been a drastic culture change in France, Italy and Spain about beer and alcohol consumption since the 1980s. Reports on beer consumption in France indicate an interesting trend with the average number of beer consumers decreasing significantly since the 1990s. For instance, Conibear (35) reports of a decline in the number of alcohol consumers above 15 years since the 1980s. The French beer consumption per capita in 1980 was 20, declining to 15.4 in 1990 and 14 by the year 2000 (Conibear 34). Age too is an influential factor with regard to beer intake across France. While 68% of persons above 50 years preferred wine, 29% of consumers between 14 and 29 years preferred beer, while port had more preference among women consumers (Conibear, 35). France is an average beer producer in Europe compared to other European countries. According to a beer statistics report, France produced 14,731,000 hectoliters of beer in 2009, 16,290,000 hectoliters and 15,910,000 hectoliters of beer in 2010 and 2011 respectively (Brewers of Europe, 4). The above figures indicate an average level production compared to Germany, which had over 95,000,000 hectoliters of beer in the three consecutive years. These data affirm that

Hexin Toy Co. Ltd Case Study Example | Topics and Well Written Essays - 2500 words

Hexin Toy Co. Ltd - Case Study Example Selling concept go through in this cycle, that is product to selling & promotion to profit through sales volume. Selling concept was characterized by a heavy reliance on promotional activity to sell the products, the firm wanted to make. The selling stage, unfortunately overly aggressive selling the "the hard sell"--- & unscrupulous tactics was also involved at a stage. 1.3 Product concept: The product concept holds that consumers will favor those products that offer the most quality, performance, or innovative features. Product also included persons, places, organization &ideas. As example; IBM PC they offer faster system, touch stone screen, ms dos operating system, first 3.5 inch floppy drive, 30%wholesale 40% margin, Hewlett- Packard discovers. This concept very the importance of product & the consumers needs & wants. Marketing Concept: The marketing concept is a simple but very important idea. The marketing concept means that an organization aims all its efforts at satisfying its customer -at a profit. Marketing concepts constitutes with four essential elements. Such as understanding customer's need, target market, profitability and above all integrated. Marketing concepts guides the whole company effort through developing long and short term marketing plan. 1.5 Societal Marketing Concept: The societal marketing concept holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer's and the society's well-being. The societal marketing concept calls upon marketers to build social and ethical considerations into their marketing practices.... The product concept holds that consumers will favor those products that offer the most quality, performance, or innovative features. The product also included persons, places, organization &ideas. As an example; IBM PC they offer faster system, touchstone screen, ms-dos operating system, first 3.5-inch floppy drive, 30%wholesale 40% margin, Hewlett- Packard discovers. This concept very the importance of product & the consumer's needs & wants. Marketing Concept: The marketing concept is a simple but very important idea. The marketing concept means that an organization aims all its efforts at satisfying its customer –at a profit. Marketing concepts constitute with four essential elements. Such as understanding customer’s need, target market, profitability and above all integrated.1.5 Societal Marketing Concept: The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desir ed satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being.The societal marketing concept calls upon marketers to build social and ethical considerations into their marketing practices. They must balance and juggle the often-conflicting criteria of company profits, the consumer wants satisfaction, and public interest yet a number of companies have achieved notable sales and profit gains by adopting and practicing the societal marketing concept.

Property Assessment Project Paper Research Example | Topics and Well Written Essays - 1500 words

Property Assessment Project - Research Paper Example t potential risks in a living area need to be carefully identified and the necessary steps taken to ensure that these threats are diminished or averted completely. Figure 1 contains an image of bottles that have not been given any labels. They have been placed at a strategic point, perhaps a table, for human use. Some of the bottles look similar in nature and have possibly been made out of the same materials. However, their contents differ depicting that they could indeed contain different items. These bottles contain something that is meant for human consumption. It is likely that various types of injuries could result if consumers gain access to such products. It is likely that should a consumer seek to consume these products, they could consume a potentially wrong product. There are consumers who are sensitive to certain products. This could be in the form of allergies, intolerances or simply aversions. Allergies could lead to potentially life threatening conditions such as anaphylaxis that require immediate medical attention. A consumer could have an allergy to some of the products used to design the items contained in these bottles making it potentially risky for them to consume (Grissinger, 2008). Intolerances and aversions can also lead to mild symptoms that could lead to mild irritation that could leave a completely bad taste in the consumers mouth. There are various regulations that have been stipulated as relates to food labeling. According to the United States Food and Drug Administration, it is imperative that food companies label their products with the exact ingredients that have been used to formulate their products. In addition, any product that has been developed using a set of stipulated allergens must be labeled appropriately. This ensures that consumers are aware of the products they are consuming beforehand (Grissinger, 2008). Failure to comply with these regulations could mean a law suit. People can seek damages against the food

