How to Make a Solar System Model

A solar system model is an effective tool that teachers use to teach about our planet and its environment. The solar system is made of the sun (a star), as well as the  planets  Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus, Neptune, and Pluto, and the celestial bodies that orbit those planets (like moons).   You can make a solar system model out of many types of materials. The one thing you should keep in mind is scale; you will need to represent the different planets according to differences in size. You should also realize that a true scale will probably not be possible when it comes to distance. Especially if you have to carry this model on the school bus. One of the easiest materials to use for planets is Styrofoam © balls. They are inexpensive, lightweight, and they come in a variety of sizes; however, if you intend to color the planets, be aware that regular spray paint in a can often contain chemicals that will dissolve Styrofoam —so it is best to use water-based paints. Types of Solar System Models There are two main types of models: box models and hanging models. You will need a very large (basketball sized) circle or semi-circle to represent the sun. For a box model, you could use a large foam ball, and for a hanging model, you could use an inexpensive toy ball. You will often find inexpensive balls at a one-dollar type store. You can use affordable finger paint or markers to color the planets. A sample range when considering sizes for planets, from large to small, might measure: Jupiter (brownish with a red spot): 4 - 7 inchesSaturn (yellow with red ring): 3 - 6 inchesUranus (green): 4 - 5 inchesNeptune (blue): 3 - 4 inchesVenus (yellow): 2 inchesEarth (blue): 2 inchesMars (red): 1.5 inchesMercury (orange): 1 inch Please note that this is not the right order of arrangement (see the sequence below.) How to Assemble the Model To make a hanging model, you can use straws or wooden  dowel  rods (like for grilling kebabs) to connect the planets to the sun  in the center. You could also use a hula-hoop toy to form the main structure, suspend the sun in the middle (connect it to two sides), and hang the planets around the circle. You can also arrange the planets in a straight line from the sun showing their relative distance (to scale). However, although you may have heard the term planetary alignment used by astronomers, they do not mean the planets are all in a straight line, they are simply referring to some of the planets being in the same general region. To make a box model, cut off the top flaps of the box and set it on its side. Color the inside of the box black, to represent space. You might also sprinkle silver glitter inside for stars. Attach the semicircular sun to one side, and hang the planets in order, from the sun, in the following sequence: MercuryVenusEarthMarsJupiterSaturnUranusNeptune Remember the mnemonic device for this is: My very educated mother just served us nachos.

Theme Of Dreams In Harlem By Langston Hughes - 870 Words

Dreams are aspirations that people hope to achieve in their lifetime. They are a motive that drives lives to accomplish goals. When trying to achieve these goals, people can do anything. However, what happens when a dream is deferred? A dream cast aside can frustrate a person in the deepest way. It tends to permeate their thoughts and becomes an unshakable burden. In the poem â€Å"Harlem,† Langston Hughes, through literary technique, raises strong themes through a short amount of language Hughes is asking what happens to a dream that is being put off. What do these dreams do, do they do good, do they do bad, or do they do neither good nor bad? He continues by stating this simile: â€Å"Does it dry up like a raisin in the sun? Using this simile,†¦show more content†¦Dreams were untreated, deserted and disregarded, but we’re steady giving up if something fails, but if they trust in themselves and have faith they can all be what they set out in this world to be. â€Å"Dream Deferred† propels us to making accomplishment, but after we jeopardize them by allocating them off in our mind they discharge, by meaning, that rather than permitting out dreams to negative like; â€Å"Fester like a painful or being a sagging load† (Line 5 and 10). We can permit dream discharge to be a driven power shoving us towards accomplishments. Hughes implies on this poem â€Å"Harlem† is to not permit your dreams to stay dormant. Hughes begins â€Å"Theme for English B† with a sort of biographical feel, place of birth is mentioned and his schooling, but the meaning behind the poem gets deeper as you read. Hughes starts off pretty strongly with â€Å"I wonder if it’s that simple?† (â€Å"Theme B† 6). His use of a question so early on lets a reader know that his poem is for more than just show. He wants you to think. His rhetorical question isn’t simple. The speaker of the poem is wondering if he can answer the question so easily, and limit himself to words by doing so. Then, in both lines seven and ten, Hughes takes the time to mention that the speaker is black. By his doing you can see the importance placed on race at that time. If someone were to so specifically mention his or her race now, without being asked, it would be thought of asShow MoreRelatedThe Harlem Renaissance : The Rebirth Of African American Arts1708 Words   |  7 PagesHarlem Renaissance The Harlem Renaissance was a cultural, social, and artistic movement that took place in Harlem, New York. This mainly took place starting from the end of the First World War until the mid-1930s. Harlem, at this time, was the center of the African-American culture, and Harlem appealed lot of black artists, writers, scholars, musicians, poets, and photographers. Lots of these artists had fled from the South because they needed to get away from their oppressive caste system so thatRead MoreEssay on Langston Hughes a Harlem Renaissance Man1463 Words   |  6 Pagesdistrict of New York City called Harlem. The area known as Harlem matured into the hideaway of jazz and the blues where the African American artist emerged calling themselves the â€Å"New Negro.† The New Negro was the cornerstone for an era known today as the Harlem Renaissance (Barksdale 23). The Harlem Renaissance warranted the expression of the double consciousness of the African Americans, which was exposed by art ists such as Langston Hughes. James Mercer Langston Hughes was an African American poetRead MoreA Brief Look at Langston Hughes1413 Words   |  6 PagesLangston Hughes Langston Hughes’ challenging background, ethnicity, and era of life can all be thought of reasons as to why his style of writing relates among discrimination and unsettling topics. Although his writing can be said to bring hope to the African Americans, his style can be frightening and daunting when taken the time to read his pieces. They may not seem real, but they are his way of interpreting and informing the future of what African Americans, like himself, had to go throughRead MoreRacism and Langston Hughes658 Words   |  3 PagesLangston Hughes was a great African American poet, social activist, novelist, playwright, and columnist (â€Å"The Biography of Langston Hughes†). As a child, he grew up in the times of racial inequality. As a result, his poems often