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Flashcard 1428113984780

Tags
#13-dic-2016 #el-financiero #enrique-quintana #noticias
Question
Para los importadores, el dólar caro ha sido costoso y creo que inevitablemente tendrá repercusión en [...]
Answer
la inflación.


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Para los importadores, el dólar caro ha sido costoso y creo que inevitablemente tendrá repercusión en la inflación.

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Un dólar estable… e incierto
crudo, tras el acuerdo de reducción de producción que se obtuvo. Si los precios del crudo mantuvieran una tendencia hacia arriba, entonces, quizás habría otro factor que pudiera propiciar una paridad más fuerte del peso. <span>Para los importadores, el dólar caro ha sido costoso y creo que inevitablemente tendrá repercusión en la inflación. Pero para otros sectores se trata de una bendición. Este fin de año se pronostica como el mejor en una década para el turismo nacional, por la reducción de viajes al extranje







Flashcard 1429302021388

Tags
#sister-miriam-joseph #trivium
Question
The Trivium explains t hat logic is the art of deduction. As thinking beings, we know something and [...]
Answer
from that knowledge can deduce new knowledge.


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The Trivium explains t hat logic is the art of deduction. As thinking beings, we know something and from that knowledge can deduce new knowledge.

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Flashcard 1430541438220

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
when the magnitude(ignoring algebraic sign) of the own-price elasticity coefficient has a value less than one, demand is defined to be [...]
Answer
inelastic


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when the magnitude(ignoring algebraic sign) of the own-price elasticity coefficient has a value less than one, demand is defined to be inelastic

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4.1. Own-Price Elasticity of Demand
ded by only 0.12 percent. Actually, that is not too different from empirical estimates of the actual demand elasticity for gasoline in the United States. When demand is not very sensitive to price, we say demand is inelastic . To be precise, <span>when the magnitude(ignoring algebraic sign) of the own-price elasticity coefficient has a value less than one, demand is defined to be inelastic. When that magnitude is greater than one, demand is defined to be elastic . And when the elasticity coefficient is equal to negative one, demand is said to be unit elastic , or unita







Flashcard 1430546156812

Tags
#auctions #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
Dutch auction =
Answer
Descending price


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ions sell items that (generally) have a unique subjective value for each bidder. Ascending price auctions use an auctioneer to call out ever increasing prices until the last, highest bidder ultimately pays his/her bid price and buys the item. <span>Descending price, or Dutch, auctions begin at a very high price and then reduce that price until one bidder is willing to buy at that price. Second price sealed bid auctions are sometimes used to induce

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SUMMARY
ven price, the quantity demanded exceeds the quantity supplied, there is excess demand and price will rise. If, at a given price, the quantity supplied exceeds the quantity demanded, there is excess supply and price will fall. <span>Sometimes auctions are used to seek equilibrium prices. Common value auctions sell items that have the same value to all bidders, but bidders can only estimate that value before the auction is completed. Overly optimistic bidders overestimate the true value and end up paying a price greater than that value. This result is known as the winner’s curse. Private value auctions sell items that (generally) have a unique subjective value for each bidder. Ascending price auctions use an auctioneer to call out ever increasing prices until the last, highest bidder ultimately pays his/her bid price and buys the item. Descending price, or Dutch, auctions begin at a very high price and then reduce that price until one bidder is willing to buy at that price. Second price sealed bid auctions are sometimes used to induce bidders to reveal their true reservation prices in private value auctions. Treasury notes and some other financial instruments are sold using a form of Dutch auction (called a single price auction) in which competitive and non-competitive bids are arrayed in descending price (increasing yield) order. The winning bidders all pay the same price, but marginal bidders might not be able to fill their entire order at the market clearing price. Markets that work freely can optimize society’s welfare, as measured by consumer surplus and producer surplus. Consumer surplus is the difference between the total value








Budget constraint
#cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-4-the-opportunity-set #study-session-4-microeconomics-analysis
Smith has $60 to spend on bread and wine per month, the price of a slice of bread is $0.50, and the price of an ounce of wine is $0.75.

She could buy 120 slices of bread with all her income or up to 80 ounces of wine.

She can spend half her income on each good (60 slices of bread and 40 ounces of wine)

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Flashcard 1432675814668

Tags
#italian #italian-grammar
Question
Nouns, Adjectives and Articles together form a group of words called the [...]; two examples are shown below:

una (article) grande (adjective) casa (noun) a big house

la (article) ragazza (noun) inglese (adjective) the English girl
Answer
noun group


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Nouns, Adjectives and Articles together form a group of words called the noun group; two examples are shown below: una (article) grande (adjective) casa (noun) a big house la (article) ragazza (noun) inglese (adjective) the English girl</sp

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MRS must be higher than price ratio
#4-3-the-investment-opportunity-set #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-5-consumer-equilibrium #study-session-4
An affordable bundle represented by point b.

Consumer is able to purchase it because it lies on her budget constraint.

However, the MRSBW at that point is greater than the price ratio.

This means he is willing to give up wine to obtain bread at a rate greater than she must.

She will be better off moving downward along the budget constraint until she reaches the tangent point at a.

In effect, she is willing to pay a higher price than she must for each additional unit of bread until she reaches Ba.

For all of the units up to Ba, the consumer is receiving consumer surplus,

She would not purchase slices of bread beyond Ba at these prices because at a point like c, the marginal rate of substitution is less than the price ratio—meaning that the price for that additional unit is above her willingness to pay.

Even though she could afford bundle c, it would not be the best use of her income.

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Flashcard 1438613900556

Tags
#30-dic-2016 #el-financiero #financial-times #noticias
Question
¿La tasa de interés de los fondos federales será superior al 1.5 por ciento a finales de 2017?

Answer
No. La respuesta depende de si el plan fiscal de Donald Trump puede lograr el crecimiento prometido del 3-4 por ciento.


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¿La tasa de interés de los fondos federales será superior al 1.5 por ciento a finales de 2017? No. La respuesta depende de si el plan fiscal de Donald Trump puede lograr el crecimiento prometido del 3-4 por ciento. La Reserva Federal de EU proporcionará los tres incrementos que ha pronosticado, elevando la tasa al 1.5 por ciento, pero no necesitará elevarla más. (Michael MacKenzie)</

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Predicciones mundiales para 2017
leo, poniendo así fin a la afluencia de petrodólares y, por lo tanto, al ‘mecenazgo’ que le compra al gobierno corrupto su apoyo. Por lo tanto, la voluntad de Caracas de pagar sus deudas nunca está en duda. (John Paul Rathbone) 9. <span>¿La tasa de interés de los fondos federales será superior al 1.5 por ciento a finales de 2017? No. La respuesta depende de si el plan fiscal de Donald Trump puede lograr el crecimiento prometido del 3-4 por ciento. La Reserva Federal de EU proporcionará los tres incrementos que ha pronosticado, elevando la tasa al 1.5 por ciento, pero no necesitará elevarla más. (Michael MacKenzie) 10. ¿Finalizará el índice S&P 500 el año por encima de 2300 (aproximadamente su nivel actual)? ___No. Los inversionistas orientados hacia la valoración han sid







Flashcard 1439566531852

Tags
#aspectos-generales #beneficiarios #immex #mexico #octopus
Question
La SE podrá autorizar el decreto IMMEX a personas [...]
Answer
morales


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La Secretaría de Economía (SE) podrá autorizar el decreto IMMEX a personas morales Las personas morales a las que se les autorice el decreto IMMEX deberán ser residentes en territorio nacional a que se refiere la fracción II del artículo 9 del Código Fiscal

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Decreto IMMEX
iladora 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. <span>ASPECTOS GENERALES Definición: El Programa IMMEX es un instrumento mediante el cual se permite importar temporalmente los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación, sin cubrir el pago del impuesto general de importación, del impuesto al valor agregado y, en su caso, de las cuotas compensatorias Beneficiarios: La Secretaría de Economía (SE) podrá autorizar a las personas morales residentes en territorio nacional a que se refiere la fracción II del artículo 9 del Código Fiscal de la Federación, que tributen de conformidad con el Título II de la Ley del Impuesto sobre la Renta, un solo Programa IMMEX, que puede incluir las modalidades de controladora de empresas, industrial, servicios, albergue y terciarización, siempre que cumplan con los requisitos previstos en el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), publicado en el Diario Oficial e la Federación el 1 de noviembre de 2006. Beneficios: El Programa IMMEX brinda a sus titulares la posibilidad de importar temporalmente libre de impuestos a la importación y del IVA, los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación. Estos bienes están agrupados bajo las siguientes categorías: Materias primas, partes y componentes que se vayan a destinar totalmente a integrar mercancías de exportación; combustibles, lubricantes y otros materiales que se vayan a consumir durante el proceso productivo de la mercancía de exportación; envases y empaques; etiquetas y folletos. Contenedores y cajas de trailers. Maquinaria, equipo, herramientas, instrumentos, moldes y refacciones destinadas al proceso productivo; equipos y aparatos para el control de la contaminación; para la investigación o capacitación, de seguridad industrial, de telecomunicación y cómputo, de laboratorio, de medición, de prueba de productos y control de calidad; así como aquéllos que intervengan en el manejo de materiales relacionados directamente con los bienes de exportación y otros vinculados con el proceso productivo; equipo para el desarrollo administrativo. Modalidades: Programa IMMEX Controladora de empresas, cuando en un mismo programa se integren las operaciones de manufactura de una empresa certificada denominada controladora y una o más sociedades controladas; Programa IMMEX Industrial, cuando se realice un proceso industrial de elaboración o transformación de mercancías destinadas a la exportación; Programa IMMEX Servicios, cuando se realicen servicios a mercancías de exportación o se presten servicios de exportación, únicamente para el desarrollo de las actividades que la Secretaría determine, previa opinión de la Secretaría de Hacienda y Crédito Público; Programa IMMEX Albergue, cuando una o varias empresas extranjeras le faciliten la tecnología y el material productivo, sin que estas últimas operen directamente el Programa, y Programa IMMEX Terciarización, cuando una empresa certificada que no cuente con instalaciones para realizar procesos productivos, realice las operaciones de manufactura a través de terceros que registre en su Programa. La SE podrá aprobar de manera simultánea un Programa de Promoción Sectorial, de acuerdo con el tipo de productos que fabrica o a los servicios de exportación que realice, debiendo cumplir con la normatividad aplicable a los mismos. Tratándose de una empresa bajo la modalidad de servicios, únicamente podrá importar al amparo del Programa de Promoción Sectorial las mercancías a que se refiere el artículo 4, fracción III del presente Decreto, siempre que corresponda al sector en que sea registrada. Vigencia: La vigencia de los Programas IMMEX estará sujeta mientras el titular de los mismos continúe cumpliendo con los requisitos previstos para su otorgamiento y con las obligaciones establecidas en el Decreto. Plazos de permanencia: Los bienes importados temporalmente al amparo de un Programa IMMEX, podrán permanecer en territorio nacional por los plazos establecidos en el artículo 108 de la Ley Aduanera. Para las mercancías comprendidas en los Anexos II y III del Decreto IMMEX, cuando se importen como materia prima, el plazo de permanencia será hasta por doce meses. Tratándose de las mercancías que se encuentran comprendidas en el Anexo III del Decreto IMMEX, cuando se importen como materia prima, únicamente cuando se destinen a actividades bajo la modalidad de servicios, el plazo de permanencia será de hasta seis meses. No podrán ser importadas al amparo del Programa las mercancías señaladas en el Anexo I del Decreto IMMEX. Compromisos: Para gozar de los beneficios de un Programa IMMEX se deberá dar cumplimiento a los términos establecidos en el Decreto en la materia. La autorización del Programa se otorgará bajo el compromiso de realizar anualmente ventas al exterior por un valor superior a 500,000 dólares de los Estados Unidos de América, o su equivalente en moneda nacional, o bien, facturar exportaciones, cuando menos por el 10% de su facturación total. Reportes: El titular de un Programa IMMEX deberá presentar un reporte anual de forma electrónica, respecto del total de las ventas y de las exportaciones, correspondientes al ejercicio fiscal inmediato anterior, a más tardar el último día hábil del mes de mayo, conforme al formato que mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior dé a conocer la Secretaría de Economía. Adicionalmente, la empresa con Programa IMMEX deberá presentar la información que, para efectos estadísticos, se determine, en los términos que establezca la SE mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior. Para mayor información sobre este programa comunicarse al 01 800 410 2000 disponible para todo el país ó al buzón de la Secretaría de Economía en www.economia.gob.mx; o al teléfono 52-29-61-00, ext. 34347, Lic. Sergio Manríquez Fernández, Subdirector de Devolución de Impuestos. TRÁMITES Operación: Los trámites relativos al Programa IMMEX son gratuitos y pueden ser realizados en las ventanillas de atención al público de las Repre







Flashcard 1439584619788

Tags
#aspectos-generales #beneficios #immex #mexico #octopus
Question

Los bienes están agrupados bajo las siguientes 3 categorías:

  1. [...], equipo, [...], instrumentos, moldes y refacciones destinadas al proceso productivo; equipos y aparatos para el control de la contaminación; para la investigación o capacitación, de seguridad industrial, de telecomunicación y cómputo, de laboratorio, de medición, de prueba de productos y control de calidad; así como aquéllos que intervengan en el manejo de materiales relacionados directamente con los bienes de exportación y otros vinculados con el proceso productivo; equipo para el desarrollo administrativo.
Answer
Maquinaria

herramientas


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ías de exportación; combustibles, lubricantes y otros materiales que se vayan a consumir durante el proceso productivo de la mercancía de exportación; envases y empaques; etiquetas y folletos. Contenedores y cajas de trailers. <span>Maquinaria, equipo, herramientas, instrumentos, moldes y refacciones destinadas al proceso productivo; equipos y aparatos para el control de la contaminación; para la investigación o capacitación,

Original toplevel document

Decreto IMMEX
iladora 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. <span>ASPECTOS GENERALES Definición: El Programa IMMEX es un instrumento mediante el cual se permite importar temporalmente los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación, sin cubrir el pago del impuesto general de importación, del impuesto al valor agregado y, en su caso, de las cuotas compensatorias Beneficiarios: La Secretaría de Economía (SE) podrá autorizar a las personas morales residentes en territorio nacional a que se refiere la fracción II del artículo 9 del Código Fiscal de la Federación, que tributen de conformidad con el Título II de la Ley del Impuesto sobre la Renta, un solo Programa IMMEX, que puede incluir las modalidades de controladora de empresas, industrial, servicios, albergue y terciarización, siempre que cumplan con los requisitos previstos en el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), publicado en el Diario Oficial e la Federación el 1 de noviembre de 2006. Beneficios: El Programa IMMEX brinda a sus titulares la posibilidad de importar temporalmente libre de impuestos a la importación y del IVA, los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación. Estos bienes están agrupados bajo las siguientes categorías: Materias primas, partes y componentes que se vayan a destinar totalmente a integrar mercancías de exportación; combustibles, lubricantes y otros materiales que se vayan a consumir durante el proceso productivo de la mercancía de exportación; envases y empaques; etiquetas y folletos. Contenedores y cajas de trailers. Maquinaria, equipo, herramientas, instrumentos, moldes y refacciones destinadas al proceso productivo; equipos y aparatos para el control de la contaminación; para la investigación o capacitación, de seguridad industrial, de telecomunicación y cómputo, de laboratorio, de medición, de prueba de productos y control de calidad; así como aquéllos que intervengan en el manejo de materiales relacionados directamente con los bienes de exportación y otros vinculados con el proceso productivo; equipo para el desarrollo administrativo. Modalidades: Programa IMMEX Controladora de empresas, cuando en un mismo programa se integren las operaciones de manufactura de una empresa certificada denominada controladora y una o más sociedades controladas; Programa IMMEX Industrial, cuando se realice un proceso industrial de elaboración o transformación de mercancías destinadas a la exportación; Programa IMMEX Servicios, cuando se realicen servicios a mercancías de exportación o se presten servicios de exportación, únicamente para el desarrollo de las actividades que la Secretaría determine, previa opinión de la Secretaría de Hacienda y Crédito Público; Programa IMMEX Albergue, cuando una o varias empresas extranjeras le faciliten la tecnología y el material productivo, sin que estas últimas operen directamente el Programa, y Programa IMMEX Terciarización, cuando una empresa certificada que no cuente con instalaciones para realizar procesos productivos, realice las operaciones de manufactura a través de terceros que registre en su Programa. La SE podrá aprobar de manera simultánea un Programa de Promoción Sectorial, de acuerdo con el tipo de productos que fabrica o a los servicios de exportación que realice, debiendo cumplir con la normatividad aplicable a los mismos. Tratándose de una empresa bajo la modalidad de servicios, únicamente podrá importar al amparo del Programa de Promoción Sectorial las mercancías a que se refiere el artículo 4, fracción III del presente Decreto, siempre que corresponda al sector en que sea registrada. Vigencia: La vigencia de los Programas IMMEX estará sujeta mientras el titular de los mismos continúe cumpliendo con los requisitos previstos para su otorgamiento y con las obligaciones establecidas en el Decreto. Plazos de permanencia: Los bienes importados temporalmente al amparo de un Programa IMMEX, podrán permanecer en territorio nacional por los plazos establecidos en el artículo 108 de la Ley Aduanera. Para las mercancías comprendidas en los Anexos II y III del Decreto IMMEX, cuando se importen como materia prima, el plazo de permanencia será hasta por doce meses. Tratándose de las mercancías que se encuentran comprendidas en el Anexo III del Decreto IMMEX, cuando se importen como materia prima, únicamente cuando se destinen a actividades bajo la modalidad de servicios, el plazo de permanencia será de hasta seis meses. No podrán ser importadas al amparo del Programa las mercancías señaladas en el Anexo I del Decreto IMMEX. Compromisos: Para gozar de los beneficios de un Programa IMMEX se deberá dar cumplimiento a los términos establecidos en el Decreto en la materia. La autorización del Programa se otorgará bajo el compromiso de realizar anualmente ventas al exterior por un valor superior a 500,000 dólares de los Estados Unidos de América, o su equivalente en moneda nacional, o bien, facturar exportaciones, cuando menos por el 10% de su facturación total. Reportes: El titular de un Programa IMMEX deberá presentar un reporte anual de forma electrónica, respecto del total de las ventas y de las exportaciones, correspondientes al ejercicio fiscal inmediato anterior, a más tardar el último día hábil del mes de mayo, conforme al formato que mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior dé a conocer la Secretaría de Economía. Adicionalmente, la empresa con Programa IMMEX deberá presentar la información que, para efectos estadísticos, se determine, en los términos que establezca la SE mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior. Para mayor información sobre este programa comunicarse al 01 800 410 2000 disponible para todo el país ó al buzón de la Secretaría de Economía en www.economia.gob.mx; o al teléfono 52-29-61-00, ext. 34347, Lic. Sergio Manríquez Fernández, Subdirector de Devolución de Impuestos. TRÁMITES Operación: Los trámites relativos al Programa IMMEX son gratuitos y pueden ser realizados en las ventanillas de atención al público de las Repre







Flashcard 1442168311052

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


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The payback is often used as one indicator of a project's risk.