Workplace Discriminations Research Paper Example | Topics and Well Written Essays - 6000 words

Workplace Discriminations - Research Paper Example Discriminations can occur both in direct and indirect forms. Workplace discriminations affect both the employer and employee in many ways. Employee may face immense damage to his mental health as a result of employment discriminations. Discriminated employee may not show many interests in working hard for the organization and therefore the productivity of the organization may come down. Moreover, workplace discrimination cases may destroy the image and brand value of the company in many ways. Many federal, state and local laws are prevailing in America in order to avoid workplace discriminations; however, these laws are not fully successful in avoiding discriminations at American workplaces. Employees and employers should work together to avoid discriminations at workplaces. This paper analyses various types of workplace discriminations, its effect on employees and employers, federal, state and local laws to prevent workplace discrimination etc. Workplace Discriminations Globalizatio n has brought too many changes in the business world, and exchange of workforce is one among them. Majority of the prominent organizations in the world are currently keeping an extremely diverse workforce to accommodate the true spirit of globalization. However, the cases of work discrimination are also growing day by day due to various reasons. â€Å"Discrimination means treating some people differently from others. It isn't always unlawful - some people are paid different wages depending on their status and skills†( Directgov, n.d. para. 1). It can be witnessed in organizational functions such as hiring, promotion, job assignment, termination, and compensation. In places where employment discrimination is strictly prohibited, it may appear in other different forms. Even though cultural differences among workers are one of the major reasons, there are many other reasons for workplace discriminations. Race, ethnicity, gender, stereotyping, or differences in religious beliefs, sexual orientation, marriage, pregnancy, disability, age etc can also cause workplace discrimination in one way or another. Workplace discrimination can affect the productivity and efficiency of an employee negatively. In other words, it can cause damage both to the employee and the employer. Team work is necessary for an organization to function efficiently and the cases of discrimination may spoil the team spirit among the employees. America is one of the most civilized and advanced countries in the world, in which secular democracy exists. However the cases of workplace discrimination are numerous in America compared to that in some other parts of the world. In America, all types of workplace discriminations are prohibited by federal, state and local laws. However, the cases of workplace discrimination are growing every day in America. Different types of workplace discriminations Based on the nature and type, workplace discrimination can be classified as direct discrimination, i ndirect discrimination, harassment and victimization. Direct Discrimination â€Å"Direct discrimination happens when an employer treats an employee less favorably than someone else. For example, it would be direct discrimination if a driving job was only open to male applicants† (Directgov, n.d. para. 3). It should be noted that driving requires many physical as well as mental skills and because of that many companies have the habit of avoiding placing females in such positions. However, if a female comes forward to take the responsibility of a driver, she should be allowed to do so if she has all the other required qualifications to excel in that position. Otherwise, such practices can be labeled as direct workplace discrimination. Since different communities are running different schools, the

Human Resource Management Essay Example | Topics and Well Written Essays - 1000 words - 4

Human Resource Management - Essay Example HRM Defined The concept of Human resource management, generally shortened to HRM or HR, pertains to managing the workforce in an organization. The HRM approach is accountable for attracting, selecting, training, assessing, and rewarding of employees, and supervising the culture and leadership of the business organization as well as guaranteeing adherence to the labor and employee laws at the same time. The practical definition of the term HRM has been provided by various business experts, practitioners and researchers, and one of it examines that human resource management â€Å"represents that part of an organisation’s activities which is concerned with the recruitment, development and management of its employees† (Wall and Wood, 2005, p. 430). Thus, we can assume from these descriptions that, the term is in wide use in the business organizations for the representation of the selection, recruitment, training and appraising practices. The practices of HRM, in theory, mig ht feel like an abstraction. However, in practice, the department is considered as one of the most significant and vital parts of the business organization. According to the researchers and management experts, HRM is a department which assists the business in the process of value creation with the help of a workforce which is managed in strategically. The function of HRM was initially made practical through the performance of transactional work which included the administration of benefits and payroll. However later, with the advent of technological advancement, globalization, further research, and company consolidation, the human resources now centre their focus on taking up the strategic initiatives such as industrial and labor relations, diversity and inclusion, acquisitions, mergers, succession planning, and talent management. History and Development The concept of HRM initially begun with the human relations movement that occurred in the earlier part of 20th century. The major reason for the happening of this movement was the introductions of lean manufacturing in the industry by Frederick Taylor. The widely known Taylorism, at that time, had coined the term "scientific management" which was founded upon struggling to enhance the economic efficiency in manufacturing sector of occupations. Taylor, ultimately initiated one of the various primary inputs, labor, which was utilized by all the business in running their manufacturing processes. This element sparked the researches and investigations into the concept of workforce productivity (Merkle, Judith, 1990). By the next few years, there existed sufficient theoretical evidences in order to enable the organizations undertake to change the landscape of businesses, and adopt HRM functions in the public policy in order to change the employer-employee relationship within the organizational framework. This subject was, then, made official with the term "industrial and labor relations". With the passage of time, t he evolution of the discipline of Human Resource Management continued and kept growing. In the second half of the 20th century, the memberships of unions in the organizations declined sharply, and in the meantime, the workforce management kept expanding on a continuous basis in order to influence its role in the business organizations and their activities. This was the time period when the term "Industrial and labor relations" started being utilized with specific reference to the