shared the recurring theme of hope, breaking free from racial inequality, and to strive for a better future. This theme was very evident in the poems â€Å"Dreams† and â€Å"I Dream a World† , by Langston Hughes. This common theme is a result of the era Hughes grew up in. James LangstonRead MoreLiterary Analysis of Langston Hughess A Dream Deferred1028 Words   |  4 Pagesdiscusses the themes, figures of speech, word placement, and flow of the piece, and A Dream Deferred, is no exception. In Langston Hughess poem, A Dream Deferred, the theme is that no really knows to dreams if they are not reached, and very realistic figures of speech help convey this idea; the poem can be surprisingly related to Mr. Hughess life through the subtitle and quotes from Langston himself. The meaning of, A Dream Deferred, is that no one really knows what happens to dreams that areRead More Dreams of Blacks Deferred in the Poetry of Langston Hughes Essay1711 Words   |  7 PagesDreams of Blacks Deferred in the Poetry of Langston Hughes    The poetry of Langston Hughes, the poet laureate of Harlem, is an effective commentary on the condition of blacks in America during the 20th Century. Hughes places particular emphasis on Harlem, a black area in New York that became a destination of many hopeful blacks in the first half of the 1900s. In much of Hughes poetry, a theme that runs throughout is that of a dream deferred. The recurrence of a dream deferred in severalRead More`` True Freedom `` By Langston Hughes1163 Words   |  5 Pagesmight be gained through lessons learned from history, from accomplishing and seeing dreams become reality, or from standing up for beliefs. Langston Hughes, an American poet known for his writing during the Harlem Renaissance period said, â€Å"In all my life, I have never been free. I have never been able to do anything with freedom, except in the field of my writing.† (citation). As a young African American man, Hughes faced man obstacles, but writing gave him a sense of freedom o f expression. His poetryRead MoreDreams in Langston Hughes Poems1401 Words   |  6 Pages Langston Hughes’ challenging background, ethnicity, and era of life can all be thought of reasons as to why his style of writing relates among discrimination and unsettling topics. Although his writing can be said to bring hope to the African Americans, his style can be frightening and daunting when taken the time to read his pieces. They may not seem real, but they are his way of interpreting and informing the future of what African Americans, like himself, had to go through and what they hadRead MoreLangston Hughes : A Modernist1222 Words   |  5 PagesSappington 13 Apr. 2017 Langston Hughes: A Modernist Credited as being the most recognizable figure of the Harlem Renaissance, Langston Hughes played a vital role in the Modernist literary movement and the movement to revitalize African American culture in the early 20th century. Hughes’s poems reflect his personal struggle and the collective struggle of African Americans during this cultural revival. Langston Hughes’s life contained key influences on his work. As a child, Hughes witnessed a divorceRead MoreLangston Hughes Essay1084 Words   |  5 PagesLangston Hughes was a large influence on the African-American population of America. Some of the ways he did this was how his poetry influenced Martin Luther King Jr. and the Harlem Renaissance. These caused the civil rights movement that resulted in African-Americans getting the rights that they deserved in the United States. Hughes was born in 1902 in Joplin, Missouri. His parents divorced when he was young and his grandmother raised him. She got him into literature and education; she was one of

Mass Media and Violence free essay sample

Is it hard to believe that just forty years ago only a few privileged American families had televisions in their home? In recent years, it is estimated that a whopping ninety-eight percent of Americans have one or more television sets in their home. Motion pictures, televisions, video games, and the internet are just some forms of mass media that have emerged since the last century. With the rise of mass media, the increase of violent behavior has increased as well. Mass media influences many factors of people’s lives such as moral beliefs, behavior, and values. Violence in mass media is greatly dominating our society and continues to do so. It causes aggression and is a growing epidemic among the youth. Scott Barbour praises the American Academy of Pediatrics: â€Å"The vast majority of studies conclude that there is a cause-and-effect relationship between media violence and real-life violence. This link is undeniable and uncontestable. We will write a custom essay sample on Mass Media and Violence or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page † It is no lie when they say the average American child witnesses 200,000 acts of violence on TV by the age of eighteen. Watching violent TV shows or movies promotes aggression. People want to follow what everyone else is doing so they will follow and may even commit what these actors are doing on the television. According to L. R. Huesmann, research shows that fictional TV and film violence contribute to both short and long-term increase in aggression and violence in young viewers. Children are in particular are affected by violence, aggression, or sexual abuse in our media because of their helpless psychology. Some forms of aggression include truancy, lack of social skills, and failing out of school. It is no doubt that the media that promotes violence and aggression is the same one to have an effect on society. This is a monkey see, monkey do world and people may not even know that they being effected, but they are. Especially with the next generation coming up, they sort of are growing up with the violence. It becomes more and more traumatic as they see it more. According to Mughal, children and teen’s values and beliefs will become more aggressive. He goes on to say that media portrays war as entertainment [in video games]. War is not entertainment and nobody wins in real war while real people are getting killed. This illustrates another problem: can ociety depict from reality and fantasy? Most of the recent shootings in the United States were committed by the youth. Is it just a coincidence or is it because of the hostility displayed on their television sets? Many people think that violence in media is entirely based on real life. They proclaim that since we live in the real world, the media cannot possibly be more violent than what we already know. Actually, it is impossible for people to know all horrific events that have taken place. Also, some would say that it is up to the individual to decide what to be exposed to. That is not true, since you are exposed to cruel media whether you know it or not. Even on the news, â€Å"Crimes such as murders, robberies, and abuse are shown as deviant behavior† rather than actual violence. In conclusion, violence in media does affect society. It is a growing wave and teaches aggression. Some solutions could be placing regulations on TV and motion picture producers. If gun makers have regulations on guns they make, why not placing rules on producers? Also, parents should be aware of what their children watch.

