# on 22-May-2017 (Mon)

#### Flashcard 1429115112716

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#sister-miriam-joseph #trivium
Question
Understanding is the [...]. (For example, of contradictory statements, one must be true, the other false.)
intuitive grasp of first principles

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Understanding is the intuitive grasp of first principles. (For example, of contradictory statements, one must be true, the other false.)

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#### Flashcard 1429226786060

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
In a perfectly competitive market (wheat market), at the current market price of wheat, if a farmer could helds out for a price above market price, he would not be able to sell any at all because all other farmers’ wheat is a perfect substitute for his, so no one would be willing to buy any of his at a higher price.

In this case, we would say that the demand curve facing a perfectly competitive seller is [...]

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e to sell any at all because all other farmers’ wheat is a perfect substitute for hers, so no one would be willing to buy any of hers at a higher price. In this case, we would say that the demand curve facing a perfectly competitive seller is <span>perfectly elastic .<span><body><html>

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4.1. Own-Price Elasticity of Demand
Perhaps an individual’s demand for, say, mustard might obey this description. Obviously, in that price range, quantity demanded is not at all sensitive to price and we would say that demand is perfectly inelastic in that range. <span>In the second case, the demand is horizontal at some price. Clearly, for an individual consumer, this situation could not occur because it implies that at even an infinitesimally higher price the consumer would buy nothing, whereas at that particular price, the consumer would buy an indeterminately large amount. This situation is not at all an unreasonable description of the demand curve facing a single seller in a perfectly competitive market, such as the wheat market. At the current market price of wheat, an individual farmer could sell all she has. If, however, she held out for a price above market price, it is reasonable that she would not be able to sell any at all because all other farmers’ wheat is a perfect substitute for hers, so no one would be willing to buy any of hers at a higher price. In this case, we would say that the demand curve facing a perfectly competitive seller is perfectly elastic . Exhibit 21. The Extremes of Price Elasticity Own-price elasticity of demand is our measure of how sensitive the quantity demanded is to c

#### Flashcard 1438376135948

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Question
The firm's capital budget and [...] must be determined simultaneously to best allocate the firm's capital.

cost of capital

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hen 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 <span>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 p

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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 1447240797452

Tags
#sister-miriam-joseph #trivium
Question
A proper name or an empirical description must symbolize an [...] or an [...] existing in fact (past or present) or in fiction
individual

aggregate

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A proper name or an empirical description must symbolize an individual or an aggregate existing in fact (past or present) or in fiction (wherein are characters, places, etc. created by the imagination). Otherwise, it is devoid of meaning, as are the presen

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#### Flashcard 1451415178508

Tags
#cfa-level-1 #factors-that-determine-market-structures #microeconomics #porter-5-forces #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4
Question
PORTER’S FIVE FORCES

• [...]

• Power of suppliers;
• Threat of substitutes;

• [...]

Threat of entry;

Rivalry among existing competitors.

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usiness 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; <span>Power of suppliers; Power of buyers (customers); Threat of substitutes; and Rivalry among existing competitors. It is easy to note the p

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2. ANALYSIS OF MARKET STRUCTURES

#### Flashcard 1478093835532

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Question
Journal entries—recorded in journals—are dated, show the [...], and the amounts.
accounts affected

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Journal entries—recorded in journals—are dated, show the accounts affected, and the amounts. If necessary, the entry will include an explanation of the transaction and documented authorization to record the entry. As the initial step in converting business tra

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ved and the corresponding liability to deliver newsletters) and, subsequently, 12 future adjusting entries, the first one of which was illustrated as Transaction 12. Each adjusting entry reduces the liability and records revenue. <span>In practice, a large amount of unearned revenue may cause some concern about a company’s ability to deliver on this future commitment. Conversely, a positive aspect is that increases in unearned revenue are an indicator of future revenues. For example, a large liability on the balance sheet of an airline relates to cash received for future airline travel. Revenue will be recognized as the travel occurs, so an increase in this liability is an indicator of future increases in revenue. <span><body><html>

#### Flashcard 1598465379596

Tags
#cfa-level-1 #financial-reporting-and-analysis #non-recurring-non-operating-items #understanding-income-statement
Question
Does Net income include only recurring items?
Fuck no

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Net income includes the impact of non-recurring items, which are transitory or random in nature.

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Subject 6. Non-Recurring Items and Non-Operating Items
The goal of analyzing an income statement is to derive an effective indicator to predict future earnings and cash flows. Net income includes the impact of non-recurring items, which are transitory or random in nature. Therefore, net income is not the best indicator of future income. Recurring pre-tax income from continuing operations represents the company's sustainable income and therefore should be

#### Flashcard 1604202663180

Question

Strings can also be created using the String global object directly:

 [...]
String(" ");

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String - JavaScript | MDN
or for strings, or a sequence of characters. SyntaxEdit String literals take the forms: 'string text' "string text" "中文 español deutsch English हिन्दी العربية português বাংলা русский 日本語 ਪੰਜਾਬੀ 한국어 தமிழ் עברית" <span>Strings can also be created using the String global object directly: String(thing) Parameters thing Anything to be converted to a string. Template literals Starting with ECMAScript 2015, string literals can also be so-called Template literals: hello wo

Question

### What can be converted to a string?

Any value putted between qoutes

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String - JavaScript | MDN
s: 'string text' "string text" "中文 español deutsch English हिन्दी العربية português বাংলা русский 日本語 ਪੰਜਾਬੀ 한국어 தமிழ் עברית" Strings can also be created using the String global object directly: String(thing) <span>Parameters thing Anything to be converted to a string. Template literals Starting with ECMAScript 2015, string literals can also be so-called Template literals: hello world hello! world! hello \${who} escape <span><a

#### Flashcard 1609586576652

Question
Craig [...] (born December 6, 1952) is an American Internet entrepreneur best known for being the founder of the San Francisco-based international website Craigslist .