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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







#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

1st Part

In evaluating financial reports, analysts typically have a specific economic decision in mind.

Examples of these decisions include the following:

  • Evaluating an equity investment for inclusion in a portfolio.

  • Evaluating a merger or acquisition candidate.

  • Evaluating a subsidiary or operating division of a parent company.

  • Deciding whether to make a venture capital or other private equity investment.

  • Determining the creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer.

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
ing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.) <span>In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Evaluating an equity investment for inclusion in a portfolio. Evaluating a merger or acquisition candidate. Evaluating a subsidiary or operating division of a parent company. Deciding whether to make a venture capital or other private equity investment. Determining the creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer. Extending credit to a customer. Examining compliance with debt covenants or other contractual arrangements. Assigning a debt rating to a company or bond issue. Valuing a security for making an investment recommendation to others. Forecasting future net income and cash flow. These decisions demonstrate certain themes in financial analysis. In general, analysts seek to examine the past and current performance and financial position of a





TR, AR,MR under imperfect competition
#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases.

Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR. Average revenue is equal to price at each quantity level.

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#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases.

Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR.

Average revenue is equal to price at each quantity level.

This shows the relationships among the revenue variables.

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Flashcard 1446776278284

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
The types and quantities of resources used in production, their prices, and how efficiently they are employed in the production process determine the [...] of the [...].
Answer
cost component of the profit equation


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The types and quantities of resources used in production, their prices, and how efficiently they are employed in the production process determine the cost component of the profit equation.

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
ationships among the revenue variables presented in Exhibit 7. Exhibit 8. Total Revenue, Average Revenue, and Marginal Revenue for Exhibit 7 Data <span>3.1.2. Factors of Production Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases resources, or what are commonly known as the factors of production, in order to produce a product or service that will be offered for sale to consumers. Factors of production, the inputs to the production of goods and services, include: land, as in the site location of the business; labor, which consists of the inputs of skilled and unskilled workers as well as the inputs of firms’ managers; capital, which in this context refers to physical capital—such tangible goods as equipment, tools, and buildings. Capital goods are distinguished as inputs to production that are themselves produced goods; and materials, which in this context refers to any goods the business buys as inputs to its production process.1 For example, a business that produces solid wood office desks needs to acquire lumber and hardware accessories as raw materials and hire workers to construct and assemble the desks using power tools and equipment. The factors of production are the inputs to the firm’s process of producing and selling a product or service where the goal of the firm is to maximize profit by satisfying the demand of consumers. The types and quantities of resources or factors used in production, their respective prices, and how efficiently they are employed in the production process determine the cost component of the profit equation. Clearly, in order to produce output, the firm needs to employ factors of production. While firms may use many different types of labor, capital, raw materials, and land, an analyst may find it more convenient to limit attention to a more simplified process in which only the two factors, capital and labor, are employed. The relationship between the flow of output and the two factors of production is called the production function , and it is represented generally as: Equation (5)  Q = f (K, L) where Q is the quantity of output, K is capital, and L is labor. The inputs are subject to the constraint that K ≥ 0 and L ≥ 0. A more general production function is stated as: Equation (6)  Q = f (x 1 , x 2 , … x n ) where x i represents the quantity of the ith input subject to x i ≥ 0 for n number of different inputs. Exhibit 9illustrates the shape of a typical input–output relationship using labor (L) as the only variable input (all other input factors are held constant). The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3. Moreover, in Region 1 (L 0 – L 1 ), TP is increasing at an increasing rate, typically because specialization allows laborers to become increasingly productive. In Region 2, however, (L 1 – L 2 ), TP is increasing at a decreasing rate because capital is fixed, and labor experiences diminishing marginal returns. The firm would want to avoid Region 3 if at all possible because total product or quantity would be declining rather than increasing with additional input: There is so little capital per unit of labor that additional laborers would possibly “get in each other’s way”. Point A is where TP is maximized. Exhibit 9. A Firm’s Production Function EXAMPLE 3 Factors of Production A group of business investor







Flashcard 1446984682764

Question
A simple statement is a [(literal description in terms of what you write)]
Answer
single line that doesn't end in a colon.


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A simple statement is a single line that doesn't end in a colon.

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1.5 Control
ver, much of the interesting work of computation comes from evaluating expressions. Statements govern the relationship among different expressions in a program and what happens to their results. 1.5.2 Compound Statements In general, <span>Python code is a sequence of statements. A simple statement is a single line that doesn't end in a colon. A compound statement is so called because it is composed of other statements (simple and compound). Compound statements typically span multiple lines and start with a one-line header ending in a colon, which identifies the type of statement. Together, a header and an indented suite of statements is called a clause. A compound statement consists of one or more clauses: <span>
: ... : ... ... We can understand t







Flashcard 1447022693644

Tags
#biochem
Question
A typical protein molecule is made from [how many?] amino acids.
Answer
~300


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A typical protein molecule is made from ~300 amino acids. Th e total number of different sequences possible for proteins of this length is 20^300 ≈ 10^390

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#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Here at a price of 100, P1 = MR1 = AR1 = Demand1.

Marginal revenue, average revenue, and the firm’s price remain constant until market demand and supply factors cause a change in price.

If price increases to 200 because of an increase in market demand, the firm’s demand curve shifts from Demand1 to Demand2 with corresponding increases in MR and AR as well.

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Exhibit 5. Total Revenue, Average Revenue, and Marginal Revenue under Perfect Competition
mpetition, MR equals AR and both are equal to a price that stays the same across all levels of output. Because price is fixed to the individual seller, the firm’s demand curve is a horizontal line at the point where the market sets the price. <span>In Exhibit 5, at a price of 100, P 1 = MR 1 = AR 1 = Demand 1 . Marginal revenue, average revenue, and the firm’s price remain constant until market demand and supply factors cause a change in price. For instance, if price increases to 200 because of an increase in market demand, the firm’s demand curve shifts from Demand 1 to Demand 2 with corresponding increases in MR and AR as well. Total revenue increases from TR 1 to TR 2 when price increases from 100 to 200. At a price of 100, total revenue at 10 units is 1,000; however, at a price of 200, total revenue would




#sister-miriam-joseph #trivium
Irrational animals have the external and internal senses, which are sometimes keener than those of humans.

But because they lack the rational powers (intellect, intellectual memory, and free will), they are incapable of progress or of culture.

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Only human beings have the power of intellectual abstraction; therefore, only human beings can form a general or universal concept. Irrational animals have the external and internal senses, which are sometimes keener than those of humans. But because they lack the rational powers (intellect, intellectual memory, and free will), they are incapable of progress or of culture. Despite their remarkable instinct, their productions, intricate though they may be, remain the same through the centuries, for example: beaver dams, bird nests, anthills, beehives.</spa

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#sister-miriam-joseph #trivium
Human intellectual powers need material to work upon.

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#charisma #myth
♦ First, adopt the body language of someone who’s utterly depressed. Let your shoulders slump, your head hang, your face sag. Now, without moving a muscle, try to feel really, truly excited. Go ahead, try to see if you can create any excitement without moving. It’s nearly impossible. ♦ Now do the opposite. Physically spring into excitement. Jump up and down as if you’ve won the lottery, smile the biggest smile you can, wave your arms in the air, and while doing all this, try to feel depressed. Again, it’s nearly impossible. Here are a few more physiological changes to play with: ♦ For confidence, assertiveness, and to be able to emanate gravitas, imagine playing the role of a military general—take a wide stance, puff up your chest, broaden your shoulders, stand straight, and confidently put your arms behind your back. Feel the effect of this posture internally. ♦ For a boost in both energy and warmth, stand up, stretch your hands as high up as possible, inhale as much as you can—imagine your rib cage expanding, doubling in size—make the biggest smile you can and look upward, hold for a second, and then relax everything.

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#charisma #myth
When warming up for an important event, follow this checklist to prepare your internal state and maximize your charisma. ♦ Go over your schedule for the hours leading up to the event. Think about how the activities and meetings you have planned will affect you. ♦ If you can, avoid any difficult encounters and aim for confidence- or warmth-boosting experiences instead. ♦ Create your own music playlist for the internal state you’d like to have. You could make one for energy and confidence, one that makes you feel warm and empathetic, and another that makes you feel calm and serene. This exercise is a lot of fun in itself, and you can add new songs as often as you’d like.

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#charisma #myth
four distinct kinds of charisma: focus, visionary, kindness, and authority.

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#charisma #myth
Focus charisma requires, of course, the ability to focus and be truly present. Good listening skills are nonnegotiable, as is a certain degree of patience. To develop focus charisma, cultivate your ability to be present

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#charisma #myth
two main risks. The first is that if you display too little power you could come across as too eager, and consequently low-status or even subservient. You’ll learn in chapter 9 how to increase the amount of confidence you broadcast. A less common risk is exhibiting too little warmth, which leads to attention that is too intense.

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#charisma #myth
Focus charisma is appropriate for almost all business situations. It’s particularly useful when you need people to open up and share information.

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#charisma #myth
The message matters for visionary charisma. This means knowing how to craft a bold vision and knowing how to deliver the message charismatically

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#charisma #myth
One of the keys to communicating your visionary charisma is getting yourself into a state of complete conviction, shedding any doubt. You can use the tools you gained in chapters 3 and 4, such as rewriting reality, to strengthen your belief, or the responsibility transfer, to free yourself from the effect of uncertainty.

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#charisma #myth
If you’re naturally uncomfortable in large social gatherings, the next time you’re at a party, don’t force yourself to be sociable right away or to be “on” for the whole evening. Instead, try these easy tweaks. Give yourself five minutes after you arrive to hang back and observe. Then give yourself little “introversion breaks” during the party: five-minute pockets of solitude. I know one highly charismatic introvert who often does exactly that during both social and business events. When she reemerges to mingle, people frequently comment on how radiant she is.

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#charisma #myth
1. First things first: make sure your right hand is free. Shift anything it may be holding to your left hand well in advance. You don’t want to have to fumble at the last moment. 2. Avoid holding a drink in your right hand, especially if it’s a cold drink, as the condensation will make your hand feel cold and clammy. 3. Before shaking someone’s hand, whether you are a man or a woman, rise if you’re seated. And keep your hands out of your pockets: visible hands make you look more open and honest. 4. Make sure to use plenty of eye contact, and smile warmly but briefly: too much smiling could make you appear overeager. 5. Keep your head straight, without tilting it in any way, and face the person fully. 6. Keep your hand perfectly perpendicular, neither dominant (palm down) nor submissive (palm up). If you’re in doubt, angle your thumb straight to the ceiling. 7. Open wide the space between your thumb and index finger to make sure you get optimal thumb-web contact. 8. Ensure contact between the palms of your hands by keeping your palm flat—not cupped— and by draping your hand across your partner’s diagonally. 9. Try to wrap your fingers around your partner’s hand, scaling them one by one, as if you were giving a hug with your hand. You will almost have your index finger on their pulse —almost, but not quite. 10. Once full contact is made, lock your thumb down and squeeze firmly, about as much as your partner does. Shake from the elbow (not the wrist), linger for a moment if you want to convey particular warmth, and step back

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Flashcard 1448236682508



Tags
#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Wuz dis?
Answer
Revenue and output under imperfect competition, kid


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#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Quantity (Q)Price (P)Total Revenue (TR)Average Revenue (AR)Marginal Revenue (MR)
01000
199999999
2981969897
3972919795
4963849693
5954759591
6945649489
7936519387
8927369285
9918199183
10909009081

Describe how total revenue, average revenue, and marginal revenue change as quantity sold increases from 0 to 10 units.

Solution:

Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases. Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR. Average revenue is equal to price at each quantity level. Exhibit 8 shows the relationships among the revenue variables presented in Exhibit 7.

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
the price and AR lines. TR peaks when MR equals zero at point Q 1 . Exhibit 6. Total Revenue, Average Revenue, and Marginal Revenue under Imperfect Competition EXAMPLE 2 <span>Calculation and Interpretation of Total, Average, and Marginal Revenue under Imperfect Competition Given quantity and price data in the first two columns of Exhibit 7, total revenue, average revenue, and marginal revenue can be calculated for a firm that operates under imperfect competition. Exhibit 7 Quantity (Q) Price (P) Total Revenue (TR) Average Revenue (AR) Marginal Revenue (MR) 0 100 0 — — 1 99 99 99 99 2 98 196 98 97 3 97 291 97 95 4 96 384 96 93 5 95 475 95 91 6 94 564 94 89 7 93 651 93 87 8 92 736 92 85 9 91 819 91 83 10 90 900 90 81 Describe how total revenue, average revenue, and marginal revenue change as quantity sold increases from 0 to 10 units. Solution: Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases. Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR. Average revenue is equal to price at each quantity level. Exhibit 8 shows the relationships among the revenue variables presented in Exhibit 7. Exhibit 8. Total Revenue, Average Revenue, and Marginal Revenue for Exhibit 7 Data 3.1.2




Flashcard 1448242449676

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Quantity (Q)Price (P)Total Revenue (TR)Average Revenue (AR)Marginal Revenue (MR)
01000
199999999
2981969897
3972919795
4963849693
5954759591
6945649489
7936519387
8927369285
9918199183
10909009081

Describe how total revenue, average revenue, and marginal revenue change as quantity sold increases from 0 to 10 units.

Answer
TR increases with a greater quantity, but the rate of increase in TR (as measured by MR) declines as quantity increases.

AR and MR decrease when output increases, with MR falling faster than price and AR.

AR is equal to price at each quantity level.


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Quantity (Q) Price (P) Total Revenue (TR) Average Revenue (AR) Marginal Revenue (MR) 0 100 0 — — 1 99 99 99 99 2 98 196 98 97 3 97 291 97 95 4 96 384 96 93 5 95 475 95 91 6 94 564 94 89 7 93 651 93 87 8 92 736 92 85 9 91 819 91 83 10 90 900 90 81 Describe how total revenue, average revenue, and marginal revenue change as quantity sold increases from 0 to 10 units. Solution: Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases. Average rev

Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
the price and AR lines. TR peaks when MR equals zero at point Q 1 . Exhibit 6. Total Revenue, Average Revenue, and Marginal Revenue under Imperfect Competition EXAMPLE 2 <span>Calculation and Interpretation of Total, Average, and Marginal Revenue under Imperfect Competition Given quantity and price data in the first two columns of Exhibit 7, total revenue, average revenue, and marginal revenue can be calculated for a firm that operates under imperfect competition. Exhibit 7 Quantity (Q) Price (P) Total Revenue (TR) Average Revenue (AR) Marginal Revenue (MR) 0 100 0 — — 1 99 99 99 99 2 98 196 98 97 3 97 291 97 95 4 96 384 96 93 5 95 475 95 91 6 94 564 94 89 7 93 651 93 87 8 92 736 92 85 9 91 819 91 83 10 90 900 90 81 Describe how total revenue, average revenue, and marginal revenue change as quantity sold increases from 0 to 10 units. Solution: Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases. Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR. Average revenue is equal to price at each quantity level. Exhibit 8 shows the relationships among the revenue variables presented in Exhibit 7. Exhibit 8. Total Revenue, Average Revenue, and Marginal Revenue for Exhibit 7 Data 3.1.2








#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Exhibit 10 shows the graphical relationships among total costs, total fixed cost, and total variable cost. The curve for total costs is a parallel shift of the total variable cost curve and always lies above the total variable cost curve by the amount of total fixed cost. At zero production, total costs are equal to total fixed cost because total variable cost at this output level is zero

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Flashcard 1448250313996



Tags
#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Explain, player.
Answer
It is the graphical relationships among total costs, total fixed cost, and total variable cost.

The curve for total costs is a parallel shift of the total variable cost curve and always lies above the total variable cost curve by the amount of total fixed cost.

At zero production, total costs are equal to total fixed cost because total variable cost at this output level is zero


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Exhibit 10 shows the graphical relationships among total costs, total fixed cost, and total variable cost. The curve for total costs is a parallel shift of the total variable cost curve and always lies above the total variable cost curve by the amount of total fixed cost. At zero production, total costs are equal to total fixed cost because total variable cost at this output level is zero








#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
This shows the cost curve relationships among ATC, AVC, and AFC in the short run.

The difference between ATC and AVC at any output quantity is exactly equal to the amount of AFC.

Both ATC and AVC take on a bowl-shaped pattern in which each curve initially declines, reaches a minimum-cost output level, and then increases.

Point S, which corresponds to QAVC, is the minimum point on the AVC .

Point T, which corresponds to QATC, is the minimum point on ATC.

When output increases, average fixed cost declines as AFC approaches the horizontal quantity axis.

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Flashcard 1448257654028



Tags
#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
This shows the cost curves relationship in the short run. (In the long run, the firm will have different ATC, AVC, and AFC cost curves when [...])
Answer
all inputs are variable

including technology, plant size, and physical capital.


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This shows the cost curve relationships among ATC, AVC, and AFC in the short run. (In the long run, the firm will have different ATC, AVC, and AFC cost curves when all inputs are variable, including technology, plant size, and physical capital.) The difference between ATC and AVC at any output quantity is the amount of AFC. For example, at Q 1 the distance between ATC a







Flashcard 1448261061900



Tags
#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
This shows the cost curve relationships among ATC, AVC, and AFC in the [...]

The difference between ATC and AVC at any output quantity is exactly equal to the [...]

Answer
short run.

amount of AFC.


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This shows the cost curve relationships among ATC, AVC, and AFC in the short run. The difference between ATC and AVC at any output quantity is exactly equal to the amount of AFC. Both ATC and AVC take on a bowl-shaped pattern in which each curv








#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
This displays the cost curve relationships for ATC, AVC, and MC in the short run.

The marginal cost curve intersects both the ATC and AVC at their respective minimum points. This occurs at points S and T, which correspond to QAVC and QATC, respectively.

Mathematically, when marginal cost is less than average variable cost, AVC will be decreasing. The opposite occurs when MC is greater than AVC. The same relationship holds true for MC and ATC.

ATC declines when MC is less than ATC. ATC increases as MC exceeds ATC.

Initially, the marginal cost curve declines, but at some point it begins to increase in reflection of an increasing rate of change in total costs as the firm produces more output.

Point R, which corresponds to QMC, is the minimum point on the marginal cost curve.

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Flashcard 1448267615500



Tags
#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

Mathematically, AVC will be decreasing when [...]. The opposite occurs when [...]
Answer
marginal cost is less than average variable cost,

MC is greater than AVC.

The same relationship holds true for MC and ATC.