Boxer rebellion Essay Example For Students

Boxer rebellion Essay When Japan defeated China in 1895, European powers answered with an order they called, â€Å" carving up the Chinese melon.† Following the division of Africa among European powers, they turned their sights to what they saw as an extremely weak Chinese government. European powers and America began to scramble for what was called â€Å"spheres of interest. † These spheres of interest involved holding leases for all railway and public advantages in different regions of China. Russia got Port Arthur, Britain got the New Territories near the Hong Kong region, Germany got Shantung and America got nothing. America was focusing largely on Guam and the Philippines and had missed the opportunity and so insisted on the â€Å"open-door policy† in China were commercial opportunities were equally available to all Western powers and the political and territorial integrity of China stayed intact. The imperial court responded to this foreign threat by giving aid to various secret societies. Traditionally, secret societies had been formed in opposition to imperial government; as such, they were certainly a threat to the Ch’ing government. However, anti-foreign sentiment had risen so greatly in China that the Empress Dowager,ruler of China, believed that the secret societies could be the leaders in a military deportation of Europeans. This policy reached its crucial period in 1900 with the Boxer Rebellion.The Boxers, or â€Å"The Righteous and Harmonious Fists,† were a religious society that had originally rebelled against the imperial government in Shantung in 1898. They practiced an animistic magic of rituals and spells that they believed made them invulnerable to bullets and pain. The Boxers believed that the expulsion of foreign devils would magically renew Chinese society and begin a new golden age. Much of their discontent, however, was focused on the economic scarcity of the 1890’s. They were a passionate and confident group, full of contempt for authority and violent emotions. In reality, the Boxer Rebellion could hardly be classified as either a rebellion or a war against the Europeans. China was largely under control of regional Governors General these regional officials ignored the Empress Dowager’s instructions and put forth every effort to prevent disorder or any harm coming to foreigners. The Boxer Rebellion, then, existed only in a few places and centered in Beijing. The Boxers laid seize to the foreign compound in Beijing cutting the Embassies off from their countries. The western response was quick and harsh. Within a couple of months, an international force captured and occupied Beijing and forced the imperial government to agree to the most embarrassing terms yet: the Boxer Protocol of 1901. Under the Boxer Protocol, European powers got the right to maintain military forces in the capital, therefore placing the imperial government under arrest. It also suspended civil service exams; demanded a huge amount to be paid to European powers for the losses they suffered, and ordered government officials to be punished for their role in the rebellion. It also suspended all arms imports into the country. The embarrassment of the Boxer Protocols set China on a new course of reform that dramatically put into place all of the reforms, originally proposed by K’ang Yu-wei, prior to the Boxer Uprising. In 1901, the education system was redone to allow girls to attend and study Classics and Confucian studies were changed to the study of Western math, science, engineering, and geography. The civil service examination was also changed to reflect this new teaching method. Finally, in 1905, it was abandoned altogether. China began to send its children to Europe and Japan to study the new subjects. The military was reorganized under Yuan Shih-k’ai, who adopted the Japan and Western style of military discipline and organization. In 1909 the last emperor, Pu Yi, the Hsan-tung emperor, ascended the throne. .u7e10ac082d95276843ccac0852459a80 , .u7e10ac082d95276843ccac0852459a80 .postImageUrl , .u7e10ac082d95276843ccac0852459a80 .centered-text-area { min-height: 80px; position: relative; } .u7e10ac082d95276843ccac0852459a80 , .u7e10ac082d95276843ccac0852459a80:hover , .u7e10ac082d95276843ccac0852459a80:visited , .u7e10ac082d95276843ccac0852459a80:active { border:0!important; } .u7e10ac082d95276843ccac0852459a80 .clearfix:after { content: ""; display: table; clear: both; } .u7e10ac082d95276843ccac0852459a80 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u7e10ac082d95276843ccac0852459a80:active , .u7e10ac082d95276843ccac0852459a80:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u7e10ac082d95276843ccac0852459a80 .centered-text-area { width: 100%; position: relative ; } .u7e10ac082d95276843ccac0852459a80 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u7e10ac082d95276843ccac0852459a80 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u7e10ac082d95276843ccac0852459a80 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u7e10ac082d95276843ccac0852459a80:hover .ctaButton { background-color: #34495E!important; } .u7e10ac082d95276843ccac0852459a80 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u7e10ac082d95276843ccac0852459a80 .u7e10ac082d95276843ccac0852459a80-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u7e10ac082d95276843ccac0852459a80:after { content: ""; display: block; clear: both; } READ: The Uncanny Relationship of Tim Burton and Johnny Depp Essay Soon there after the Imperial Dynasty was disposed by feuding warlords. The Boxer Rebellion was the last gasp of a dying imperial regime.

