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#### Annotation 1428817317132

 Symbol #means-of-communication #sister-miriam-joseph #the-function-of-language #trivium A symbol is an arbit rary sensible sign having a meaning imposed on it by convention. A sign is sensible, for it can be perceived by the senses. Every sign has meaning either from nature or from convention. A cloud, which is a sign of rain, and smoke, which is a sign of fire, have meaning from nature. A green light, which is a sign that traffic should move, has meaning from convention.

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#### Flashcard 1434980060428

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#italian #italian-grammar
Question
Within the indicative mood there is a full range of tenses: [...] past, ho mangiato ‘I have eaten’; future, mangerò ‘I will eat’; etc.
present (mangio, ‘I eat’)

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The verb mood we use most in speaking and writing is the indicative mood. Within this mood is a full range of tenses: present mangio ‘I eat’; past ho mangiato ‘I have eaten’; future mangerò ‘I will eat’; etc. The verb mood used to express uncertainty is the subjunctive, which also has a full range of tenses. S

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#### Flashcard 1434987138316

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#italian #italian-grammar
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An [...] can be used with an intransitive verb, which does not take a direct object, in which case it may be found together with a preposition such as a, da: Marco telefonava a sua madre ogni sera ‘Marco used to phone his mother every evening’.
Indirect Object

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ronoun, is one that is indirectly affected by the action or event. An indirect object can be found with a transitive verb, which already has one direct object: ho mandato delle cartoline ai miei amici ‘I sent some postcards to my friends’. Or <span>it can be used with an intransitive verb, which does not take a direct object, in which case it may be found together with a preposition such as a, da: Marco telefonava a sua madre ogni se

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#### Flashcard 1435826523404

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#italian #italian-grammar
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(present, past) Verbs normally have a [...] and a [...] .
present participle

past participle

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(present, past) Verbs normally have a present participle and a past participle. Unlike other (finite) verb forms, the participle cannot be used on its own but is found together with other verb forms. The past participle is used with the verb

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#### Flashcard 1435923778828

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#eximbank #export-dot-gov #octopus #usa
Question
There also are a number of [...] banks that extend Ex-Im Bank credits in Mexico.
U.S.-based

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undling facility is a large medium-term loan made to a Mexican bank by a U.S. bank with the guarantee of Ex-Im Bank. The Mexican bank then makes loans to Mexican companies for the purchase of American capital goods. There also are a number of <span>U.S.-based banks that extend Ex-Im Bank credits in Mexico. The major Mexican commercial banks have signed agreements with Ex-Im Bank to grant lines of credit to Mexican firms that purchase U.S.-ma

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Mexico - Project Financing
rantees for medium-term loans to foreign buyers of capital equipment. Most loans are made by U.S. banks with Ex-Im Bank’s guarantee. More than 85 percent of Ex-Im’s transactions in recent years directly benefited small businesses. <span>Much of Ex-Im Bank’s activity is under so-called bundling facilities. A bundling facility is a large medium-term loan made to a Mexican bank by a U.S. bank with the guarantee of Ex-Im Bank. The Mexican bank then makes loans to Mexican companies for the purchase of American capital goods. There also are a number of U.S.-based banks that extend Ex-Im Bank credits in Mexico. The major Mexican commercial banks have signed agreements with Ex-Im Bank to grant lines of credit to Mexican firms that purchase U.S.-made products. Many major Mexican banks (Santander, BBVA-Bancomer, and others) have Master Guarantee Agreements. Such credits generally are available only to Mexican blue chip companies and to their suppliers with firm contracts. EXIM Bank is a

#### Annotation 1438463167756

 #python #sicp Each general concept or equation maps onto its own short function. One negative consequence of this approach is that the global frame becomes cluttered with names of small functions, which must all be unique. Another problem is that we are constrained by particular function signatures: the update argument to improve must take exactly one argument. Nested function definitions address both of these problems, but require us to enrich our environment model.

1.6 Higher-Order Functions
tement is executed successfully. 1.6.3 Defining Functions III: Nested Definitions The above examples demonstrate how the ability to pass functions as arguments significantly enhances the expressive power of our programming language. <span>Each general concept or equation maps onto its own short function. One negative consequence of this approach is that the global frame becomes cluttered with names of small functions, which must all be unique. Another problem is that we are constrained by particular function signatures: the update argument to improve must take exactly one argument. Nested function definitions address both of these problems, but require us to enrich our environment model. Let's consider a new problem: computing the square root of a number. In programming languages, "square root" is often abbreviated as sqrt . Repeated application of the foll

#### Annotation 1438467362060

 #python #sicp Function values each have a new annotation that we will include in environment diagrams from now on, a parent. The parent of a function value is the first frame of the environment in which that function was defined.

1.6 Higher-Order Functions
c average(x, y) [parent=Global] func improve(update, close, guess) [parent=Global] func approx_eq(x, y, tolerance) [parent=Global] func sqrt(a) [parent=Global] func sqrt_update(x) [parent=f1] func sqrt_close(x) [parent=f1] <span>Function values each have a new annotation that we will include in environment diagrams from now on, a parent. The parent of a function value is the first frame of the environment in which that function was defined. Functions without parent annotations were defined in the global environment. When a user-defined function is called, the frame created has the same parent as that function. Subseque

#### Annotation 1438468410636

 #python #sicp Functions without parent annotations were defined in the global environment. When a user-defined function is called, the frame created has the same parent as that function.

1.6 Higher-Order Functions
=f1] Function values each have a new annotation that we will include in environment diagrams from now on, a parent. The parent of a function value is the first frame of the environment in which that function was defined. <span>Functions without parent annotations were defined in the global environment. When a user-defined function is called, the frame created has the same parent as that function. Subsequently, the name sqrt_update resolves to this newly defined function, which is passed as an argument to improve . Within the body of improve , we must apply our update fun

#### Annotation 1438469459212

 #python #sicp two key advantages of lexical scoping in Python. The names of a local function do not interfere with names external to the function in which it is defined, because the local function name will be bound in the current local environment in which it was defined, rather than the global environment.A local function can access the environment of the enclosing function, because the body of the local function is evaluated in an environment that extends the evaluation environment in which it was defined.

1.6 Higher-Order Functions
name finds the first value bound to that name in the current environment. Python checks first in the sqrt_update frame -- no a exists. Python checks next in the parent frame, f1 , and finds a binding for a to 256. Hence, we realize <span>two key advantages of lexical scoping in Python. The names of a local function do not interfere with names external to the function in which it is defined, because the local function name will be bound in the current local environment in which it was defined, rather than the global environment. A local function can access the environment of the enclosing function, because the body of the local function is evaluated in an environment that extends the evaluation environment in which it was defined. The sqrt_update function carries with it some data: the value for a referenced in the environment in which it was defined. Because they "enclose" information in this way

#### Annotation 1438531063052

 #python #sicp A common pattern can be found in the body of many recursive functions. The body begins with a base case, a conditional statement that defines the behavior of the function for the inputs that are simplest to process. In the case of sum_digits , the base case is any single-digit argument, and we simply return that argument. Some recursive functions will have multiple base cases. The base cases are then followed by one or more recursive calls. Recursive calls always have a certain character: they simplify the original problem. Recursive functions express computation by simplifying problems incrementally.

1.7 Recursive Functions
til eventually a single-digit input is reached. This example also illustrates how functions with simple bodies can evolve complex computational processes by using recursion. 1.7.1 The Anatomy of Recursive Functions Video: Show Hide <span>A common pattern can be found in the body of many recursive functions. The body begins with a base case, a conditional statement that defines the behavior of the function for the inputs that are simplest to process. In the case of sum_digits , the base case is any single-digit argument, and we simply return that argument. Some recursive functions will have multiple base cases. The base cases are then followed by one or more recursive calls. Recursive calls always have a certain character: they simplify the original problem. Recursive functions express computation by simplifying problems incrementally. For example, summing the digits of 7 is simpler than summing the digits of 73, which in turn is simpler than summing the digits of 738. For each subsequent call, there is less work lef

#### Flashcard 1438611541260

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#30-dic-2016 #el-financiero #financial-times #noticias
Question
¿Permitirá China que su moneda se devalúe más del 10 por ciento?

__No.

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¿Permitirá China que su moneda se devalúe más del 10 por ciento? ___No. Las presiones están aumentando para que el renminbi se deprecie frente al dólar estadounidense después de deslizarse en más del 6 por ciento durante 2016. El capital está saliendo de Ch

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Predicciones mundiales para 2017
internacionales. El Estado Islámico puede contar con los poderes externos para actuar como reclutadores: los regímenes respaldados por los chiitas en Damasco, Bagdad y Beirut mantendrán a los sunitas alienados. (David Gardner) 7. <span>¿Permitirá China que su moneda se devalúe más del 10 por ciento? ___No. Las presiones están aumentando para que el renminbi se deprecie frente al dólar estadounidense después de deslizarse en más del 6 por ciento durante 2016. El capital está saliendo de China, el mercado inmobiliario se está enfriando rápidamente y las tasas de interés de los dólares estadounidenses pueden subir de nuevo. Y, sin embargo, el renminbi apenas se depreciará en lo absoluto. (James Kynge) 8. ¿Incumplirá Venezuela su deuda? ___No. Un incumplimiento resultaría en que los acreedores se apoderaran de los cargamentos de petróleo, poniendo así fin a la a

#### Flashcard 1438969105676

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Question

NPV Decision rules:

• The [...] the better.
• Reject if [...]
higher the NPV,

NPV is less than or equal to 0.

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Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0.

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Subject 3. Investment Decision Criteria
he project's cash flows are just sufficient to repay the invested capital and to provide the required rate of return on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. <span>Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin&

#### Flashcard 1438974872844

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Question
NPV does not measure [...], and thus cannot provide "safety margin" information.
the rate of return of the project

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NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk

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Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Annotation 1439125081356

 Here we sought to further refine the comparisons of GPCR binding sites by analyzing both the persis- tence and the strength of residue–ligand interactions observed across the GPCR Pocketome—the set of annotated GPCR binding pockets that have been crystallographically characterized to date 16 . By enriching the binding-site comparisons with ligand contact strengths, a method we term GPCR–CoINPocket (GPCR contact- informed neighboring pocket), we organized and clustered all class A GPCRs into a hierarchical structure that closely reproduced pre- viously characterized pharmacological relationships.

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#### Annotation 1439126654220

 residue contact strengths (1) are distance based, not energy based; (2) rep- resent a coarse-grain approximation of actual interaction energies; (3) have improved signal-to-noise ratios through analysis of mul- tiple ligands and crystallographic conformational ensembles; and (4) provide a reasonable compromise between a binary definition of interatomic contact based on a cut-off interatomic distance and the complexities and ambiguities of accurate energy calculations for conformationally variable crystallographic ensembles.

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#### Annotation 1439128227084

 our method is advanced in that it accounts for interaction magnitudes and in ‘inverting’ the perspective from ligand to binding site.

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#### Annotation 1439129799948

 Finally, despite the peptide melanocortin receptors (MCR) being phylogenetically related to lysophospholipid receptors, they exhibited a high degree of similarity with other peptide receptors, such as the oxytocin and vasopressin receptors; this corroborates the recent discovery of activity of MCR agonists on oxytocin-mediated signaling pathway

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#### Annotation 1439131372812

 GPCR–CoINPocket correctly predicted the relationship between sst 5 and various biogenic amine receptors with very high scores (Tab le 1), reflecting the fact that an aspartic acid at position 3×32 is not only conserved across these receptors but is also one of the strongest contacts found in GPCRs

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#### Annotation 1439132945676

 Likewise, a phenylalanine residue at position 6×52 is also conserved across these receptors, perhaps explaining off-target activity of H 1 receptor ligands at sst 5 receptors

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#### Annotation 1439134518540

 A high degree of similar- ity was detected between the melatonin MT 2 and neuropeptide Y

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#### Annotation 1439136091404

 the opioid, CCR3 and other chemokine receptors con- sistently ranked as pharmacological neighbors of the muscarinic receptors, confirming their previously described pharmacological similarities

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#### Annotation 1439137664268

 ChEMBL data is inherently biased toward closest phyloge- netic relatives because of the common practice of testing ligand selectivity profiles only on homologous receptors

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#### Annotation 1439139237132

 Surrogate ligands are most needed for these unexplored receptors, as they enable both the biochemical characterization of the receptors in vitro and ligand-guided homol- ogy model refinement in silico.

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#### Annotation 1439144217868

 #deeplearning #protein #proteomics #research Sander14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns 3 types for helix (G for 310 helix, H for alpha-helix, and I for pi-helix), 2 types for strand (E for beta-strand and B for beta-bridge), and 3 types for coil (T for beta-turn, S for high curvature loop, and L for irregular).

