Working Remotely The Pros and Cons of Remote Work

Working Remotely The Pros and Cons of Remote Work Working 9 to 5 When I worked in a â€Å"9 to 5† job as a legal services attorney, I used to stop at the gym on my way back from morning court dates. No one really knew at what time I was finished in court, and I always got my work done, staying late if necessary. So I never got in trouble for my liberties. And while I felt a little guilty about pushing the boundaries of my workday, overall I was happier. I could both keep my job and do other things that were important to me. What made me less happy was that I didn’t spend as much time as I wanted with my family, who lived in a different state. With just two or three weeks’ vacation, I did not have much flexibility. I would travel for short weekends, never feeling like I had enough time to spend with the people I loved. The Pleasures of Flex Time and Working Remotely Now that I am a business owner working from home, my flexible hours are a given. I make my own schedule (which includes  9:30am yoga classes). I can travel whenever I want, to anywhere I want, as long as there’s a phone and internet connection. Sure I work every day, but at least I get some changes of scenery. It would be hard for me to adjust now to a job that required me to be in an office for 9 hours a day, 5 days a week. A remote job, however, I could handle. Especially if it came with flex time and â€Å"unlimited vacation,† perks which many companies are starting to offer. I’m not alone in my sentiments. It turns out remote workers are happier and more productive, and feel more valued than non-remote employees. And a Harvard Business Review article cited a survey conducted by Fractl which found that â€Å"after health insurance, employees place the highest value on benefits †¦ such as flexible hours, more paid vacation time, and work-from-home options.  Not surprisingly, parents are the demographic most enthusiastic about flexible hours and work-life balance. They value these perks even more than health insurance when considering potential job offers! Remote Working Trends FlexJobs reports that 3.9 million U.S. employees work from home at least half of the time, more than double the number from 13 years ago. Interestingly, older workers (over 35) are more likely to telecommute than younger ones. Oh yes, I remember that up until age 35, I found it natural to go to an office and stay there all day! I must admit this data on rising remote work surprised me. I had recently heard about big companies like Yahoo, IBM, and Bank of America going in the opposite direction. They have called thousands of remote employees back into the office – resulting in widespread layoffs. The idea was that remote workers were not able to collaborate and participate in company culture to the extent these companies needed. There were also some situations where employees took inappropriate advantage of their right to work from home. Achieving Balance As with anything in life, balance – and communication – are key. Some companies, like Buffer and Basecamp, function well with fully remote teams. They have robust systems in place to ensure collaboration and communication. Other organizations do better having their employees in person, but allowing flexibility when, for instance, an employee’s child has a doctor’s appointment. And some positions at the same company can be better suited to remote work than others. I’m hearing from some clients that they have been working remotely in their current positions, but to advance to higher levels they need to be physically in the office. That makes sense to me. The benefits to employees of working remotely are clear, and so are the down-sides – like weaker relationships with colleagues, and the pull to procrastinate. Different personalities are suited to different levels of freedom. Benefits for Companies For companies, there are cost-saving benefits to leveraging remote workers. People who previously had to fly from across the globe for meetings, now can attend remotely with the same result. Software platforms (Zoom, Dropbox, GoogleDocs, Slack, etc.) make collaboration easy across continents, and new companies are springing up to take advantage of remote working trends. Remote workers’ productivity is also less affected by things like snow days (better for the company, perhaps, but maybe not as great for the worker who wants to go make snow people with the kids). One company, Kolabtree, predicts that by 2020, 50% of the U.S. workforce will be freelancing. I don’t know if that’s true, but I do think companies need to take care of their employees well and do whatever they can to keep workers happy. If given the right flexibility, even I would consider becoming an employee again! Are you considering working remotely and want help tailoring your resume or LinkedIn profile for the position? Contact us. Well be happy to help you focus your career documents for the job you want.

How to Format Block Quotations

How to Format Block Quotations How to Format Block Quotations How to Format Block Quotations By Mark Nichol A block quotation is a distinct body of type set off from the default text (also called the running text), usually distinguished by insertion of line spaces above and below and formatting of a narrower margin (and sometimes even type of a different point size or a distinct font). When reproducing written text from another source, consider setting the quoted material off from the rest of the content in a block quotation if it is more than a hundred words long. consists of more than one paragraph. is made up of a number of shorter passages (so that it would resemble an indented list without numbers or bullets). constitutes a letter or other correspondence, complete with salutation, signature, and the like, or another type of templated form. requires any special formatting. However, determine whether it might be better to simply paraphrase a long quotation in one or more normal paragraphs with perhaps some partial quotations when phrases should be reproduced verbatim. When the first line of each paragraph in the running text is indented, block quotations of a single paragraph, and the first of multiple paragraphs, are not indented, but subsequent ones should be. When paragraphs in running text are distinguished not by indentation but by line spaces, follow the same format in block quotations. If the block quotation is inserted in a framing paragraph that continues after the quotation, do not indent the first line of the rest of the paragraph. If paragraphs are set off by line spaces, a new paragraph that immediately follows a block quotation should be separated from the quotation by two line spaces so that the new paragraph is not mistaken for a continuation of the paragraph in which the quotation is inserted. When a block quotation is the continuation of an introductory sentence, use punctuation or capitalization (or a lack thereof) accordingly. In this case, the quotation is a continuation of the introduction, so no punctuation or capitalization is necessary: â€Å"The writer described the apparition as a tall, thin wraith of diaphanous constitution, as if made of smoke . . . .