Dont Talk To Cops Essays (538 words) - Arrest, Criminal Law

Don't Talk to Cops By Robert W. Zeuner, Member of the New York State Bar " GOOD MORNING! My name is investigator Holmes. Do you mind answering a few simple questions?" If you open your door one day and are greeted with those words, STOP AND THINK! Whether it is the local police or the FBI at your door, you have certain legal rights of which you ought to be aware before you proceed any further. In the first place, when law enforcement authorities come to see you, there are no "simple questions". Unless they are investigating a traffic accident, you can be sure that they want information about somebody. And that somebody may be you! Rule number one to remember when confronted by the authorities is that there is no law requiring you to talk with the police, the FBI, or the representative of any other investigative agency. Even the simplest questions may be loaded and the seemingly harmless bits of information which you volunteer may later become vital links in a chain of circumstantial evidence against you or a friend. DO NOT INVITE THE INVESTIGATOR INTO YOUR HOME! Such an invitation not only gives him the opportunity to look around for clues to your lifestyle, friends, reading material, etc., but also tends to prolong the conversation. The longer the conversation, the more chance there is for a skill investigator to find out what he wants to know. Many times a police officer will ask you to accompany him to the police station to answer a few questions. In that case, simply thank him for the invitation and indicate that you are not disposed to accept it at this time. Often the authorities simply want to photograph a person for identification purposes, a procedure which is easily accomplished by placing him in a private room with a two-way mirror at the station, asking him a few innocent questions, and then releasing him. If the investigator becomes angry at your failure to cooperate and threatens you with arrest, stand firm. He cannot legally place you under arrest or enter your home without a warr ent signed by a judge. If he indicates that he has such a warrent, ask to see it. A person under arrest, or located on premises to be searched, generally must be shown a warrent if he requests it and must be given to chance to read it. Without a warrent, an officer depends solely upon your helpfulness to obtain the information he wants. So, unless you are quite sure of yourself, don't be helpful. Probably the wisest approach to take to a persistant investigator is simply to say: "I'm quite busy now. If you have any questions that you feel I can answer, I'd be happy to listen to them in my lawyer's office. Goodbye!" Talk is cheap. When that talk involves the law enforcement authorities, it may cost you, or someone close to you, dearly. This info came from a leaflet that was printed as a public service by individuals concerned with the growing role of authoritarianism and police power in our society. Please feel free to copy or republish. This info also applies to dealing with private investigators, and corporate security agents.

Consultation For Leaders In Management - Smart Custom Writing Samples

Consultation For Leaders In Management - Smart Custom Writing Letter of CreditAssess the place of Letters of Credit in the International commercial arena What is International Finance Management? The international financial management of a trust/company is concerned with management of its funds which reflects how efficiently the company is managing its funds. The overall objective of all business is to secure funds at low cost and their effective utilisation in the business for a profit. The funds so utilised must generate an income higher than the cost of procuring them. Here it is to be noted that all companies need both long-term and short-term capital. The finance manager must therefore keep in view the needs of both long-term debt and working capital and ensure that the business enjoys an optimum level of working capital and that it does not keep too many funds blocked in inventories, book-debts, cash, etc. The capital structuring and average cost of capital for the company should also be examined.[1] Financial analysis is analysis of financial statements of a company to assess is financial health and soundness of its management. "Financial Statement analysis" involves a study of the financial statements of a company to ascertain its prevailing state of affairs and the reasons therefore. Such a Study would enable the public and investors to ascertain whether one company is more profitable than the other, and also to state the causes and factors probably responsible for this[2]. Letters of Credit In a document, the bank agrees to honor a draft drawn on the importer, provided the bill of lading and other details are in order. Obviously, the local bank will "not issue a letter of credit unless it feels the importer is creditworthy and will pay the draft. The letter of credit arrangement pretty much eliminates the exporter's risk in selling goods to an unknown importer in another country. Illustration of a Confirmed Letter The arrangement is strengthened further if a bank in the exporter's country confirms the letter of credit. A New York exporter wishes to ship goods to a Brazilian importer located in Rio de Janeiro. The im ­porter's bank in Rio regards the importer as a sound credit risk and is willing to is ­sue a letter of credit guaranteeing payment for the goods when they are received. Thus, the Rio bank substitutes its credit for that of the importer. In fact, the deal is mutually between the Rio bank and the New York exporter- the beneficiary of the letter of credit,. The exporter may wish to work through her bank, because she has little knowledge of the Rio bank. She asks her New York bank to confirm the Rio bank's letter of credit. If the New York bank is satisfied with the creditworthiness of the Rio bank, it will agree to do so. When it does, it obligates itself to honor drafts drawn in keeping with the letter of credit arrangement.