Protein Secondary Structure Prediction Using Deep Convolutional Neural Fields : Scientific Reports
S) refers to the local conformation of the polypeptide backbone of proteins. There are two regular SS states: alpha-helix (H) and beta-strand (E), as suggested by Pauling 13 more than 60 years ago, and one irregular SS type: coil region (C). <span>Sander 14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns 3 types for helix (G for 3 10 helix, H for alpha-helix, and I for pi-helix), 2 types for strand (E for beta-strand and B for beta-bridge), and 3 types for coil (T for beta-turn, S for high curvature loop, and L for irregular). Overall, protein secondary structure can be regarded as a bridge that links the primary sequence and tertiary structure and thus, is used by many structure and functional analysis tools

#### Flashcard 1439151295756

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#vocabulary
Question
Hurdle
A light portable barrier over which competitors must leap in certain races.

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#### Flashcard 1439153130764

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#vocabulary
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Hurdle español
obstaculo

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#### Annotation 1439154965772

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 The IRR on a project is its expected rate of return.

Subject 3. Investment Decision Criteria
3; This is the discount rate that forces a project's NPV to equal zero. Note that this formula is simply the NPV formula solved for the particular discount rate that forces the NPV to equal zero. <span>The IRR on a project is its expected rate of return. The NPV and IRR methods will usually lead to the same accept or reject decisions. Decision rules: The higher the IRR, the better. Define the hurdle rate, which

#### Annotation 1439157587212

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 The NPV and IRR methods will usually lead to the same accept or reject decisions.

Subject 3. Investment Decision Criteria
ject's NPV to equal zero. Note that this formula is simply the NPV formula solved for the particular discount rate that forces the NPV to equal zero. The IRR on a project is its expected rate of return. <span>The NPV and IRR methods will usually lead to the same accept or reject decisions. Decision rules: The higher the IRR, the better. Define the hurdle rate, which typically is the cost of capital. Reject if IRR is less than or equal to the hurd

#### Flashcard 1439158635788

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Question
The NPV and IRR methods will usually lead to [...] decisions.
the same accept or reject

But not always

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The NPV and IRR methods will usually lead to the same accept or reject decisions.

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Subject 3. Investment Decision Criteria
ject's NPV to equal zero. Note that this formula is simply the NPV formula solved for the particular discount rate that forces the NPV to equal zero. The IRR on a project is its expected rate of return. <span>The NPV and IRR methods will usually lead to the same accept or reject decisions. Decision rules: The higher the IRR, the better. Define the hurdle rate, which typically is the cost of capital. Reject if IRR is less than or equal to the hurd

#### Annotation 1439160995084

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 Decision rules: The higher the IRR, the better.Define the hurdle rate, which typically is the cost of capital.Reject if IRR is less than or equal to the hurdle rate.

Subject 3. Investment Decision Criteria
ply the NPV formula solved for the particular discount rate that forces the NPV to equal zero. The IRR on a project is its expected rate of return. The NPV and IRR methods will usually lead to the same accept or reject decisions. <span>Decision rules: The higher the IRR, the better. Define the hurdle rate, which typically is the cost of capital. Reject if IRR is less than or equal to the hurdle rate. IRR does provide "safety margin" information. Calculate Project A's and B's IRR. Project A: -1000 + 750/(1 + IRR) 1 + 350/(1+IRR) 2 +

#### Flashcard 1439162043660

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Question

IRR Decision rules:

• [...] the better.
• ​Define the hurdle rate, which typically is [...]
• Reject if [...]
The higher the IRR,

the cost of capital.

IRR is less than or equal to the hurdle rate.

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Decision rules: The higher the IRR, the better. Define the hurdle rate, which typically is the cost of capital. Reject if IRR is less than or equal to the hurdle rate.

#### Original toplevel document

Subject 3. Investment Decision Criteria
ply the NPV formula solved for the particular discount rate that forces the NPV to equal zero. The IRR on a project is its expected rate of return. The NPV and IRR methods will usually lead to the same accept or reject decisions. <span>Decision rules: The higher the IRR, the better. Define the hurdle rate, which typically is the cost of capital. Reject if IRR is less than or equal to the hurdle rate. IRR does provide "safety margin" information. Calculate Project A's and B's IRR. Project A: -1000 + 750/(1 + IRR) 1 + 350/(1+IRR) 2 +

#### Annotation 1439164402956

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 IRR does provide "safety margin" information.

Subject 3. Investment Decision Criteria
he same accept or reject decisions. Decision rules: The higher the IRR, the better. Define the hurdle rate, which typically is the cost of capital. Reject if IRR is less than or equal to the hurdle rate. <span>IRR does provide "safety margin" information. Calculate Project A's and B's IRR. Project A: -1000 + 750/(1 + IRR) 1 + 350/(1+IRR) 2 + 150/(1+IRR) 3 + 50/(1+IRR) 4 = 0 Since it is difficult

#### Flashcard 1439165451532

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Question
IRR does provide [...] information.
"safety margin"

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IRR does provide "safety margin" information.

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Subject 3. Investment Decision Criteria
he same accept or reject decisions. Decision rules: The higher the IRR, the better. Define the hurdle rate, which typically is the cost of capital. Reject if IRR is less than or equal to the hurdle rate. <span>IRR does provide "safety margin" information. Calculate Project A's and B's IRR. Project A: -1000 + 750/(1 + IRR) 1 + 350/(1+IRR) 2 + 150/(1+IRR) 3 + 50/(1+IRR) 4 = 0 Since it is difficult

#### Annotation 1439167024396

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 Since it is difficult to determine by hand, the use of a financial calculator is needed to solve for IRR.

Subject 3. Investment Decision Criteria
dle rate. IRR does provide "safety margin" information. Calculate Project A's and B's IRR. Project A: -1000 + 750/(1 + IRR) 1 + 350/(1+IRR) 2 + 150/(1+IRR) 3 + 50/(1+IRR) 4 = 0 <span>Since it is difficult to determine by hand, the use of a financial calculator is needed to solve for IRR. The IRR for Project A is 18.32% and for Project B is 15.03%. Payback Period This is the expected number of years required to recover the original

#### Annotation 1439168597260

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 Payback occurs when the cumulative net cash flow equals 0.

Subject 3. Investment Decision Criteria
ancial calculator is needed to solve for IRR. The IRR for Project A is 18.32% and for Project B is 15.03%. Payback Period This is the expected number of years required to recover the original investment. <span>Payback occurs when the cumulative net cash flow equals 0. Decision rules: The shorter the payback period, the better. A firm should establish a benchmark payback period. Reject if payback is greater than benchmark. &#

#### Annotation 1439170170124

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 Payback period is the expected number of years required to recover the original investment.

Subject 3. Investment Decision Criteria
) 4 = 0 Since it is difficult to determine by hand, the use of a financial calculator is needed to solve for IRR. The IRR for Project A is 18.32% and for Project B is 15.03%. Payback Period <span>This is the expected number of years required to recover the original investment. Payback occurs when the cumulative net cash flow equals 0. Decision rules: The shorter the payback period, the better. A firm should establish a benchmark payb

#### Annotation 1439172529420

 Cons of Payback #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 It ignores cash flows beyond the payback period. Payback period is a type of "break-even" analysis: it indicates how quickly you can make enough money to recover the initial investment, not how much money you can make during the life of the project. It does not consider the time value of money. Therefore, the cost of capital is not reflected in the cash flows or calculations.

Subject 3. Investment Decision Criteria
establish a benchmark payback period. Reject if payback is greater than benchmark. Payback A = 1 + (1000 - 750)/350 = 1.7 years Payback B = 3 + (1000 - 100 - 250 - 450)/750 = 3.27 years Drawbacks: <span>It ignores cash flows beyond the payback period. Payback period is a type of "break-even" analysis: it indicates how quickly you can make enough money to recover the initial investment, not how much money you can make during the life of the project. It does not consider the time value of money. Therefore, the cost of capital is not reflected in the cash flows or calculations. Discounted Payback Period This

#### Annotation 1439175675148

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 years Discounted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk.

Subject 3. Investment Decision Criteria
y to recover the initial investment, not how much money you can make during the life of the project. It does not consider the time value of money. Therefore, the cost of capital is not reflected in the cash flows or calculations. <span>Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 years Discounted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that

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Question

Discounted Payback Period is similar to the regular payback method except that [...].

it discounts cash flows at the project's cost of capital

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Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA

#### Original toplevel document

Subject 3. Investment Decision Criteria
y to recover the initial investment, not how much money you can make during the life of the project. It does not consider the time value of money. Therefore, the cost of capital is not reflected in the cash flows or calculations. <span>Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 years Discounted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that

#### Flashcard 1439179083020

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Question

Discounted Payback Period considers [...], but it ignores [...]

the time value of money

cash flows beyond the payback period.

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Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 ye

#### Original toplevel document

Subject 3. Investment Decision Criteria
y to recover the initial investment, not how much money you can make during the life of the project. It does not consider the time value of money. Therefore, the cost of capital is not reflected in the cash flows or calculations. <span>Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 years Discounted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that

#### Annotation 1439181442316

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk."

#### Parent (intermediate) annotation

Open it
nd the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 years Discounted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years <span>The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk.</spa

#### Original toplevel document

Subject 3. Investment Decision Criteria
y to recover the initial investment, not how much money you can make during the life of the project. It does not consider the time value of money. Therefore, the cost of capital is not reflected in the cash flows or calculations. <span>Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 years Discounted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that

#### Annotation 1439183015180

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project.

#### Parent (intermediate) annotation

Open it
ted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." <span>The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk.<span><body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
y to recover the initial investment, not how much money you can make during the life of the project. It does not consider the time value of money. Therefore, the cost of capital is not reflected in the cash flows or calculations. <span>Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 years Discounted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that

#### Annotation 1439184588044

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 The payback is often used as one indicator of a project's risk.

#### Parent (intermediate) annotation

Open it
ect's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. <span>The payback is often used as one indicator of a project's risk.<span><body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
y to recover the initial investment, not how much money you can make during the life of the project. It does not consider the time value of money. Therefore, the cost of capital is not reflected in the cash flows or calculations. <span>Discounted Payback Period This is similar to the regular payback method except that it discounts cash flows at the project's cost of capital. It considers the time value of money, but it ignores cash flows beyond the payback period. Again, assume the cost of capital for the firm is 10%: Discounted PaybackA = 2 + (1000 - 682 - 289)/113 = 2.26 years Discounted PaybackB = 3 + (1000 - 91 - 207 - 338)/512 = 3.71 years The payback provides an indication of a project's risk and liquidity because it shows how long the invested capital will be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that

#### Annotation 1439186160908

 #analyst-notes #cfa-level-1 #corporate-finance #has-images #reading-35-capital-budgeting #study-session-10 Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that it is very easy to calculate. Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR.ARR is based on numbers that include non-cash items.

Subject 3. Investment Decision Criteria
be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. <span>Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that it is very easy to calculate. Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined b

#### Flashcard 1439187209484

Tags
#analyst-notes #cfa-level-1 #corporate-finance #has-images #reading-35-capital-budgeting #study-session-10
Question

Average Accounting Rate of Return

This is a very simple rate of return:

[...]

Its only advantage is that it is very easy to calculate.

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Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that it is very easy to calculate. Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is

#### Original toplevel document

Subject 3. Investment Decision Criteria
be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. <span>Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that it is very easy to calculate. Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined b

#### Flashcard 1439189568780

Tags
Question

Average Accounting Rate of Return Its only advantage is [...]

that it is very easy to calculate.

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#### Parent (intermediate) annotation

Open it
Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that it is very easy to calculate. Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is

#### Original toplevel document

Subject 3. Investment Decision Criteria
be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. <span>Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that it is very easy to calculate. Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined b

#### Flashcard 1439191928076

Tags
Question

Average Accounting Rate of Return

Drawbacks:

• It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR.
• ARR is based on numbers that include [...]
non-cash items.

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ge is that it is very easy to calculate. Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers <span>that include non-cash items.<span><body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
be tied up in a project and "at risk." The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project. The payback is often used as one indicator of a project's risk. <span>Average Accounting Rate of Return (not required) This is a very simple rate of return: Its only advantage is that it is very easy to calculate. Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined b

#### Annotation 1439194287372

 #analyst-notes #cfa-level-1 #corporate-finance #has-images #reading-35-capital-budgeting #study-session-10 Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal.A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment.

Subject 3. Investment Decision Criteria
#13; Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. <span>Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment. Learning Outcome Statements d. calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profita

#### Flashcard 1439195335948

Tags
#analyst-notes #cfa-level-1 #corporate-finance #has-images #reading-35-capital-budgeting #study-session-10
Question

Profitability Index (PI) is an index used to evaluate proposals for which [...]

net present values have been determined.

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Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you a

#### Original toplevel document

Subject 3. Investment Decision Criteria
#13; Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. <span>Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment. Learning Outcome Statements d. calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profita

#### Flashcard 1439197695244

Tags
#analyst-notes #cfa-level-1 #corporate-finance #has-images #reading-35-capital-budgeting #study-session-10
Question

Profitability Index (PI) Formula
[...]

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#### Parent (intermediate) annotation

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Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment.