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d MC in the short run. The marginal cost curve intersects both the ATC and AVC at their respective minimum points. This occurs at points S and T, which correspond to Q AVC and Q ATC , respectively. Mathematically, when <span>marginal cost is less than average variable cost, AVC will be decreasing . The opposite occurs when MC is greater than AVC. The same relationship holds true for MC and ATC . ATC declines when MC is less than ATC. ATC increases as MC exceeds ATC







Flashcard 1448274955532

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Question
transitive preferences axiom is assumed to hold for [...] as well as for [...]
Answer
indifference

strict preference.


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an>We assume that when comparing any three distinct bundles, A, B, and C, if A is preferred to B, and simultaneously B is preferred to C, then it must be true that A is preferred to C. This assumption is referred to as the assumption of transitive preferences , and it is assumed to hold for indifference as well as for strict preference.<span><body><html>

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
that about his two children. In effect, the father neither prefers one to the other nor is, in any meaningful sense, indifferent between the two. The assumption of complete preferences cannot accommodate such a response. Second, <span>we assume that when comparing any three distinct bundles, A, B, and C, if A is preferred to B, and simultaneously B is preferred to C, then it must be true that A is preferred to C. This assumption is referred to as the assumption of transitive preferences , and it is assumed to hold for indifference as well as for strict preference. This is a somewhat stronger assumption because it is essentially an assumption of rationality. We would say that if a consumer prefers a skiing holiday to a diving holiday and a diving







#charisma #myth
An easy way to start interactions in a way that both communicates warmth and sends the conversation down the right path is to offer a compliment about something the person is wearing.

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#charisma #myth
Continue with an open-ended question, such as “What’s the story behind it?” The word story has a very strong emotional effect on most people—it sends them straight into storytelling mode, which instantly changes the rapport between the two of you

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#charisma #myth
Another good question to break the ice with is “Where are you from?” No matter what the answer, it will encourage further dialogue. Whether they answer “New York” or “New Delhi,” if you’re not from that area, you can follow up with “What was it like growing up there?” The smaller the town of origin, the more delighted they will be that you have expressed interest

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#charisma #myth
To keep people talking, simply ask open-ended questions, such as “What brought you here tonight?” or “How are you connected to this event?

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#charisma #myth
Aim to keep your questions focused on positive subjects because people will associate you with whatever feelings your conversation generates

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#charisma #myth
If they start asking about you and you want to refocus the conversation on them, use the bounce back technique. Answer the question with a fact, add a personal note, and redirect the question to them, as follows

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#charisma #myth
one word that should pop up most often in your conversation is not I but you. Instead of saying “I read a great article on that subject in the New York Times,” try “You might enjoy the recent New York Times article on the subject.” Or simply insert “You know…” before any sentence to make them instantly perk up and pay attention

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#charisma #myth
To make yourself even more relatable, adjust your choice of words, your breadth and depth of vocabulary, and your expressions to suit your audience

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#charisma #myth
The easiest way to exit is, of course, to have an official reason for doing so. That’s one of the many reasons to be a volunteer or acquire some official duty at parties.

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#charisma #myth
Another way to exit a conversation with grace is to offer something of value: Information: an article, book, or Web site you think might be of use to them A connection: someone they ought to meet whom you know and can introduce them to Visibility: an organization you belong to, where you could invite them to speak Recognition: an award you think they should be nominated for

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#charisma #myth
What if you’re the one breaking up a group? Perhaps you’re rescuing someone from a conversation they’ve indicated they wanted to leave, or you need to introduce them to someone else, or one of the group is needed for another duty. In this case, focus all your attention, with particularly warm eye contact (see chapter 9 for this), not on the person you’re taking with you but on the person who is being left behind.

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Flashcard 1448300907788

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Managers have access to [...] that can be reported in whatever format is most useful to their decision.
Answer
additional financial information


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Managers have access to additional financial information that can be reported in whatever format is most useful to their decision.

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
The role of financial reporting by companies is to provide information about a company’s performance, financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.1 The role of financial statement analysis is to use financial reports prepared by companies, combined with other information, to evaluate the past, current, and potential performance and financial position of a company for the purpose of making investment, credit, and other economic decisions. (Managers within a company perform financial analysis to make operating, investing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.) In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Evalu







Flashcard 1448302480652

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Analysts are concerned about factors that affect [...] to a company’s future performance and financial position.
Answer
risks


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Analysts are concerned about factors that affect risks to a company’s future performance and financial position.

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
ons demonstrate certain themes in financial analysis. In general, analysts seek to examine the past and current performance and financial position of a company in order to form expectations about its future performance and financial position. <span>Analysts are also concerned about factors that affect risks to a company’s future performance and financial position. An examination of performance can include an assessment of a company’s profitability (the ability to earn a profit from delivering goods and services) and its ability to generate positi







Flashcard 1448304053516

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Profit (or loss) includes other income such as [...] income or income from [...]
Answer
investing

the sale of items other than goods and services


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Profit (or loss) includes other income (such as investing income or income from the sale of items other than goods and services) minus the expenses incurred to earn that income.

Original toplevel document

2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
of cash disbursements). Profit and cash flow are not equivalent. Profit (or loss) represents the difference between the prices at which goods or services are provided to customers and the expenses incurred to provide those goods and services. <span>In addition, profit (or loss) includes other income (such as investing income or income from the sale of items other than goods and services) minus the expenses incurred to earn that income. Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profi







Flashcard 1448305626380

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when [...]
Answer
cash is received or paid.


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Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid.

Original toplevel document

2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
enses incurred to provide those goods and services. In addition, profit (or loss) includes other income (such as investing income or income from the sale of items other than goods and services) minus the expenses incurred to earn that income. <span>Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profit and cash flow. EXAMPLE 1 Profit versus Cash Flow Sennett Designs (SD) sells furnit







Flashcard 1448307199244

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
A company that generates positive cash flow from operations has more flexibility in [...]
Answer
funding needed for investments

and taking advantage of attractive business opportunities


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A company that generates positive cash flow from operations has more flexibility in funding needed for investments and taking advantage of attractive business opportunities than an otherwise comparable company without positive operating cash flow.

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
d to earn that income. Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profit and cash flow. <span>EXAMPLE 1 Profit versus Cash Flow Sennett Designs (SD) sells furniture on a retail basis. SD began operations during December 2009 and sold furniture for €250,000 in cash. The furniture sold by SD was purchased on credit for €150,000 and delivered by the supplier during December. The credit terms granted by the supplier required SD to pay the €150,000 in January for the furniture it received during December. In addition to the purchase and sale of furniture, in December, SD paid €20,000 in cash for rent and salaries. How much is SD’s profit for December 2009 if no other transactions occurred? How much is SD’s cash flow for December 2009? If SD purchases and sells exactly the same amount in January 2010 as it did in December and under the same terms (receiving cash for the sales and making purchases on credit that will be due in February), how much will the company’s profit and cash flow be for the month of January? Solution to 1: SD’s profit for December 2009 is the excess of the sales price (€250,000) over the cost of the goods that were sold (€150,000) and rent and salaries (€20,000), or €80,000. Solution to 2: The December 2009 cash flow is €230,000, the amount of cash received from the customer (€250,000) less the cash paid for rent and salaries (€20,000). Solution to 3: SD’s profit for January 2010 will be identical to its profit in December: €80,000, calculated as the sales price (€250,000) minus the cost of the goods that were sold (€150,000) and minus rent and salaries (€20,000). SD’s cash flow in January 2010 will also equal €80,000, calculated as the amount of cash received from the customer (€250,000) minus the cash paid for rent and salaries (€20,000) and minus the €150,000 that SD owes for the goods it had purchased on credit in the prior month. Although profitability is important, so is a company’s ability to generate positive cash flow. Cash flow is important because, ultimately, the company needs cash to pay employees, suppliers, and others in order to continue as a going concern. A company that generates positive cash flow from operations has more flexibility in funding needed for investments and taking advantage of attractive business opportunities than an otherwise comparable company without positive operating cash flow. Additionally, a company needs cash to pay returns (interest and dividends) to providers of debt and equity capital. Therefore, the expected magnitude of future cash flows is important in valuing corporate securities and in determining the company’s ability to meet its obligations. The ability to meet short-term obligations is generally referred to as liquidity , and the ability to meet long-term obligations is generally referred to as solvency . Cash flow in any given period is not, however, a complete measure of performance for that period because, as shown in Example 1, a company may be obligated to make future cash payments as a result of a transaction that generates positive cash flow in the current period. Profits may provide useful information about cash flows, past and future. If the transaction of Example 1 were repeated month after month, the long-term average monthly cas







Flashcard 1448309558540

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
A company needs cash to [...] to providers of debt and equity capital.
Answer
pay returns (interest and dividends)


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A company needs cash to pay returns (interest and dividends) to providers of debt and equity capital.

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
d to earn that income. Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profit and cash flow. <span>EXAMPLE 1 Profit versus Cash Flow Sennett Designs (SD) sells furniture on a retail basis. SD began operations during December 2009 and sold furniture for €250,000 in cash. The furniture sold by SD was purchased on credit for €150,000 and delivered by the supplier during December. The credit terms granted by the supplier required SD to pay the €150,000 in January for the furniture it received during December. In addition to the purchase and sale of furniture, in December, SD paid €20,000 in cash for rent and salaries. How much is SD’s profit for December 2009 if no other transactions occurred? How much is SD’s cash flow for December 2009? If SD purchases and sells exactly the same amount in January 2010 as it did in December and under the same terms (receiving cash for the sales and making purchases on credit that will be due in February), how much will the company’s profit and cash flow be for the month of January? Solution to 1: SD’s profit for December 2009 is the excess of the sales price (€250,000) over the cost of the goods that were sold (€150,000) and rent and salaries (€20,000), or €80,000. Solution to 2: The December 2009 cash flow is €230,000, the amount of cash received from the customer (€250,000) less the cash paid for rent and salaries (€20,000). Solution to 3: SD’s profit for January 2010 will be identical to its profit in December: €80,000, calculated as the sales price (€250,000) minus the cost of the goods that were sold (€150,000) and minus rent and salaries (€20,000). SD’s cash flow in January 2010 will also equal €80,000, calculated as the amount of cash received from the customer (€250,000) minus the cash paid for rent and salaries (€20,000) and minus the €150,000 that SD owes for the goods it had purchased on credit in the prior month. Although profitability is important, so is a company’s ability to generate positive cash flow. Cash flow is important because, ultimately, the company needs cash to pay employees, suppliers, and others in order to continue as a going concern. A company that generates positive cash flow from operations has more flexibility in funding needed for investments and taking advantage of attractive business opportunities than an otherwise comparable company without positive operating cash flow. Additionally, a company needs cash to pay returns (interest and dividends) to providers of debt and equity capital. Therefore, the expected magnitude of future cash flows is important in valuing corporate securities and in determining the company’s ability to meet its obligations. The ability to meet short-term obligations is generally referred to as liquidity , and the ability to meet long-term obligations is generally referred to as solvency . Cash flow in any given period is not, however, a complete measure of performance for that period because, as shown in Example 1, a company may be obligated to make future cash payments as a result of a transaction that generates positive cash flow in the current period. Profits may provide useful information about cash flows, past and future. If the transaction of Example 1 were repeated month after month, the long-term average monthly cas







Flashcard 1448311131404

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
The [...] variable is the amount of the product that consumers are willing and able to buy at each price level.


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The quantity or quantity demanded variable is the amount of the product that consumers are willing and able to buy at each price level.

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
(AR) Marginal Revenue (MR) 0 100 0 — — 1 100 100 100 100 2 100 200 100 100 3 100 300 100 100 4 100 400 100 100 5 100 500 100 100 6 100 600 100 100 7 100 700 100 100 8 100 800 100 100 9 100 900 100 100 10 100 1,000 100 100 <span>The quantity or quantity demanded variable is the amount of the product that consumers are willing and able to buy at each price level. The quantity sold can be affected by the business through such activities as sales promotion, advertising, and competitive positioning of the product that would take place under the market model of imperfect competition. Under perfect competition, however, total quantity in the market is influenced strictly by price, while non-price factors are not important. Once consumer preferences are established in the market, price determines the quantity demanded by buyers. Together, price and quantity constitute the firm’s demand curve, which becomes the basis for calculating the total, average, and marginal revenue. In Exhibit 4, price is the market price as established by the interactions of the market demand and supply factors. Since the firm is a price taker, price is fixed at 100







Flashcard 1448312704268



Tags
#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
The production function has three distinct regions where both the direction of change and the rate of change in [...] vary as production changes.
Answer
total product (TP or Q, quantity of output)


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The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3.

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Open it
This image illustrates the shape of a typical input–output relationship using labor (L) as the only variable input (all other input factors are held constant). The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3. Moreover, in Region 1 (L 0 – L 1 ), TP is increasing at an increasing rate, ty







Flashcard 1448315587852



Tags
#6-revisiting-demand-function #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4
Question
Mental exercise: Part of his response is because of the increase in [...]

We remove that effect subtracting some income, while leaving the new lower price in place.

That budget constraint shows the reduction in income that moves him back to his original indifference curve.

Answer
real income.


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Mental exercise: Part of his response is because of the increase in real income . We remove that effect subtracting some income, while leaving the new lower price in place. That budget constraint shows the reduction in income that moves him back to his original indif

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Substitution effect and income effect
f bread falls, as indicated by the pivoting in budget constraints from BC 1 to BC 2 , Warren buys more bread, increasing his quantity from Q a to Q c . That is the net effect of both the substitution effect and the income effect. <span>Mental exercise: Part of his response is because of the increase in real income . We remove that effect subtracting some income, while leaving the new lower price in place. That budget constraint shows the reduction in income that moves him back to his original indifference curve. Notice that we are moving BC 2 inward, parallel to itself until it becomes just tangent to his original indifference curve at point b. The price decrease was a good thing for him. An offsetting bad thing would be an income reduction. If the income reduction is just sufficient to leave him no better or morse than before the price change, we have removed the real income effect of the decrease in price. What’s left of his response must be due to the substitution effect . So, we say that the substitution effect is shown by the move from point a to point b. If his







#2-1-3-economic-rent #2-1-types-of-profit-measures #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
How is the concept of economic rent useful in financial analysis?

Commodities or resources that command economic rent have the potential to reward equity investors more than what is required to attract their capital to that activity, resulting in greater shareholders’ wealth.

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How is the concept of economic rent useful in financial analysis? Commodities or resources that command economic rent have the potential to reward equity investors more than what is required to attract their capital to that activity, resulting in greater shareholders’ wealth. Evidence of economic rent attracts additional capital funds to the economic endeavor. This new investment capital increases shareholders’ value as investors bid up share prices of existing firms. Any commodity, resource, or good that is fixed or nearly fixed in supply ha

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2. OBJECTIVES OF THE FIRM
er 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. <span>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 supply curve) and market price is higher than what is required to bring the resource or good onto the market and sustain its use. Essentially, demand determines the price level and the magnitude of economic rent that is forthcoming from the market. Exhibit 1 illustrates this concept, where P 1 is the price level that yields a normal profit return to the business that supplies the item. When demand increases from Demand 1 to Demand 2 , price rises to P 2 , where at this higher price level economic rent is created. The amount of this economic rent is calculated as (P 2 – P 1 ) × Q 1 . The firm has not done anything internally to merit this special reward: It benefits from an increase in demand in conjunction with a supply curve that does not fully adjust with an increase in quantity when price rises. Exhibit 1. Economic Rent Because of their limited availability in nature, certain resources—such as land and specialty commodities—possess highly inelastic supply curves in both the short run and long run (shown in Exhibit 1 as a vertical supply curve). When supply is relatively inelastic, a high degree of market demand can result in pricing that creates economic rent. This economic rent results from the fact that when price increases, the quantity supplied does not change or, at the most, increases only slightly. This is because of the fixation of supply by nature or by such artificial constraints as government policy. How is the concept of economic rent useful in financial analysis? Commodities or resources that command economic rent have the potential to reward equity investors more than what is required to attract their capital to that activity, resulting in greater shareholders’ wealth. Evidence of economic rent attracts additional capital funds to the economic endeavor. This new investment capital increases shareholders’ value as investors bid up share prices of existing firms. Any commodity, resource, or good that is fixed or nearly fixed in supply has the potential to yield economic rent. From an analytical perspective, one can obtain industry supply data to calculate the elasticity of supply , which measures the sensitivity of quantity supplied to a change in price. If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for economic rent. A reliable forecast of changes in demand can indicate the degree of any economic rent that is forthcoming from the market in the future. When one is analyzing fixed or nearly fixed supply markets (e.g., gold), a fundamental comprehension of demand determinants is necessary to make rational financial decisions based on potential economic rent. EXAMPLE 1 Economic Rent and Investment Decision Making The following market data show the global demand, global supply, and price on an annual basis for gold over the period 2006–2008. Based on the data, what observation can be made about market demand, supply, and economic rent? Year 2006 2007 2008 Percent Change 2006–2008 Supply (in metric tons) 3,569 3,475 3,508 –1.7 Demand (in metric tons) 3,423 3,552 3,805 +11.2 Average spot price (in US$) 603.92 695.39 871.65 +44.3 Source: GFMS and World Gold Council. Solution: The amount of total gold supplied to the world market over this period has actually declined slightly by 1.7 percent during a period when there was a double-digit increase of 11.2 percent in demand. As a consequence, the spot price has dramatically increased by 44.3 percent. Economic rent has resulted from this market relationship of a relatively fixed supply of gold and a rising demand for it. 2.2. Comparison of Profit Measures All three types of profit are interconnected because, according to Equation 4, acco




#2-1-3-economic-rent #2-1-types-of-profit-measures #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Evidence of economic rent attracts additional capital funds to the economic endeavor.

