# on 21-Dec-2017 (Thu)

#### Flashcard 1428211240204

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
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[...] exists when the highest price willingly paid by buyers is just equal to the lowest price willingly accepted by sellers.
Equilibrium

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a negatively sloped demand curve. The supply function represents sellers’ behavior and can be depicted (in its inverse supply form) as a positively sloped supply curve. The interaction of buyers and sellers in a market results in equilibrium. <span>Equilibrium exists when the highest price willingly paid by buyers is just equal to the lowest price willingly accepted by sellers.<span><body><html>

#### Original toplevel document

SUMMARY
ay’s global economy, an understanding of the demand and supply model is essential for any analyst who hopes to grasp the implications of economic developments on investment values. Among the points made are the following: <span>The basic model of markets is the demand and supply model. The demand function represents buyers’ behavior and can be depicted (in its inverse demand form) as a negatively sloped demand curve. The supply function represents sellers’ behavior and can be depicted (in its inverse supply form) as a positively sloped supply curve. The interaction of buyers and sellers in a market results in equilibrium. Equilibrium exists when the highest price willingly paid by buyers is just equal to the lowest price willingly accepted by sellers. Goods markets are the interactions of consumers as buyers and firms as sellers of goods and services produced by firms and bought by households. Factor markets are the i

#### Flashcard 1438653746444

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Question
Accounting net income also differs from [...], which is the cash inflow plus the change in the market value of the company.
economic income

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Accounting net income also differs from economic income, which is the cash inflow plus the change in the market value of the company.

#### Original toplevel document

3. BASIC PRINCIPLES OF CAPITAL BUDGETING
as accounting depreciation. Furthermore, to reflect the cost of debt financing, interest expenses are also subtracted from accounting net income. (No subtraction is made for the cost of equity financing in arriving at accounting net income.) <span>Accounting net income also differs from economic income, which is the cash inflow plus the change in the market value of the company. Economic income does not subtract the cost of debt financing, and it is based on the changes in the market value of the company, not changes in its book value (accounting depreciation

#### Flashcard 1473827966220

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Minority interests and reserves that represent accumulated other comprehensive income items are included in [...] part of the balance sheet.
equity

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non-controlling or minority interests and reserves that represent accumulated other comprehensive income items are included in equity.

#### Original toplevel document

3.1.3. Statement of Changes in Equity
estment in the business over time. The basic components of owners’ equity are paid-in capital and retained earnings. Retained earnings include the cumulative amount of the company’s profits that have been retained in the company. In addition, <span>non-controlling or minority interests and reserves that represent accumulated other comprehensive income items are included in equity. The latter items may be shown separately or included in retained earnings. Volkswagen includes reserves as components of retained earnings. The statement of changes in equi

#### Flashcard 1474184744204

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In most cases, information from [...] is crucial to an analyst’s effectiveness.
sources apart from the company

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In most cases, information from sources apart from the company is crucial to an analyst’s effectiveness.

#### Original toplevel document

3.2. Other Sources of Information
, the industry, the company, and peer (comparable) companies. Information on the economy, industry, and peer companies is useful in putting the company’s financial performance and position in perspective and in assessing the company’s future. <span>In most cases, information from sources apart from the company is crucial to an analyst’s effectiveness. For example, an analyst studying a consumer-oriented company will typically seek direct experience with the products (taste the food or drink, use the shampoo or soap, visit the stores

#### Flashcard 1474315554060

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Prior to undertaking any analysis, it is essential to understand the [...]
purpose of the analysis.

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Prior to undertaking any analysis, it is essential to understand the purpose of the analysis.

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4.1. Articulate the Purpose and Context of Analysis
Prior to undertaking any analysis, it is essential to understand the purpose of the analysis. An understanding of the purpose is particularly important in financial statement analysis because of the numerous available techniques and the substantial amount of data. S

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[...] are assets that are expected to benefit the company over an extended period of time (usually more than one year).

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Non-current assets are assets that are expected to benefit the company over an extended period of time (usually more than one year).