#### Original toplevel document

Subject 3. Investment Decision Criteria
#13; Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. <span>Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment. Learning Outcome Statements d. calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profita

#### Annotation 1439200054540

 #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 The PI indicates the value you are receiving in exchange for one unit of currency invested.

#### Parent (intermediate) annotation

Open it
is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. <span>The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable mea

#### Original toplevel document

Subject 3. Investment Decision Criteria
#13; Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. <span>Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment. Learning Outcome Statements d. calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profita

#### Flashcard 1439201627404

Tags
Question

A Profitability Index value greater than [...] is acceptable

1.0

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#### Parent (intermediate) annotation

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viding the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than <span>1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 w

#### Original toplevel document

Subject 3. Investment Decision Criteria
#13; Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. <span>Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment. Learning Outcome Statements d. calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profita

#### Flashcard 1439204773132

Tags
Question

Profitability Index (PI)

A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that [...]

the project's PV is less than the initial investment.

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#### Parent (intermediate) annotation

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An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that <span>the project's PV is less than the initial investment.<span><body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
#13; Drawbacks: It does not take into account the time value of money; the value of cash flows does not diminish with time, as is the case with NPV and IRR. ARR is based on numbers that include non-cash items. <span>Profitability Index (PI) This is an index used to evaluate proposals for which net present values have been determined. The profitability index is determined by dividing the present value of each proposal by its initial investment. The PI indicates the value you are receiving in exchange for one unit of currency invested. An index value greater than 1.0 is acceptable and the higher the number, the more financially attractive the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment. Learning Outcome Statements d. calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profita

Tags
Question

### d. calculate and interpret [...], [...], [...], [...], and [...] of a single capital project;

net present value (NPV)

## internal rate of return (IRR) payback period discounted payback period profitability index (PI)

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Subject 3. Investment Decision Criteria
active the proposal. A ratio of 1.0 is logically the lowest acceptable measure on the index. Any value lower than 1.0 would indicate that the project's PV is less than the initial investment. Learning Outcome Statements d. <span>calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profitability index (PI) of a single capital project;<span><body><html>

Article 1439209491724

Subject 4. NPV Profiles

A NPV profile is a graph showing the relationship between a project's NPV and the firm's cost of capital. The point where a project's net present value profile crosses the horizontal axis indicates a project's internal rate of return. Some observations: The IRR is the discount rate that sets the NPV to 0. The NPV profile declines as the discount rate increases. Project A has a higher NPV at low discount rates, while Project B has a higher NPV at high discount rates. The NPV profiles of Project A and B join at the crossover rate, at which the projects' NPVs are equal. The slope of Project A's NPV profile is steeper. This indicates that Project A's NPV is more sensitive to changes in the discount rates.

#### Annotation 1439212375308

 #analyst-notes #cfa-level-1 #reading-35-capital-budgeting #study-session-10 A NPV profile is a graph showing the relationship between a project's NPV and the firm's cost of capital.

Subject 4. NPV Profiles
A NPV profile is a graph showing the relationship between a project's NPV and the firm's cost of capital. The point where a project's net present value profile crosses the horizontal axis indicates a project's internal rate of return. Some observations: &#13

#### Annotation 1439213948172

 #analyst-notes #cfa-level-1 #reading-35-capital-budgeting #study-session-10 The point where a project's net present value profile crosses the horizontal axis indicates a project's internal rate of return.

Subject 4. NPV Profiles
A NPV profile is a graph showing the relationship between a project's NPV and the firm's cost of capital. The point where a project's net present value profile crosses the horizontal axis indicates a project's internal rate of return. Some observations: The IRR is the discount rate that sets the NPV to 0. The NPV profile declines as the discount rate increases. Project A

#### Annotation 1439215521036

 #analyst-notes #cfa-level-1 #reading-35-capital-budgeting #study-session-10 Some observations on NPV profile: The IRR is the discount rate that sets the NPV to 0.The NPV profile declines as the discount rate increases.Project A has a higher NPV at low discount rates, while Project B has a higher NPV at high discount rates. The NPV profiles of Project A and B join at the crossover rate, at which the projects' NPVs are equal.The slope of Project A's NPV profile is steeper. This indicates that Project A's NPV is more sensitive to changes in the discount rates.

Subject 4. NPV Profiles
showing the relationship between a project's NPV and the firm's cost of capital. The point where a project's net present value profile crosses the horizontal axis indicates a project's internal rate of return. <span>Some observations: The IRR is the discount rate that sets the NPV to 0. The NPV profile declines as the discount rate increases. Project A has a higher NPV at low discount rates, while Project B has a higher NPV at high discount rates. The NPV profiles of Project A and B join at the crossover rate, at which the projects' NPVs are equal. The slope of Project A's NPV profile is steeper. This indicates that Project A's NPV is more sensitive to changes in the discount rates. <span><body><html>

#### Flashcard 1439231773964

Tags
#italian #italian-grammar
Question
A subordinate clause is one that [...]
depends on another clause

usually the main clause in a sentence.

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A subordinate clause is one that depends on another clause, usually the main clause in a sentence. It can be introduced by a conjunction such as che ‘what’ or perché ‘because’, or a relative pronoun such as che ‘who, which’. See Clauses.

#### Original toplevel document (pdf)

cannot see any pdfs

#### Flashcard 1439235443980

Tags
#eximbank #key-common-features #octopus #usa
Question
Ex-Im Bank assists U.S. exporters by:

(a) providing [...]; or

(b) [...] to creditworthy foreign buyers for purchases of U.S. goods and services.
direct loans

guaranteeing repayment of commercial loans

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Ex-Im Bank assists U.S. exporters by: (a) providing direct loans; or (b) guaranteeing repayment of commercial loans to creditworthy foreign buyers for purchases of U.S. goods and services.

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)
e sales package  Cash payment upon shipment of the goods or services Cons  Subject to certain restrictions for U.S. government policy reasons  Possible lengthy process of approving financing <span>Key Common Features of Ex-Im Bank’s Loan Guarantees and Direct Loans Ex-Im Bank assists U.S. exporters by: (a) providing direct loans; or (b) guaranteeing repayment of commercial loans to creditworthy foreign buyers for purchases of U.S. goods and services. These loans are generally used to finance the purchase of high-value capital equipment or services or exports to large-scale projects that require medium- or long-term financing. Ex-Im Bank’s foreign buyer financing is also used to finance the purchase of refurbished equipment, software, and certain banking and legal fees, as well as some local costs and expenses. There is no minimum or maximum limit to the size of the export sale that may be supported by the Bank’s foreign buyer financing. Ex-Im Bank requires the foreign buyer to make a cash payment to the exporter equal to at least 15 percent of the U.S. supply contract. Repayment terms up to five years are available for exports of capital goods and services. Transportation equipment and exports to large-scale projects may be eligible for repayment terms up to 10 years (12 to 18 years for certain sectors). Military items are generally not eligible for Ex-Im Bank financing nor are sales to foreign military entities. In addition, goods must meet the Bank’s foreign content requirements. Finally, Ex-Im Bank financing may not be available in certain countries and certain terms for U.S. government policy reasons (for more information, see the Country Limitation Schedule posted on the Bank’s Web site, www.exim.gov, under the “Apply” section). Key Features of Ex-Im Bank Loan Guarantees Loans are made by commercial banks and repayment of these loans is guaranteed by Ex-Im Bank. Guarant

#### Flashcard 1439237803276

Tags
#eximbank #key-common-features #octopus #usa
Question
Transportation equipment and exports to large-scale projects may be eligible for repayment terms up to [...]
10 years (12 to 18 years for certain sectors).

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Transportation equipment and exports to large-scale projects may be eligible for repayment terms up to 10 years (12 to 18 years for certain sectors).

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)
e sales package  Cash payment upon shipment of the goods or services Cons  Subject to certain restrictions for U.S. government policy reasons  Possible lengthy process of approving financing <span>Key Common Features of Ex-Im Bank’s Loan Guarantees and Direct Loans Ex-Im Bank assists U.S. exporters by: (a) providing direct loans; or (b) guaranteeing repayment of commercial loans to creditworthy foreign buyers for purchases of U.S. goods and services. These loans are generally used to finance the purchase of high-value capital equipment or services or exports to large-scale projects that require medium- or long-term financing. Ex-Im Bank’s foreign buyer financing is also used to finance the purchase of refurbished equipment, software, and certain banking and legal fees, as well as some local costs and expenses. There is no minimum or maximum limit to the size of the export sale that may be supported by the Bank’s foreign buyer financing. Ex-Im Bank requires the foreign buyer to make a cash payment to the exporter equal to at least 15 percent of the U.S. supply contract. Repayment terms up to five years are available for exports of capital goods and services. Transportation equipment and exports to large-scale projects may be eligible for repayment terms up to 10 years (12 to 18 years for certain sectors). Military items are generally not eligible for Ex-Im Bank financing nor are sales to foreign military entities. In addition, goods must meet the Bank’s foreign content requirements. Finally, Ex-Im Bank financing may not be available in certain countries and certain terms for U.S. government policy reasons (for more information, see the Country Limitation Schedule posted on the Bank’s Web site, www.exim.gov, under the “Apply” section). Key Features of Ex-Im Bank Loan Guarantees Loans are made by commercial banks and repayment of these loans is guaranteed by Ex-Im Bank. Guarant

#### Flashcard 1439242521868

Tags
#eximbank #key-features-of-direct-loans #octopus #usa
Question
Direct loans are best used when the buyer insists on [...]
a fixed rate.

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Direct loans are best used when the buyer insists on a fixed rate.

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)

#### Flashcard 1439245667596

Tags
#vocabulary
Question
Disburse
to pay out (money), especially for expenses; expend.

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#### Flashcard 1439247502604

Tags
#eximbank #fees #octopus #usa
Question
Exposure fee: varies, depending upon [...], [...] , and [...]
tenor

country risk

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Exposure fee: varies, depending upon tenor, country risk, and buyer credit risk.

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)

#### Flashcard 1439256415500

Tags
#eximbank #key-features-of-loan-guarantees #octopus #usa
Question
Interest rates are negotiable, and are usually [...] and [...] rates.
floating and lower than fixed

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Interest rates are negotiable, and are usually floating and lower than fixed rates.

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)

#### Flashcard 1439260347660

Tags
#eximbank #key-features-of-direct-loans #octopus #usa
Question
Direct loans support [...] of the U.S. contract price.
85 percent

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Direct loans support 85 percent of the U.S. contract price.

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)

#### Flashcard 1439264279820

Tags
#eximbank #fees #octopus #usa
Question

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)

#### Flashcard 1439275552012

Tags
#eximbank #key-features-of-loan-guarantees #octopus #usa
Question
There are no U.S. vessel shipping requirements for amounts less than [...]

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)

#### Original toplevel document

Government-Assisted Foreign Buyer Financing (Eximbank USA)

#### Flashcard 1439281319180

Tags
#cfa #cfa-level-1 #economic-and-normal-profit #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Question
Some factors (monopoly, market barriers, trademarks etc.) may lead the firm to have [...]
positive net present value investment (NPV) opportunities.

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Some factors (monopoly, market barriers, trademarks etc.) may lead the firm to have positive net present value investment (NPV) opportunities. Access to positive NPV opportunities and therefore profit in excess of normal profits in the short run may or may not exist in the long run, depending on the potential strength of compe

#### Original toplevel document

2. OBJECTIVES OF THE FIRM

#### Flashcard 1439286037772

Tags
#cfa #cfa-level-1 #economic-and-normal-profit #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Question
when accounting profit is less than normal profit, economic profit is [...]
negative (the firm has an economic loss ).

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when accounting profit is less than normal profit, economic profit is negative (the firm has an economic loss ).