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t useful in financial analysis? Commodities or resources that command economic rent have the potential to reward equity investors more than what is required to attract their capital to that activity, resulting in greater shareholders’ wealth. <span>Evidence of economic rent attracts additional capital funds to the economic endeavor. This new investment capital increases shareholders’ value as investors bid up share prices of existing firms. Any commodity, resource, or good that is fixed or nearly fixed in supply ha

Original toplevel document

2. OBJECTIVES OF THE FIRM
er 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. <span>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 supply curve) and market price is higher than what is required to bring the resource or good onto the market and sustain its use. Essentially, demand determines the price level and the magnitude of economic rent that is forthcoming from the market. Exhibit 1 illustrates this concept, where P 1 is the price level that yields a normal profit return to the business that supplies the item. When demand increases from Demand 1 to Demand 2 , price rises to P 2 , where at this higher price level economic rent is created. The amount of this economic rent is calculated as (P 2 – P 1 ) × Q 1 . The firm has not done anything internally to merit this special reward: It benefits from an increase in demand in conjunction with a supply curve that does not fully adjust with an increase in quantity when price rises. Exhibit 1. Economic Rent Because of their limited availability in nature, certain resources—such as land and specialty commodities—possess highly inelastic supply curves in both the short run and long run (shown in Exhibit 1 as a vertical supply curve). When supply is relatively inelastic, a high degree of market demand can result in pricing that creates economic rent. This economic rent results from the fact that when price increases, the quantity supplied does not change or, at the most, increases only slightly. This is because of the fixation of supply by nature or by such artificial constraints as government policy. How is the concept of economic rent useful in financial analysis? Commodities or resources that command economic rent have the potential to reward equity investors more than what is required to attract their capital to that activity, resulting in greater shareholders’ wealth. Evidence of economic rent attracts additional capital funds to the economic endeavor. This new investment capital increases shareholders’ value as investors bid up share prices of existing firms. Any commodity, resource, or good that is fixed or nearly fixed in supply has the potential to yield economic rent. From an analytical perspective, one can obtain industry supply data to calculate the elasticity of supply , which measures the sensitivity of quantity supplied to a change in price. If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for economic rent. A reliable forecast of changes in demand can indicate the degree of any economic rent that is forthcoming from the market in the future. When one is analyzing fixed or nearly fixed supply markets (e.g., gold), a fundamental comprehension of demand determinants is necessary to make rational financial decisions based on potential economic rent. EXAMPLE 1 Economic Rent and Investment Decision Making The following market data show the global demand, global supply, and price on an annual basis for gold over the period 2006–2008. Based on the data, what observation can be made about market demand, supply, and economic rent? Year 2006 2007 2008 Percent Change 2006–2008 Supply (in metric tons) 3,569 3,475 3,508 –1.7 Demand (in metric tons) 3,423 3,552 3,805 +11.2 Average spot price (in US$) 603.92 695.39 871.65 +44.3 Source: GFMS and World Gold Council. Solution: The amount of total gold supplied to the world market over this period has actually declined slightly by 1.7 percent during a period when there was a double-digit increase of 11.2 percent in demand. As a consequence, the spot price has dramatically increased by 44.3 percent. Economic rent has resulted from this market relationship of a relatively fixed supply of gold and a rising demand for it. 2.2. Comparison of Profit Measures All three types of profit are interconnected because, according to Equation 4, acco




#2-1-3-economic-rent #2-1-types-of-profit-measures #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Any commodity, resource, or good that is fixed or nearly fixed in supply has the potential to yield economic rent. From an analytical perspective, one can obtain industry supply data to calculate the elasticity of supply , which measures the sensitivity of quantity supplied to a change in price. If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for economic rent. A reliable forecast of changes in demand can indicate the degree of any economic rent that is forthcoming from the market in the future. When one is analyzing fixed or nearly fixed supply markets (e.g., gold), a fundamental comprehension of demand determinants is necessary to make rational financial decisions based on potential economic rent.

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ty, resulting in greater shareholders’ wealth. Evidence of economic rent attracts additional capital funds to the economic endeavor. This new investment capital increases shareholders’ value as investors bid up share prices of existing firms. <span>Any commodity, resource, or good that is fixed or nearly fixed in supply has the potential to yield economic rent. From an analytical perspective, one can obtain industry supply data to calculate the elasticity of supply , which measures the sensitivity of quantity supplied to a change in price. If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for economic rent. A reliable forecast of changes in demand can indicate the degree of any economic rent that is forthcoming from the market in the future. When one is analyzing fixed or nearly fixed supply markets (e.g., gold), a fundamental comprehension of demand determinants is necessary to make rational financial decisions based on potential economic rent.<span><body><html>

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2. OBJECTIVES OF THE FIRM
er 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. <span>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 supply curve) and market price is higher than what is required to bring the resource or good onto the market and sustain its use. Essentially, demand determines the price level and the magnitude of economic rent that is forthcoming from the market. Exhibit 1 illustrates this concept, where P 1 is the price level that yields a normal profit return to the business that supplies the item. When demand increases from Demand 1 to Demand 2 , price rises to P 2 , where at this higher price level economic rent is created. The amount of this economic rent is calculated as (P 2 – P 1 ) × Q 1 . The firm has not done anything internally to merit this special reward: It benefits from an increase in demand in conjunction with a supply curve that does not fully adjust with an increase in quantity when price rises. Exhibit 1. Economic Rent Because of their limited availability in nature, certain resources—such as land and specialty commodities—possess highly inelastic supply curves in both the short run and long run (shown in Exhibit 1 as a vertical supply curve). When supply is relatively inelastic, a high degree of market demand can result in pricing that creates economic rent. This economic rent results from the fact that when price increases, the quantity supplied does not change or, at the most, increases only slightly. This is because of the fixation of supply by nature or by such artificial constraints as government policy. How is the concept of economic rent useful in financial analysis? Commodities or resources that command economic rent have the potential to reward equity investors more than what is required to attract their capital to that activity, resulting in greater shareholders’ wealth. Evidence of economic rent attracts additional capital funds to the economic endeavor. This new investment capital increases shareholders’ value as investors bid up share prices of existing firms. Any commodity, resource, or good that is fixed or nearly fixed in supply has the potential to yield economic rent. From an analytical perspective, one can obtain industry supply data to calculate the elasticity of supply , which measures the sensitivity of quantity supplied to a change in price. If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for economic rent. A reliable forecast of changes in demand can indicate the degree of any economic rent that is forthcoming from the market in the future. When one is analyzing fixed or nearly fixed supply markets (e.g., gold), a fundamental comprehension of demand determinants is necessary to make rational financial decisions based on potential economic rent. EXAMPLE 1 Economic Rent and Investment Decision Making The following market data show the global demand, global supply, and price on an annual basis for gold over the period 2006–2008. Based on the data, what observation can be made about market demand, supply, and economic rent? Year 2006 2007 2008 Percent Change 2006–2008 Supply (in metric tons) 3,569 3,475 3,508 –1.7 Demand (in metric tons) 3,423 3,552 3,805 +11.2 Average spot price (in US$) 603.92 695.39 871.65 +44.3 Source: GFMS and World Gold Council. Solution: The amount of total gold supplied to the world market over this period has actually declined slightly by 1.7 percent during a period when there was a double-digit increase of 11.2 percent in demand. As a consequence, the spot price has dramatically increased by 44.3 percent. Economic rent has resulted from this market relationship of a relatively fixed supply of gold and a rising demand for it. 2.2. Comparison of Profit Measures All three types of profit are interconnected because, according to Equation 4, acco




Flashcard 1448324238604

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#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Reading 22 is organized as follows:

Section 2 discusses the scope of financial statement analysis.

Section 3 describes the [...] used in financial statement analysis, including the primary financial statements.

Section 4 provides a framework for guiding the financial statement analysis process.
Answer
sources of information


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Reading 22 is organized as follows: Section 2 discusses the scope of financial statement analysis. Section 3 describes the sources of information used in financial statement analysis, including the primary financial statements. Section 4 provides a framework for guiding the financial statement analysis process. </sp

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1. INTRODUCTION
dited) commentary by management. Basic financial statement analysis—as presented in this reading—provides a foundation that enables the analyst to better understand information gathered from research beyond the financial reports. <span>This reading is organized as follows: Section 2 discusses the scope of financial statement analysis. Section 3 describes the sources of information used in financial statement analysis, including the primary financial statements (balance sheet, statement of comprehensive income, statement of changes in equity, and cash flow statement). Section 4 provides a framework for guiding the financial statement analysis process. A summary of the key points and practice problems in the CFA Institute multiple-choice format conclude the reading. <span><body><html>







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Question

Total revenue increases with a greater quantity, but [...] as quantity increases.

Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR.

Average revenue is equal to price at each quantity level.

This shows the relationships among the revenue variables.

Answer
the rate of increase in TR (as measured by marginal revenue) declines


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Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases. Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR. Average revenue is equal to p







Flashcard 1448329743628

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#sister-miriam-joseph #trivium
Question
How does one derive ideas from reality and how does one classify them? Generating a universal idea or concept involves several steps, a process more fully treated in [...]
Answer
the study of psychology.


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How does one derive ideas from reality and how does one classify them? Generating a universal idea or concept involves several steps, a process more fully treated in the study of psychology.

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Flashcard 1448331578636

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#sister-miriam-joseph #trivium
Question
Abst ract, or intellectual, knowledge is [...] although [...] than concrete or sense knowledge.
Answer
clearer

less vivid


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Abst ract, or intellectual, knowledge is clearer although less vivid than concrete or sense knowledge.

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Flashcard 1448334724364

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#sister-miriam-joseph #trivium
Question
The knowledge of the difference of substance, [...], nature, form, species, is the concept, which is expressed fully in the definition and symbolized by the common name.
Answer
essence


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The knowledge of the difference of substance, essence, nature, form, species, is the concept, which is expressed fully in the definition and symbolized by the common name.

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#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Under any form of imperfect competition, the individual seller confronts a negatively sloped demand curve, where price and the quantity demanded by consumers are inversely related.

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Under any form of imperfect competition, the individual seller confronts a negatively sloped demand curve, where price and the quantity demanded by consumers are inversely related. In this case, price to the firm declines when a greater quantity is offered to the market; price to the firm increases when a lower quantity is offered to the market.</bod

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
zation requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. <span>3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pure monopolist (i.e., the only seller in its market), there is a difference between market demand and the demand facing an individual firm. A later reading will devote much more time to understanding the various competitive environments (perfect competition, monopolistic competition, oligopoly, and monopoly), known as market structure . To keep the analysis simple at this point, we will note that competition could be either perfect or imperfect. In perfect competition , the individual firm has virtually no impact on market price, because it is assumed to be a very small seller among a very large number of firms selling essentially identical products. Such a firm is called a price taker . In the second case, the firm does have at least some control over the price at which it sells its product because it must lower its price to sell more units. Exhibit 4 presents total, average, and marginal revenue data for a firm under the assumption that the firm is price taker at each relevant level of quantity of goods sold. Consequently, the individual seller faces a horizontal demand curve over relevant output ranges at the price level established by the market (see Exhibit 5). The seller can offer any quantity at this set market price without affecting price. In contrast, imperfect competition is where an individual firm has enough share of the market (or can control a certain segment of the market) and is therefore able to exert some influence over price. Instead of a large number of competing firms, imperfect competition involves a smaller number of firms in the market relative to perfect competition and in the extreme case only one firm (i.e., monopoly). Under any form of imperfect competition, the individual seller confronts a negatively sloped demand curve, where price and the quantity demanded by consumers are inversely related. In this case, price to the firm declines when a greater quantity is offered to the market; price to the firm increases when a lower quantity is offered to the market. This is shown in Exhibits 6 and 7. Exhibit 4. Total, Average, and Marginal Revenue under Perfect Competition Quantity Sold (Q) Price (P) Total Revenue (TR) Average Re




#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Under any form of imperfect competition, price to the firm declines when a greater quantity is offered to the market; price to the firm increases when a lower quantity is offered to the market.

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Under any form of imperfect competition, the individual seller confronts a negatively sloped demand curve, where price and the quantity demanded by consumers are inversely related. In this case, price to the firm declines when a greater quantity is offered to the market; price to the firm increases when a lower quantity is offered to the market.

Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
zation requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. <span>3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pure monopolist (i.e., the only seller in its market), there is a difference between market demand and the demand facing an individual firm. A later reading will devote much more time to understanding the various competitive environments (perfect competition, monopolistic competition, oligopoly, and monopoly), known as market structure . To keep the analysis simple at this point, we will note that competition could be either perfect or imperfect. In perfect competition , the individual firm has virtually no impact on market price, because it is assumed to be a very small seller among a very large number of firms selling essentially identical products. Such a firm is called a price taker . In the second case, the firm does have at least some control over the price at which it sells its product because it must lower its price to sell more units. Exhibit 4 presents total, average, and marginal revenue data for a firm under the assumption that the firm is price taker at each relevant level of quantity of goods sold. Consequently, the individual seller faces a horizontal demand curve over relevant output ranges at the price level established by the market (see Exhibit 5). The seller can offer any quantity at this set market price without affecting price. In contrast, imperfect competition is where an individual firm has enough share of the market (or can control a certain segment of the market) and is therefore able to exert some influence over price. Instead of a large number of competing firms, imperfect competition involves a smaller number of firms in the market relative to perfect competition and in the extreme case only one firm (i.e., monopoly). Under any form of imperfect competition, the individual seller confronts a negatively sloped demand curve, where price and the quantity demanded by consumers are inversely related. In this case, price to the firm declines when a greater quantity is offered to the market; price to the firm increases when a lower quantity is offered to the market. This is shown in Exhibits 6 and 7. Exhibit 4. Total, Average, and Marginal Revenue under Perfect Competition Quantity Sold (Q) Price (P) Total Revenue (TR) Average Re




#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

2nd part

In evaluating financial reports, analysts typically have a specific economic decision in mind.

Examples of these decisions include the following:

  • Extending credit to a customer.

  • Examining compliance with debt covenants or other contractual arrangements.

  • Assigning a debt rating to a company or bond issue.

  • Valuing a security for making an investment recommendation to others.

  • Forecasting future net income and cash flow.

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
ing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.) <span>In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Evaluating an equity investment for inclusion in a portfolio. Evaluating a merger or acquisition candidate. Evaluating a subsidiary or operating division of a parent company. Deciding whether to make a venture capital or other private equity investment. Determining the creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer. Extending credit to a customer. Examining compliance with debt covenants or other contractual arrangements. Assigning a debt rating to a company or bond issue. Valuing a security for making an investment recommendation to others. Forecasting future net income and cash flow. These decisions demonstrate certain themes in financial analysis. In general, analysts seek to examine the past and current performance and financial position of a




Flashcard 1448341802252

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#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

2nd part

In evaluating financial reports, analysts typically have a specific economic decision in mind.

Examples of these decisions include the following:

  • [...] to a customer.

  • Examining compliance with debt covenants or other contractual arrangements.

  • Assigning a debt rating to a company or bond issue.

  • Valuing a security for making an investment recommendation to others.

  • Forecasting future net income and cash flow.

Answer
Extending credit


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2nd part In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Extending credit to a customer. Examining compliance with debt covenants or other contractual arrangements. Assigning a debt rating to a company or bond issue. Valuing a

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
ing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.) <span>In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Evaluating an equity investment for inclusion in a portfolio. Evaluating a merger or acquisition candidate. Evaluating a subsidiary or operating division of a parent company. Deciding whether to make a venture capital or other private equity investment. Determining the creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer. Extending credit to a customer. Examining compliance with debt covenants or other contractual arrangements. Assigning a debt rating to a company or bond issue. Valuing a security for making an investment recommendation to others. Forecasting future net income and cash flow. These decisions demonstrate certain themes in financial analysis. In general, analysts seek to examine the past and current performance and financial position of a







Flashcard 1448346258700

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#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

1st Part

In evaluating financial reports, analysts typically have a specific economic decision in mind.

Examples of these decisions include the following:

  • Determining the [...] in order to decide whether to [...] and if so, what [...]

Answer
creditworthiness of a company

extend a loan to the company

terms to offer.


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merger or acquisition candidate. Evaluating a subsidiary or operating division of a parent company. Deciding whether to make a venture capital or other private equity investment. Determining the <span>creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer. <span><body><html>

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
ing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.) <span>In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Evaluating an equity investment for inclusion in a portfolio. Evaluating a merger or acquisition candidate. Evaluating a subsidiary or operating division of a parent company. Deciding whether to make a venture capital or other private equity investment. Determining the creditworthiness of a company in order to decide whether to extend a loan to the company and if so, what terms to offer. Extending credit to a customer. Examining compliance with debt covenants or other contractual arrangements. Assigning a debt rating to a company or bond issue. Valuing a security for making an investment recommendation to others. Forecasting future net income and cash flow. These decisions demonstrate certain themes in financial analysis. In general, analysts seek to examine the past and current performance and financial position of a







Flashcard 1448348617996

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#cfa-level-1 #corporate-finance #reading-36-cost-of-capital #study-session-11
Question
This reading is organized as follows:

In Section 2, we introduce the cost of capital and its basic computation.

Section 3 presents a selection of methods for [...]

Section 4 discusses issues an analyst faces in using the cost of capital.
Answer
estimating the costs of the various sources of capital.


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This reading is organized as follows: In Section 2, we introduce the cost of capital and its basic computation. Section 3 presents a selection of methods for estimating the costs of the various sources of capital. Section 4 discusses issues an analyst faces in using the cost of capital.

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1. INTRODUCTION
r, is to estimate the cost of capital for the company as a whole and then adjust this overall corporate cost of capital upward or downward to reflect the risk of the contemplated project relative to the company’s average project. <span>This reading is organized as follows: In the next section, we introduce the cost of capital and its basic computation. Section 3 presents a selection of methods for estimating the costs of the various sources of capital. Section 4 discusses issues an analyst faces in using the cost of capital. A summary concludes the reading. <span><body><html>







Flashcard 1448351239436



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#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases.

Average revenue and marginal revenue decrease when output increases, with [...].

Average revenue is equal to price at each quantity level.
Answer
MR falling faster than price and AR


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TR, AR,MR under imperfect competition
Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases. Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR. Average revenue is equal to price at each quantity level.<body><html>







#charisma #myth
three keys to communicating presence: attentive listening, refraining from interrupting, and deliberate pausing.

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#charisma #myth
If zoning out is the issue, bring yourself back to the moment by focusing on physical sensations, like the feeling in your toes or your breath flowing in and out of your body. If impatience is the issue, handle it by delving into the minute physical sensations you’re feeling. Then get back to the person

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#charisma #myth
Good listeners know never, ever to interrupt—not even if the impulse to do so comes from excitement about something the other person just said.

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#charisma #myth
If zoning out is the issue, bring yourself back to the moment by focusing on physical sensations, like the feeling in your toes or your breath flowing in and out of your body. If impatience is the issue, handle it by delving into the minute physical sensations you’re feeling. Then get back to the person. Once you have the right mindset, how do you ensure the right behaviors? Effective listening means behaving in a way that makes whomever you’re speaking with feel truly understood. Good listeners know never, ever to interrupt—not even if the impulse to do so comes from excitement about something the other person just said. No matter how congratulatory and warm your input, it will always result in their feeling at least a twinge of resentment or frustration at not having been allowed to complete their sentence. One of my clients told me: “This one practice alone is worth its weight gold. To stop interrupting others could be the single most important skill I’ve learned from working with you.” Great listeners know to let others interrupt them. When someone interrupts you, let them! Were they right to interrupt you? Of course not. But even if they were wrong, it’s not worth making them feel wrong; your job instead is to make them feel right.

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#charisma #myth
Master listeners know one extra trick, one simple but extraordinarily effective habit that will make people feel truly listened to and understood: they pause before they answer.