† (Note also that a block quotation is not enclosed in quotation marks; it is assumed that such an excerpt is quoted material.) If the first word of the quoted material had originally been capitalized (â€Å"A tall, thin wraith . . .†), silently correct it, as above; it’s not necessary to call attention to the change, as is sometimes done in specialized contexts (â€Å"[a] tall, thin wraith . . .†). A lead-in line consisting of a complete clause, and the first word of the following quotation, should be treated otherwise: â€Å"The writer described the apparition as follows: It was a tall, thin wraith of diaphanous constitution, as if made of smoke . . . .† The same rules hold for run-in quotations (those that are assimilated into the running text): â€Å"The sage says that ‘a fool and his money are soon parted.’† (Though the adage, standing alone, would begin with an uppercase a, it is part of the framing sentence here and must be lowercased; alternatively, you could write, â€Å"The sage says, ‘A fool and his money are soon parted.’†) If the writer wishes to amend or comment on a quotation, several strategies are available: To clarify that a typographical error is in the original, insert sic (Latin for â€Å"thus,† or â€Å"so,† and meaning â€Å"as originally published†), italicized and in brackets, after the offense. Take care, however, not to employ this term as a textual smirk, and if the quotation is full of unconventional, outdated, or variant spelling, an explanatory note before the quotation is preferable to a quotation repeatedly interrupted by [sic]. When you don’t need the entire quotation to illustrate a point, you may delete irrelevant passages and indicate the elision with ellipsis points. However, it is not necessary to precede or follow a passage with ellipses to indicate that you are not reproducing the entire text from which the excerpt is derived; the reader will assume this. If you must make comment or clarify a point, enclose the note in brackets, but be as concise as possible, or provide a longer explanatory note outside the quotation. If you wish to emphasize one or more words or phrases, follow the quotation with the parenthesized note â€Å"Italics added† or â€Å"Emphasis mine,† or vice versa. But a quotation with extant italicization should be treated differently: Insert the comment in brackets immediately following your emphasis. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:16 Substitutes for â€Å"Because† or â€Å"Because Of†How to Punctuate Descriptions of ColorsTitled versus Entitled

Eduaction Assignment Example | Topics and Well Written Essays - 1750 words

Eduaction - Assignment Example However, the data system is not a threat to traditional teaching styles. Traditional teachers have to be won over by impressing upon them the need to change over to the new system involving data which complements the traditional style by taking care of the important aspects of teaching that may not have been addressed by the traditional teacher. Involving digital data system enables getting hold of vast information on students in very short time without undue stress to the teacher and helps her arrange her teaching techniques in such a way that the less intelligent student is able to grasp the contents of what is being taught (McLeod, Dr Scott). Over a period of time, which may be quite short, the teaching community begins to settle down with the feelings that they are all right with their students. The good performance of the majority of the students in the periodical tests lull the teachers with the feelings that things are normal and they can continue teaching in their usual styles the students have become accustomed to. The current No Child Left Behind (NCLB) policy, however, demands stringent changes in the teaching standards to ensure no child gets left behind. The teachers have no option to update their skills with the latest standards and get whatever help available to ensure they get all the necessary assistance whenever needed to keep abreast the latest techniques. There are chances that teachers may not be able to keep in mind all the features of the latest techniques. Hence, it is essential that they have access to the digital data system for which they have to be initially trained (McLeod, Dr Scott). The data system demands a change in the entire method of teaching. It is result-oriented. "Schools and districts across the country are seeing substantial improvements in student learning and achievement as they incorporate data-driven practices. Teachers in these schools are finding that intelligent and pervasive use of data can improve their instructional interventions for students, re-energize their enthusiasm for teaching, and increase their feelings of professional fulfillment and job satisfaction" (McLeod, Dr Scott). Data-driven system of teaching is not optional. It is becoming mandatory quite fast. Therefore, it is necessary for teachers seriously contemplating to continue as teachers to get accustomed to this system of teaching. Actually, data-driven style of teaching is quite simple if teachers get accustomed to it. The problem is in the mind that anything other than teaching in the traditional way is cumbersome and difficult to comprehend. Initiates procedures and influences teachers to improve instruction inter-visitation and self-analysis techniques Educational institutions now initiate procedures to improve instructions, inter-visitations and self-analysis

Cultural analysis Essay Example | Topics and Well Written Essays - 500 words