#### Original toplevel document

2. OBJECTIVES OF THE FIRM
00 – $48,000,000 =$2,000,000. Note that total accounting costs in either case include interest expense—which represents the return required by suppliers of debt capital—because interest expense is an explicit cost. <span>2.1.2. Economic Profit and Normal Profit Economic profit (also known as abnormal profit or supernormal profit ) may be defined broadly as accounting profit less the implicit opportunity costs not included in total accounting costs. Equation (3a)  Economic profit = Accounting profit – Total implicit opportunity costs We can define a term, economic cost , equal to the sum of total accounting costs and implicit opportunity costs. Economic profit is therefore equivalently defined as: Equation (3b)  Economic profit = Total revenue – Total economic costs For publicly traded corporations, the focus of investment analysts’ work, the cost of equity capital is the largest and most readily identified implicit opportunity cost omitted in calculating total accounting cost. Consequently, economic profit can be defined for publicly traded corporations as accounting profit less the required return on equity capital. Examples will make these concepts clearer. Consider the start-up company for which we calculated an accounting profit of €300,000 and suppose that the entrepreneurial executive who launched the start-up took a salary reduction of €100,000 per year relative to the job he left. That €100,000 is an opportunity cost of involving him in running the start-up. Besides labor, financial capital is a resource. Suppose that the executive, as sole owner, makes an investment of €1,500,000 to launch the enterprise and that he might otherwise expect to earn €200,000 per year on that amount in a similar risk investment. Total implicit opportunity costs are €100,000 + €200,000 = €300,000 per year and economic profit is zero: €300,000 – €300,000 = €0. For the publicly traded corporation, we consider the cost of equity capital as the only implicit opportunity cost identifiable. Suppose that equity investment is $18,750,000 and shareholders’ required rate of return is 8 percent so that the dollar cost of equity capital is$1,500,000. Economic profit for the publicly traded corporation is therefore $2,000,000 (accounting profit) less$1,500,000 (cost of equity capital) or $500,000. For the start-up company, economic profit was zero. Total economic costs were just covered by revenues and the company was not earning a euro more nor less than the amount that meets the opportunity costs of the resources used in the business. Economists would say the company was earning a normal profit (economic profit of zero). In simple terms, normal profit is the level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs. For the publicly traded corporation, normal profit was$1,500,000: normal profit can be taken to be the cost of equity capital (in money terms) for such a company or the dollar return required on an equal investment by equity holders in an equivalently risky alternative investment opportunity. The publicly traded corporation actually earned $500,000 in excess of normal profit, which should be reflected in the common shares’ market price. Thus, the following expression links accounting profit to economic profit and normal profit: Equation (4) Accounting profit = Economic profit + Normal profit When accounting profit equals normal profit, economic profit is zero. Further, when accounting profit is greater than normal profit, economic profit is positive; and when accounting profit is less than normal profit, economic profit is negative (the firm has an economic loss ). Economic profit for a firm can originate from sources such as: competitive advantage; exceptional managerial efficiency or skill; difficult to copy technology or innovation (e.g., patents, trademarks, and copyrights); exclusive access to less-expensive inputs; fixed supply of an output, commodity, or resource; preferential treatment under governmental policy; large increases in demand where supply is unable to respond fully over time; exertion of monopoly power (price control) in the market; and market barriers to entry that limit competition. Any of the above factors may lead the firm to have positive net present value investment (NPV) opportunities. Access to positive NPV opportunities and therefore profit in excess of normal profits in the short run may or may not exist in the long run, depending on the potential strength of competition. In highly competitive market situations, firms tend to earn the normal profit level over time because ease of market entry allows for other competing firms to compete away any economic profit over the long run. Economic profit that exists over the long run is usually found where competitive conditions persistently are less than perfect in the market. 2.1.3. Economic Rent The surplus value known as economic rent results when a particular resource or good is fixed in supply (with a vertical su #### Flashcard 1439288397068 Tags #python #sicp Question What is the parent of a function value? Answer The parent of a function value is the first frame of the environment in which that function was defined. status measured difficulty not learned 37% [default] 0 #### Parent (intermediate) annotation Open it Function values each have a new annotation that we will include in environment diagrams from now on, a parent. The parent of a function value is the first frame of the environment in which that function was defined. #### Original toplevel document 1.6 Higher-Order Functions c average(x, y) [parent=Global] func improve(update, close, guess) [parent=Global] func approx_eq(x, y, tolerance) [parent=Global] func sqrt(a) [parent=Global] func sqrt_update(x) [parent=f1] func sqrt_close(x) [parent=f1] <span>Function values each have a new annotation that we will include in environment diagrams from now on, a parent. The parent of a function value is the first frame of the environment in which that function was defined. Functions without parent annotations were defined in the global environment. When a user-defined function is called, the frame created has the same parent as that function. Subseque #### Flashcard 1439291280652 Tags #python #sicp Question When a user-defined function is called, what is the parent of the frame that is created? Answer The frame created has the same parent as that function. status measured difficulty not learned 37% [default] 0 #### Parent (intermediate) annotation Open it Functions without parent annotations were defined in the global environment. When a user-defined function is called, the frame created has the same parent as that function. #### Original toplevel document 1.6 Higher-Order Functions =f1] Function values each have a new annotation that we will include in environment diagrams from now on, a parent. The parent of a function value is the first frame of the environment in which that function was defined. <span>Functions without parent annotations were defined in the global environment. When a user-defined function is called, the frame created has the same parent as that function. Subsequently, the name sqrt_update resolves to this newly defined function, which is passed as an argument to improve . Within the body of improve , we must apply our update fun #### Flashcard 1439296785676 Tags #python #sicp Question two key advantages of lexical scoping in Python. Answer • Names for stuff in a local function don't affect names for stuff outside of that function (i.e you can have duplicate names without problems) • A local function can access stuff outside where it was defined because evaluation extends its environment status measured difficulty not learned 37% [default] 0 #### Parent (intermediate) annotation Open it two key advantages of lexical scoping in Python. The names of a local function do not interfere with names external to the function in which it is defined, because the local function name will be bound in the current local environme #### Original toplevel document 1.6 Higher-Order Functions name finds the first value bound to that name in the current environment. Python checks first in the sqrt_update frame -- no a exists. Python checks next in the parent frame, f1 , and finds a binding for a to 256. Hence, we realize <span>two key advantages of lexical scoping in Python. The names of a local function do not interfere with names external to the function in which it is defined, because the local function name will be bound in the current local environment in which it was defined, rather than the global environment. A local function can access the environment of the enclosing function, because the body of the local function is evaluated in an environment that extends the evaluation environment in which it was defined. The sqrt_update function carries with it some data: the value for a referenced in the environment in which it was defined. Because they "enclose" information in this way #### Flashcard 1439299144972 Tags #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria Question The net present value of a project is ______. A. all current revenue minus all current costs B. the present value of future cash flows minus initial costs C. the present value of future cash flows netting out those cash flows that occur after the relevant period D. the present value of future cash flows netting out those cash flows that occur with risk E. the present value of positive future cash flows Answer Correct Answer: B status measured difficulty not learned 37% [default] 0 #### Parent (intermediate) annotation Open it dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html> #### Original toplevel document Subject 3. Investment Decision Criteria on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number. #### Flashcard 1439300979980 Tags #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria Question Which of the following amounts is closest to the net present value of a project that contributes$5,000 at the end of the first year and $8,000 at the end of the second year? The initial cost is$3,000. The appropriate interest rate is 8% for the first year and 9% for the second year.

A. $8,585 B.$8,426
C. $8,363 Answer Correct Answer: B NPV = -3000 + (5000/1.08) + 8000/[(1.08)(1.09)] =$8,425.52

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dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439304649996

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
Tom and Erdal are planning on forming the Top-Torque Company. The company is to specialize in diesel engine rebuilding for extractive industries. The investment cost is expected to be $1.5 million and have after-tax cash flows of$100,000 in year 1, $250,000 in year 2, and$300,000 thereafter indefinitely. The two owners estimate that this is a risky venture and requires a 17% rate of return. What is the value of Top-Torque, and should the investment be made?

A. $57,240; yes B.$1,557,240; yes
C. -$57,240; no Answer Correct Answer: A NPV = -1,500,000 + 100,000/1.17 + 250,000/1.172 + (300,000/.17)/1.172 = -1,500,000 + 1,557,240.04 =$57,240.04

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dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439305174284

Tags
#python #sicp
Question
locally defined functions are often called [...] because they enclose information
closures

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The sqrt_update function carries with it some data: the value for a referenced in the environment in which it was defined. Because they "enclose" information in this way, locally defined functions are often called closures.

#### Original toplevel document

1.6 Higher-Order Functions
r than the global environment. A local function can access the environment of the enclosing function, because the body of the local function is evaluated in an environment that extends the evaluation environment in which it was defined. <span>The sqrt_update function carries with it some data: the value for a referenced in the environment in which it was defined. Because they "enclose" information in this way, locally defined functions are often called closures. 1.6.4 Functions as Returned Values Video: Show Hide We can achieve even more expressive power in our programs by creating functions whose returned values are themselves funct

#### Flashcard 1439308844300

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
An investment with an initial cost of $16,000 produces cash flows of$5000 annually. If the cash flow is evenly spread out over the year and the firm can borrow at 10%, the payback period is ______ years.

A. 3.20
B. 2.91
C. 3.33

PP = 16000/5000 = 3.20

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dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439310679308

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
An advantage of the payback period rule is that it ______

I. adjusts for uncertainty of early cash flows.
II. discounts cash flows.
III. is simple to use.

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dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439311203596

Tags
#python #sicp
Question
An important feature of lexically scoped programming languages is that [locally defined functions maintain...environment] when they are returned.
locally defined functions maintain their parent environment

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An important feature of lexically scoped programming languages is that locally defined functions maintain their parent environment when they are returned.

#### Original toplevel document

1.6 Higher-Order Functions
ocally defined functions are often called closures. 1.6.4 Functions as Returned Values Video: Show Hide We can achieve even more expressive power in our programs by creating functions whose returned values are themselves functions. <span>An important feature of lexically scoped programming languages is that locally defined functions maintain their parent environment when they are returned. The following example illustrates the utility of this feature. Once many simple functions are defined, function composition is a natural method of combination to include in our progr

#### Flashcard 1439313562892

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
If an investment project has an internal rate of return equal to its WACC, the NPV for that project is ______.

A. negative
B. positive
C. zero

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#### Parent (intermediate) annotation

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dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439316708620

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
Which of the following best describes the difference between an investment's market value and its cost?

A. Net present value
B. Internal rate of return
C. Payback

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#### Parent (intermediate) annotation

Open it
dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439318543628

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
Which of the following best describes the length of time required for an investment's cash flows to equal its initial cost?

A. Average accounting return
B. Profitability index
C. Payback period

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#### Parent (intermediate) annotation

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dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439319067916

Tags
#python #sicp
Question
Why is currying?
More specifically, given a function f(x, y) , we can define a function g such that g(x)(y) is equivalent to f(x, y) . Here, g is a higher-order function that takes in a single argument x and returns another function that takes in a single argument y. This transformation is currying.

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We can use higher-order functions to convert a function that takes multiple arguments into a chain of functions that each take a single argument. More specifically, given a function f(x, y) , we can define a function g such that g(x)(y) is equivalent to f(x, y) . Here, g is a higher-order function that takes in a single argument x and returns another function that takes in a single argument y . This transformation is called currying.

#### Original toplevel document

1.6 Higher-Order Functions
d is a powerful general computational method for solving differentiable equations. Very fast algorithms for logarithms and large integer division employ variants of the technique in modern computers. 1.6.6 Currying Video: Show Hide <span>We can use higher-order functions to convert a function that takes multiple arguments into a chain of functions that each take a single argument. More specifically, given a function f(x, y) , we can define a function g such that g(x)(y) is equivalent to f(x, y) . Here, g is a higher-order function that takes in a single argument x and returns another function that takes in a single argument y . This transformation is called currying. As an example, we can define a curried version of the pow function: >>> def curried_pow(x): def h(y): return pow(x, y) return h >>&g

#### Flashcard 1439321427212

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
Choose one of the following to best quantify, in dollar terms, how stockholder wealth will be affected by undertaking a project under consideration.

A. The average accounting return
B. Net present value
C. Payback analysis
D. The profitability index
E. The internal rate of return

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#### Parent (intermediate) annotation

Open it
dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439323262220

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
An investment costs $77,500 and pays$27,500 a year for four years. What is the IRR of this investment?

A. 22.3%
B. 24.4%
C. 15.6%

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#### Parent (intermediate) annotation

Open it
dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439325097228

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria
Question
Michael undertakes an investment with an initial investment of $10,000, and he expects to receive$3,500 a year for the next four years. If the required return is 15%, what is the NPV?