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#charisma #myth
When someone has spoken, see if you can let your facial expression react first, showing that you’re absorbing what they’ve just said and giving their brilliant statement the consideration it deserves. Only then, after about two seconds, do you answer. The sequence goes like this: They finish their sentence Your face absorbs Your face reacts Then, and only then, you answer

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#python #sicp
A sequence is an ordered collection of values

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2.3 Sequences
emoization 2.8.3 Orders of Growth 2.8.4 Example: Exponentiation 2.8.5 Growth Categories 2.9 Recursive Objects 2.9.1 Linked List Class 2.9.2 Tree Class 2.9.3 Sets 2.3 Sequences <span>A sequence is an ordered collection of values. The sequence is a powerful, fundamental abstraction in computer science. Sequences are not instances of a particular built-in type or abstract data representation, but instead a collec




#python #sicp
Sequences are not instances of a particular built-in type or abstract data representation, but instead a collection of behaviors that are shared among several different types of data.

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2.3 Sequences
rsive Objects 2.9.1 Linked List Class 2.9.2 Tree Class 2.9.3 Sets 2.3 Sequences A sequence is an ordered collection of values. The sequence is a powerful, fundamental abstraction in computer science. <span>Sequences are not instances of a particular built-in type or abstract data representation, but instead a collection of behaviors that are shared among several different types of data. That is, there are many kinds of sequences, but they all share common behavior. In particular, Length. A sequence has a finite length. An empty sequence has length 0. Element selec




#python #sicp

there are many kinds of sequences, but they all share common behavior. In particular,

Length. A sequence has a finite length. An empty sequence has length 0.

Element selection. A sequence has an element corresponding to any non-negative integer index less than its length, starting at 0 for the first element.

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2.3 Sequences
ful, fundamental abstraction in computer science. Sequences are not instances of a particular built-in type or abstract data representation, but instead a collection of behaviors that are shared among several different types of data. That is, <span>there are many kinds of sequences, but they all share common behavior. In particular, Length. A sequence has a finite length. An empty sequence has length 0. Element selection. A sequence has an element corresponding to any non-negative integer index less than its length, starting at 0 for the first element. Python includes several native data types that are sequences, the most important of which is the list . 2.3.1 Lists A list value is a sequence that can have arbitrary lengt




#python #sicp
A list value is a sequence that can have arbitrary length.

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2.3 Sequences
element corresponding to any non-negative integer index less than its length, starting at 0 for the first element. Python includes several native data types that are sequences, the most important of which is the list . 2.3.1 Lists <span>A list value is a sequence that can have arbitrary length. Lists have a large set of built-in behaviors, along with specific syntax to express those behaviors. We have already seen the list literal, which evaluates to a list instance, as wel




#python #sicp
which evaluates to a list instance, as well as an element selection expression that evaluates to a value in the list.

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2.3 Sequences
which is the list . 2.3.1 Lists A list value is a sequence that can have arbitrary length. Lists have a large set of built-in behaviors, along with specific syntax to express those behaviors. We have already seen the list literal, <span>which evaluates to a list instance, as well as an element selection expression that evaluates to a value in the list. The built-in len function returns the length of a sequence. Below, digits is a list with four elements. The element at index 3 is 8. >>> digits = [1, 8, 2, 8] >>&gt




#python #sicp
lists can be added together and multiplied by integers. For sequences, addition and multiplication do not add or multiply elements, but instead combine and replicate the sequences themselves. That is, the add function in the operator module (and the + operator) yields a list that is the concatenation of the added arguments. The mul function in operator (and the * operator) can take a list and an integer k to return the list that consists of k repetitions of the original list.

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2.3 Sequences
he built-in len function returns the length of a sequence. Below, digits is a list with four elements. The element at index 3 is 8. >>> digits = [1, 8, 2, 8] >>> len(digits) 4 >>> digits[3] 8 Additionally, <span>lists can be added together and multiplied by integers. For sequences, addition and multiplication do not add or multiply elements, but instead combine and replicate the sequences themselves. That is, the add function in the operator module (and the + operator) yields a list that is the concatenation of the added arguments. The mul function in operator (and the * operator) can take a list and an integer k to return the list that consists of k repetitions of the original list. >>> [2, 7] + digits * 2 [2, 7, 1, 8, 2, 8, 1, 8, 2, 8] Any values can be included in a list, including another list. Element selection can be applied multiple times in or




#python #sicp

A for statement is executed by the following procedure:

  1. Evaluate the header <expression> , which must yield an iterable value.
  2. For each element value in that iterable value, in order:
    1. Bind <name> to that value in the current frame.
    2. Execute the <suite> .

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#python #sicp
This execution procedure refers to iterable values. Lists are a type of sequence, and sequences are iterable values. Their elements are considered in their sequential order.

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2.3 Sequences
atement is executed by the following procedure: Evaluate the header , which must yield an iterable value. For each element value in that iterable value, in order: Bind to that value in the current frame. Execute the . <span>This execution procedure refers to iterable values. Lists are a type of sequence, and sequences are iterable values. Their elements are considered in their sequential order. Python includes other iterable types, but we will focus on sequences for now; the general definition of the term "iterable" appears in the section on iterators in Chapter 4.




#python #sicp
An important consequence of this evaluation procedure is that <name> will be bound to the last element of the sequence after the for statement is executed. The for loop introduces yet another way in which the environment can be updated by a statement.

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#python #sicp
A common pattern in programs is to have a sequence of elements that are themselves sequences, but all of a fixed length. A for statement may include multiple names in its header to "unpack" each element sequence into its respective elements.

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2.3 Sequences
evaluation procedure is that will be bound to the last element of the sequence after the for statement is executed. The for loop introduces yet another way in which the environment can be updated by a statement. Sequence unpacking. <span>A common pattern in programs is to have a sequence of elements that are themselves sequences, but all of a fixed length. A for statement may include multiple names in its header to "unpack" each element sequence into its respective elements. For example, we may have a list of two-element lists. >>> pairs = [[1, 2], [2, 2], [2, 3], [4, 4]] and wish to find the number of these pairs that have the same first an




#python #sicp
This pattern of binding multiple names to multiple values in a fixed-length sequence is called sequence unpacking; it is the same pattern that we see in assignment statements that bind multiple names to multiple values.

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2.3 Sequences
wo names in its header will bind each name x and y to the first and second elements in each pair, respectively. >>> for x, y in pairs: if x == y: same_count = same_count + 1 >>> same_count 2 <span>This pattern of binding multiple names to multiple values in a fixed-length sequence is called sequence unpacking; it is the same pattern that we see in assignment statements that bind multiple names to multiple values. Ranges. A range is another built-in type of sequence in Python, which represents a range of integers. Ranges are created with range , which takes two integer arguments: the first




#python #sicp
A range is another built-in type of sequence in Python, which represents a range of integers.

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2.3 Sequences
count 2 This pattern of binding multiple names to multiple values in a fixed-length sequence is called sequence unpacking; it is the same pattern that we see in assignment statements that bind multiple names to multiple values. Ranges. <span>A range is another built-in type of sequence in Python, which represents a range of integers. Ranges are created with range , which takes two integer arguments: the first number and one beyond the last number in the desired range. >>> range(1, 10) # Includes 1, but




Flashcard 1448401046796

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
In the post-audit process how may forecasts look when viewed in isolation ?

Answer
Wrong as fuck kid


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Independent versus mutually exclusive projects. Mutually exclusive projects are investments that compete in some way for a company's resources - a firm can select one or another but not both. Independent projects, on the other hand, do not compete for the firm's resources. A company can select one or the other or both, so long

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Subject 2. Basic Principles of Capital Budgeting
In a non-conventional cash flow pattern, the initial outflow can be followed by inflows and/or outflows. <span>Some project interactions: Independent versus mutually exclusive projects. Mutually exclusive projects are investments that compete in some way for a company's resources - a firm can select one or another but not both. Independent projects, on the other hand, do not compete for the firm's resources. A company can select one or the other or both, so long as minimum profitability thresholds are met. Project sequencing. How does one sequence multiple projects over time, since investing in project B may depend on the result of investing in project A? Unlimited funds versus capital rationing. Capital rationing occurs when management places a constraint on the size of the firm's capital budget during a particular period. In such situations, capital is scarce and should be allocated to the projects most likely to maximize the firm's aggregate NPV. The firm's capital budget and cost of capital must be determined simultaneously to best allocate the firm's capital. On the other hand, a firm can raise the funds it wants for all profitable projects simply by paying the required rate of return. Learning Outcome Statements b. describe the basic principles of capital budgeting; c. explain how the evaluat







Flashcard 1448422018316

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Revenue generation occurs when [...].
Answer
output is sold in the market


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Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases the factors of production, in order to produce a product that will be offered for sale to consum

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
ationships among the revenue variables presented in Exhibit 7. Exhibit 8. Total Revenue, Average Revenue, and Marginal Revenue for Exhibit 7 Data <span>3.1.2. Factors of Production Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases resources, or what are commonly known as the factors of production, in order to produce a product or service that will be offered for sale to consumers. Factors of production, the inputs to the production of goods and services, include: land, as in the site location of the business; labor, which consists of the inputs of skilled and unskilled workers as well as the inputs of firms’ managers; capital, which in this context refers to physical capital—such tangible goods as equipment, tools, and buildings. Capital goods are distinguished as inputs to production that are themselves produced goods; and materials, which in this context refers to any goods the business buys as inputs to its production process.1 For example, a business that produces solid wood office desks needs to acquire lumber and hardware accessories as raw materials and hire workers to construct and assemble the desks using power tools and equipment. The factors of production are the inputs to the firm’s process of producing and selling a product or service where the goal of the firm is to maximize profit by satisfying the demand of consumers. The types and quantities of resources or factors used in production, their respective prices, and how efficiently they are employed in the production process determine the cost component of the profit equation. Clearly, in order to produce output, the firm needs to employ factors of production. While firms may use many different types of labor, capital, raw materials, and land, an analyst may find it more convenient to limit attention to a more simplified process in which only the two factors, capital and labor, are employed. The relationship between the flow of output and the two factors of production is called the production function , and it is represented generally as: Equation (5)  Q = f (K, L) where Q is the quantity of output, K is capital, and L is labor. The inputs are subject to the constraint that K ≥ 0 and L ≥ 0. A more general production function is stated as: Equation (6)  Q = f (x 1 , x 2 , … x n ) where x i represents the quantity of the ith input subject to x i ≥ 0 for n number of different inputs. Exhibit 9illustrates the shape of a typical input–output relationship using labor (L) as the only variable input (all other input factors are held constant). The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3. Moreover, in Region 1 (L 0 – L 1 ), TP is increasing at an increasing rate, typically because specialization allows laborers to become increasingly productive. In Region 2, however, (L 1 – L 2 ), TP is increasing at a decreasing rate because capital is fixed, and labor experiences diminishing marginal returns. The firm would want to avoid Region 3 if at all possible because total product or quantity would be declining rather than increasing with additional input: There is so little capital per unit of labor that additional laborers would possibly “get in each other’s way”. Point A is where TP is maximized. Exhibit 9. A Firm’s Production Function EXAMPLE 3 Factors of Production A group of business investor







Flashcard 1448424377612

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Ccosts are incurred before revenue generation takes place as the firm [...], in order to produce a product that will be offered for sale to consumers.
Answer
purchases the factors of production


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Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases the factors of production, in order to produce a product that will be offered for sale to consumers.

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
ationships among the revenue variables presented in Exhibit 7. Exhibit 8. Total Revenue, Average Revenue, and Marginal Revenue for Exhibit 7 Data <span>3.1.2. Factors of Production Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases resources, or what are commonly known as the factors of production, in order to produce a product or service that will be offered for sale to consumers. Factors of production, the inputs to the production of goods and services, include: land, as in the site location of the business; labor, which consists of the inputs of skilled and unskilled workers as well as the inputs of firms’ managers; capital, which in this context refers to physical capital—such tangible goods as equipment, tools, and buildings. Capital goods are distinguished as inputs to production that are themselves produced goods; and materials, which in this context refers to any goods the business buys as inputs to its production process.1 For example, a business that produces solid wood office desks needs to acquire lumber and hardware accessories as raw materials and hire workers to construct and assemble the desks using power tools and equipment. The factors of production are the inputs to the firm’s process of producing and selling a product or service where the goal of the firm is to maximize profit by satisfying the demand of consumers. The types and quantities of resources or factors used in production, their respective prices, and how efficiently they are employed in the production process determine the cost component of the profit equation. Clearly, in order to produce output, the firm needs to employ factors of production. While firms may use many different types of labor, capital, raw materials, and land, an analyst may find it more convenient to limit attention to a more simplified process in which only the two factors, capital and labor, are employed. The relationship between the flow of output and the two factors of production is called the production function , and it is represented generally as: Equation (5)  Q = f (K, L) where Q is the quantity of output, K is capital, and L is labor. The inputs are subject to the constraint that K ≥ 0 and L ≥ 0. A more general production function is stated as: Equation (6)  Q = f (x 1 , x 2 , … x n ) where x i represents the quantity of the ith input subject to x i ≥ 0 for n number of different inputs. Exhibit 9illustrates the shape of a typical input–output relationship using labor (L) as the only variable input (all other input factors are held constant). The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3. Moreover, in Region 1 (L 0 – L 1 ), TP is increasing at an increasing rate, typically because specialization allows laborers to become increasingly productive. In Region 2, however, (L 1 – L 2 ), TP is increasing at a decreasing rate because capital is fixed, and labor experiences diminishing marginal returns. The firm would want to avoid Region 3 if at all possible because total product or quantity would be declining rather than increasing with additional input: There is so little capital per unit of labor that additional laborers would possibly “get in each other’s way”. Point A is where TP is maximized. Exhibit 9. A Firm’s Production Function EXAMPLE 3 Factors of Production A group of business investor







#python #sicp
Calling the list constructor on a range evaluates to a list with the same elements as the range, so that the elements can be easily inspected.

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2.3 Sequences
represents a range of integers. Ranges are created with range , which takes two integer arguments: the first number and one beyond the last number in the desired range. >>> range(1, 10) # Includes 1, but not 10 range(1, 10) <span>Calling the list constructor on a range evaluates to a list with the same elements as the range, so that the elements can be easily inspected. >>> list(range(5, 8)) [5, 6, 7] If only one argument is given, it is interpreted as one beyond the last value for a range that starts at 0. >>> list(range(4))




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If only one argument is given, it is interpreted as one beyond the last value for a range that starts at 0.

 >>> list ( range ( 4 )) [0, 1, 2, 3] 

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2.3 Sequences
(1, 10) # Includes 1, but not 10 range(1, 10) Calling the list constructor on a range evaluates to a list with the same elements as the range, so that the elements can be easily inspected. >>> list(range(5, 8)) [5, 6, 7] <span>If only one argument is given, it is interpreted as one beyond the last value for a range that starts at 0. >>> list(range(4)) [0, 1, 2, 3] Ranges commonly appear as the expression in a for header to specify the number of times that the suite should be executed: A common convention is to use a single underscore charac




#python #sicp
Ranges commonly appear as the expression in a for header to specify the number of times that the suite should be executed: A common convention is to use a single underscore character for the name in the for header if the name is unused in the suite:

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2.3 Sequences
at the elements can be easily inspected. >>> list(range(5, 8)) [5, 6, 7] If only one argument is given, it is interpreted as one beyond the last value for a range that starts at 0. >>> list(range(4)) [0, 1, 2, 3] <span>Ranges commonly appear as the expression in a for header to specify the number of times that the suite should be executed: A common convention is to use a single underscore character for the name in the for header if the name is unused in the suite: >>> for _ in range(3): print('Go Bears!') Go Bears! Go Bears! Go Bears! This underscore is just another name in the environment as far as the interpreter is conce




Flashcard 1448430931212

Tags
#sister-miriam-joseph #symbols-from-reality #trivium
Question

First the [...] operate on an object present before us and produce a percept.

Then the [...] , primarily the imagination, produce a phantasm or mental image of the individual object perceived,
Answer
external senses

internal senses

This phantasm is retained and can be reproduced at will in the absence of the object.


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First the external senses operate on an object present before us and produce a percept. The internal senses, primarily the imagination, produce a phantasm or mental image of the individual object

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Flashcard 1448434076940

Tags
#sister-miriam-joseph #trivium
Question
Because animals lack the rational powers (intellect, [...], and free will), they are incapable of progress or of culture.
Answer
intellectual memory

Even though they have the external and internal senses, which are sometimes keener than those of humans.


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Irrational animals have the external and internal senses, which are sometimes keener than those of humans. But because they lack the rational powers (intellect, intellectual memory, and free will), they are incapable of progress or of culture.

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Flashcard 1448436698380

Tags
#sister-miriam-joseph #trivium
Question
There is nothing in the intellect that was not first in [...] except the intellect itself.
Answer
the senses


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There is nothing in the intellect that was not first in the senses except the intellect itself.

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Flashcard 1448438533388

Tags
#sister-miriam-joseph #trivium
Question
Human intellectual powers need [...] to work upon.
Answer
material


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Human intellectual powers need material to work upon.

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#sister-miriam-joseph #trivium
Images are necessary books for the uneducated and good books for the learned, too.

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d><head>Thomas More, in his defense of the uses of statues and pictures, contrasts them with words as a means of instruction. 13 He points out that words are symbols of phantasms and concepts, as has been explained above: Images are necessary books for the uneducated and good books for the learned, too.<html>

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Flashcard 1448441941260

Tags
#categories-of-being #sister-miriam-joseph #trivium
Question
These metaphysical categories have their exact counterpart in the ten categories or [...], which classify our concepts, our knowledge of being
Answer
praedicamenta 15 of logic


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These metaphysical categories have their exact counterpart in the ten categories or praedicamenta 15 of logic, which classify our concepts, our knowledge of being

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Flashcard 1448444300556

Tags
#psychological-dimension-of-language #sister-miriam-joseph #trivium
Question
In literary composition, one should employ words that are [...] rather than [...],
Answer
concrete

abstract

that are rich in imagery and idiomatic.


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In literary composition, one should employ words that are concrete rather than abstract, that are rich in imagery and idiomatic.