Cultural analysis - Essay Example The usage declines as the age moves closer to forty. Psychographic: The attitude in the society is highly consumer oriented. People use credit to try and buy things that they cannot even afford. The high part culture makes the country a ready market for cosmetics items. Moreover highly nuclear families ensure that people like spending money on themselves. Women use cosmetics regularly and try to buy the most expensive items possible. The drive for organic products is increasing rapidly in United States. The purchases of organic products however are more common in women above the ages of 30 years (Advanstar, 2010). The females below 30 years are more focused on purchasing items which satisfy their aesthetic needs. Behavior: The organic nail polish according to the interviewed person is mostly used by the mature women belonging to rich families. This is because the prices of organic products are much high as compared to normal ones (Schiffman & Kanuk, 2002). Purchases are made usually from shops rather than online as women prefer to test items before making

Turbines Case Essay Example for Free

Turbines Case Essay Definition and historical background Claude Burdin (1788–1873) was the very first person to use the word turbine. The word came from the Latin term turbo/turbines, which means a â€Å"whirling† or a â€Å"vortex.† Burdin used the term to describe the subject matter of an engineering competition being held during that time for a water power source. It would be an oversimplification to describe turbine as a rotating machine that is used to derive power or electricity from the water; a common water wheel may not immediately or necessarily be a turbine, but it definitely is a rotating machine. A more precise definition of a turbine is that it is a machine â€Å"in which the water moves relatively to the surfaces of the machine, as distinguished from machines in which such motion is secondary, as with a cylinder and piston† (Daugherty and Franzini 1965, 213–214). More broadly, to include other types of turbine, it is one of those devices or machines that is being used to channel or convert energy from a stream of fluid (liquid or gas) into mechanical energy which would eventually be used to generate electrical energy, or to support or augment another utility/device. This is done as the stream passes through a system of fixed and moving fanlike blades which causes the latter to rotate. This device (turbine) looks like a large (and sometimes small) wheel with small radiating blades around its rim. The four general classes of turbines are water or hydraulic, wind, steam, and gas turbines. Water or hydraulic, wind, and steam turbines are generally used for the generation of electricity; while the remaining one, gas turbines, is mostly being used in aircrafts (Britannica Concise Encyclopedia 2006). The principal components of simple turbines are the rotor, which in most if not all cases has blades projecting radially from the center to its periphery; the nozzles, where the working jet of fluid is directed and expanded; and blades, where the conversion of kinetic to mechanical energy takes place. Theoretical and operating principles Potential and kinetic energy both exist in a working fluid, which could be compressible or incompressible. Turbines collect this available energy by utilizing any or both of these physical principles: impulse turbines and reaction turbines. Impulse turbines change the direction of flow of a given high velocity fluid jet. The impulse, as a result of this, causes the turbine to spin or rotate, diminishing the kinetic energy of the fluid flow as this is absorbed by the device. In the case of flowing water, it comes available in purely mechanical form (water in nature is one of the most useful and efficient sources of kinetic energy). Scientific calculations show that 1 cubic meter of water can actually produce 9.8 kilojoules of pure mechanical energy for every meter that the volume of water descends. In the same way, a flow of the same volume of water for every second in a fall of 1 meter can provide 9.8 kilowatts, or 13 horsepower. Hydraulic turbines efficiency is estimated at approximately 1, meaning, almost all energy is available or utilized. This kinetic/mechanical energy can be converted to electrical energy with an efficiency of more than 95.0% (Calvert 2004). To get this much power from water, it should be extracted as it is lowered in elevation. The current in a stream, of course, is obvious. This flow comes from the open-channel movement or flow of water as influenced by gravitational forces. Simply put, holding a paddle-wheel in the stream of water will result to the paddle-wheel being rotated and from this outcome, power can be extracted (mechanical energy or electrical energy). This is an example of elementary impulse turbine, a machine acted upon by the impulse or force of moving or flowing water (Calvert 2004). In the case of reaction turbines, torque is developed as a result of fluids pressure or weight. The fluids pressure changes as it goes through the rotor blades of the turbine. There should be a pressure casement so as to contain and maintain the energy of the working fluid as it acts on the turbine stage(s). If there would be no pressure casement, the turbine must be immersed in the fluid flow, such as in the case of wind turbines. It is the casing that directs and contains the working fluid. In the case of water turbines, it maintains the suction which is imparted by the draft tube (Calvert 2004). A simple but very good example for this principle is the lawn sprinkler. In contrast to the impulse turbine, where the pressure change took place in the nozzle, the pressure change in reaction turbines occurs in the runner itself. This happens at the time that the force is exerted, hence, a reaction. Looking at the example of sprinkler, its duty is to spread water coming from it; the resulting energy from the turbine serves to move (rotate) the sprinkler head. Water flows from the center of the sprinkler going radially outward. Water under pressure comes from the center, and then jets of water that can possibly cover the area go out to the ends of the arms of the sprinkler at zero gauge pressure. The significant decrease in pressure takes place in the sprinklers arms. The water is projected at a certain angle to the radius, but it should be noted that the water from a working sprinkler actually moves along a defined radius. The jets of water do not impinge on a runner; but rather, they leave the runner, and this momentum is not converted into force, as opposed to an impulse turbine. The force residing on the runner reacts to the creation of the momentum, hence, the principle itself, reaction turbine (Calvert 2004). In any case, there is no restriction, as far as laws of physics are concerned, for any machine to utilize both principles. Many machines or devices use both of these principles as it is more efficient for the machine to be that way. Different kinds of turbines There