A. $5.49 B.$4.63
B. Machine B, because the PV of its costs is $20 less than Machine A. C. Machine A, even though the PV of its costs is equal to that of Machine B. Answer Correct Answer: A PVA = 150 + 80(3.7908) = 150 + 303.26 = 453.26 PVB = 250 + 60(4.8684) = 250 + 292.10 = 542.10 PVB > PVA status measured difficulty not learned 37% [default] 0 #### Parent (intermediate) annotation Open it dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html> #### Original toplevel document Subject 3. Investment Decision Criteria on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number. #### Flashcard 1439351311628 Tags #python #sicp Question When might you use a lamda expression instead of a def? Answer When a simple function is needed as an argument or return value. status measured difficulty not learned 37% [default] 0 #### Parent (intermediate) annotation Open it In general, Python style prefers explicit def statements to lambda expressions, but allows them in cases where a simple function is needed as an argument or return value. #### Original toplevel document 1.6 Higher-Order Functions ver, compound lambda expressions are notoriously illegible, despite their brevity. The following definition is correct, but many programmers have trouble understanding it quickly. >>> compose1 = lambda f,g: lambda x: f(g(x)) <span>In general, Python style prefers explicit def statements to lambda expressions, but allows them in cases where a simple function is needed as an argument or return value. Such stylistic rules are merely guidelines; you can program any way you wish. However, as you write programs, think about the audience of people who might read your program one day. #### Flashcard 1439354981644 Tags #python #sicp Question What are some of the rights and priveliges of first class elements relating to functions? (input and output of functions) Answer They may be passed as arguments to functions. They may be returned as the results of functions. status measured difficulty not learned 37% [default] 0 #### Parent (intermediate) annotation Open it Elements with the fewest restrictions are said to have first-class status. Some of the "rights and privileges" of first-class elements are: They may be bound to names. They may be passed as arguments to functions. They may be returned as the results of functions. They may be included in data structures. Python awards functions full first-class status, and the resulting gain in expressive power is enormous. #### Original toplevel document 1.6 Higher-Order Functions ns explicitly as elements in our programming language, so that they can be handled just like other computational elements. In general, programming languages impose restrictions on the ways in which computational elements can be manipulated. <span>Elements with the fewest restrictions are said to have first-class status. Some of the "rights and privileges" of first-class elements are: They may be bound to names. They may be passed as arguments to functions. They may be returned as the results of functions. They may be included in data structures. Python awards functions full first-class status, and the resulting gain in expressive power is enormous. 1.6.9 Function Decorators Video: Show Hide Python provides special syntax to apply higher-order functions as part of executing a def statement, called a decorator. Perhaps #### Flashcard 1439356030220 Tags #analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-3-investment-criteria Question HC Ltd. purchased a machine 4 years ago at a cost of$100,000. The machine had an expected life of 10 years at the time of the purchase and an expected market value of $5,000 at the end of the 10 years. It is being depreciated by the straight-line method toward a salvage value of$25,000; that is, depreciation is $7,500 per year. The machine can be sold now for$25,000. A new machine can be purchased for $150,000 including installation costs. During its 6-year life, it will reduce pre-tax cash operating expenses by$30,000 per year. Sales are not expected to change. At the end of its useful life, this machine is estimated to be worth $50,000. Straight-line depreciation will be used to depreciate the machine to a salvage value of$30,000; that is depreciation is $20,000 per year. The firm's tax rate is 30%. The appropriate discount rate is 13%. What is the NPV of the investment? A.$1,892
B. $2,573 C.$3,290

The initial investment outlay is $111,500. The net operating cash flows are$24,750 (years 1-6) and the total termination cash flow is $33,000 in year 6. The NPV of these cash flows discounted at 13% is$3,290.

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dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

#### Original toplevel document

Subject 3. Investment Decision Criteria
on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

#### Flashcard 1439358651660

Tags
#python #sicp
Question
Can a first class element be bound to a name?
They may be bound to names.

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Elements with the fewest restrictions are said to have first-class status. Some of the "rights and privileges" of first-class elements are: They may be bound to names. They may be passed as arguments to functions. They may be returned as the results of functions. They may be included in data structures. Python awards functions full first-class statu

#### Original toplevel document

1.6 Higher-Order Functions
ns explicitly as elements in our programming language, so that they can be handled just like other computational elements. In general, programming languages impose restrictions on the ways in which computational elements can be manipulated. <span>Elements with the fewest restrictions are said to have first-class status. Some of the "rights and privileges" of first-class elements are: They may be bound to names. They may be passed as arguments to functions. They may be returned as the results of functions. They may be included in data structures. Python awards functions full first-class status, and the resulting gain in expressive power is enormous. 1.6.9 Function Decorators Video: Show Hide Python provides special syntax to apply higher-order functions as part of executing a def statement, called a decorator. Perhaps

#### Flashcard 1439361010956

Tags
#python #sicp
Question
Can a first class element be included in a data structure?
They may be included in data structures.

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#### Parent (intermediate) annotation

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ions are said to have first-class status. Some of the "rights and privileges" of first-class elements are: They may be bound to names. They may be passed as arguments to functions. They may be returned as the results of functions. <span>They may be included in data structures. Python awards functions full first-class status, and the resulting gain in expressive power is enormous.<span><body><html>

#### Original toplevel document

1.6 Higher-Order Functions
ns explicitly as elements in our programming language, so that they can be handled just like other computational elements. In general, programming languages impose restrictions on the ways in which computational elements can be manipulated. <span>Elements with the fewest restrictions are said to have first-class status. Some of the "rights and privileges" of first-class elements are: They may be bound to names. They may be passed as arguments to functions. They may be returned as the results of functions. They may be included in data structures. Python awards functions full first-class status, and the resulting gain in expressive power is enormous. 1.6.9 Function Decorators Video: Show Hide Python provides special syntax to apply higher-order functions as part of executing a def statement, called a decorator. Perhaps

#### Flashcard 1439363370252

Tags
#python #sicp
Question
Are functions first class in python?
Python awards functions full first-class status

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ome of the "rights and privileges" of first-class elements are: They may be bound to names. They may be passed as arguments to functions. They may be returned as the results of functions. They may be included in data structures. <span>Python awards functions full first-class status, and the resulting gain in expressive power is enormous.<span><body><html>

#### Original toplevel document

1.6 Higher-Order Functions
ns explicitly as elements in our programming language, so that they can be handled just like other computational elements. In general, programming languages impose restrictions on the ways in which computational elements can be manipulated. <span>Elements with the fewest restrictions are said to have first-class status. Some of the "rights and privileges" of first-class elements are: They may be bound to names. They may be passed as arguments to functions. They may be returned as the results of functions. They may be included in data structures. Python awards functions full first-class status, and the resulting gain in expressive power is enormous. 1.6.9 Function Decorators Video: Show Hide Python provides special syntax to apply higher-order functions as part of executing a def statement, called a decorator. Perhaps

#### Flashcard 1439366253836

Tags
#biochem
Question
Th e α helix, illustrated in Figure 1.36, is a [...] adopted by the protein backbone
right-handed helical structure

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Th e α helix, illustrated in Figure 1.36, is a right-handed helical structure adopted by the protein backbone, which is enforced by the formation of hydrogen bonds between the C=O group of one residue and the NH group of another residue four positions ahead of

#### Original toplevel document (pdf)

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#### Flashcard 1439369923852

Tags
#biochem
Question
The α helix, is a right-handed helical structure adopted by the protein backbone, which is enforced by the formation of [...] between the C=O group of one residue and the NH group of another residue four positions ahead of it in the chain
hydrogen bonds

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Th e α helix, illustrated in Figure 1.36, is a right-handed helical structure adopted by the protein backbone, which is enforced by the formation of hydrogen bonds between the C=O group of one residue and the NH group of another residue four positions ahead of it in the chain

#### Original toplevel document (pdf)

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#### Flashcard 1439373069580

Tags
#biochem
Question
Th e α helix, illustrated in Figure 1.36, is a right-handed helical structure adopted by the protein backbone, which is enforced by the formation of hydrogen bonds between the [...group of one residue and the ... of another residue] four positions ahead of it in the chain
C=O group of one residue and the NH group of another residue

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Th e α helix, illustrated in Figure 1.36, is a right-handed helical structure adopted by the protein backbone, which is enforced by the formation of hydrogen bonds between the C=O group of one residue and the NH group of another residue four positions ahead of it in the chain

#### Original toplevel document (pdf)

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#### Flashcard 1439375428876

Tags
#biochem
Question
Th e α helix, illustrated in Figure 1.36, is a right-handed helical structure adopted by the protein backbone, which is enforced by the formation of hydrogen bonds between the C=O group of one residue and the NH group of another residue [how many positions? ahead or behind?] in the chain

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pan>Th e α helix, illustrated in Figure 1.36, is a right-handed helical structure adopted by the protein backbone, which is enforced by the formation of hydrogen bonds between the C=O group of one residue and the NH group of another residue <span>four positions ahead of it in the chain<span><body><html>

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#### Annotation 1439376477452

 #immex #mexico #octopus INDUSTRIA MANUFACTURERA, MAQUILADORA Y DE SERVICIO DE EXPORTACIÓN Ante la voraz competencia por los mercados globales, es fundamental dotar a las empresas mexicanas, al menos, de las mismas condiciones que ofrecen nuestros principales competidores, que le permitan posicionar con éxito sus mercancías y servicios en la arena del comercio internacional. Con este propósito, el Gobierno Federal publicó el 1 de noviembre de 2006 el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), con el objetivo de fortalecer la competitividad del sector exportador mexicano, y otorgar certidumbre, transparencia y continuidad a las operaciones de las empresas, precisando los factores de cumplimiento y simplificándolos; permitiéndoles adoptar nuevas formas de operar y hacer negocios; disminuir sus costos logísticos y administrativos; modernizar, agilizar y reducir los trámites, con el fin de elevar la capacidad de fiscalización en un entorno que aliente la atracción y retención de inversiones en el país. Este instrumento integra los programas para el Fomento y Operación de la Industria Maquiladora de Exportación (Maquila) y el que Establece Programas de Importación Temporal para Producir Artículos de Exportación (PITEX), cuyas empresas representan en su conjunto el 85% de las exportaciones manufactureras de México.

Decreto IMMEX
zo de vigencia de las autorizaciones de ampliación y ampliación subsecuente para importar bajo el Programa IMMEX las mercancías comprendidas en el Anexo II del Decreto IMMEX será de doce meses. <span>De conformidad con la Regla 3.4.7 del Acuerdo, se exceptúa del cumplimiento de los requisitos específicos para la importación temporal de productos sensibles aquellas empresas con Programa IMMEX que exporten la totalidad de su producción. Asimismo, podrán acogerse a este beneficio solamente cuando hayan operado conforme a dichos requisitos por un año. <span>

#### Flashcard 1439379885324

Tags
#biochem
Question
Range of alpha helix length (in number of residues?)
ranging from four or five to over 40 amino acid residues

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α helices vary considerably in length, ranging from four or fi ve to over 40 amino acid residues in globular proteins. Th e average length is around 10 residues, corresponding to three helical turns

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#### Flashcard 1439381196044

Tags
#italian #italian-grammar
Question
In grammatical terms, an object is [...], as opposed to the [...] which is the person or thing responsible for it.
the person or thing affected by the action or event

subject.

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In grammatical terms, an object is the person or thing affected by the action or event, as opposed to the subject, which is the person or thing responsible for it. See: direct object, indirect object.

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#### Flashcard 1439384079628

Tags
#biochem
Question
What is the average length of an alpha helix? (in number of residues)
average length is around 10 residues

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α helices vary considerably in length, ranging from four or fi ve to over 40 amino acid residues in globular proteins. Th e average length is around 10 residues, corresponding to three helical turns

#### Original toplevel document (pdf)

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#### Flashcard 1439387749644

Tags
#biochem
Question
How many helical turns does 10 residues correspond to in an alpha helix?
three helical turns

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α helices vary considerably in length, ranging from four or fi ve to over 40 amino acid residues in globular proteins. Th e average length is around 10 residues, corresponding to three helical turns

#### Original toplevel document (pdf)

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#### Flashcard 1439390371084

Tags
#italian #italian-grammar
Question
Active construction An active construction is a sentence in which [...] is the person carrying out the action, or the event taking place.
the subject of the sentence

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Active construction An active construction is a sentence in which the subject of the sentence is the person carrying out the action, or the event taking place (as opposed to a passive construction where the subject is the person affected by the action): mio marito fuma troppo ‘m

#### Original toplevel document (pdf)

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#### Flashcard 1439392992524

Tags
#biochem
Question
What is more common in nature, mixed or homogenous Beta Sheets?
There is a strong bias in nature against mixed β sheets

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β strands can also combine into mixed β sheets with some β-strand pairs paral- lel and some antiparallel. Th ere appears, however, to be a strong bias in nature against mixed β sheets. Finally, the plane of almost all β sheets is itself twisted. Th is twist is always right-handed, as shown in Figure 1.39

#### Original toplevel document (pdf)

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#### Flashcard 1439394041100

Tags
#rules-of-formulating-knowledge
Question
You will always face far more knowledge that you will be able to master. That is why [...] is critical for building quality knowledge in the long-term.
prioritizing

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You will always face far more knowledge that you will be able to master. That is why prioritizing is critical for building quality knowledge in the long-term. The way you prioritize will affect the way your knowledge slots in. This will also affect the speed of learning (e.g. see: l

#### Original toplevel document

20. Prioritize
You will always face far more knowledge that you will be able to master. That is why prioritizing is critical for building quality knowledge in the long-term. The way you prioritize will affect the way your knowledge slots in. This will also affect the speed of learning (e.g. see: learn basics first). There are many stages at which prioritizing will take place; only few are relevant to knowledge representation, but all are important: Prioritizing sources - there will al

#### Flashcard 1439399283980

Tags
#biochem
Question
What is a mixed Beta Sheet?
mixed β sheets have some β-strand pairs parallel and some antiparallel instead of all being parallel

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β strands can also combine into mixed β sheets with some β-strand pairs paral- lel and some antiparallel. Th ere appears, however, to be a strong bias in nature against mixed β sheets. Finally, the plane of almost all β sheets is itself twisted. Th is twist is always right-handed, as