Governance and policy Essay Example | Topics and Well Written Essays - 1500 words

Governance and policy - Essay Example r administration in the UK adopted what can be called â€Å"supply side† economics, the cornerstone of which was reducing the tax rates for corporates with a view to encouraging them to produce more. The contention of this author is that the credit crunch of 2008 represents stresses that have been building up ever since the 1980’s and these are the result of the brand of economics and policies followed in the US and UK from that time onwards. As I point out in subsequent sections, the changes in the banking sector because of macro and micro factors led to the financial system being unstable. The fact that there were several crises, notably the Northern Rock, the Savings and Loans scandal along with the periodic instability that led to the Asian financial crisis of 1997 did not make it easy for the regulators as well. The credit crunch can be blamed on a combination of factors that include bad regulation, excessive speculation and a tendency towards risk taking that went beyond the acceptable levels. This tendencies were building up throughout the period starting in the 1980’s and reached their apogee in 2007 when the bubble burst with the fall in the housing market and consequent contraction of the economy. What exacerbated the situation was the spike in Oil prices in 2008 which meant that people had lesser money to spare for repaying their mortgages as the oil price increase pinched the wallets of the consumers (Rubin, 2009). Atkinson and Elliott point out: The modern era has been characterized by slower growth in average real incomes, higher levels of debt to maintain living standards, greater job insecurity and financial crises that have become more frequent and more far reaching. The only class that has benefited unambiguously from this new world order is that of the gods of greed (Elliot and Atkinson, 2008). To explain this point further, what has essentially happened is that there was excessive speculation that came from availability of easy credit and

Human Resource Management Essay Example | Topics and Well Written Essays - 1000 words - 4

Human Resource Management - Essay Example HRM Defined The concept of Human resource management, generally shortened to HRM or HR, pertains to managing the workforce in an organization. The HRM approach is accountable for attracting, selecting, training, assessing, and rewarding of employees, and supervising the culture and leadership of the business organization as well as guaranteeing adherence to the labor and employee laws at the same time. The practical definition of the term HRM has been provided by various business experts, practitioners and researchers, and one of it examines that human resource management â€Å"represents that part of an organisation’s activities which is concerned with the recruitment, development and management of its employees† (Wall and Wood, 2005, p. 430). Thus, we can assume from these descriptions that, the term is in wide use in the business organizations for the representation of the selection, recruitment, training and appraising practices. The practices of HRM, in theory, mig ht feel like an abstraction. However, in practice, the department is considered as one of the most significant and vital parts of the business organization. According to the researchers and management experts, HRM is a department which assists the business in the process of value creation with the help of a workforce which is managed in strategically. The function of HRM was initially made practical through the performance of transactional work which included the administration of benefits and payroll. However later, with the advent of technological advancement, globalization, further research, and company consolidation, the human resources now centre their focus on taking up the strategic initiatives such as industrial and labor relations, diversity and inclusion, acquisitions, mergers, succession planning, and talent management. History and Development The concept of HRM initially begun with the human relations movement that occurred in the earlier part of 20th century. The major reason for the happening of this movement was the introductions of lean manufacturing in the industry by Frederick Taylor. The widely known Taylorism, at that time, had coined the term "scientific management" which was founded upon struggling to enhance the economic efficiency in manufacturing sector of occupations. Taylor, ultimately initiated one of the various primary inputs, labor, which was utilized by all the business in running their manufacturing processes. This element sparked the researches and investigations into the concept of workforce productivity (Merkle, Judith, 1990). By the next few years, there existed sufficient theoretical evidences in order to enable the organizations undertake to change the landscape of businesses, and adopt HRM functions in the public policy in order to change the employer-employee relationship within the organizational framework. This subject was, then, made official with the term "industrial and labor relations". With the passage of time, t he evolution of the discipline of Human Resource Management continued and kept growing. In the second half of the 20th century, the memberships of unions in the organizations declined sharply, and in the meantime, the workforce management kept expanding on a continuous basis in order to influence its role in the business organizations and their activities. This was the time period when the term "Industrial and labor relations" started being utilized with specific reference to the

Fashion marketing 3750 Essay Example | Topics and Well Written Essays - 3750 words