are different kinds of turbines used in modern period: the water or hydraulic, steam, gas, and wind turbines. There are other types but these four are the most common and are usually the bases of any other turbines. Hydroelectric power stations utilize water, or hydraulic, turbine to drive their electric generators. Wisconsin, in 1882, witnessed the first of this kind of turbines. The processes taking place in a hydraulic turbine is simple: falling water hits a set of buckets or blades connected to a shaft. This impact will cause the shaft to rotate and move the rotors of the generator. The most common kinds of hydraulic turbine are the Francis turbine, Pelton wheel, and the Kaplan turbine. Two engineers, Sir Charles A. Parsons and Carl G. P. de Laval (of Great Britain and Sweden, respectively), pioneered the building of hydraulic turbines during the late 19th century. Continual developments and improvements of basic machines made hydraulic turbines to be the main power sources utilized to drive most large electric generators (Reynolds 1970). Another kind of turbine is the steam turbine. This is typically consist of conical steel shell that encloses a central shaft wherein a set of bladed disks are placed like washers. These blades are bent and extend outward (radially) from the edge of each disk. Some steam turbines have shafts that are surrounded by a drum wherein the rows of blades are attached. In between each pair of disks, there is a row of stationary vanes that are attached to the steel shell. These extend radially inward. Each set of vanes together with the bladed disk immediately situated/placed beside it constitutes one stage of the steam turbine. Most steam turbines have multistage engines (Columbia Electronic Encyclopedia [Online edition], 2007). Steam turbines are used mostly for electricity generation in thermal power plants, (i.e., plants using fuel oil or coal, or nuclear power). Steam turbines were once used to drive mechanical devices such as in the case of ships propellers. However, most such applications now utilize an intermediate electrical step or reduction gears. Gas turbines are now used mostly for aircraft engines. But there are still some gas turbines being used to drive electric generators (i.e., in an electric–gas turbine locomotive) as well as high-speed tools. The essential components of a gas turbine are (a) compressor, (b) combustion chamber, and (c) turbine that somehow resembles that of a steam turbine (refer to the description in the previous paragraph). The compressor is driven by the turbine, and then provides high-pressure air into the combustion chamber. In this chamber, the high-pressure air is mixed with a fuel and then burned. This makes the high-pressure gas(es) drive the turbine, with the same gas(es) expanding until their pressure decreases and reaches atmospheric pressure (Columbia Electronic Encyclopedia [Online edition], 2007). The last kind of turbine is the wind turbine, which as the name suggests converts the kinetic energy coming from the wind into mechanical and/or electrical energy. If the resulting mechanical energy is directly used by a nearby or even attached machinery (e.g., pump or grinding stones), the turbine device is usually referred to as a windmill. But if this mechanical energy is used to generate electricity, then, the device is called a wind turbine, wind generator, or wind energy converter (WEC; Reynolds 1970). Wind turbines can be three-bladed, two-bladed, or even one-bladed (counterbalanced). Computer-controlled motors point them to the direction of the winds. Danish turbine manufacturers have utilized the three-bladed turbine type. This type of wind turbine has high tip speeds (even reaching up to 6 times the speed of the wind), low torque ripple, and high efficiency, which contributes to the overall good reliability. This type of turbine is the one that is being commercially used to generate electricity. In many cases, the blades are colored in such a way that it blends with the clouds. The length of these blades usually ranges from 20 to 40 meters (or about 70 to 100 feet) or more, while the height is about 200 to 295 feet. Contemporary wind turbine models rotate at a speed of 16.6 rpm (revolution per minute). As a safety precaution to avoid overspeed damage, most wind turbines are equipped with automatic shutdown features during strong winds (Reynolds 1970; Wikipedia, The Free Encyclopedia 2007). There are other kinds of turbines, albeit fewer and smaller ones, in existence. These are the transonic turbines, contra-rotating turbines, statorless turbines, ceramic turbines, and shroudless turbine. Other uses of turbines Almost all electrical energy being used on Earth is generated with any one of the turbines discussed. Turbines with high efficiency can harness approximately 40% of the produced thermal energy, with the rest of the output exhausted as waste heat. Turbines are being utilized by most jet engines to provide mechanical energy from their fuel and working fluid as do most, if not all, power plants and nuclear ships. Reciprocating piston engines (like those found in aircraft engines) can utilize a turbine to drive an intake-air compressor. This configuration is known as the turbocharger (or turbine supercharger) or more colloquially known as â€Å"turbo.† Most turbines are capable of having very high power density the ratio of power to volume, or power to weight. This is due to their ability to function at extremely high speeds (Wikipedia, The Free Encyclopedia 2007). As of yet, no one has established any limitation for this invention of humankind. And with enough research and development, the present capability of these machines can even yield astonishing achievements. Woks Cited Calvert, J. B. â€Å"Turbines.† Date accessed: November 29, 2007 (http://mysite.du.edu/~jcalvert/tech/fluids/turbine.htm). Daugherty, R. L., and J. B. Franzini. Fluid Mechanics. 6th ed. New York: McGraw-Hill, 1965. Reynolds, J. Windmills and Watermills. New York: Praeger, 1970. Strandh, S. A History of the Machine. New York: AW Publishers, 1979. â€Å"Turbine.† Britannica Concise Encyclopedia. Encyclopedia Britannica, Inc., 2006. Date accessed: November 29, 2007 (http://www.answers.com/topic/turbine). â€Å"Turbine.† The Columbia Electronic Encyclopedia. 6th ed. Columbia University Press, 2003. Date accessed: November 29, 2007 (http://www.answers.com/topic/turbine). â€Å"Wind turbine.† Wikipedia, The Free Encyclopedia. Wikimedia Foundation, Inc. Date accessed: November 29, 2007 (http://en.wikipedia.org/w/index.php?title=Wind_turbineoldid=173495357).