#### Original toplevel document (pdf)

cannot see any pdfs

#### Flashcard 1439402429708

Tags
#biochem
Question
What is the twist of the Beta Sheet's plane? (right or left handed?)
twist is always right-handed

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also combine into mixed β sheets with some β-strand pairs paral- lel and some antiparallel. Th ere appears, however, to be a strong bias in nature against mixed β sheets. Finally, the plane of almost all β sheets is itself twisted. Th is <span>twist is always right-handed, as shown in Figure 1.39<span><body><html>

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#### Flashcard 1439405051148

Tags
#biochem
Question
The tRNAs are recognized specifically by enzymes known as [...] that link the appropriate amino acid to the tRNA that contains the triplet anticodon for that amino acid.
aminoacyl-tRNA synthetases

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Th e tRNAs are recognized specifi cally by enzymes known as aminoacyl-tRNA synthetases that link the appropriate amino acid to the tRNA that contains the triplet anticodon for that amino acid: the tRNA is then said to be charged

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#### Flashcard 1439408196876

Tags
#six-tips-for-working-with-the-brain #tip-2-focus-is-the-starting-point-of-learning
Question
All the hippocampus needs is [...] to push that data into short-term memory and it's ready again for more.
a few minutes of processing

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All the hippocampus needs is a few minutes of processing to push that data into short-term memory and it's ready again for more. I now build all my learning events in chunks of 15 minutes of information followed by a processing activity, such

#### Original toplevel document

Unknown title
r learning products. The brain structures that are involved in learning include the hippocampus, the amygdala, and the basal ganglia. To design the best learning experiences, we need to understand and respect the neuroscience of learning. <span>Tip #2: Focus is the starting point of learning The hippocampus is the part of the brain that takes in information and moves it to our memory. When it's damaged, people lose access to past memories and no longer can make new ones. The hippocampus acts like a recorder or data drive; like those devices, it has an "on" button. Physiologically, it's when our eyes and ears attune to something that causes the hippocampus to begin recording. Richard Davidson, from the University of Wisconsin, calls this "phase locking" and it's the starting point of all learning. As a result, we must design our learning environments to help people focus and we must bust the myth that you can multitask while learning. Research has proved that when we divide our attention, our focus switches back and forth between the two activities, also known as switch tasking. The hippocampus loses vital pieces of information for both of the things we were trying to attend to. I call this "Swiss tasking" because we end up with holes in the data the hippocampus was capturing and, therefore, holes in our learning that cannot be recovered. Here is the big shocker about the hippocampus: It can only hold so much information before it must be processed and pushed into short-term memory. Studies show that the maximum amount is about 20 minutes of information. Lecture-style sessions never have demonstrated good results for retention, and now we know why—it works against the brain's natural functioning. The good news is that many other learning activities can help. All the hippocampus needs is a few minutes of processing to push that data into short-term memory and it's ready again for more. I now build all my learning events in chunks of 15 min

#### Flashcard 1439409245452

Tags
#biochem
Question
Th e tRNAs are recognized specifi cally by enzymes known as aminoacyl-tRNA synthetases that link the appropriate amino acid to the tRNA that contains the triplet anticodon for that amino acid: the tRNA is then said to be [...]
charged

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Th e tRNAs are recognized specifi cally by enzymes known as aminoacyl-tRNA synthetases that link the appropriate amino acid to the tRNA that contains the triplet anticodon for that amino acid: the tRNA is then said to be charged<html>

#### Original toplevel document (pdf)

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#### Flashcard 1439412129036

Tags
#six-tips-for-working-with-the-brain #tip-2-focus-is-the-starting-point-of-learning
Question
I now build all my learning events in [...] of information followed by a processing activity, such as a dyad discussion, a period of reflection, an experiential activity, or even a break.
chunks of 15 minutes

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#### Parent (intermediate) annotation

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All the hippocampus needs is a few minutes of processing to push that data into short-term memory and it's ready again for more. I now build all my learning events in chunks of 15 minutes of information followed by a processing activity, such as a dyad discussion, a period of reflection, an experiential activity, or even a break.

#### Original toplevel document

Unknown title
r learning products. The brain structures that are involved in learning include the hippocampus, the amygdala, and the basal ganglia. To design the best learning experiences, we need to understand and respect the neuroscience of learning. <span>Tip #2: Focus is the starting point of learning The hippocampus is the part of the brain that takes in information and moves it to our memory. When it's damaged, people lose access to past memories and no longer can make new ones. The hippocampus acts like a recorder or data drive; like those devices, it has an "on" button. Physiologically, it's when our eyes and ears attune to something that causes the hippocampus to begin recording. Richard Davidson, from the University of Wisconsin, calls this "phase locking" and it's the starting point of all learning. As a result, we must design our learning environments to help people focus and we must bust the myth that you can multitask while learning. Research has proved that when we divide our attention, our focus switches back and forth between the two activities, also known as switch tasking. The hippocampus loses vital pieces of information for both of the things we were trying to attend to. I call this "Swiss tasking" because we end up with holes in the data the hippocampus was capturing and, therefore, holes in our learning that cannot be recovered. Here is the big shocker about the hippocampus: It can only hold so much information before it must be processed and pushed into short-term memory. Studies show that the maximum amount is about 20 minutes of information. Lecture-style sessions never have demonstrated good results for retention, and now we know why—it works against the brain's natural functioning. The good news is that many other learning activities can help. All the hippocampus needs is a few minutes of processing to push that data into short-term memory and it's ready again for more. I now build all my learning events in chunks of 15 min

#### Flashcard 1439413177612

Tags
#matlab #programming
Question
A statement that is too long to fit on one line may be continued to the next line with an [...]
ellipsis of at least three dots

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A statement that is too long to fit on one line may be continued to the next line with an ellipsis of at least three dots

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#### Flashcard 1439416061196

Tags
#python #sicp
Question
A function is called [...] if the body of the function calls the function itself, either directly or indirectly
recursive

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A function is called recursive if the body of the function calls the function itself, either directly or indirectly

#### Original toplevel document

1.7 Recursive Functions
1.7.1 The Anatomy of Recursive Functions 1.7.2 Mutual Recursion 1.7.3 Printing in Recursive Functions 1.7.4 Tree Recursion 1.7.5 Example: Partitions 1.7 Recursive Functions Video: Show Hide <span>A function is called recursive if the body of the function calls the function itself, either directly or indirectly. That is, the process of executing the body of a recursive function may in turn require applying that function again. Recursive functions do not use any special syntax in Python, but t

#### Flashcard 1439418158348

Tags
#python #sicp
Question
it is often clearer to think about recursive calls as [a kind of abstraction].
functional abstractions

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it is often clearer to think about recursive calls as functional abstractions.

#### Original toplevel document

1.7 Recursive Functions
the standard definition of the mathematical function for factorial: (n−1)!n!n!=(n−1)⋅(n−2)⋅⋯⋅1=n⋅(n−1)⋅(n−2)⋅⋯⋅1=n⋅(n−1)!(n−1)!=(n−1)⋅(n−2)⋅⋯⋅1n!=n⋅(n−1)⋅(n−2)⋅⋯⋅1n!=n⋅(n−1)! While we can unwind the recursion using our model of computation, <span>it is often clearer to think about recursive calls as functional abstractions. That is, we should not care about how fact(n-1) is implemented in the body of fact ; we should simply trust that it computes the factorial of n-1 . Treating a recursive call as a

#### Annotation 1439420517644

 #rules-of-formulating-knowledge Knowledge can be relatively stable (basic math, anatomy, taxonomy, physical geography, etc.) and highly volatile (economic indicators, high-tech knowledge, personal statistics, etc.). It is important that you provide your items with time stamping or other tags indicating the degree of obsolescence.

19. Provide date stamping
Knowledge can be relatively stable (basic math, anatomy, taxonomy, physical geography, etc.) and highly volatile (economic indicators, high-tech knowledge, personal statistics, etc.). It is important that you provide your items with time stamping or other tags indicating the degree of obsolescence. In case of statistical figures, you might stamp them with the year they have been collected. When learning software applications, it is enough you stamp the item with the software versi

#### Flashcard 1439421566220

Tags
#python #sicp
Question
Treating a recursive call as a functional abstraction has been called a [...].
recursive leap of faith

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Treating a recursive call as a functional abstraction has been called a recursive leap of faith. We define a function in terms of itself, but simply trust that the simpler cases will work correctly when verifying the correctness of the function.

#### Original toplevel document

1.7 Recursive Functions
putation, it is often clearer to think about recursive calls as functional abstractions. That is, we should not care about how fact(n-1) is implemented in the body of fact ; we should simply trust that it computes the factorial of n-1 . <span>Treating a recursive call as a functional abstraction has been called a recursive leap of faith. We define a function in terms of itself, but simply trust that the simpler cases will work correctly when verifying the correctness of the function. In this example, we trust that fact(n-1) will correctly compute (n-1)! ; we must only check that n! is computed correctly if this assumption holds. In this way, verifying the corre

#### Annotation 1439424449804

 #rules-of-formulating-knowledge Date stamping is useful in editing and verifying your knowledge; however, you will rarely want to memorize stamping itself. If you would like to remember the changes of a given figure in time (e.g. GNP figures over a number of years), the date stamping becomes the learned knowledge itself.

19. Provide date stamping
. When learning software applications, it is enough you stamp the item with the software version. Once you have newer figures you can update your items. Unfortunately, in most cases you will have to re-memorize knowledge that became outdated. <span>Date stamping is useful in editing and verifying your knowledge; however, you will rarely want to memorize stamping itself. If you would like to remember the changes of a given figure in time (e.g. GNP figures over a number of years), the date stamping becomes the learned knowledge itself. <span><body><html>

#### Flashcard 1439426022668

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Recursive functions leverage the rules of [...] to [...], often avoiding the nuisance of [...] during iteration.
evaluating call expressions, bind names to values, correctly assigning local names

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Recursive functions leverage the rules of evaluating call expressions to bind names to values, often avoiding the nuisance of correctly assigning local names during iteration. For this reason, recursive functions can be easier to define correctly. However

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1.7 Recursive Functions
. The state of the computation is entirely contained within the structure of the environment, which has return values that take the role of total , and binds n to different values in different frames rather than explicitly tracking k . <span>Recursive functions leverage the rules of evaluating call expressions to bind names to values, often avoiding the nuisance of correctly assigning local names during iteration. For this reason, recursive functions can be easier to define correctly. However, learning to recognize the computational processes evolved by recursive functions certainly requires practice. 1.7.2 Mutual Recursion Video: Show Hide When a recursive procedure is divided among two functions that call each other, the functions are said to be mutually recursive. As an

#### Flashcard 1439427071244

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while the company did make its packaging more eco-friendly, it has also instituted a [...]
box-return program.

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while the company did make its packaging more eco-friendly, it has also instituted a box-return program.

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Unknown title
n the kitchen at La Marina in Forbes video here.] Blue Apron is attempting to tackle those issues. More meal options are coming in the next few months, Salzberg says, and customers who make a fuss can cancel delivery at the last minute. And <span>while the company did make its packaging more eco-friendly, it has also instituted a box-return program. And it's adding new services, too. In September it announced a program to sell wine pairings for its meals. "If half of our customers subscribed to wine, we'd be the largest wine

#### Flashcard 1439429954828

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When a recursive procedure is divided among two functions that call each other, the functions are said to be [...].
mutually recursive

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When a recursive procedure is divided among two functions that call each other, the functions are said to be mutually recursive.

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1.7 Recursive Functions
For this reason, recursive functions can be easier to define correctly. However, learning to recognize the computational processes evolved by recursive functions certainly requires practice. 1.7.2 Mutual Recursion Video: Show Hide <span>When a recursive procedure is divided among two functions that call each other, the functions are said to be mutually recursive. As an example, consider the following definition of even and odd for non-negative integers: a number is even if it is one more than an odd number a number is odd if it is one more tha

#### Annotation 1439433886988

 #rules-of-formulating-knowledge Redundancy does not have to contradict the minimum information principle and may even be welcome.

17. Redundancy does not contradict minimum information principle
Redundancy in simple terms is more information than needed or duplicate information, etc. Redundancy does not have to contradict the minimum information principle and may even be welcome. The problem of redundancy is too wide for this short text. Here are some examples that are only to illustrate that minimum information principle cannot be understood as minimum number o

#### Flashcard 1439435459852

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Why might you write a test even before writing the code?
in order to have some example inputs and outputs in your mind

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The key to effective testing is to write (and run) tests immediately after implementing new functions. It is even good practice to write some tests before you implement, in order to have some example inputs and outputs in your mind. A test that applies a single function is called a unit test. Exhaustive unit testing is a hallmark of good program design.