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Flashcard 1448447708428

Tags
#cfa-level-1 #factors-that-determine-market-structures #microeconomics #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4
Question
Exhibit 1. Characteristics of Market Structure
Market StructureNumber of SellersDegree of Product DifferentiationBarriers to EntryPricing Power of FirmNon-price Competition
Perfect competitionManyHomogeneous/ Standardized[...]None[...]
Monopolistic competitionManyDifferentiatedLowSomeAdvertising and Product Differentiation
OligopolyFewHomogeneous/ Standardized[...]Some or Considerable[...]
MonopolyOneUnique ProductVery HighConsiderableAdvertising
Answer
High

None

Very Low

Advertising and Product Differentiation


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ng Power of Firm Non-price Competition Perfect competition Many Homogeneous/ Standardized Very Low None None Monopolistic competition Many Differentiated Low Some Advertising and Product Differentiation Oligopoly Few Homogeneous/ Standardized <span>High Some or Considerable Advertising and Product Differentiation Monopoly One Unique Product Very High Considerable Advertising<span><body><html>

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2. ANALYSIS OF MARKET STRUCTURES
d monopoly is the local electrical power provider. In most cases, the monopoly power provider is allowed to earn a normal return on its investment and prices are set by the regulatory authority to allow that return. <span>2.2. Factors That Determine Market Structure Five factors determine market structure: The number and relative size of firms supplying the product; The degree of product differentiation; The power of the seller over pricing decisions; The relative strength of the barriers to market entry and exit; and The degree of non-price competition. The number and relative size of firms in a market influence market structure. If there are many firms, the degree of competition increases. With fewer firms supplying a good or service, consumers are limited in their market choices. One extreme case is the monopoly market structure, with only one firm supplying a unique good or service. Another extreme is perfect competition, with many firms supplying a similar product. Finally, an example of relative size is the automobile industry, in which a small number of large international producers (e.g., Ford and Toyota) are the leaders in the global market, and a number of small companies either have market power because they are niche players (e.g., Ferrari) or have little market power because of their narrow range of models or limited geographical presence (e.g., Škoda). In the case of monopolistic competition, there are many firms providing products to the market, as with perfect competition. However, one firm’s product is differentiated in some way that makes it appear better than similar products from other firms. If a firm is successful in differentiating its product, the differentiation will provide pricing leverage. The more dissimilar the product appears, the more the market will resemble the monopoly market structure. A firm can differentiate its product through aggressive advertising campaigns; frequent styling changes; the linking of its product with other, complementary products; or a host of other methods. When the market dictates the price based on aggregate supply and demand conditions, the individual firm has no control over pricing. The typical hog farmer in Nebraska and the milk producer in Bavaria are price takers . That is, they must accept whatever price the market dictates. This is the case under the market structure of perfect competition. In the case of monopolistic competition, the success of product differentiation determines the degree with which the firm can influence price. In the case of oligopoly, there are so few firms in the market that price control becomes possible. However, the small number of firms in an oligopoly market invites complex pricing strategies. Collusion, price leadership by dominant firms, and other pricing strategies can result. The degree to which one market structure can evolve into another and the difference between potential short-run outcomes and long-run equilibrium conditions depend on the strength of the barriers to entry and the possibility that firms fail to recoup their original costs or lose money for an extended period of time and are therefore forced to exit the market. Barriers to entry can result from very large capital investment requirements, as in the case of petroleum refining. Barriers may also result from patents, as in the case of some electronic products and drug formulas. Another entry consideration is the possibility of high exit costs. For example, plants that are specific to a special line of products, such as aluminum smelting plants, are non-redeployable, and exit costs would be high without a liquid market for the firm’s assets. High exit costs deter entry and are therefore also considered barriers to entry. In the case of farming, the barriers to entry are low. Production of corn, soybeans, wheat, tomatoes, and other produce is an easy process to replicate; therefore, those are highly competitive markets. Non-price competition dominates those market structures where product differentiation is critical. Therefore, monopolistic competition relies on competitive strategies that may not include pricing changes. An example of non-price competition is product differentiation through marketing. In other circumstances, non-price competition may occur because the few firms in the market feel dependent on each other. Each firm fears retaliatory price changes that would reduce total revenue for all of the firms in the market. Because oligopoly industries have so few firms, each firm feels dependent on the pricing strategies of the others. Therefore, non-price competition becomes a dominant strategy. Exhibit 1. Characteristics of Market Structure Market Structure Number of Sellers Degree of Product Differentiation Barriers to Entry Pricing Power of Firm Non-price Competition Perfect competition Many Homogeneous/ Standardized Very Low None None Monopolistic competition Many Differentiated Low Some Advertising and Product Differentiation Oligopoly Few Homogeneous/ Standardized High Some or Considerable Advertising and Product Differentiation Monopoly One Unique Product Very High Considerable Advertising From the perspective of the owners of the firm, the most desirable market structure is that with the most control over price, because this control can lead to large profits. Monopoly and oligopoly markets offer the greatest potential control over price; monopolistic competition offers less control. Firms operating under perfectly competitive market conditions have no control over price. From the consumers’ perspective, the most desirable market structure is that with the greatest degree of competition, because prices are generally lower. Thus, consumers would prefer as many goods and services as possible to be offered in competitive markets. As often happens in economics, there is a trade-off. While perfect competition gives the largest quantity of a good at the lowest price, other market forms may spur more innovation. Specifically, there may be high costs in researching a new product, and firms will incur such costs only if they expect to earn an attractive return on their research investment. This is the case often made for medical innovations, for example—the cost of clinical trials and experiments to create new medicines would bankrupt perfectly competitive firms but may be acceptable in an oligopoly market structure. Therefore, consumers can benefit from less-than-perfectly-competitive markets. PORTER’S FIVE FORCES AND MARKET STRUCTURE A financial analyst aiming to establish market conditions and consequent profitability of incumbent firms should start with the questions framed by Exhibit 1: How many sellers are there? Is the product differentiated? and so on. Moreover, in the case of monopolies and quasi monopolies, the analyst should evaluate the legislative and regulatory framework: Can the company set prices freely, or are there governmental controls? Finally, the analyst should consider the threat of competition from potential entrants. This analysis is often summarized by students of corporate strategy as “Porter’s five forces,” named after Harvard Business School professor Michael E. Porter. His book, Competitive Strategy, presented a systematic analysis of the practice of market strategy. Porter (2008) identified the five forces as: Threat of entry; Power of suppliers; Power of buyers (customers); Threat of substitutes; and Rivalry among existing competitors. It is easy to note the parallels between four of these five forces and the columns in Exhibit 1. The only “orphan” is the power of suppliers, which is not at the core of the theoretical economic analysis of competition, but which has substantial weight in the practical analysis of competition and profitability. Some stock analysts (e.g., Dorsey 2004) use the term “economic moat” to suggest that there are factors protecting the profitability of a firm that are similar to the moats (ditches full of water) that used to protect some medieval castles. A deep moat means that there is little or no threat of entry by invaders, i.e. competitors. It also means that customers are locked in because of high switching costs. <span><body><html>







Flashcard 1448450854156

Tags
#sister-miriam-joseph #trivium
Question
Lawyer and athlete are constructs, for their definition adds to the simple concept [...] certain accidents such as knowledge of law or physical agility.
Answer
human being


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Lawyer and athlete are constructs, for their definition adds to the simple concept human being certain accidents such as knowledge of law or physical agility, which are essential to the definition of lawyer or of athlete although not essential to the definition of a construct.</s

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#python #sicp
Modular components that have sequences as both inputs and outputs can be mixed and matched to perform data processing. Complex components can be defined by chaining together a pipeline of sequence processing operations, each of which is simple and focused.

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2.3 Sequences
mong programmers that indicates the name will not appear in any future expressions. 2.3.3 Sequence Processing Sequences are such a common form of compound data that whole programs are often organized around this single abstraction. <span>Modular components that have sequences as both inputs and outputs can be mixed and matched to perform data processing. Complex components can be defined by chaining together a pipeline of sequence processing operations, each of which is simple and focused. List Comprehensions. Many sequence processing operations can be expressed by evaluating a fixed expression for each element in a sequence and collecting the resulting values in a res




#python #sicp
Many sequence processing operations can be expressed by evaluating a fixed expression for each element in a sequence and collecting the resulting values in a result sequence. In Python, a list comprehension is an expression that performs such a computation.

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2.3 Sequences
as both inputs and outputs can be mixed and matched to perform data processing. Complex components can be defined by chaining together a pipeline of sequence processing operations, each of which is simple and focused. List Comprehensions. <span>Many sequence processing operations can be expressed by evaluating a fixed expression for each element in a sequence and collecting the resulting values in a result sequence. In Python, a list comprehension is an expression that performs such a computation. >>> odds = [1, 3, 5, 7, 9] >>> [x+1 for x in odds] [2, 4, 6, 8, 10] The for keyword above is not part of a for statement, but instead part of a list comprehe




#python #sicp

Another common sequence processing operation is to select a subset of values that satisfy some condition. List comprehensions can also express this pattern, for instance selecting all elements of odds that evenly divide 25 .

 >>> [ x for x in odds if 25 % x == 0 ] [1, 5] 

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2.3 Sequences
statement, but instead part of a list comprehension because it is contained within square brackets. The sub-expression x+1 is evaluated with x bound to each element of odds in turn, and the resulting values are collected into a list. <span>Another common sequence processing operation is to select a subset of values that satisfy some condition. List comprehensions can also express this pattern, for instance selecting all elements of odds that evenly divide 25 . >>> [x for x in odds if 25 % x == 0] [1, 5] The general form of a list comprehension is: [<span><body><html>




#python #sicp

The general form of a list comprehension is:

[<map expression> for <name> in <sequence expression> if <filter expression>]

To evaluate a list comprehension, Python evaluates the <sequence expression> , which must return an iterable value. Then, for each element in order, the element value is bound to <name> , the filter expression is evaluated, and if it yields a true value, the map expression is evaluated. The values of the map expression are collected into a list.

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#python #sicp
A third common pattern in sequence processing is to aggregate all values in a sequence into a single value. The built-in functions sum , min , and max are all examples of aggregation functions.

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Flashcard 1448458194188

Tags
#italian #tre-porcellini
Question
C’era una volta una [...] con tre porcellini.
Answer
scrofa


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C’era una volta una scrofa con tre porcellini. Li amava moltissimo, ma non c’era abbastanza cibo per tutti, quindi lì mandò per il mondo a cercar fortuna. Once upon a time there was a mama pig wh







Flashcard 1448460553484

Tags
#italian #tre-porcellini
Question
C’era una volta una scrofa con tre porcellini. Li amava moltissimo, ma non c’era abbastanza [...] per tutti, quindi lì mandò per il mondo a cercar fortuna.

Answer
cibo

She loved them very much, but there was not enough food for all of them, so she sent them out into the world to seek their fortune.


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C’era una volta una scrofa con tre porcellini. Li amava moltissimo, ma non c’era abbastanza cibo per tutti, quindi lì mandò per il mondo a cercar fortuna. Once upon a time there was a mama pig who had three little pigs. She loved them very much, but there was not e







#italian #tre-porcellini
Once upon a time there was a mama pig who had three little pigs. She loved them very much, but there was not enough food for all of them, so she sent them out into the world to seek their fortune.

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C’era una volta una scrofa con tre porcellini. Li amava moltissimo, ma non c’era abbastanza cibo per tutti, quindi lì mandò per il mondo a cercar fortuna. Once upon a time there was a mama pig who had three little pigs. She loved them very much, but there was not enough food for all of them, so she sent them out into the world to seek their fortune.




#python #sicp
In the computer science community, the more common name for apply_to_all is map and the more common name for keep_if is filter . In Python, the built-in map and filter are generalizations of these functions that do not return lists

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Flashcard 1448466058508

Tags
#sister-miriam-joseph #trivium
Question
In legal texts and scientific treatises [...] ought to be avoided.
Answer
synonyms


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In legal texts and scientific treatises synonyms, which usually vary in shades of meaning, ought to be avoided, and the same word should be employed throughout to convey the same meaning; or if it is used with a different meaning, tha

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Flashcard 1448468417804

Tags
#psychological-dimension-of-language #sister-miriam-joseph #trivium
Question
A sensitive awareness of the subtleties of language, particularly in its [...], enables one to recognize good style in the speech and writing of others and to cultivate good style in one’s own composition, both oral and written.
Answer
psychological dimension


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A sensitive awareness of the subtleties of language, particularly in its psychological dimension, enables one to recognize good style in the speech and writing of others and to cultivate good style in one’s own composition, both oral and written.

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#python #sicp
In Python programs, it is more common to use list comprehensions directly rather than higher-order functions, but both approaches to sequence processing are widely used.

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#python #sicp
A value can be tested for membership in a sequence. Python has two operators in and not in that evaluate to True or False depending on whether an element appears in a sequence.

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#python #sicp

Sequences contain smaller sequences within them. A slice of a sequence is any contiguous span of the original sequence, designated by a pair of integers. As with the range constructor, the first integer indicates the starting index of the slice and the second indicates one beyond the ending index.

In Python, sequence slicing is expressed similarly to element selection, using square brackets. A colon separates the starting and ending indices. Any bound that is omitted is assumed to be an extreme value: 0 for the starting index, and the length of the sequence for the ending index.

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#python #sicp
Slicing can be used on the branches of a tree as well. For example, we may want to place a restriction on the number of branches in a tree. A binary tree is either a leaf or a sequence of at most two binary trees. A common tree transformation called binarization computes a binary tree from an original tree by grouping together adjacent branches.

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#python #sicp
The native data type for text in Python is called a string, and corresponds to the constructor str .

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#python #sicp
String literals can express arbitrary text, surrounded by either single or double quotation marks.

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#python #sicp
Strings satisfy the two basic conditions of a sequence that we introduced at the beginning of this section: they have a length and they support element selection.

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#python #sicp
The elements of a string are themselves strings that have only a single character. A character is any single letter of the alphabet, punctuation mark, or other symbol. Unlike many other programming languages, Python does not have a separate character type; any text is a string, and strings that represent single characters have a length of 1.

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#python #sicp

Like lists, strings can also be combined via addition and multiplication.

 >>> 'Berkeley' + ', CA' 'Berkeley, CA' >>> 'Shabu ' * 2 'Shabu Shabu ' 

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#python #sicp
The behavior of strings diverges from other sequence types in Python. The string abstraction does not conform to the full sequence abstraction that we described for lists and ranges. In particular, the membership operator in applies to strings, but has an entirely different behavior than when it is applied to sequences. It matches substrings rather than elements.

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#python #sicp
String Coercion. A string can be created from any object in Python by calling the str constructor function with an object value as its argument. This feature of strings is useful for constructing descriptive strings from objects of various types.

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#python #sicp
Our ability to use lists as the elements of other lists provides a new means of combination in our programming language. This ability is called a closure property of a data type.

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#python #sicp
a method for combining data values has a closure property if the result of combination can itself be combined using the same method. Closure is the key to power in any means of combination because it permits us to create hierarchical structures — structures made up of parts, which themselves are made up of parts, and so on.

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#python #sicp
We can visualize lists in environment diagrams using box-and-pointer notation. A list is depicted as adjacent boxes that contain the elements of the list. Primitive values such as numbers, strings, boolean values, and None appear within an element box. Composite values, such as function values and other lists, are indicated by an arrow.

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#python #sicp

The tree is a fundamental data abstraction that imposes regularity on how hierarchical values are structured and manipulated.

A tree has a root value and a sequence of branches. Each branch of a tree is a tree. A tree with no branches is called a leaf. Any tree contained within a tree is called a sub-tree of that tree (such as a branch of a branch). The root value of a sub-tree of a tree is called a node (or node value) in that tree.

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#python #sicp
Trees can be constructed by nested expressions.

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#python #sicp

Partition trees. Trees can also be used to represent the partitions of an integer. A partition tree for n using parts up to size m is a binary (two branch) tree that represents the choices taken during computation. In a non-leaf partition tree:

  • the left (index 0) branch contains all ways of partitioning n using at least one m ,
  • the right (index 1) branch contains partitions using parts up to m-1 , and
  • the root value is m .

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#python #sicp
The values at the leaves of a partition tree express whether the path from the root of the tree to the leaf represents a successful partition of n .

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#python #sicp

A linked list is a pair containing the first element of the sequence (in this case 1) and the rest of the sequence (in this case a representation of 2, 3, 4). The second element is also a linked list. The rest of the inner-most linked list containing only 4 is 'empty' , a value that represents an empty linked list.

Linked lists have recursive structure: the rest of a linked list is a linked list or 'empty' . We can define an abstract data representation to validate, construct, and select the components of linked lists.

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#python #sicp

The behavior condition for a linked list is that, like a pair, its constructor and selectors are inverse functions.

  • If a linked list s was constructed from first element f and linked list r , then first(s) returns f , and rest(s) returns r .

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Flashcard 1448505642252

Tags
#greek #mythology #names
Question
Greek: Zeus
Answer
Roman: Jupiter


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Flashcard 1448509050124

Tags
#greek #mythology #names
Question
Greek: Ares
Answer
Roman: Mars


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#python #sicp
a common pattern of computation with linked lists, where each step in an iteration operates on an increasingly shorter suffix of the original list. This incremental processing to find the length and elements of a linked list does take some time to compute. Python's built-in sequence types are implemented in a different way that does not have a large cost for computing the length of a sequence or retrieving its elements.

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#python #sicp
Linked lists are particularly useful when constructing sequences incrementally, a situation that arises often in recursive computations.

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#python #sicp

We follow the same recursive analysis of the problem as we did while counting: partitioning n using integers up to m involves either

  1. partitioning n-m using integers up to m , or
  2. partitioning n using integers up to m-1 .

For base cases, we find that 0 has an empty partition, while partitioning a negative integer or using parts smaller than 1 is impossible.

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#biochem
Because each of the Watson-Crick base pairs has the same shape, the three- dimensional structure of DNA does not depend on its primary sequence.

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#biochem
Folded proteins, on the other hand, have complex three-dimensional structures that are strongly infl uenced by the linear sequence of amino acids in the polypep- tide chain (see Chapter 4). RNA lies in a middle ground, with helical secondary structure organized into complicated tertiary structures. RNA can also hold infor- mation, but in general it is not self-complementary and thus cannot form a single, continuous double helix.

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#biochem
the eff ective contribution of hydrogen bonds to the stability of DNA is less than the intrinsic strength of the hydrogen bonds because of competition with water.

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#biochem
Th e net stabilization aff orded by the hydrogen bonds between bases is the diff erence in stability between the hydrogen bonds that the bases form with water (for example, in single-stranded DNA) and the hydrogen bonds between bases in duplex DNA. Th is diff erence is small, so the net contribution that hydro- gen bonds make to the stabilization of the DNA is also small

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Article 1448520846604


#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

Earnings are also frequently used by analysts in valuation. For example, an analyst may value shares of a company by comparing its price-to-earnings ratio (P/E) to the P/Es of peer companies and/or may use forecasted future earnings as direct or indirect inputs into discounted cash flow models of valuation.



Flashcard 1448522157324

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Earnings are also frequently used by analysts in [...].
Answer
valuation


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Earnings are also frequently used by analysts in valuation. For example, an analyst may value shares of a company by comparing its price-to-earnings ratio (P/E) to the P/Es of peer companies and/or may use forecasted future earnings as direct o







Flashcard 1448524516620

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
An analyst may value shares of a company by comparing its price-to-earnings ratio (P/E) to the P/Es of [...] .
Answer
peer companies


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Earnings are also frequently used by analysts in valuation. For example, an analyst may value shares of a company by comparing its price-to-earnings ratio (P/E) to the P/Es of peer companies and/or may use forecasted future earnings as direct or indirect inputs into discounted cash flow models of valuation.