[3] Thus, when the exporter ships the goods, she draws a draft in accordance with the terms of the letter of credit arrangement. She presents the draft to her New York bank and the bank pays her the amount designated, assuming all the conditions of shipment is met. As a result of this arrangement, the exporter has her money, with no worries about payment. The New York bank then forwards the draft and other documents to the Rio bank. Upon affirming that the goods have been shipped in a proper manner, the Rio bank honors the draft and pays the New York bank. In turn, it goes to the Brazilian importer and collects from him once the goods have arrived in Rio and are delivered. Trade Facilitation Rather than extending credit directly to an im ­porter, the exporter relies on one or more banks, and their creditworthiness is sub ­stituted for that of the importer. The letter itself can be either irrevocable or revoca ­ble, but drafts drawn under an irrevocable letter must be honored by the issuing bank. A revocable letter makes sure for an arrangement for pay ­ment of cash. However we cannot guarantee that the draft will be paid. Most letters of credit are irre ­vocable, and the process described assumes an irrevocable letter. The three documents described- the draft, the bill of lading, and the letter of credit- are required in most international transactions. Established procedures ex ­ist for doing business on this basis[4]. Process of the Letter of Credit transaction and the problems associated with enforcement of parties’ rights in a conflict situation.    Expansion and Contraction    Countertrading In addition to the documents used to facilitate a standard transaction, more customized means for financing trade. One method is the countertrade. Countertrade agreement is where the selling party accepts payment in the form of goods as opposed to currency. When exchange restrictions and other preclude payment in hard currencies, such as dollars and yen, it may be to accept goods instead. These goods may be produced in the country .But this need not be the case. Countertrading is nothing more than anything.-l needs to be mindful that there are risks in accepting goods in lieu of a hard facts. Quality and standardization on receipt may differ from what was there. There may be volatility in prices, if indeed a viable market exists at all. All the method involves risk, countertrade associations and consultants, together other infrastructure, have developed to facilitate this means of trade. Factoring . The factor assumes the credit risk, so the exporter is assured of being true. The typical fee is around 2 percent of the value of the overseas shipment. But receivable is collected, a cash advance is possible for upward to 90 percent a shipment's value. For such an advance, the exporter pays interest, and this is   and above the factor's fee. Most factors will not do business with an exporter . less the volume is reasonably large, say at least $2 million in annual transactions,   Also, the factor can reject certain accounts that it deems too risky For accounted are accepted, the main advantage to the exporter is the peace of mind that credit   entrusting collections to a factor with international contacts and experience. Forfeiting Forfeiting is a means of financing trade which resembles factoring. An expo who is owed money evidenced by a longer-term note, as opposed to sell the note to a financial institution at a discount. The discount reflects I length of time the note has to maturity as well as the credit risk of its drawer usually the note is for 6 months or longer and involves larger transactions. An institution would not engage in forfeiting a $9,600 note but might if it were $180,000. [5]    Expansion abroad is undertaken to go, into new markets, acquire less costly pro ­duction facilities, and secure raw materials. Foreign investment different from domestic investment, as there are a number of reasons left behind that. Taxation is different, and there are risks present in po ­litical conditions. A company faces three types of risk in its foreign operations: translation exposure, trans ­actions exposure, and economic exposure. Changes in exchange rates cause translation exposure and its change in accounting income and balance sheet statements. Transactions exposure relates to settling a particular transaction, like open account credit, at one exchange rate when the obligation was booked at another. Economic exposure has to do with the impact of changing exchange rates on the existing balance sheet of a foreign subsidiary and on the expected future repatriated cash flows. Two frameworks were presented for measuring the degree of eco ­nomic exposure. The first aggregated the indi ­vidual exposure coefficients for all balance sheet items.[6] The second measured the degree of net exposure for expected future cash flows. This was net of any natural hedge, where local cur ­rency margins adjust naturally to offset a change in exchange rates. A natural hedge de ­pends on the degree to which prices and costs are globally determined or domestically deter ­mined. A relationship can be plotted between the value of repatriated cash flows and the ex ­change rate. The direction of the line and its steepness tells us whether or not we are hurt if the foreign currency appreciates (depreciates) in value and the degree of exposure. Net expo ­sure is that which remains after any natural hedge.[7] Using several protective devices, a company can protect against any net exposure. If the expo ­sure is short-term in nature, it can adjust intercompany accounts in what is known as an operating hedge. For longer-term exposure, it can undertake a hedge by financing in differ ­ent currencies. The major sources of interna ­tional financing are commercial banks, discounted trade drafts, Eurodollar loans, and in ­ternational bonds. The last includes Eu ­robonds, foreign bonds, floating-rate notes linked to LIBOR, currency-option bonds, and multiple-currency bonds. Eventually, we can see that there are currency hedges, may include, futures contracts, forward contracts, currency swaps, cur ­rency options etc. For the first, one buys a forward contract for the exchange of one procedure for another at a specific future date and at an exchange ratio set in advance. For this protection, there is a cost that is determined by the difference in the forward and spot exchange rates. Currency futures contracts are like forward contracts in function, but there are differences in settlement and other features. Currency options afford protection against "one-sided" risk. Fi ­nally, currency swaps are an important longer-term risk-shifting device.    There are several theories provide a better understanding of the relationship be ­tween interest rates, inflation, and rate of exchange. Purchasing power parity is the idea that a basket of goods should sell at the same price internationally, after factoring into account ex ­change rates. Relative inflation has an impor ­tant influence on exchange rates and on rela ­tive interest rates. Interest-rate parity suggests that the difference between forward and spot currency exchange rates can be explained by differences in nominal interest rates between two countries. Three principal documents are involved in international trade. The draft is an order by the exporter to the importer to pay a specified amount of money either upon presentation of the draft or a certain number of days after pre ­sentation. Translation Exposure Translation exposure relates to the accounting treatment of changes in exchange rates. State ­ment of the Financial Accounting Stan ­dards Board deals with the translation of for ­eign currency changes on the balance sheet and income statement. An American company must determine a func ­tional currency for each of its foreign sub ­sidiaries under those mentioned rules, If the subsidiary is a stand-alone op ­eration that is integrated within a particular country, the functional currency may be the lo ­cal currency; otherwise, it is the dollar where high inflation occurs the functional currency must be the dol ­lar regardless of the conditions given.    