#### Original toplevel document

1.5 Control
cted result, the run_docstring_examples function will report this problem as a test failure. When writing Python in files, all doctests in a file can be run by starting Python with the doctest command line option: python3 -m doctest <span>The key to effective testing is to write (and run) tests immediately after implementing new functions. It is even good practice to write some tests before you implement, in order to have some example inputs and outputs in your mind. A test that applies a single function is called a unit test. Exhaustive unit testing is a hallmark of good program design. Continue: 1.6 Higher-Order Functions Composing Programs by John DeNero, based on the textbook Structure and

#### Annotation 1439437819148

 #rules-of-formulating-knowledge minimum information principle cannot be understood as minimum number of characters or bits in your collections or even items

17. Redundancy does not contradict minimum information principle
r duplicate information, etc. Redundancy does not have to contradict the minimum information principle and may even be welcome. The problem of redundancy is too wide for this short text. Here are some examples that are only to illustrate that <span>minimum information principle cannot be understood as minimum number of characters or bits in your collections or even items: passive and active approach : if you learn a foreign language, e.g. Esperanto, you will often build word pairs such as phone-telefono, language-lingvo, hope-esperanto, etc

#### Flashcard 1439439392012

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What is a unit test?
A test that applies a single function

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pan>The key to effective testing is to write (and run) tests immediately after implementing new functions. It is even good practice to write some tests before you implement, in order to have some example inputs and outputs in your mind. A test that applies a single function is called a unit test. Exhaustive unit testing is a hallmark of good program design.<span><body><html>

#### Original toplevel document

1.5 Control
cted result, the run_docstring_examples function will report this problem as a test failure. When writing Python in files, all doctests in a file can be run by starting Python with the doctest command line option: python3 -m doctest <span>The key to effective testing is to write (and run) tests immediately after implementing new functions. It is even good practice to write some tests before you implement, in order to have some example inputs and outputs in your mind. A test that applies a single function is called a unit test. Exhaustive unit testing is a hallmark of good program design. Continue: 1.6 Higher-Order Functions Composing Programs by John DeNero, based on the textbook Structure and

#### Annotation 1439441751308

 #rules-of-formulating-knowledge reasoning cues: you will often want to boost your reasoning ability by asking about a solution to the problem. Instead of just memorizing the answer you would like to quickly follow the reasoning steps (e.g. solve a simple mathematical equation) and generate the answer. In such a case, providing the hint on the reasoning steps in the answer will only serve helping you always follow the right path at repetitions

17. Redundancy does not contradict minimum information principle
ct the minimum information principle! Your items are still as simple as possible. You just get more of them In SuperMemo 2000/2002, you can quickly generate swapped word-pair items with Duplicate (Ctrl+Alt+D) and Swap (Ctrl+Shift+S) <span>reasoning cues : you will often want to boost your reasoning ability by asking about a solution to the problem. Instead of just memorizing the answer you would like to quickly follow the reasoning steps (e.g. solve a simple mathematical equation) and generate the answer. In such a case, providing the hint on the reasoning steps in the answer will only serve helping you always follow the right path at repetitions derivation steps : in more complex problems to solve, memorizing individual derivation steps is always highly recommended (e.g. solving complex mathematical problems). It is not crammin

#### Annotation 1439443324172

 #rules-of-formulating-knowledge derivation steps: in more complex problems to solve, memorizing individual derivation steps is always highly recommended (e.g. solving complex mathematical problems). It is not cramming! It is making sure that the brain can always follow the fastest path while solving the problem. For more on boosting creativity and intelligence read: Roots of genius and creativity, as well as more specific: Derivation, reasoning and intelligence

17. Redundancy does not contradict minimum information principle
ly follow the reasoning steps (e.g. solve a simple mathematical equation) and generate the answer. In such a case, providing the hint on the reasoning steps in the answer will only serve helping you always follow the right path at repetitions <span>derivation steps : in more complex problems to solve, memorizing individual derivation steps is always highly recommended (e.g. solving complex mathematical problems). It is not cramming! It is making sure that the brain can always follow the fastest path while solving the problem. For more on boosting creativity and intelligence read: Roots of genius and creativity, as well as more specific: Derivation, reasoning and intelligence multiple semantic representation : very often the same knowledge can be represented and viewed from different angles. Memorizing different representations of the same fact or rule is re

#### Annotation 1439445421324

 #rules-of-formulating-knowledge multiple semantic representation: very often the same knowledge can be represented and viewed from different angles. Memorizing different representations of the same fact or rule is recommended in cases where a given memory is of high value.

17. Redundancy does not contradict minimum information principle
s making sure that the brain can always follow the fastest path while solving the problem. For more on boosting creativity and intelligence read: Roots of genius and creativity, as well as more specific: Derivation, reasoning and intelligence <span>multiple semantic representation : very often the same knowledge can be represented and viewed from different angles. Memorizing different representations of the same fact or rule is recommended in cases where a given memory is of high value. This will increase the expected recall rate (beyond that specified with the forgetting index)! flexible repetition : if there are many valid responses to the same question make sure tha

#### Flashcard 1439446994188

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This discipline of sharing names among nested definitions is called [...]. Critically, the inner functions have access to the names in the environment where they are defined (not where they are called).
lexical scoping

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This discipline of sharing names among nested definitions is called lexical scoping. Critically, the inner functions have access to the names in the environment where they are defined (not where they are called).

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1.6 Higher-Order Functions
ed. Lexical scope. Locally defined functions also have access to the name bindings in the scope in which they are defined. In this example, sqrt_update refers to the name a , which is a formal parameter of its enclosing function sqrt . <span>This discipline of sharing names among nested definitions is called lexical scoping. Critically, the inner functions have access to the names in the environment where they are defined (not where they are called). We require two extensions to our environment model to enable lexical scoping. Each user-defined function has a parent environment: the environment in which it was defined. When a us

#### Flashcard 1439448567052

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#python #sicp
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What has to be added to the environment model to enable lexical scoping?

We require two extensions to our environment model to enable lexical scoping.

1. A parent environment: the environment in which the local function was defined.
2. When a user-defined function is called, its local frame extends its parent environment.

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We require two extensions to our environment model to enable lexical scoping. Each user-defined function has a parent environment: the environment in which it was defined. When a user-defined function is called, its local frame extends its parent environment.

#### Original toplevel document

1.6 Higher-Order Functions
enclosing function sqrt . This discipline of sharing names among nested definitions is called lexical scoping. Critically, the inner functions have access to the names in the environment where they are defined (not where they are called). <span>We require two extensions to our environment model to enable lexical scoping. Each user-defined function has a parent environment: the environment in which it was defined. When a user-defined function is called, its local frame extends its parent environment. Previous to sqrt , all functions were defined in the global environment, and so they all had the same parent: the global environment. By contrast, when Python evaluates the first tw

#### Annotation 1439450926348

 #immex #mexico #octopus el Gobierno Federal publicó el 1 de noviembre de 2006 el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), con el objetivo de fortalecer la competitividad del sector exportador mexicano, y otorgar certidumbre, transparencia y continuidad a las operaciones de las empresas, precisando los factores de cumplimiento y simplificándolos; permitiéndoles adoptar nuevas formas de operar y hacer negocios; disminuir sus costos logísticos y administrativos; modernizar, agilizar y reducir los trámites, con el fin de elevar la capacidad de fiscalización en un entorno que aliente la atracción y retención de inversiones en el país

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las empresas mexicanas, al menos, de las mismas condiciones que ofrecen nuestros principales competidores, que le permitan posicionar con éxito sus mercancías y servicios en la arena del comercio internacional. Con este propósito, <span>el Gobierno Federal publicó el 1 de noviembre de 2006 el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), con el objetivo de fortalecer la competitividad del sector exportador mexicano, y otorgar certidumbre, transparencia y continuidad a las operaciones de las empresas, precisando los factores de cumplimiento y simplificándolos; permitiéndoles adoptar nuevas formas de operar y hacer negocios; disminuir sus costos logísticos y administrativos; modernizar, agilizar y reducir los trámites, con el fin de elevar la capacidad de fiscalización en un entorno que aliente la atracción y retención de inversiones en el país. Este instrumento integra los programas para el Fomento y Operación de la Industria Maquiladora de Exportación (Maquila) y el que Establece Programas de Importación Temporal

#### Original toplevel document

Decreto IMMEX
INDUSTRIA MANUFACTURERA, MAQUILADORA Y DE SERVICIO DE EXPORTACIÓN Ante la voraz competencia por los mercados globales, es fundamental dotar a las empresas mexicanas, al menos, de las mismas condiciones que ofrecen nuestros principales competidores, que le permitan posicionar con éxito sus mercancías y servicios en la arena del comercio internacional. Con este propósito, el Gobierno Federal publicó el 1 de noviembre de 2006 el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), con el objetivo de fortalecer la competitividad del sector exportador mexicano, y otorgar certidumbre, transparencia y continuidad a las operaciones de las empresas, precisando los factores de cumplimiento y simplificándolos; permitiéndoles adoptar nuevas formas de operar y hacer negocios; disminuir sus costos logísticos y administrativos; modernizar, agilizar y reducir los trámites, con el fin de elevar la capacidad de fiscalización en un entorno que aliente la atracción y retención de inversiones en el país. Este instrumento integra los programas para el Fomento y Operación de la Industria Maquiladora de Exportación (Maquila) y el que Establece Programas de Importación Temporal para Producir Artículos de Exportación (PITEX), cuyas empresas representan en su conjunto el 85% de las exportaciones manufactureras de México. ASPECTOS GENERALES Definición: El Programa IMMEX es un instrumento mediante el cual se permite importar temporalmente los bienes necesarios para ser util

#### Annotation 1439452499212

 #immex #mexico #octopus Este instrumento integra los programas para el Fomento y Operación de la Industria Maquiladora de Exportación (Maquila) y el que Establece Programas de Importación Temporal para Producir Artículos de Exportación (PITEX), cuyas empresas representan en su conjunto el 85% de las exportaciones manufactureras de México.

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INDUSTRIA MANUFACTURERA, MAQUILADORA Y DE SERVICIO DE EXPORTACIÓN Ante la voraz competencia por los mercados globales, es fundamental dotar a las empresas mexicanas, al menos, de las mismas condiciones que ofrecen nuestros principales competidores, qu

#### Original toplevel document

Decreto IMMEX
INDUSTRIA MANUFACTURERA, MAQUILADORA Y DE SERVICIO DE EXPORTACIÓN Ante la voraz competencia por los mercados globales, es fundamental dotar a las empresas mexicanas, al menos, de las mismas condiciones que ofrecen nuestros principales competidores, qu

#### Flashcard 1439454072076

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#python #sicp
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We can think of a tree-recursive function as [exploring what?].
exploring different possibilities

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We can think of a tree-recursive function as exploring different possibilities.

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1.7 Recursive Functions
-m, m) + count_partitions(n, m-1) >>> count_partitions(6, 4) 9 >>> count_partitions(5, 5) 7 >>> count_partitions(10, 10) 42 >>> count_partitions(15, 15) 176 >>> count_partitions(20, 20) 627 <span>We can think of a tree-recursive function as exploring different possibilities. In this case, we explore the possibility that we use a part of size m and the possibility that we do not. The first and second recursive calls correspond to these possibilities. Im

#### Flashcard 1439457479948

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A function with multiple recursive calls is said to be [...]
tree recursive

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A function with multiple recursive calls is said to be tree recursive because each call branches into multiple smaller calls, each of which branches into yet smaller calls, just as the branches of a tree become smaller but more numerous as they extend fro

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1.7 Recursive Functions
Global This recursive definition is tremendously appealing relative to our previous attempts: it exactly mirrors the familiar definition of Fibonacci numbers. <span>A function with multiple recursive calls is said to be tree recursive because each call branches into multiple smaller calls, each of which branches into yet smaller calls, just as the branches of a tree become smaller but more numerous as they extend from the trunk. We were already able to define a function to compute Fibonacci numbers without tree recursion. In fact, our previous attempts were more efficient, a topic discussed later in the text.