Article 1448527138060


#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

Analysts are also interested in the current financial position of a company. The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ). An example of a resource is cash. In Example 1, if no other transactions occur, the company should have €230,000 more in cash at 31 December 2009 than at the start of the period. The cash can be used by the company to pay its obligation to the supplier (a claim against the company) and may also be used to make distributions to the owner (who has a residual claim against the company’s assets, net of liabilities). Financial position is particularly important in credit analysis, as depicted in Exhibit 2. Panel A of the exhibit is an excerpt from an April 2010 announcement by a credit rating agency of an upgrade in the credit ratings of Teck Resources Ltd., a Canadian mining company. The rating agency explained that it upgraded the credit rating of the compa



#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ).

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Analysts are also interested in the current financial position of a company. The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ). An example of a resource is cash. In Example 1, if no other transactions occur, the company should have €230,000 more in cash at 31 December 2009 than at the start of the period. The ca




Flashcard 1448530283788

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The [...] can be measured by comparing the resources controlled by the company in relation to the claims against those resources.
Answer
financial position


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The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ).

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Analysts are also interested in the current financial position of a company. The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ). An example of a resource is cash. In Example 1, if no other transactions occur, the company should have €230,000 more in cash at 31 December 2009 than at the start of the period. The ca







#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Financial position is particularly important in credit analysis

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riod. The cash can be used by the company to pay its obligation to the supplier (a claim against the company) and may also be used to make distributions to the owner (who has a residual claim against the company’s assets, net of liabilities). <span>Financial position is particularly important in credit analysis, as depicted in Exhibit 2. Panel A of the exhibit is an excerpt from an April 2010 announcement by a credit rating agency of an upgrade in the credit ratings of Teck Resources Ltd., a C




Flashcard 1448533429516

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Financial position is particularly important in [...]
Answer
credit analysis


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Financial position is particularly important in credit analysis

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riod. The cash can be used by the company to pay its obligation to the supplier (a claim against the company) and may also be used to make distributions to the owner (who has a residual claim against the company’s assets, net of liabilities). <span>Financial position is particularly important in credit analysis, as depicted in Exhibit 2. Panel A of the exhibit is an excerpt from an April 2010 announcement by a credit rating agency of an upgrade in the credit ratings of Teck Resources Ltd., a C







Article 1448535002380

Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. Equity investors are primarily interested in the company's long-term earning power, growth, and ability to pay dividends. Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g., corporate bond owners such as insurance compa



#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company.

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. The role of financial statement analysis, on the other hand, is to take these




Flashcard 1448537361676

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both [...] and [...] to the company.
Answer
internal

externa


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The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company.

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. The role of financial statement analysis, on the other hand, is to take these







Flashcard 1448539720972

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The role of financial reporting is to provide information about a company's [...] and performance.
Answer
financial position


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The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company.

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. The role of financial statement analysis, on the other hand, is to take these







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Financial statements are issued by management, who is responsible for their form and content.

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prosp




Flashcard 1448542342412

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Financial statements are issued by [...], who is responsible for their form and content.

Answer
management


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Financial statements are issued by management, who is responsible for their form and content.

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prosp







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpose of making rational investment, credit, and similar decisions.

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. <span>The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. Equity investors are primarily interested in the company's l




Flashcard 1448544963852

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The role of [...], on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpose of making rational investment, credit, and similar decisions.

Answer
financial statement analysis


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The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpo

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. <span>The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. Equity investors are primarily interested in the company's l







Flashcard 1448546536716

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

The primary users of financial statements are [...]

Answer
equity investors and creditors.


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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
mation to evaluate the company's past, current, and prospective financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are <span>equity investors and creditors. Equity investors are primarily interested in the company's long-term earning power, growth, and ability to pay dividends. Short-term creditors (e.g., banks an







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Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment.

Long-term creditors (e.g., corporate bond owners such as insurance companies and pension funds) are primarily concerned with the company's long-term asset position and earning power.

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
tive financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. <span>Equity investors are primarily interested in the company's long-term earning power, growth, and ability to pay dividends. Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g., corporate bond owners such as insurance companies and pension funds) are primarily concerned with the company's long-term asset position and earning power. <span><body><html>




Flashcard 1448550731020

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
[...] are primarily interested in the company's long-term earning power, growth, and ability to pay dividends.

Answer
Equity investors


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Equity investors are primarily interested in the company's long-term earning power, growth, and ability to pay dividends. Short-term creditors (e.g., banks and trade creditors) are more inter

Original toplevel document

Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
tive financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. <span>Equity investors are primarily interested in the company's long-term earning power, growth, and ability to pay dividends. Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g., corporate bond owners such as insurance companies and pension funds) are primarily concerned with the company's long-term asset position and earning power. <span><body><html>







Flashcard 1448553876748

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Short-term creditors examples [...]
Answer
Banks and trade creditors


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Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g., corporate bond owners such as ins

Original toplevel document

Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
tive financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. <span>Equity investors are primarily interested in the company's long-term earning power, growth, and ability to pay dividends. Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g., corporate bond owners such as insurance companies and pension funds) are primarily concerned with the company's long-term asset position and earning power. <span><body><html>







Flashcard 1448556236044

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

[...] are more interested in the company's immediate liquidity, because they seek an early payback of their investment.

Answer

Short-term creditors


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Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g.,

Original toplevel document

Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
tive financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. <span>Equity investors are primarily interested in the company's long-term earning power, growth, and ability to pay dividends. Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g., corporate bond owners such as insurance companies and pension funds) are primarily concerned with the company's long-term asset position and earning power. <span><body><html>







Flashcard 1448560954636

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question


[...] are primarily concerned with the company's long-term asset position and earning power.
Answer
Long-term creditors


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Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g., corporate bond owners such as insurance companies and pension funds) are primarily concerned with the company's long-term asset position and earning power.</

Original toplevel document

Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
tive financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. <span>Equity investors are primarily interested in the company's long-term earning power, growth, and ability to pay dividends. Short-term creditors (e.g., banks and trade creditors) are more interested in the company's immediate liquidity, because they seek an early payback of their investment. Long-term creditors (e.g., corporate bond owners such as insurance companies and pension funds) are primarily concerned with the company's long-term asset position and earning power. <span><body><html>







Article 1448563313932

Subject 2. Major Financial Statements
#analyst-notes #cfa-level-1 #fra-introduction #has-images #reading-22-financial-statement-analysis-intro #study-session-7

Financial statements are the most important outcome of the accounting system. They communicate financial information gathered and processed in the company's accounting system to parties outside the business. The four principal financial statements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow statement Statement of changes in owners' or stockholders' equity These four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The inco



#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Financial statements are the most important outcome of the accounting system

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Subject 2. Major Financial Statements
Financial statements are the most important outcome of the accounting system. They communicate financial information gathered and processed in the company's accounting system to parties outside the business. The four principal financial statements




Flashcard 1448567246092

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
[...] are the most important outcome of the accounting system
Answer
Financial statements


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Financial statements are the most important outcome of the accounting system

Original toplevel document

Subject 2. Major Financial Statements
Financial statements are the most important outcome of the accounting system. They communicate financial information gathered and processed in the company's accounting system to parties outside the business. The four principal financial statements







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Financial statements communicate financial information gathered and processed in the company's accounting system to parties outside the business.

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Subject 2. Major Financial Statements
Financial statements are the most important outcome of the accounting system. They communicate financial information gathered and processed in the company's accounting system to parties outside the business. The four principal financial statements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow




Flashcard 1448570653964

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Financial statements communicate financial information gathered and processed in the company's accounting system to parties [...]
Answer
outside the business.


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Financial statements communicate financial information gathered and processed in the company's accounting system to parties outside the business.

Original toplevel document

Subject 2. Major Financial Statements
Financial statements are the most important outcome of the accounting system. They communicate financial information gathered and processed in the company's accounting system to parties outside the business. The four principal financial statements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The four principal financial statements are:

  • Income statement (statement of earnings)
  • Balance sheet (statement of financial position)
  • Cash flow statement
  • Statement of changes in owners' or stockholders' equity

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Subject 2. Major Financial Statements
ad>Financial statements are the most important outcome of the accounting system. They communicate financial information gathered and processed in the company's accounting system to parties outside the business. The four principal financial statements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow statement Statement of changes in owners' or stockholders' equity These four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial i




Flashcard 1448573275404

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The four principal financial statements are:

  • Income statement ([...])
  • Balance sheet (statement of [...] )
  • Cash flow statement
  • Statement of changes in owners' or stockholders' equity
Answer
statement of earnings

financial position


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The four principal financial statements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow statement Statement of changes in owners' or stockholders' equity

Original toplevel document

Subject 2. Major Financial Statements
ad>Financial statements are the most important outcome of the accounting system. They communicate financial information gathered and processed in the company's accounting system to parties outside the business. The four principal financial statements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow statement Statement of changes in owners' or stockholders' equity These four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial i







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The four financial statements are augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc.

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Subject 2. Major Financial Statements
tatements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow statement Statement of changes in owners' or stockholders' equity <span>These four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for




Flashcard 1448577469708

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The four financial statements are augmented by [...] and supplementary data.
Answer
footnotes


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The four financial statements are augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. &#13

Original toplevel document

Subject 2. Major Financial Statements
tatements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow statement Statement of changes in owners' or stockholders' equity <span>These four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for







Flashcard 1448579829004

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The four financial statements, augmented by footnotes and supplementary data, are [...] between them.
Answer
interrelated


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The four financial statements are augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc.

Original toplevel document

Subject 2. Major Financial Statements
tatements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow statement Statement of changes in owners' or stockholders' equity <span>These four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for







Flashcard 1448582188300

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
In addition to the four financial statements there are other sources of financial information, such as management [...] , [...] reports etc.

Answer
discussion and analysis

auditor's


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The four financial statements are augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc.

Original toplevel document

Subject 2. Major Financial Statements
tatements are: Income statement (statement of earnings) Balance sheet (statement of financial position) Cash flow statement Statement of changes in owners' or stockholders' equity <span>These four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for







#analyst-notes #cfa-level-1 #fra-introduction #has-images #reading-22-financial-statement-analysis-intro #study-session-7
Income Statement

The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates.

The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample:

The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure.

In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted.

The net income figure is used to prepare the statement of retained earnings.

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Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu




Flashcard 1448585596172

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

The income statement summarizes [...] and [...] , and thus measures the success of business operations for a given period of time.

Answer
revenues earned

expenses incurred


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Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equit

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates.

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Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu




Flashcard 1448591363340

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The income statement explains some but not all of the changes in the assets, liabilities, and equity of the company between [...]
Answer
two consecutive balance sheet dates.


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ement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between <span>two consecutive balance sheet dates. <span><body><html>

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The income statement lists income and expenses as they are directly related to the company's recurring income.

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nd thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. <span>The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample:

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu




Flashcard 1448594771212

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The income statement lists income and expenses as they are directly related to the company's [...]
Answer
recurring income.


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The income statement lists income and expenses as they are directly related to the company's recurring income.

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu







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The format of the income statement is not specified by U.S. GAAP and actual format varies across companies.

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the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. <span>The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash fl

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu




Flashcard 1448597392652

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
What is the format of the income statement specified by U.S. GAAP?
Answer
There's none you dumbfuck


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The format of the income statement is not specified by U.S. GAAP and actual format varies across companies.

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu







Flashcard 1448599751948

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
What is the actual format of the income statement across all companies?
Answer
actual format varies across companies, half ass motherfucker


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The format of the income statement is not specified by U.S. GAAP and actual format varies across companies.

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu







#analyst-notes #cfa-level-1 #fra-introduction #has-images #reading-22-financial-statement-analysis-intro #study-session-7
The following is a generic sample:

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es. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. <span>The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predic

Original toplevel document

Subject 2. Major Financial Statements
four financial statements, augmented by footnotes and supplementary data, are interrelated. In addition, there are other sources of financial information, such as management discussion and analysis, auditor's reports, etc. <span>Income Statement The income statement summarizes revenues earned and expenses incurred, and thus measures the success of business operations for a given period of time. It explains some but not all of the changes in the assets, liabilities, and equity of the company between two consecutive balance sheet dates. The income statement lists income and expenses as they are directly related to the company's recurring income. The format of the income statement is not specified by U.S. GAAP and actual format varies across companies. The following is a generic sample: The goal of income statement analysis is to derive an effective measure of future earnings and cash flows. Analysts need data with predictive ability, hence income from continuing (recurring) operations is considered to be the best indicator of future earnings. As operating expenses do not include financing costs such as interest expenses, operating income (EBIT) is independent of the company's capital structure. In the typical income statement this means segregating the results of normal, recurring operations from the effects of nonrecurring or extraordinary items to improve the forecasting of future earnings and cash flows. The idea here is that recurring income is persistent. If an item in the unusual or infrequent component of income from continuing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the bu




Balance Sheet
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date.

Assets = Liabilities + Stockholders' Equity

  • Assets are the economic resources controlled by the company.
  • Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors.
  • Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners.

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Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and




#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Liabilities = Assets - Stockholders' Equity

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nancial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. <span>Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilitie

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and




Flashcard 1448606829836

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Assets = [...] + Stockholders' Equity

Answer
Liabilities


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Assets = Liabilities + Stockholders' Equity

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448609189132

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Assets - Liabilities = [...]
Answer
Stockholders' Equity


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Assets - Liabilities = Stockholders' Equity =

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448611548428

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Liabilities = Assets - [...]
Answer
Stockholders' Equity


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Liabilities = Assets - Stockholders' Equity

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448613121292

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

A balance sheet provides a "snapshot" of a company's [...].

Answer
financial condition


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A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrel

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448615480588

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Think of the balance sheet as a [...] at a specific point in time.

Answer
photo of the business


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A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabil

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Balance sheet reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date.

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A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and




Flashcard 1448619674892

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Balance sheet reports major classes and amounts of assets, liabilities, stockholders' equity, and their [...] as of a specific date.
Answer
interrelationships


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Balance sheet reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date.

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448621247756

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Assets are the [...] controlled by the company.

Answer
economic resources


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point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the <span>economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448623607052

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

  • Liabilities are the [...] that the company must fulfill in the future.
Answer
financial obligations


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abilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the <span>financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equ

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448625966348

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Liabilities are typically fulfilled by [...].

Answer
payment of cash


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ities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by <span>payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of th

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448628325644

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Liabilities represent the [...] provided to the company by the creditors.

Answer
source of financing


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13; Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the <span>source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448630684940

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Equity ownership is the owner's investments and the [...] from the commencement of the company.

Answer
total earnings retained


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igations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the <span>total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span><body><html>

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Flashcard 1448633044236

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Equity represents the source of financing provided to the company by [...]

Answer
the owners.


statusnot learnedmeasured difficulty37% [default]last interval [days]               
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scheduled repetition interval               last repetition or drill

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urce of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by <span>the owners. <span><body><html>

Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and







Cash Flow Statement
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7

The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities.

The cash flow statement is useful because it provides answers to the following simple yet important questions:

  • Where did the cash come from during the period?
  • What was the cash used for during the period?
  • What was the change in the cash balance during the period?

The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility.

  • Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due.
  • Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency.
  • Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions.

The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8.

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Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.




Flashcard 1448637238540

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

The primary purpose of the [...] is to provide information about a company's cash receipts and cash payments during a period.
Answer
cash flow statement


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The cashflow statement reports the cash receipts and cash outflows classified according to operating, investment, and financing activities

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The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come fr

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.




Flashcard 1448641432844

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The cashflow statement reports the cash receipts and cash outflows classified according to [...], [...] , and [...] activities
Answer
operating

investment

financing


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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Open it
The cashflow statement reports the cash receipts and cash outflows classified according to operating, investment, and financing activities

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
The cash flow statement is useful because it provides answers to the following simple yet important questions:

  • Where did the cash come from during the period?
  • What was the cash used for during the period?
  • What was the change in the cash balance during the period?

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statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. <span>The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.




Flashcard 1448644840716

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The cash flow statement is useful because it provides answers to the following simple yet important questions:

  • [...] during the period?
  • What was the cash used for during the period?
  • What was the change in the cash balance during the period?
Answer
Where did the cash come from


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period?

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due.

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during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. <span>Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.




Flashcard 1448650607884

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
[...] refers to the "nearness to cash" of assets and liabilities.
Answer
Liquidity


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due.

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency.

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it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. <span>Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.




Flashcard 1448653229324

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
[...] refers to the company's ability to pay its debts as they mature.
Answer
Solvency


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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Open it
Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency.

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







Flashcard 1448655588620

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
[...] reflect the company's liquidity and long-term solvency.
Answer
Cash flows


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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Open it
Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency.

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions.

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cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. <span>Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8.<span><body><html>

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.




Flashcard 1448658996492

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
[...] refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities.
Answer
Financial flexibility


statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

Parent (intermediate) annotation

Open it
Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







Flashcard 1448661355788

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#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Cash flow information can be used to evaluate the effects of [...] and [...]
Answer
major investment

financing decisions.


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l>Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions.<html>

Original toplevel document

Subject 2. Major Financial Statements
creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. <span>Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and cash payments during a period. It reports the cash receipts and cash outflows classified according to operating, investment, and financing activities. The cash flow statement is useful because it provides answers to the following simple yet important questions: Where did the cash come from during the period? What was the cash used for during the period? What was the change in the cash balance during the period? The statement's value is that it helps users evaluate liquidity, solvency, and financial flexibility. Liquidity refers to the "nearness to cash" of assets and liabilities, or having enough cash available to pay debts when they are due. Solvency refers to the company's ability to pay its debts as they mature. Cash flows reflect the company's liquidity and long-term solvency. Financial flexibility refers to a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. For example, cash flow information can be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners.







#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Statement of Changes in Owners' Equity reports the amounts and sources of changes in equity from capital transactions with owners.

Statement of Changes in Owners' Equity reports ownership interests in order of preference upon liquidation and dividends. For example, the first item listed gets paid off first after creditors in the event of liquidation.

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Subject 2. Major Financial Statements
be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. <span>Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners. It reports ownership interests in order of preference upon liquidation and dividends. For example, the first item listed gets paid off first after creditors in the event of liquidation.<span><body><html>




Flashcard 1448665550092

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
[...] reports the amounts and sources of changes in equity from capital transactions with owners.

Answer
Statement of Changes in Owners' Equity


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Statement of Changes in Owners' Equity reports the amounts and sources of changes in equity from capital transactions with owners. Statement of Changes in Owners' Equity reports ownership interests in order of pre

Original toplevel document

Subject 2. Major Financial Statements
be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. <span>Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners. It reports ownership interests in order of preference upon liquidation and dividends. For example, the first item listed gets paid off first after creditors in the event of liquidation.<span><body><html>







Flashcard 1448667909388

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
[...] reports ownership interests in order of preference upon liquidation and dividends.
Answer

Statement of Changes in Owners' Equity

For example, the first item listed gets paid off first after creditors in the event of liquidation.