Harry Potter and the Prisoner of Azkaban :: Harry Potter and the Prisoner of Azkaban

Harry Potter and the Prisoner of Azkaban - Summary and Evaluation Summary: The book â€Å"Harry Potter and the Prisoner of Azkaban† is the third book in the series about Harry Potter. In this book, Harry is in his third year at Hogwarts School for Witchcraft and Wizardry. The Prisoner of Azkaban in this book is Sirius Black, who everyone believes is responsible for killing 13 muggles (non-wizards). They also believe he told Voldemort where Lilly and James Potter were hiding. Azkaban is a prison where evil wizards are jailed. At the beginning of the book, Sirius escapes from Azkaban. At Hogwarts, there is a worry that Sirius will come after Harry. There are guards posted around the school. The guards are called Dementors, which are not human, and they feed off human souls and energy. The Dementors have a strange effect on Harry, which makes him blank out and hear his mother’s dying words. Professor Lupin helps Harry create a Patroness to help fight off the effects of the Dementors. While all this is happening, Harry is training for the Quiddich cup championship at school. Harry sees Crookshanks, the cat, wandering around with a big black dog during the night. It turns out that Sirius is an animongous, disguised as the big black dog. After many twists and turns in the story, Sirius ends up meeting Harry. Sirius is really not bad and it is Peter Pettigrew (the rat) that did all the bad things. Sirius and Harry become friends but Pettigrew gets away. Dumbledore, the head of the school, decides that Dementors will never be at the school again because they tried to attack two students. Of course, Harry’s team also wins the Quiddich championship! †¦Ã¢â‚¬ ¦ 'The Worst Birthday' ---  Ã‚  Ã‚  Ã‚  Ã‚  Before you start reading the book (and if you've read the previous book!) get the children to make a list of all the important things that happened in the first book that they think the reader will need to know in order to understand and enjoy the second book. Which information is the most important? Which information could the reader manage without? Make a checklist and tick off the information as you read through the second book and as J.K. Rowling mentions it. (GP)   Ã‚  Ã‚  Ã‚  Ã‚  Get the children to write an 'Introduction to Harry Potter' -> the intended audience is a person who hasn't read the first book and wants to understand what all the fuss is about before reading the second book. Harry Potter and the Prisoner of Azkaban :: Harry Potter and the Prisoner of Azkaban Harry Potter and the Prisoner of Azkaban - Summary and Evaluation Summary: The book â€Å"Harry Potter and the Prisoner of Azkaban† is the third book in the series about Harry Potter. In this book, Harry is in his third year at Hogwarts School for Witchcraft and Wizardry. The Prisoner of Azkaban in this book is Sirius Black, who everyone believes is responsible for killing 13 muggles (non-wizards). They also believe he told Voldemort where Lilly and James Potter were hiding. Azkaban is a prison where evil wizards are jailed. At the beginning of the book, Sirius escapes from Azkaban. At Hogwarts, there is a worry that Sirius will come after Harry. There are guards posted around the school. The guards are called Dementors, which are not human, and they feed off human souls and energy. The Dementors have a strange effect on Harry, which makes him blank out and hear his mother’s dying words. Professor Lupin helps Harry create a Patroness to help fight off the effects of the Dementors. While all this is happening, Harry is training for the Quiddich cup championship at school. Harry sees Crookshanks, the cat, wandering around with a big black dog during the night. It turns out that Sirius is an animongous, disguised as the big black dog. After many twists and turns in the story, Sirius ends up meeting Harry. Sirius is really not bad and it is Peter Pettigrew (the rat) that did all the bad things. Sirius and Harry become friends but Pettigrew gets away. Dumbledore, the head of the school, decides that Dementors will never be at the school again because they tried to attack two students. Of course, Harry’s team also wins the Quiddich championship! †¦Ã¢â‚¬ ¦ 'The Worst Birthday' ---  Ã‚  Ã‚  Ã‚  Ã‚  Before you start reading the book (and if you've read the previous book!) get the children to make a list of all the important things that happened in the first book that they think the reader will need to know in order to understand and enjoy the second book. Which information is the most important? Which information could the reader manage without? Make a checklist and tick off the information as you read through the second book and as J.K. Rowling mentions it. (GP)   Ã‚  Ã‚  Ã‚  Ã‚  Get the children to write an 'Introduction to Harry Potter' -> the intended audience is a person who hasn't read the first book and wants to understand what all the fuss is about before reading the second book.

Bond and Market Capitalization Rate

330-s2013-prac9 1. An American put option gives its holder the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price only at the expiration date C. sell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 2. An American call option gives the buyer the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price only at the expiration date C. ell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 3. A European call option gives the buyer the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price on ly at the expiration date C. sell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 4. You purchase one IBM July 120 call contract for a premium of $5.You hold the option until the expiration date when IBM stock sells for $123 per share. You will realize a ______ on the investment. A. $200 profit B. $200 loss C. $300 profit D. $300 loss 5. At contract maturity the value of a call option is ___________ where X equals the option's strike price and ST is the stock price at contract expiration. A. Max(0, ST – X) B. Min(0, ST – X) C. Max(0, X – ST) D. Min(0, X – ST) 1 1. C 2. A 3. B 4. B 5. A Long Call Profit = Max[0,($123 – $120)(100)] – $500 = -$200 1. A firm that has an ROE of 12% is considering cutting its dividend payout.The stockholders of the firm desire a dividend yield of 4% and a capital gain yield of 9%. Given this information which of the following