#### Flashcard 1439459839244

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#deeplearning #protein #proteomics #research
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[...] developed a DSSP algorithm to classify secondary structure into 8 fine-grained states.
Sander14

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Sander 14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns 3 types for helix (G for 3 10 helix, H for alpha-helix, and I for pi-helix), 2 types

#### Original toplevel document

Protein Secondary Structure Prediction Using Deep Convolutional Neural Fields : Scientific Reports
S) refers to the local conformation of the polypeptide backbone of proteins. There are two regular SS states: alpha-helix (H) and beta-strand (E), as suggested by Pauling 13 more than 60 years ago, and one irregular SS type: coil region (C). <span>Sander 14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns 3 types for helix (G for 3 10 helix, H for alpha-helix, and I for pi-helix), 2 types for strand (E for beta-strand and B for beta-bridge), and 3 types for coil (T for beta-turn, S for high curvature loop, and L for irregular). Overall, protein secondary structure can be regarded as a bridge that links the primary sequence and tertiary structure and thus, is used by many structure and functional analysis tools

#### Flashcard 1439462198540

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#deeplearning #protein #proteomics #research
Question
Sander14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns [...] types for helix, [...] types for strand, and [...] types for coil
3, 2, 3

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Sander 14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns 3 types for helix (G for 3 10 helix, H for alpha-helix, and I for pi-helix), 2 types for strand (E for beta-strand and B for beta-bridge), and 3 types for coil (T for beta-turn, S for hi

#### Original toplevel document

Protein Secondary Structure Prediction Using Deep Convolutional Neural Fields : Scientific Reports
S) refers to the local conformation of the polypeptide backbone of proteins. There are two regular SS states: alpha-helix (H) and beta-strand (E), as suggested by Pauling 13 more than 60 years ago, and one irregular SS type: coil region (C). <span>Sander 14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns 3 types for helix (G for 3 10 helix, H for alpha-helix, and I for pi-helix), 2 types for strand (E for beta-strand and B for beta-bridge), and 3 types for coil (T for beta-turn, S for high curvature loop, and L for irregular). Overall, protein secondary structure can be regarded as a bridge that links the primary sequence and tertiary structure and thus, is used by many structure and functional analysis tools

#### Flashcard 1439466917132

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#deeplearning #protein #proteomics #research
Question
What are the two types of strands that DSSP diffierntiates?
E for beta-strand and B for beta-bridge

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html>Sander 14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns 3 types for helix (G for 3 10 helix, H for alpha-helix, and I for pi-helix), 2 types for strand (E for beta-strand and B for beta-bridge), and 3 types for coil (T for beta-turn, S for high curvature loop, and L for irregular).<html>

#### Original toplevel document

Protein Secondary Structure Prediction Using Deep Convolutional Neural Fields : Scientific Reports
S) refers to the local conformation of the polypeptide backbone of proteins. There are two regular SS states: alpha-helix (H) and beta-strand (E), as suggested by Pauling 13 more than 60 years ago, and one irregular SS type: coil region (C). <span>Sander 14 developed a DSSP algorithm to classify SS into 8 fine-grained states. In particular, DSSP assigns 3 types for helix (G for 3 10 helix, H for alpha-helix, and I for pi-helix), 2 types for strand (E for beta-strand and B for beta-bridge), and 3 types for coil (T for beta-turn, S for high curvature loop, and L for irregular). Overall, protein secondary structure can be regarded as a bridge that links the primary sequence and tertiary structure and thus, is used by many structure and functional analysis tools

#### Flashcard 1439471635724

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#python #sicp
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What is run_docstring_examples fuction used for?
To verify the doctest interactions for only a single function

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To verify the doctest interactions for only a single function, we use a doctest function called run_docstring_examples . This function is (unfortunately) a bit complicated to call. Its first argument is the function to test. The second should always be the result of the expression globals() , a built-in

#### Original toplevel document

1.5 Control
the globals function returns a representation of the global environment, which the interpreter needs in order to evaluate expressions. >>> from doctest import testmod >>> testmod() TestResults(failed=0, attempted=2) <span>To verify the doctest interactions for only a single function, we use a doctest function called run_docstring_examples . This function is (unfortunately) a bit complicated to call. Its first argument is the function to test. The second should always be the result of the expression globals() , a built-in function that returns the global environment. The third argument is True to indicate that we would like "verbose" output: a catalog of all tests run. >>> from doctest import run_docstring_examples >>> run_docstring_examples(sum_naturals, globals(), True) Finding tests in NoName Trying: sum_naturals(10) Expecti

#### Flashcard 1439474781452

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What does globals() do?
a built-in function that returns the global environment

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e function, we use a doctest function called run_docstring_examples . This function is (unfortunately) a bit complicated to call. Its first argument is the function to test. The second should always be the result of the expression globals() , <span>a built-in function that returns the global environment. The third argument is True to indicate that we would like "verbose" output: a catalog of all tests run.<span><body><html>

#### Original toplevel document

1.5 Control
the globals function returns a representation of the global environment, which the interpreter needs in order to evaluate expressions. >>> from doctest import testmod >>> testmod() TestResults(failed=0, attempted=2) <span>To verify the doctest interactions for only a single function, we use a doctest function called run_docstring_examples . This function is (unfortunately) a bit complicated to call. Its first argument is the function to test. The second should always be the result of the expression globals() , a built-in function that returns the global environment. The third argument is True to indicate that we would like "verbose" output: a catalog of all tests run. >>> from doctest import run_docstring_examples >>> run_docstring_examples(sum_naturals, globals(), True) Finding tests in NoName Trying: sum_naturals(10) Expecti

#### Flashcard 1439479500044

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Question
What might you include in a docstring?
The first line of a docstring should contain a one-line description of the function, followed by a blank line.
A detailed description of arguments and behavior may follow.
In addition, the docstring may include a sample interactive session that calls the function

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Doctests. Python provides a convenient method for placing simple tests directly in the docstring of a function. The first line of a docstring should contain a one-line description of the function, followed by a blank line. A detailed description of arguments and behavior may follow. In addition, the docstring may include a sample interactive session that calls the function:

#### Original toplevel document

1.5 Control
assert fib(50) == 7778742049, 'Error at the 50th Fibonacci number' When writing Python in files, rather than directly into the interpreter, tests are typically written in the same file or a neighboring file with the suffix _test.py . <span>Doctests. Python provides a convenient method for placing simple tests directly in the docstring of a function. The first line of a docstring should contain a one-line description of the function, followed by a blank line. A detailed description of arguments and behavior may follow. In addition, the docstring may include a sample interactive session that calls the function: >>> def sum_naturals(n): """Return the sum of the first n natural numbers. >>> sum_naturals(10) 55 >>> sum_n

#### Flashcard 1439481859340

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Where are tests normally written?
Rather than directly into the interpreter, tests are typically written in the same file or a neighboring file with the suffix _test.py .

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When writing Python in files, rather than directly into the interpreter, tests are typically written in the same file or a neighboring file with the suffix _test.py .

#### Original toplevel document

1.5 Control
>>> def fib_test(): assert fib(2) == 1, 'The 2nd Fibonacci number should be 1' assert fib(3) == 1, 'The 3rd Fibonacci number should be 1' assert fib(50) == 7778742049, 'Error at the 50th Fibonacci number' <span>When writing Python in files, rather than directly into the interpreter, tests are typically written in the same file or a neighboring file with the suffix _test.py . Doctests. Python provides a convenient method for placing simple tests directly in the docstring of a function. The first line of a docstring should contain a one-line description of

#### Flashcard 1439484218636

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Question
What happens when an assert statement evalutes to true? False?
When the expression being asserted evaluates to a true value, executing an assert statement has no effect. When it is a false value, assert causes an error that halts execution.

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When the expression being asserted evaluates to a true value, executing an assert statement has no effect. When it is a false value, assert causes an error that halts execution.

#### Original toplevel document

1.5 Control
followed by a quoted line of text (single or double quotes are both fine, but be consistent) that will be displayed if the expression evaluates to a false value. >>> assert fib(8) == 13, 'The 8th Fibonacci number should be 13' <span>When the expression being asserted evaluates to a true value, executing an assert statement has no effect. When it is a false value, assert causes an error that halts execution. A test function for fib should test several arguments, including extreme values of n . >>> def fib_test(): assert fib(2) == 1, 'The 2nd Fibonacci number should b

#### Flashcard 1439486577932

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What are assert statements used for?
Programmers use assert statements to verify expectations, such as the output of a function being tested.

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Assertions. Programmers use assert statements to verify expectations, such as the output of a function being tested. An assert statement has an expression in a boolean context, followed by a quoted line of text (single or double quotes are both fine, but be consistent) that will be displayed if the ex

#### Original toplevel document

1.5 Control
most functions, which are meant to be general, tests involve selecting and validating calls with specific argument values. Tests also serve as documentation: they demonstrate how to call a function and what argument values are appropriate. <span>Assertions. Programmers use assert statements to verify expectations, such as the output of a function being tested. An assert statement has an expression in a boolean context, followed by a quoted line of text (single or double quotes are both fine, but be consistent) that will be displayed if the expression evaluates to a false value. >>> assert fib(8) == 13, 'The 8th Fibonacci number should be 13' When the expression being asserted evaluates to a true value, executing an assert statement has no effect

#### Flashcard 1439488937228

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Question
What does an assert statement consist of? (two things)
An assert statement has
• an expression in a boolean context
• ​followed by a quoted line of text (single or double quotes are both fine, but be consistent) that will be displayed if the expression evaluates to a false value.

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Assertions. Programmers use assert statements to verify expectations, such as the output of a function being tested. An assert statement has an expression in a boolean context, followed by a quoted line of text (single or double quotes are both fine, but be consistent) that will be displayed if the expression evaluates to a false value.

#### Original toplevel document

1.5 Control
most functions, which are meant to be general, tests involve selecting and validating calls with specific argument values. Tests also serve as documentation: they demonstrate how to call a function and what argument values are appropriate. <span>Assertions. Programmers use assert statements to verify expectations, such as the output of a function being tested. An assert statement has an expression in a boolean context, followed by a quoted line of text (single or double quotes are both fine, but be consistent) that will be displayed if the expression evaluates to a false value. >>> assert fib(8) == 13, 'The 8th Fibonacci number should be 13' When the expression being asserted evaluates to a true value, executing an assert statement has no effect

#### Flashcard 1439491296524

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Tests typically take the form of [...].
another function that contains one or more sample calls to the function being tested

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Tests typically take the form of another function that contains one or more sample calls to the function being tested. The returned value is then verified against an expected result. Unlike most functions, which are meant to be general, tests involve selecting and validating calls with specific argumen

#### Original toplevel document

1.5 Control
of verifying that the function's behavior matches expectations. Our language of functions is now sufficiently complex that we need to start testing our implementations. A test is a mechanism for systematically performing this verification. <span>Tests typically take the form of another function that contains one or more sample calls to the function being tested. The returned value is then verified against an expected result. Unlike most functions, which are meant to be general, tests involve selecting and validating calls with specific argument values. Tests also serve as documentation: they demonstrate how to call a function and what argument values are appropriate. Assertions. Programmers use assert statements to verify expectations, such as the output of a function being tested. An assert statement has an expression in a boolean context,

#### Flashcard 1439493655820

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[...] a function is the act of verifying that the function's behavior matches expectations.
Testing

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Testing a function is the act of verifying that the function's behavior matches expectations.

#### Original toplevel document

1.5 Control
clause from being executed indefinitely, the suite should always change some binding in each pass. A while statement that does not terminate is called an infinite loop. Press -C to force Python to stop looping. 1.5.6 Testing <span>Testing a function is the act of verifying that the function's behavior matches expectations. Our language of functions is now sufficiently complex that we need to start testing our implementations. A test is a mechanism for systematically performing this verification. Tests

#### Flashcard 1439495228684

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Functions that perform comparisons and return boolean values typically begin with [...]
is , not followed by an underscore (e.g., isfinite , isdigit , isinstance , etc.).

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Functions that perform comparisons and return boolean values typically begin with is , not followed by an underscore (e.g., isfinite , isdigit , isinstance , etc.).

#### Original toplevel document

1.5 Control
ession . To evaluate the expression not : Evaluate ; The value is True if the result is a false value, and False otherwise. These values, rules, and operators provide us with a way to combine the results of comparisons. <span>Functions that perform comparisons and return boolean values typically begin with is , not followed by an underscore (e.g., isfinite , isdigit , isinstance , etc.). 1.5.5 Iteration Video: Show Hide In addition to selecting which statements to execute, control statements are used to express repetition. If each line of code we wrote were o

#### Flashcard 1439496801548

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What is short-circuiting?
the fact that the truth value of a logical expression can sometimes be determined without evaluating all of its subexpressions

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Logical expressions have corresponding evaluation procedures. These procedures exploit the fact that the truth value of a logical expression can sometimes be determined without evaluating all of its subexpressions, a feature called short-circuiting.

#### Original toplevel document

1.5 Control
( == ), a convention shared across many programming languages. Boolean operators . Three basic logical operators are also built into Python: >>> True and False False >>> True or False True >>> not False True <span>Logical expressions have corresponding evaluation procedures. These procedures exploit the fact that the truth value of a logical expression can sometimes be determined without evaluating all of its subexpressions, a feature called short-circuiting. To evaluate the expression and : Evaluate the subexpression . If the result is a false value v , then the expression evaluates to v . Otherwise, the expression evaluates to t

#### Flashcard 1439499160844

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Only some built-in kinds of data in Python have both true and false values, (True or False?)
False, all built-in data have T/F values

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every built-in kind of data in Python has both true and false values.

#### Original toplevel document

1.5 Control
ues matter to control flow, but otherwise their values are not assigned or returned. Python includes several false values, including 0, None , and the boolean value False . All other numbers are true values. In Chapter 2, we will see that <span>every built-in kind of data in Python has both true and false values. Boolean values . Python has two boolean values, called True and False . Boolean values represent truth values in logical expressions. The built-in comparison operations, >, &l

#### Flashcard 1439501520140

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Question
What does it mean for an expression to be in a boolean context?