The functional currency used is important because it determines the translation process. Moreover, translation gains or losses are not reflected in the income statement, but rather are recognized in owners' equity as a translation adjustment. The fact that such ad ­justments do not affect accounting income is appealing to many companies. If the functional currency is the dollar, however, this is not the case. Gains or losses are reflected in the income statement of the parent company using what is known as the temporal method. In general, the use of the dollar as the functional currency re ­sults in greater fluctuations in accounting in ­come, but in smaller fluctuations in balance sheet items than does the use of the local cur ­rency. Let us examine the differences. Differences in Methods With the dollar as the functional currency, bal ­ance sheet and income statement items are cat ­egorized as to historical exchange rates or as to current exchange rates. Cash, receivables, lia ­bilities, sales, expenses, and taxes are trans ­lated using current exchange rates[8], whereas in ­ventories, plant and equipment, equity, cost of goods sold, and depreciation are translated at the historical exchange rates existing at the time of the transactions. This differs from the situation where the local currency is used as the functional currency; here all items are translated at current exchange rates. To illustrate, a company we shall call Richmond Precision Instruments has a sub ­sidiary in the Kingdom. At the first of the year, the exchange rate is 8 to the dollar, and that rate has prevailed for many years. During the year however, it declines steadily in value to 10 to the dollar at year end. But the rate of exchange comes to 9. It shows the balance sheet and the income statement for the foreign subsidiary at the beginning and at the end of the year and the effect of the method of transla ­tion.    The oppo ­site would occur in our example if the liso in ­creased in value relative to the dollar. We see that there is substantially more change in total assets when a local functional currency is used than when a dollar functional currency is employed. In our example, sales are adjusted by the average exchange rate that prevailed during the year for both accounting methods. For column 4, local functional currency, all cost and expense items are adjusted by this exchange rate[9]. For the last column, dollar functional cur ­rency, cost of goods sold, and depreciation are translated at historical exchange rates whereas the other items are translated at the current average rate. We see that operat ­ing income and net income are larger when the local functional currency is used than when the functional currency is the dollar. For the latter method, the translation gain is factored in, so that net income agrees with the change in re ­tained earnings from 12/31/xl to 12/31/x2. W e see that this change is $845 - $750 = $95. In contrast, when the functional currency is local, the translation adjustment occurs after the in ­come figure of $111. The adjustment is that amount, - $176, that, together with net income, brings the liability and net worth part of the balance sheet into balance. This amount then is added to the sum of past translation adjust ­ments to obtain the new accumulated transla ­tion adjustment figure that appears on the bal ­ance sheet. As we assume past adjustments total zero, this item becomes - $176. Thus, the translation adjustments far in two methods are in opposite directions. Shot the liso increase in value relative to the data the effect would be the reverse of that illus ­trated: Operating income would be higher. Implications Because translation gains or losses are not re ­flected directly on the income statement; it supported operating income tends to fluctuate when the functional currency is local when it is the dollar. However, the balance sheet items is increased, o the translation of all items by the current change rate. Because many corporate fives are concerned with accounting FASB No. 52 is popular, as long as qualifies for a local functional currency ever, this accounting method also has its backs. For one thing, it distorts the sheet and the historical cost numbers over, it may cause return on asset and other measures of return to be less.    RISK MANAGEMENT AND WEALTH MAXIMISATION    Here the techniques for managing financial risks, in particular those that arise more prominently in the context of international finance are being discussed. The above discussion of the impact of risk on the value of the firm gives rise to a very important and interesting question: what should be the attitude of the firm's management regarding firm-specific risks? It appears that since these risks are diversifiable, they are not "priced" by the investors, that is, they do not affect the expected rate of return demanded by the investors- the discount rate. Why then should the firm spend resources to insure against these risks? Even if certain risks are systematic in the sense that they affect almost all firms adversely, it is not clear hedging such risks necessarily adds to shareholder value.[10] Risks can be hedged only at a cost since the party to whom the risk is transferred will demand compensation for bearing the risk. Thus, while it is true that increase in energy costs will ha ve an adverse impact on almost all firms, in an efficient market, the compensation that has to be paid for bearing this risk would just equal the increase in the value of the firm resulting from eliminating this risk; on balance the firms’ shareholders will neither rain nor los[11]e.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Risks arising out of fluctuations in exchange rates, interest rates and commodity prices are pervasive, It is, they affect most firms; however they affect different firms in different ways and are therefore idiosyncratic.