statement(s) is/are correct? I. All else equal the firm's growth rate will accelerate after the payout change II. All else equal the firm's stock price will go up after the payout change III. All else equal the firm's P/E ratio will increase after the payout change A. I onlyB. I and II onlyC. II and III onlyD. I, II and III 2. A firm cuts its dividend payout ratio. As a result you know that the firm's _______. A. return on assets will increaseB. arnings retention ratio will increase C. earnings growth rate will fallD. stock price will fall 3. An underpriced stock provides an expected return which is ____________ the required return based on the capital asset pricing model (CAPM). A. less thanB. equal toC. greater thanD. greater than or equal to 4. Stockholders of Dog's R Us Pet Supply expect a 12% rate of return on their stock. Management has consistently been generating a ROE of 15% over the last 5 years but now believes that ROE will be 12% for the next five year s. Given this the firm's optimal dividend payout ratio is now ______.A. 0%B. 100%C. between 0% and 50%D. between 50% and 100% 5. The constant growth dividend discount model (DDM) can be used only when the ___________. A. growth rate is less than or equal to the required returnB. growth rate is greater than or equal to the required return C. growth rate is less than the required returnD. growth rate is greater than the required return 6. Suppose that in 2009 the expected dividends of the stocks in a broad market index equaled $240 million when the discount rate was 8% and the expected growth rate of the dividends equaled 6%.Using the constant growth formula for valuation, if interest rates increase to 9% the value of the market will change by _____. A. -10%B. -20%C. -25%D. -33% 7. You are considering acquiring a common share of Sahali Shopping Center Corporation that you would like to hold for one year. You expect to receive both $1. 25 in dividends and $35 from the sale of the share at the end of the year. The maximum price you would pay for a share today is __________ if you wanted to earn a 12% return. A. $31. 25B. $32. 37C. $38. 47D. $41. 32 8. Eagle Brand Arrowheads has expected earnings of $1. 5 per share and a market capitalization rate of 12%. Earnings are expected to grow at 5% per year indefinitely. The firm has a 40% plowback ratio. By how much does the firm's ROE exceed the market capitalization rate? A. 0. 5%B. 1. 0%C. 1. 5%D. 2. 0% 9. A preferred share of Coquihalla Corporation will pay a dividend of $8. 00 in the upcoming year, and every year thereafter, i. e. , dividends are not expected to grow. You require a return of 7% on this stock. Using the constant growth DDM to calculate the intrinsic value, a preferred share of Coquihalla Corporation is worth _________. A. $13. 50B. $45. 50C. $91. 0D. $114. 29 10. Brevik Builders has an expected ROE of 25%. Its dividend growth rate will be __________ if it follows a policy of paying 30% of earning in t he form of dividends. A. 5. 0%B. 15. 0%C. 17. 5%D. 45. 0% 11. Cache Creek Manufacturing Company is expected to pay a dividend of $3. 36 in the upcoming year. Dividends are expected to grow at 8% per year. The riskfree rate of return is 4% and the expected return on the market portfolio is 14%. Investors use the CAPM to compute the market capitalization rate, and the constant growth DDM to determine the value of the stock. The stock's current price is $84. 0. Using the constant growth DDM, the market capitalization rate is _________. A. 9%B. 12%C. 14%D. 18% 12. Ace Ventura, Inc. has expected earnings of $5 per share for next year. The firm's ROE is 15% and its earnings retention ratio is 40%. If the firm's market capitalization rate is 10%, what is the present value of its growth opportunities? A. $25B. $50C. $75D. $100 13. Flanders, Inc. has expected earnings of $4 per share for next year. The firm's ROE is 8% and its earnings retention ratio is 40%. If the firm's market capitalizat ion rate is 15%, what is the present value of its growth opportunities?A. -$6. 33B. $0C. $20. 34D. $26. 67 14. Cache Creek Manufacturing Company is expected to pay a dividend of $4. 20 in the upcoming year. Dividends are expected to grow at the rate of 8% per year. The riskfree rate of return is 4% and the expected return on the market portfolio is 14%. Investors use the CAPM to compute the market capitalization rate on the stock, and the constant growth DDM to determine the intrinsic value of the stock. The stock is trading in the market today at $84. 00. Using the constant growth DDM and the CAPM, the beta of the stock is _________. A. 1. 4B. 0. 9C. 0. 8D. 0. 5 15.Westsyde Tool Company is expected to pay a dividend of $2. 00 in the upcoming year. The risk-free rate of return is 6% and the expected return on the market portfolio is 12%. Analysts expect the price of Westsyde Tool Company shares to be $29 a year from now. The beta of Westsyde Tool Company's stock is 1. 20. Using a on eperiod valuation model, the intrinsic value of Westsyde Tool Company stock today is _________. A. $24. 29B. $27. 39C. $31. 13D. $34. 52 16. Todd Mountain development Corporation is expected to pay a dividend of $2. 50 in the upcoming year. Dividends are expected to grow at the rate of 8% per year.The risk-free rate of return is 5% and the expected return on the market portfolio is 12%. The stock of Todd Mountain Development Corporation has a beta of 0. 75. Using the CAPM, the return you should require on the stock is _________. A. 7. 25%B. 10. 25%C. 14. 75%D. 21. 00% 17. Interior Airline is expected to pay a dividend of $3 in the upcoming year. Dividends are expected to grow at the rate of 10% per year. The risk-free rate of return is 4% and the expected return on the market portfolio is 13%. The stock of Interior Airline has a beta of 4. 00. Using the constant growth DDM, the intrinsic value of the stock is _________.A. $10. 00B. $22. 73C. $27. 78D. $41. 67 18. Everything equal, w hich variable is negatively related to intrinsic value of a company? A. D1B. D0C. gD. k 19. A common stock pays an annual dividend per share of $1. 80. The risk-free rate is 5 percent and the risk premium for this stock is 4 percent. If the annual dividend is expected to remain at $1. 80 per share, what is the value of the stock? A. $17. 78B. $20. 00C. $40. 00D. None of the above 20. A stock is priced at $45 per share. The stock has earnings per share of $3. 