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Statement of Changes in Owners' Equity reports the amounts and sources of changes in equity from capital transactions with owners. Statement of Changes in Owners' Equity reports ownership interests in order of preference upon liquidation and dividends. For example, the first item listed gets paid off first after creditors in the event of liquidation.</s

Original toplevel document

Subject 2. Major Financial Statements
be used to evaluate the effects of major investment and financing decisions. The details of income statements, balance sheets and cash flow statements will be covered in Study Session 8. <span>Statement of Changes in Owners' Equity This statement reports the amounts and sources of changes in equity from capital transactions with owners. It reports ownership interests in order of preference upon liquidation and dividends. For example, the first item listed gets paid off first after creditors in the event of liquidation.<span><body><html>







#biochem
Th e bases, both purines and pyrimidines, are fl at and planar, so they can stack on top of one another. In addition, the atoms of the aromatic rings are very polariz- able, and many of the atoms have a partial charge. Th ese two factors make the combination of van der Waals and electrostatic interactions between stacked bases particularly strong. Th ese eff ects are known collectively as base-stacking interactions, and they provide the dominant contribution to stabilizing the dou- ble-helical conformation of nucleic acids.

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Flashcard 1448675249420

Question

To be, or not to be, that is the question:
Whether 'tis nobler in the mind to suffer
The slings and arrows of outrageous fortune,
Or to take Arms against a Sea of troubles,
And by opposing end them: to die, to sleep
No more; and by a sleep, to say we end
the heart-ache, and the thousand natural shocks
that Flesh is heir to? 'Tis a consummation
devoutly to be wished. To die, to sleep,
To sleep, perchance to Dream; aye, there's the rub,
for in that sleep of death, what dreams may come,
when we have shuffled off this mortal coil,
must give us pause. There's the respect
that makes Calamity of so long life:
For who would bear the Whips and Scorns of time,
the Oppressor's wrong, the proud man's Contumely, [F: poor]
the pangs of despised Love, the Law’s delay, [F: disprized]
the insolence of Office, and the spurns
that patient merit of the unworthy takes,
when he himself might his Quietus make
with a bare Bodkin? Who would Fardels bear, [F: these Fardels]
to grunt and sweat under a weary life,
but that the dread of something after death,
the undiscovered country, from whose bourn
no traveller returns, puzzles the will,
and makes us rather bear those ills we have,
than fly to others that we know not of.
Thus conscience does make cowards of us all,
and thus the native hue of Resolution
Is sicklied o'er, with the pale cast of Thought,
And enterprises of great pitch and moment, [F: pith]
with this regard their Currents turn awry, [F: away]
And lose the name of Action. Soft you now,
The fair Ophelia? Nymph, in thy Orisons
Be all my sins remember'd.[2]

First Quarto (1603) [ edit ]

Answer
[default - edit me]


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To be, or not to be - Wikipedia
) 2 Cultural impact 3 References 4 External links Text[edit] This version preserves most of the First Folio text with updated spelling and five common emendations introduced from the Second ("Good") Quarto (italicized). <span>To be, or not to be, that is the question: Whether 'tis nobler in the mind to suffer The slings and arrows of outrageous fortune, Or to take Arms against a Sea of troubles, And by opposing end them: to die, to sleep No more; and by a sleep, to say we end the heart-ache, and the thousand natural shocks that Flesh is heir to? 'Tis a consummation devoutly to be wished. To die, to sleep, To sleep, perchance to Dream; aye, there's the rub, for in that sleep of death, what dreams may come, when we have shuffled off this mortal coil, must give us pause. There's the respect that makes Calamity of so long life: For who would bear the Whips and Scorns of time, the Oppressor's wrong, the proud man's Contumely, [F: poor] the pangs of despised Love, the Law’s delay, [F: disprized] the insolence of Office, and the spurns that patient merit of the unworthy takes, when he himself might his Quietus make with a bare Bodkin? Who would Fardels bear, [F: these Fardels] to grunt and sweat under a weary life, but that the dread of something after death, the undiscovered country, from whose bourn no traveller returns, puzzles the will, and makes us rather bear those ills we have, than fly to others that we know not of. Thus conscience does make cowards of us all, and thus the native hue of Resolution Is sicklied o'er, with the pale cast of Thought, And enterprises of great pitch and moment, [F: pith] with this regard their Currents turn awry, [F: away] And lose the name of Action. Soft you now, The fair Ophelia? Nymph, in thy Orisons Be all my sins remember'd. [2] First Quarto (1603)[edit] Although the "First Quarto" (Q1) was the earliest edition of Hamlet in print it is considered a bad quarto (essentially, a theatrical knock-off) rather than a first or earli







Flashcard 1448677608716

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

Factors of production, the inputs to the production of goods and services, include:

  • [...], which in this context refers to any goods the business buys as inputs to its production process.

Answer
materials


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ontext refers to physical capital—such tangible goods as equipment, tools, and buildings. Capital goods are distinguished as inputs to production that are themselves produced goods; and materials, which in this context refers to <span>any goods the business buys as inputs to its production process.<span><body><html>

Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
ationships among the revenue variables presented in Exhibit 7. Exhibit 8. Total Revenue, Average Revenue, and Marginal Revenue for Exhibit 7 Data <span>3.1.2. Factors of Production Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases resources, or what are commonly known as the factors of production, in order to produce a product or service that will be offered for sale to consumers. Factors of production, the inputs to the production of goods and services, include: land, as in the site location of the business; labor, which consists of the inputs of skilled and unskilled workers as well as the inputs of firms’ managers; capital, which in this context refers to physical capital—such tangible goods as equipment, tools, and buildings. Capital goods are distinguished as inputs to production that are themselves produced goods; and materials, which in this context refers to any goods the business buys as inputs to its production process.1 For example, a business that produces solid wood office desks needs to acquire lumber and hardware accessories as raw materials and hire workers to construct and assemble the desks using power tools and equipment. The factors of production are the inputs to the firm’s process of producing and selling a product or service where the goal of the firm is to maximize profit by satisfying the demand of consumers. The types and quantities of resources or factors used in production, their respective prices, and how efficiently they are employed in the production process determine the cost component of the profit equation. Clearly, in order to produce output, the firm needs to employ factors of production. While firms may use many different types of labor, capital, raw materials, and land, an analyst may find it more convenient to limit attention to a more simplified process in which only the two factors, capital and labor, are employed. The relationship between the flow of output and the two factors of production is called the production function , and it is represented generally as: Equation (5)  Q = f (K, L) where Q is the quantity of output, K is capital, and L is labor. The inputs are subject to the constraint that K ≥ 0 and L ≥ 0. A more general production function is stated as: Equation (6)  Q = f (x 1 , x 2 , … x n ) where x i represents the quantity of the ith input subject to x i ≥ 0 for n number of different inputs. Exhibit 9illustrates the shape of a typical input–output relationship using labor (L) as the only variable input (all other input factors are held constant). The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3. Moreover, in Region 1 (L 0 – L 1 ), TP is increasing at an increasing rate, typically because specialization allows laborers to become increasingly productive. In Region 2, however, (L 1 – L 2 ), TP is increasing at a decreasing rate because capital is fixed, and labor experiences diminishing marginal returns. The firm would want to avoid Region 3 if at all possible because total product or quantity would be declining rather than increasing with additional input: There is so little capital per unit of labor that additional laborers would possibly “get in each other’s way”. Point A is where TP is maximized. Exhibit 9. A Firm’s Production Function EXAMPLE 3 Factors of Production A group of business investor







Flashcard 1448680754444

Tags
#3-1-profit-maximization #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

Overall, the functions of profit are as follows:

  • Spurs [...] and the [...]

Answer
innovation

development of new technology.


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sfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs <span>innovation and the development of new technology. Stimulates business investment and economic growth.<span><body><html>

Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) <span>3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a higher standard of living, and creates wealth for investors. Profit motivates businesses to use resources efficiently and to concentrate on activities in which they have a competitive advantage. Most economists believe that profit maximization promotes allocational efficiency—that resources flow into their highest valued uses. Overall, the functions of profit are as follows: Rewards entrepreneurs for risk taking when pursuing business ventures to satisfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs innovation and the development of new technology. Stimulates business investment and economic growth. There are three approaches to calculate the point of profit maximization. First, given that profit is the difference between total revenue and total costs, maximum profit occurs at the output level where this difference is the greatest. Second, maximum profit can also be calculated by comparing revenue and cost for each individual unit of output that is produced and sold. A business increases profit through greater sales as long as per-unit revenue exceeds per-unit cost on the next unit of output sold. Profit maximization takes place at the point where the last individual output unit breaks even. Beyond this point, total profit decreases because the per-unit cost is higher than the per-unit revenue from successive output units. A third approach compares the revenue generated by each resource unit with the cost of that unit. Profit contribution occurs when the revenue from an input unit exceeds its cost. The point of profit maximization is reached when resource units no longer contribute to profit. All three approaches yield the same profit-maximizing quantity of output. (These approaches will be explained in greater detail later.) Because profit is the difference between revenue and cost, an understanding of profit maximization requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. 3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pu







Flashcard 1448682065164

Tags
#3-1-profit-maximization #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

Overall, the functions of profit are as follows:

  • Rewards [...]for risk taking when pursuing business ventures to satisfy consumer demand.

Answer
entrepreneurs


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sfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs <span>innovation and the development of new technology. Stimulates business investment and economic growth.<span><body><html>

Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) <span>3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a higher standard of living, and creates wealth for investors. Profit motivates businesses to use resources efficiently and to concentrate on activities in which they have a competitive advantage. Most economists believe that profit maximization promotes allocational efficiency—that resources flow into their highest valued uses. Overall, the functions of profit are as follows: Rewards entrepreneurs for risk taking when pursuing business ventures to satisfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs innovation and the development of new technology. Stimulates business investment and economic growth. There are three approaches to calculate the point of profit maximization. First, given that profit is the difference between total revenue and total costs, maximum profit occurs at the output level where this difference is the greatest. Second, maximum profit can also be calculated by comparing revenue and cost for each individual unit of output that is produced and sold. A business increases profit through greater sales as long as per-unit revenue exceeds per-unit cost on the next unit of output sold. Profit maximization takes place at the point where the last individual output unit breaks even. Beyond this point, total profit decreases because the per-unit cost is higher than the per-unit revenue from successive output units. A third approach compares the revenue generated by each resource unit with the cost of that unit. Profit contribution occurs when the revenue from an input unit exceeds its cost. The point of profit maximization is reached when resource units no longer contribute to profit. All three approaches yield the same profit-maximizing quantity of output. (These approaches will be explained in greater detail later.) Because profit is the difference between revenue and cost, an understanding of profit maximization requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. 3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pu







Flashcard 1448683900172

Tags
#3-1-profit-maximization #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

Overall, the functions of profit are as follows:

  • Allocates resources to [...].

Answer
their most-efficient use


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sfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs <span>innovation and the development of new technology. Stimulates business investment and economic growth.<span><body><html>

Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) <span>3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a higher standard of living, and creates wealth for investors. Profit motivates businesses to use resources efficiently and to concentrate on activities in which they have a competitive advantage. Most economists believe that profit maximization promotes allocational efficiency—that resources flow into their highest valued uses. Overall, the functions of profit are as follows: Rewards entrepreneurs for risk taking when pursuing business ventures to satisfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs innovation and the development of new technology. Stimulates business investment and economic growth. There are three approaches to calculate the point of profit maximization. First, given that profit is the difference between total revenue and total costs, maximum profit occurs at the output level where this difference is the greatest. Second, maximum profit can also be calculated by comparing revenue and cost for each individual unit of output that is produced and sold. A business increases profit through greater sales as long as per-unit revenue exceeds per-unit cost on the next unit of output sold. Profit maximization takes place at the point where the last individual output unit breaks even. Beyond this point, total profit decreases because the per-unit cost is higher than the per-unit revenue from successive output units. A third approach compares the revenue generated by each resource unit with the cost of that unit. Profit contribution occurs when the revenue from an input unit exceeds its cost. The point of profit maximization is reached when resource units no longer contribute to profit. All three approaches yield the same profit-maximizing quantity of output. (These approaches will be explained in greater detail later.) Because profit is the difference between revenue and cost, an understanding of profit maximization requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. 3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pu







Flashcard 1448685735180

Tags
#3-1-profit-maximization #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

input factors flow from sectors with [...] to sectors with [...].

Answer
economic losses


economic profit


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sfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs <span>innovation and the development of new technology. Stimulates business investment and economic growth.<span><body><html>

Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) <span>3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a higher standard of living, and creates wealth for investors. Profit motivates businesses to use resources efficiently and to concentrate on activities in which they have a competitive advantage. Most economists believe that profit maximization promotes allocational efficiency—that resources flow into their highest valued uses. Overall, the functions of profit are as follows: Rewards entrepreneurs for risk taking when pursuing business ventures to satisfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs innovation and the development of new technology. Stimulates business investment and economic growth. There are three approaches to calculate the point of profit maximization. First, given that profit is the difference between total revenue and total costs, maximum profit occurs at the output level where this difference is the greatest. Second, maximum profit can also be calculated by comparing revenue and cost for each individual unit of output that is produced and sold. A business increases profit through greater sales as long as per-unit revenue exceeds per-unit cost on the next unit of output sold. Profit maximization takes place at the point where the last individual output unit breaks even. Beyond this point, total profit decreases because the per-unit cost is higher than the per-unit revenue from successive output units. A third approach compares the revenue generated by each resource unit with the cost of that unit. Profit contribution occurs when the revenue from an input unit exceeds its cost. The point of profit maximization is reached when resource units no longer contribute to profit. All three approaches yield the same profit-maximizing quantity of output. (These approaches will be explained in greater detail later.) Because profit is the difference between revenue and cost, an understanding of profit maximization requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. 3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pu







#charisma #myth
The next time you’re given a compliment, the following steps will help you skillfully handle the moment: 1. Stop. 2. Absorb the compliment. Enjoy it if you can. 3. Let that second of absorption show on your face. Show the person that they’ve had an impact. 4. Thank them. Saying “Thank you very much” is enough, but you can take it a step further by thanking them for their thoughtfulness or telling them that they’ve made your day

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#charisma #myth
Clinton is known to make everyone he’s speaking to feel as if they were the most important person in the room. How can you make people feel this way? First, think about how you would behave if you were indeed speaking to the most important person in the room.

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#charisma #myth
One great trick is to imagine that the person you’re speaking with is the main star in a movie you’re watching right now. This will help you find them more interesting, and there’s even a chance that you’ll make them feel like a movie star, too.

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#charisma #myth
Don’t try to impress people. Let them impress you, and they will love you for it. Believe it or not, you don’t need to sound smart. You just need to make them feel smart

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#charisma #myth
Whenever you can, choose to speak in pictures. You’ll have a much greater impact, and your message will be far more memorable.

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#charisma #myth
triage: helping those with the best chances of survival and ignoring the rest.

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#charisma #myth
When you tell someone, “No problem,” “Don’t worry,” or “Don’t hesitate to call,” for example, there’s a chance their brain will remember “problem,” “worry,” or “hesitate” instead of your desire to support them. To counter this negative effect, use phrases like “We’ll take care of it” or “Please feel free to call anytime.”

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#charisma #myth
henever people are asked to expend any of their scarce resources, you can bet that they are (at least subconsciously) measuring the return on their investment. You can deliver value to others in multiple ways: Entertainment: Make your e-mail or meeting enjoyable. Information: Give interesting or informative content that they can use. Good feelings: Find ways to make them feel important or good about themselves.

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#charisma #myth
In fact, aiming to deliver high value for low effort brings together all the points we’ve covered in this section. When you speak or write, use few words and lots of pictures, and strive to make your communications useful, enjoyable, and even entertaining

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#charisma #myth
ncreasing voice fluctuation means making your voice vary in any of the following ways: pitch (high or low), volume (loud or quiet), tone (resonant or hollow), tempo (fast or slow), or rhythm (fluid or staccato)

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#charisma #myth
You can gain great insights into your own voice fluctuation by practicing sentences with a tape recorder. Repeat a sentence several times with as wide a variation in emotions as you can. Try to say it with authority, with anger, with sorrow, with empathetic care and concern, with warmth, and with enthusiasm.

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#charisma #myth
If your goal is to communicate power, set the pitch, tone, volume, and tempo of your voice in the following ways: Pitch and tone: The lower, more resonant, and more baritone your voice, the more impact it will have. Volume: One of the first things an actor learns to do on stage is to project his voice, which means gaining the ability to modulate its volume and aim it in such a targeted way that specific portions of the audience can hear it, even from afar. One classic exercise to hone your projection skills is to imagine that your words are arrows. As you speak, aim them at different groups of listeners. Tempo: A slow, measured tempo with frequent pauses conveys confidence.

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#charisma #myth
The guidelines below will help you broadcast power through your voice. 1. Speak slowly. Visualize the contrast between a nervous, squeaky teenager speaking at high speed and the slow, emphatic tone of a judge delivering a verdict. 2. Pause. People who broadcast confidence often pause while speaking. They will pause for a second or two between sentences or even in the middle of a sentence. This conveys the feeling that they’re so confident in their power, they trust that people won’t interrupt. 3. Drop intonation. You know how a voice rises at the end of a question? Just reread the last sentence and hear your voice go up at the end. Now imagine an assertion: a judge saying “This case is closed.” Feel how the intonation of the word closed drops. Lowering the intonation of your voice at the end of a sentence broadcasts power. When you want to sound superconfident, you can even lower your intonation midsentence. 4. Check your breathing. Make sure you’re breathing deeply into your belly and inhale and exhale through your nose rather than your mouth. Breathing through your mouth can make you sound breathless and anxious.

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#charisma #myth
There’s only one thing you need to do in order to project more warmth in your voice: smile.

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#charisma #myth
What about cases in which you don’t necessarily want to smile? The good news is that you don’t need to actually smile: often, just thinking about smiling is enough to give your voice more warmth

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#charisma #myth
here’s an effective visual to simultaneously convey power and warmth. Imagine that you’re a preacher exhorting your congregation. Think of the rich, rolling, resonant voice of a preacher; he cares about his people (warmth), and, in addition, he feels he has the might of God behind him (power, authority, confidence)

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#bayes #programming #r #statistics
The posterior distribution also shows the uncertainty in that estimated slope, because the distribution shows the relative credibility of values across the continuum.

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#bayes #programming #r #statistics
One way to summarize the uncertainty is by marking the span of values that are most credible and cover 95% of the distribution. This is called the highest density inter val (HDI) and is marked by the black bar on the floor of the distribution in Figure 2.5.

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