[12] Finally, even if the irrelevance argument is not found to be convincing, the well-known Modigliani-Miller analysis of a firm's optimal capital structure offers another argument against hedging. In a world of no taxes, no transactions costs and no information asymmetries, they demonstrated that a firm's financing policy does not matter as long as it does not affect its investment policy. If some shareholders are unhappy with the particular debt-equity structure adopted by the firm, they can achieve whatever leverage they de ­sire by trading on their own account. The same argument can be extended to hedging risks such as ex ­change rate risks. A firm which exports to the United States and has dollar receivables can hedge these with forward sales of dollars against rupees; but if its shareholders can achieve the same result on their own (by taking similar but smaller positions in the dollar-rupee forward market), hedging by the firm will add no shareholder value. If capital markets are perfect, individual investors, in particular a firm's share ­holders can replicate any financial strategy adopted by the firm. In such a world active risk management policy cannot add value. In practice, we find that firms do expend considerable amount of resources- managerial time and money- in an attempt to hedge firm-specific risks. For instance, they avoid highly risky investment projects, purchase insurance against product liability suits, enter into forward contracts in foreign ex ­change, and specific commodities and so forth. Is there a rationale for these actions? In addition to the "irrelevance of unsystematic risks" or "shareholders can do it themselves" arguments against hedging, it has also been argued that since financial markets are efficient, it makes little difference in the long run whether and what kind of risk management posture a firm adopts. This means that with efficient markets it would not matter in the long run whether a firm follows an active hedging policy, a purely passive strategy of hedging all risks at all times, or a policy of no hedging at all. Note however that the hypothesis of efficiency of financial markets is far from firmly established. If active risk management by a firm adds shareholder value it must be (i) because it alters the firm's cash flow in a way which is beneficial to the shareholders even after meeting the cost of hedging and (ii) the firm can achieve this at a lower cost than what the shareholders would have to incur if they did it on their own. This is possible in the presence of some capital market imperfections which are assumed away by the Modigliani-Miller theorem. With reference to the valuation equation, hedging can increase shareholder wealth both by influencing future cash flows and by reducing the discount rate at which these cash flows are discounted. In general it is true that the former effects stronger though there can be circumstances under which hedging can reduce the expected return investors demand from a particular firm[13]. One of the most cogent arguments for hedging by the firm has been presented by Froot et al (1994). They not only provide a rationale for hedging as such but also put forward an explanation as to why selec ­tive or discretionary hedging rather than 100 per cent hedging might be an optimal policy under certain conditions. The main thrust of their argument can be summarized as follows: Firms enhance shareholder wealth- create "corporate value"- by making good investments. "Invest ­ments" here means not only physical plant and equipment but also RD, product development, mar ­ket investments such as advertising and promotion and so forth.[14] THE GLOBAL FINANCIAL MARKET The last two decades have witnessed the emergence of a vast financial market straddling national boundaries enabling massive cross-border capital flows from those who have surplus funds and are in search d high returns to those seeking low-cost funding. The phenomenon of borrowers, including governments, one country accessing the financial markets of another is not new; what is new is the degree of mobility d capital, the global dispersal of the finance industry, and the enormous diversity of markets and inst which a firm seeking funding can tap.    THE LETTER OF CREDIT MECHANISM   In such a case, the opening bank "accepts" the draft and it becomes A Banker's Acceptance: The exporter can get immediate payment by discounting the accepted draft either with the opening bank, o with his own bank or by selling the acceptance in the market'. Financing is thus provide* by the bank which discounts the draft or by a money market investor who buys the acceptance. (With sigh drafts, the importer's bank may provide credit to the importer as a part of their ongoing business relationship). To cater to the wide variety of transactions and customers, different types of letters of credit have evolved. A Revocable L/C is issued by the issuing bank and contains a provision that the bank may amend or cancel the credit without the approval of the beneficiary. An Irrevocable L/C cannot be so amended or cancelled without the exporter's prior approval. A Confirmed, Irrevocable L/C contains an extra protection; in addition to the issuing bank's commitment, a Confirming Bank adds its own undertaking to pay provided a] conditions are met. The confirming bank (which may be but need not be the same as the advising bank will pay even if the issuing bank cannot or will not honor the exporter's draft. A Revolving L/C is use when the exporter is going to make shipments on a continuing basis and a single L/C will cover several shipments. A Transferable L/C permits the beneficiary to transfer a part or whole of the credit in favor of one or more secondary beneficiaries. This type of L/C is used by trader exporters who act as middlemen on recourse basis. The ultimate holder of the notes than presents them to the bank at which they are pay ­able, as they fall due.[15] Traditionally, Forfeiting used to be a form of fixed rate, medium-term funding, but over time Forfeiters have become very flexible and are willing to offer terms to suit the needs of their customers. Some Forfeiting houses will accept paper with maturities up to ten years while in other cases it may be as short as 180 days. The secondary market for the paper generally ranges between one and ten years, depending upon the reputation of the importer, the country to which the importer belongs and the reputation of the bank providing the guarantee. Normally Forfeiters will ensure that the importer, not the exporter bears the cost of financing. That is, the face value of the notes is such that after applying the discount, the exporter gets paid what he would normally charge for cash payment. However for competitive reasons some exporters may choose to ab ­sorb some of the financing cost to make the transaction more attractive to the importer. Charges depend on the market interest rates for the currency of the underlying contract and on the per ­ceived credit risks related to the importer, his country and the credit rating of the availing (or guaranteeing) bank. The interest cost is made up of the following components: (1)   The Forfeiter’s refinancing costs benchmarked to the cost of funds in the relevant