00 and a market capitalization rate of 14%. What is the stock's PVGO?A. $23. 57B. $15. 00C. $19. 78D. $21. 34 21. If a firm has a free cash flow equal to $50 million and that cash flow is expected to grow at 3% forever, what is the total firm value given a WACC of 9. 5%? A. $679 millionB. $715 millionC. $769 millionD. $803 million 22. Next year's earnings are estimated to be $5. 00. The company plans to reinvest 20% of its earnings at 15%. If the cost of equity is 9%, what is the present value of growth opportunities? A. $9. 09B . $10. 10C. $11. 11D. $12. 21 1. A2. B3. C4. B5. C6. D7. B8. A9. D10. C11. B12. A13. A14. B15. B16. B17. A18. D19. B20. A21. C22.C 1. Consider two bonds, A and B. Both bonds presently are selling at their par value of $1,000. Each pay interest of $120 annually. Bond A will mature in 5 years while bond B will mature in 6 years. If the yields to maturity on the two bonds change from 12% to 14%, _________. A. both bonds will increase in value but bond A will increase more than bond B B. both bonds will increase in value but bond B will increase more than bond A C. both bonds will decrease in value but bond A will decrease more than bond B D. both bonds will decrease in value but bond B will decrease more than bond A 2.Everything else equal the __________ the maturity of a bond and the __________ the coupon the greater the sensitivity of the bond's price to interest rate changes. A. longer; higher B. longer; lower C. shorter; higher D. shorter; lower 3. A __________ bond is a bond where the issuer has an option to retire the bond before maturity at a specific price after a specific date. A. callable B. coupon C. puttable D. treasury 4. In an era of particularly low interest rates, which of the following bonds is most likely to be called? A. Zero coupon bonds B. Coupon bonds selling at a discount C. Coupon bonds selling at a premium D.Floating rate bonds 5. A coupon bond which pays interest of 4% annually, has a par value of $1,000, matures in 5 years, and is selling today at $785. The actual yield to maturity on this bond is _________. A. 7. 2% B. 8. 8% C. 9. 1% D. 9. 6% 6. A coupon bond which pays interest of $60 annually, has a par value of $1,000, matures in 5 years, and is selling today at a $75. 25 discount from par value. The current yield on this bond is _________. A. 6. 00% B. 6. 49% C. 6. 73% D. 7. 00% 7. A coupon bond which pays interest semi-annually has a par value of $1,000, matures in 8 years, and has a yield to maturity of 6%.If the coupon rate is 7 %, the intrinsic value of the bond today will be __________ (to the nearest dollar). A. $1,000 B. $1,063 C. $1,081 D. $1,100 8. A treasury bond due in one year has a yield of 6. 3% while a treasury bond due in 5 years has a yield of 8. 8%. A bond due in 5 years issued by High Country Marketing Corporation has a yield of 9. 6% while a bond due in one year issued by High Country Marketing Corporation has a yield of 6. 8%. The default risk premiums on the one-year and 5-year bonds issued by High Country Marketing Corp. are respectively __________ and _________. A. 0. 4%, 0. 3% B. 0. 4%, 0. % C. 0. 5%, 0. 5% D. 0. 5%, 0. 8% 9. A zero-coupon bond has a yield to maturity of 5% and a par value of $1,000. If the bond matures in 16 years, it should sell for a price of __________ today. A. $458. 00 B. $641. 00 C. $789. 00 D. $1,100. 00 10. You can be sure that a bond will sell at a premium to par when _________. A. its coupon rate is greater than its yield to maturity B. its coupon rate is le ss than its yield to maturity C. its coupon rate equal to its yield to maturity D. its coupon rate is less than its conversion value 11. Consider a 7-year bond with a 9% coupon and a yield to maturity of 12%.If interest rates remain constant, one year from now the price of this bond will be _________. A. higher B. lower C. the same D. indeterminate 12. The yield to maturity on a bond is ________. I. above the coupon rate when the bond sells at a discount, and below the coupon rate when the bond sells at a premium II. the discount rate that will set the present value of the payments equal to the bond price III. equal to the true compound return on investment only if all interest payments received are reinvested at the yield to maturity A. I only B. II only C. I and II only D. I, II and III 13.Assuming semiannual compounding, a 20-year zero coupon bond with a par value of $1,000 and a required return of 12% would be priced at _________. A. $97 B. $104 C. $364 D. $732 14. The yield to maturity of an 10-year zero coupon bond, with a par value of $1,000 and a market price of $625, is _____. A. 4. 8% B. 6. 1% C. 7. 7% D. 10. 4% 15. If the quote for a Treasury bond is listed in the newspaper as 98:09 bid, 98:13 ask, the actual price for you to purchase this bond given a $10,000 par value is _____________. A. $9,828. 12 B. $9,809. 38 C. $9,840. 62 D. $9,813. 42 16. The price on a treasury bond is 104:21 with a yield to maturity of 3. 5%. The price on a comparable maturity corporate bond is 103:11 with a yield to maturity of 4. 59%. What is the approximate percentage value of the credit risk of the corporate bond? A. 1. 14% B. 3. 45% C. 4. 59% D. 8. 04% 17. You buy an 8 year $1000 par value bond today that has a 6% yield and a 6% annual payment coupon. In one year promised yields have risen to 7%. Your one year holding period return was ___. A. 0. 61% B. -5. 39% C. 1. 28% D. -3. 25% 18. If the coupon rate on a bond is 4. 50% and the bond is selling at a premium, which of the following is the most likely yield to maturity on the bond?A. 4. 30% B. 4. 50% C. 5. 20% D. 5. 50% 19. All other things equal, which of the following has the longest duration? A. A 30 year bond with a 10% coupon B. A 20 year bond with a 9% coupon C. A 20 year bond with a 7% coupon D. A 10 year zero coupon bond 20. All other things equal, which of the following has the shortest duration? A. A 30 year bond with a 10% coupon B. A 20 year bond with a 9% coupon C. A 20 year bond with a 7% coupon D. A 10 year zero coupon bond 21. (Challenge question) A pension fund must pay out $1 million next year, $2 million the following year and then $3 million the year after that.If the discount rate is 8% what is the duration of this set of payments? A. 2. 00 years B. 2. 15 years C. 2. 29 years D. 2. 