Fashion marketing 3750 - Essay Example Introduction There are many theories and concepts that have been developed and applied to the field of marketing over time. This paper mainly focuses on the marketing mix although, at some point, it gives a reflection on other aspects of marketing. The main focus is with put on fashion marketing. People like fashion. Every human being wants to feel part of the present dispensation in terms of fashion. It is when the appropriate marketing strategies with the good mix is put in place that people get to understand what is new and fashionable thereby pushing them to go for the products. In the UK, clothing is the second largest retail sector. This is the sector that can be said to be the stronghold of fashion. It is where fashion begins. One can even say that this is where fashion ends. Therefore, when discussing fashion, clothing comes into mind. As such, these products have to be marketed adequately in order to inform the customers about them, how they can get them, where they can obta in them and at what price they are able to obtain them. The Marketing Concept Marketing is the analysis, planning, implementing and control of carefully devised programs designed to create voluntary exchanges of value with objective markets for the intent of achieving organizational goals. It is a managerial process which aims at achieving the objectives of any organization which wants to relate to its client in the most effective manner (Allen, McQuarrie, & Barr, 1998). This may be achieved by creating a high level of satisfaction in customers through improved budgets, buying better equipment, improving or renovating the building and by charging lower prices on products and services. Therefore, marketing in the field of fashion should be seen to be a deliberate attempt to bring about the said exchanges of value with clients in the field of fashion. Marketing is above advertising what services are offered. However, it is also a progression by which research is assembled to inform in stitutional objectives and the tactical actions required to attain those objectives. At one point, marketing was a concept that was completely unknown to the public sector, possibly because the term was directly related with thoughts of selling. New changes in the communal sector have sited a great deal of prominence on arms-length associations and trading or quasi-trading associations. The modifications have also permitted managers more freedom to choose where they should get the services they need, or if they should be service providers themselves. Hence marketing has developed into a more important issue (MacDaniel, 1998). It has become vital for bosses in the public sector to expand marketing skills so as to vend services and thoughts to their stakeholders, consumers, executives and staff. Managers have had to reason critically about how best to inform potential clients about the services that they can offer and how to make sure these services meet customer requirements. In the fashion sector, this has destined increased importance on service to the public, on ascertaining the needs and ensuring that those desires are met. These are all issues close to the hearts of marketing professionals. A lot of managers are finding themselves occupied with facets of marketing. Whereas, some will find it as a new experience that will be pleasant, depending on one’s personality and earlier experience. Marketing relies a lot on planning the

Common Ground on Child Beauty Pageants Essay Example for Free

Common Ground on Child Beauty Pageants Essay I’m sure you all have seen the TV show â€Å"Toddlers in Tiaras.† It is a show about young children competing in beauty pageants to win a place in a higher ranked pageant, money, and the ownership of a winning title. Many people think differently about the show and the pageants. Some are all for the pageants and some are against them. People who are against the pageants complain that they should be eliminated because they exploit children and place them in harm’s way. They claim because of major dangers; no one under the age of eighteen should be placed in a beauty pageant. The children who are in the pageants are dressed up in adult’s clothing, have piles of make up on, and are harming their bodies. They are harming their bodies by putting the make up on and tanning. By putting make up on at such young of an age, their face ages faster. By tanning, they begin to get that urge that some adults have to tan, which makes their skin age and have wrinkles early. It also puts them at the risk of having skin cancer at an early age. They say it also appeals the children to sexual predators. When a child is half naked on stage and sometimes on TV, these sexual predators see them and may even try to meet them. Sexual predators are only part of the problem. Studies show that every child who may benefit from the competition, hundreds of others suffer damage to their self-esteem and have warped self-vision of themselves and their bodies. Many times, they use JonBenet, a young child who competed in these pageants at the age of six. She was murdered in the basement of her home by a sexual predator. The suspect claimed he became aware of her by the pageants being on television. People who are for the pageants and the TV shows claim that it brings their children fame and confidence. When a child has worked hard on a routine and they get on stage and accomplish it, there is no better reward than the applause and praise from the audience and family. Some also say that the tanning and make up does not harm their skin, it just makes them feel prettier. Someone once told me that when a person looks at themselves in the mirror, and they have their hair and make-up done, they feel better about themselves. That is what many moms claim their children feel whenever they have their make-up done, outfits on, and hair done. Moms of pageant children say that when their child has worked hard, and they have their name called on stage for a winning title, there is no happier feeling. They have worked and accomplished their goal. Call it what you want, but people have their own opinions. Some people think pageants hurt a child, and some think they help a child. Both of them could be right, depending on the child’s standpoint. If a child’s dream is to be in pageants, I would let that child fulfill their dream. What would you do? Works Cited Page Hilboldt-Stolley, Lise. Pretty Babies. Good Housekeeping 228.2 (1999): 102. MasterFILE Premier. Web. 10 Dec. 2012.