Euromarkets seg ­ment applicable to the average life of the transaction. For a five year deal, for example, repayable by ten semi-annual equal installments, LIBOR rate applicable for 2.75 years would be used. (2)   A margin or spread for covering the political, commercial, and transfer risks attached to the availed/ guarantor. It varies from country to country, and guarantor to guarantor[16]. (3)   Some additional charges such as interest for "grace period" granted to the importer and a commit ­ment fee when necessary. The whole transaction can be processed quite fast. Many Forfeiters claim that they take no more than two days after the exporter presents all the proper documents. Buyers' Credits are a form of Eurocurrency loans designed to finance a specific transaction involving import of goods and services. The importer works out a deferred payment arrangement with the lending bank which the bank treats as a loan. [17] Traditionally, Forfeiting used to be a form of fixed rate, medium-term (one to five years) funding, but over time Forfeiters have become very flexible and are willing to offer terms to suit the needs of their customers. Some Forfeiting houses will accept paper with maturities up to ten years while in other cases it may be as short as 180 days. The secondary market for the paper generally ranges between one and ten years, depending upon the reputation of the importer, the country to which the importer belongs and the reputation of the bank providing the guarantee. Normally Forfeiters will ensure that the importer, not the exporter bears the cost of financing. That is, the face value of the notes is such that after applying the discount, the exporter gets paid what he would normally charge for cash payment. However for competitive reasons some exporters may choose to ab ­sorb some of the financing cost to make the transaction more attractive to the importer.[18] Charges depend on the market interest rates for the currency of the underlying contract and on the per ­ceived credit risks related to the importer, his country and the credit rating of the analyzing (or guaranteeing) bank. The interest cost is made up of the following components: (1)   The Forfeiter’s refinancing costs benchmarked to the cost of funds in the relevant Euromarkets seg ­ment applicable to the average life of the transaction. (2)   A margin or spread for covering the political, commercial, and transfer risks attached to the availed/ guarantor. It varies from country to country, and guarantor to guarantor. (3)   Some additional charges such as interest for "grace period" granted to the importer and a commit ­ment fee when necessary.    Bibliography A.  Ã‚  Ã‚   Articles/Books/Reports Kraus, M.W.; Keltner, D. (2008), "Signs of Socioeconomic Status Barro, Robert (1979) "On the Determination of the Public Debt", Journal of Political Economy, Vol 87, pages 940-71. Barro, Robert (1999) "Notes on Optimal Fund Management", Harvard University, May2006 Dornbusch, Rudi (2001) 'A Primer on Emerging Market Crises', MIT, January. Leong, Donna (1999) " Fund Management: Theory and Practice", HM Treasury Occasional Paper. Boushey, Heather and Weller, Christian. (2005) â€Å"What the Numbers Tell Us.† Pp 27-40. Demos. B.  Ã‚  Ã‚  Ã‚   Cases Lucas, Robert and Nancy Stokey (1983) "Optimal Fiscal and Monetary Policy in an Economy without Capital", Journal of Monetary Economics 12, pp. 55-93. C.  Ã‚  Ã‚  Ã‚   Legislation Missale, Alessandro (1997) "Managing the Public Fund: The Optimal Taxation Approach", Journal of Economic Surveys Vol 121 No.3.

Religion - St. Augustine's Confessions Research Paper

Religion - St. Augustine's Confessions - Research Paper Example Augustine is an influential man. Beyond his obvious influence in the faith, he has exerted tremendous sway on philosophy, theology, and even education. Augustine was not originally a believer. His autobiographical book, Confessions, details his conversion. However, unlike a standard autobiographical book, Augustine recounts the events of his life in terms of how they impact his faith and his beliefs. Many people find the story of Augustine infinitely inspiring and fascinating. Indeed, Benedict XVI called him â€Å"one of Christian history's greatest converts† during his address to the General Audience at the Paul VI Audience Hall. Augustine’s conversion is not a story of blinding light or a single moment that shifted everything. It is, rather, a story of small steps toward an ultimate goal. It is the story of how many forces work to point a person in the direction they need to go. It is the story of how listening to small signs and signals can help a person find their r ightful spot. Although Augustine grew up with religious instruction, he was not a believer in the way he was after his conversion. In fact, he describes his feelings regarding spirituality and faith quite clearly. â€Å"Thus I at that time believed with my mother and the whole house, except my father; yet he did not overcome the influence of my mother’s piety in me so as to prevent my believing in Christ, as he had not yet believed in Him† (Schaff and Augustine, Chapter XI). ... Augustine’s background did not lend itself to faithfulness. His world was much like that of the modern child and adolescent: pleasure and material focused. He recounts the specifics of the society and family in which he was reared. Augustine’s first mention of any sort of spiritual awareness is after entering school. School was a place of wretched existence for Augustine, who was fearful of beatings from his teachers. Augustine recalls his introduction to God: â€Å"O Lord, I observed men praying to thee, and I learned from them to conceive thee--after my capacity for understanding as it was then--to be some great Being, who, though not visible to our senses, was able to hear and help us† (Augustine, 50). He explains that he sought God’s assistance with his everyday concerns at the time, which centered upon comfort. â€Å"Small as I was, I prayed with no slight earnestness that I might not be beaten at school† (Augustine, 50). Augustine’s upb ringing continues in a typical manner; he is consumed with concern over material items and pleasure. His thoughts are not focused toward God. In fact, his thoughts turn to lust as he approaches adolescence. He speaks about the fact that lust is almost taught to boys through their education. He points out that they read about the gods, who deeds are wicked and within whom lust is strong and overpowering. His point is fair that lust is almost taught to boys as a natural condition, one which they can excuse. After all, if even a god cannot overcome his desires, how could a mere mortal be expected to do so? Augustine discusses in depth his battle with lust. This is a battle which will plague him throughout his life, even unto his life as a servant of God. It is a very mortal