53 years 22. All other things equal, which of the following has the longest duration? A. A 20 year bond with a 10% coupon yielding 10% B. A 20 year bond with a 10% coupon yielding 11% C. A 20 yea r zero coupon bond yielding 10% D. A 20 year zero coupon bond yielding 11% 23. Because of convexity, when interest rates change the actual bond price will ____________ the bond price predicted by duration. A. always be higher than B. sometimes be higher than C. always be lower than D. ometimes be lower than 24. Duration is a concept that is useful in assessing a bond's _________. A. credit risk B. liquidity risk C. price volatility D. convexity risk 25. A pension fund has an average duration of its liabilities equal to 15 years. The fund is looking at 5 year maturity zero coupon bonds and 4% yield perpetuities to immunize its interest rate risk. How much of its portfolio should it allocate to the zero coupon bonds to immunize if there are no other assets funding the plan? A. 52% B. 48% C. 33% D. 25% 26. You own a bond that has a duration of 6 years. Interest rates are urrently 7% but you believe the Fed is about to increase interest rates by 25 basis points. Your predicted price cha nge on this bond is ________. A. +1. 40% B. -1. 40% C. -2. 51% D. +2. 51% 27. A bank has an average duration of its liabilities equal to 2 years. The bank's average duration of its assets is 3. 5 years. The bank's market value of equity is at risk if _______________________. A. interest rates fall B. credit spreads fall C. interest rates rise D. the price of all fixed income securities rises 28. Banks and other financial institutions can best manage interest rate risk by _____________. A. aximizing the duration of assets and minimizing the duration of liabilities B. minimizing the duration of assets and maximizing the duration of liabilities C. matching the durations of their assets and liabilities D. matching the maturities of their assets and liabilities 29. The duration of a portfolio of bonds can be calculated as _______________. A. the coupon weighted average of the durations of the individual bonds in the portfolio B. the yield weighted average of the durations of the individu al bonds in the portfolio C. the value weighed average of the durations of the individual bonds in the portfolio D. verages of the durations of the longest and shortest duration bonds in the portfolio 30. Rank the interest sensitivity of the following from most sensitive to an interest rate change to the least sensitive. I. 8% coupon, noncallable 20 year maturity, par bond II. 9% coupon, currently callable 20 year maturity, premium bond III. Zero coupon, 30 year maturity bond A. I, II, III B. II, III, I C. III, I, II D. III, II, I 31. A bank has $50 million in assets, $47 million in liabilities and $3 million in shareholders' equity. If the duration of its liabilities are 1. and the bank wants to immunize its net worth against interest rate risk and thus set the duration of equity equal to zero, it should select assets with an average duration of _________. A. 1. 22 B. 1. 50 C. 1. 60 D. 2. 00 A bond pays annual interest. Its coupon rate is 9%. Its value at maturity is $1,000. It mat ures in four years. Its yield to maturity is currently 6%. 32. The duration of this bond is _______ years. A. 2. 44 B. 3. 23 C. 3. 56 D. 4. 10 33. The modified duration of this bond is ______ years. A. 4. 00 B. 3. 56 C. 3. 36 D. 3. 05 34. A bond with a 9-year duration is worth $1,080. 0 and its yield to maturity is 8%. If the yield to maturity falls to 7. 84%, you would predict that the new value of the bond will be _________. A. $1,035 B. $1,036 C. $1,094 D. $1,124 35. When interest rates increase, the duration of a 20-year bond selling at a premium _________. A. increases B. decreases C. remains the same D. increases at first, then declines 36. Duration facilitates the comparison of bonds with differing ___________ A. default risk B. conversion ratios C. maturities D. yields to maturity 37. The historical yield spread between the AA bond and the AAA bond has been 25 basis points.Currently the spread is only 9 basis points. If you believe the spread will soon return to its historic al levels you should ________________________. A. buy the AA and short the AAA B. buy both the AA and the AAA C. buy the AAA and short the AA D. short both the AA and the AAA 38. The duration of a bond normally increases with an increase in _________. I. term-to-maturity II. yield-to-maturity. III. coupon rate A. I only B. I and II only C. II and III only D. I, II and III 39. Compute the modified duration of a 9% coupon, 3-year corporate bond with a yield to maturity of 12%. A. 2. 45 B. 2. 75 C. 2. 88 D. 3. 00 40.An 8%, 30-year bond has a yield-to-maturity of 10% and a modified duration of 8. 0 years. If the market yield drops by 15 basis points, there will be a __________ in the bond's price. A. 1. 15% decrease B. 1. 20% increase C. 1. 53% increase D. 2. 43% decrease 41. To create a portfolio with a duration of 4 years using a 5 year zero-coupon bond and a 3 year 8% annual coupon bond with a yield to maturity of 10%, one would have to invest ________ of the portfolio value in the z ero-coupon bond. A. 50% B. 55% C. 60% D. 75% 42. Which of the following set of conditions will result in a bond with the greatest price volatility?A. A high coupon and a short maturity. B. A high coupon and a long maturity. C. A low coupon and a short maturity. D. A low coupon and a long maturity. 43. An investor who expects declining interest rates would maximize their capital gain by purchasing a bond that has a ___ coupon and a ___ term to maturity. A. low; long B. high; short C. high; long D. zero; long 44. A zero coupon bond is selling at a deep discount price of $430. 00. It matures in 13 years. If the yield to maturity of the bond is 6. 7%, what is the duration of the bond? A. 6. 7 years B. 8. 0 years C. 10 years D. 13 years 45.Convexity implies that duration predictions _______. I. underestimate the % increase in bond price when the yield falls II. underestimate the % decrease in bond price when the yield rises III. overestimates the % increase in bond price when the yield f alls IV. overestimates the % decrease in bond price when the yield rises A. I and III only B. II and IV only C. I and IV only D. II and III only 1. D2. B3. A4. C5. D6. B7. B8. D9. A10. A11. A12. D13. A14. A15. C16. A17. A18. A19. A20. D21. C22. C23. A24. C25. A27. C28. C29. C30. C31. A32. C33. C34. C35. B36. C37. C38. A39. A40. B41. B42. D43. D44. D45. C