#### Original toplevel document

3.1. Financial Statement Elements and Accounts
t ventures and associates. Current assets: Inventories; Trade and other receivables; Cash and cash equivalents. <span>Non-current assets are assets that are expected to benefit the company over an extended period of time (usually more than one year). For Tesco, these include the following: intangible assets, such as goodwill;3 property, plant, and equipment used in operations (e.g., land and buildings); other property held for inves

#### Flashcard 1478409981196

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Revenue generally refers to amounts charged (and expected to be received) for the delivery of goods or services in the [...] of a business.
ordinary activities

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Revenue generally refers to amounts charged (and expected to be received) for the delivery of goods or services in the ordinary activities of a business.

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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
On the top line of the income statement, companies typically report revenue. Revenue generally refers to amounts charged (and expected to be received) for the delivery of goods or services in the ordinary activities of a business. The term net revenue means that the revenue number is reported after adjustments (e.g., for cash or volume discounts, or for estimated returns). Revenue may be called sales or turnover

#### Flashcard 1478475779340

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For [...] companies, gross profit is a relevant item
manufacturing and merchandising

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For manufacturing and merchandising companies, gross profit is a relevant item

#### Original toplevel document

2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
gross profit subtotal, it is said to use a multi-step format rather than a single-step format . The Kraft Foods income statement is an example of the multi-step format, whereas the Groupe Danone income statement is in a single-step format. <span>For manufacturing and merchandising companies, gross profit is a relevant item and is calculated as revenue minus the cost of the goods that were sold. For service companies, gross profit is calculated as revenue minus the cost of services that were provided. In s

#### Flashcard 1478503304460

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Operating profit is sometimes referred to as [...]
EBIT (earnings before interest and taxes).

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Operating profit is sometimes referred to as EBIT (earnings before interest and taxes).

#### Original toplevel document

2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
segment level. The specific calculations of gross profit and operating profit may vary by company, and a reader of financial statements can consult the notes to the statements to identify significant variations across companies. <span>Operating profit is sometimes referred to as EBIT (earnings before interest and taxes). However, operating profit and EBIT are not necessarily the same. Note that in both Exhibits 1 and 2, interest and taxes do not represent the only differences between earnings (net incom

#### Flashcard 1479942737164

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Under both IFRS and US GAAP, if a loss is expected on the contract, the loss is [...], regardless of the method used.
reported immediately, not upon completion of the contract

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Under both IFRS and US GAAP, if a loss is expected on the contract, the loss is reported immediately, not upon completion of the contract, regardless of the method used.

#### Original toplevel document

3.2.1. Long-Term Contracts
ing with the periods in which work is performed, the percentage-of-completion method is the preferred method of revenue recognition for long-term contracts and is required when the outcome can be measured reliably under both IFRS and US GAAP. <span>Under both IFRS and US GAAP, if a loss is expected on the contract, the loss is reported immediately, not upon completion of the contract, regardless of the method used (e.g., percentage-of-completion or completed contract). <span><body><html>

#### Flashcard 1480029244684

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How is it called when a company spreads the cost of the expenditure (the fixed cost) over the useful life of the asset?
To capitalize an expense

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If an expense is a capital expenditure, it needs to be capitalized. This requires the company to spread the cost of the expenditure (the fixed cost) over the useful life of the asset.

#### Original toplevel document

Capital Expenditure (CAPEX) Definition | Investopedia
companies to maintain or increase the scope of their operations. These expenditures can include everything from repairing a roof to building, to purchasing a piece of equipment, or building a brand new factory. <span>BREAKING DOWN 'Capital Expenditure (CAPEX)' In terms of accounting, an expense is considered to be a capital expenditure when the asset is a newly purchased capital asset or an investment that improves the useful life of an existing capital asset. If an expense is a capital expenditure, it needs to be capitalized. This requires the company to spread the cost of the expenditure (the fixed cost) over the useful life of the asset. If, however, the expense is one that maintains the asset at its current condition, the cost is deducted fully in the year of the expense. The amount of capital expenditures a company is likely to have depends on the industry it occupies. Some of the most capital intensive industries have the highest levels of capital ex

#### Flashcard 1598462233868

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#cfa-level-1 #financial-reporting-and-analysis #non-recurring-non-operating-items #understanding-income-statement
Question
The goal of analyzing an income statement is to derive an effective indicator to [...]
predict future earnings and cash flows

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The goal of analyzing an income statement is to derive an effective indicator to predict future earnings and cash flows

#### Original toplevel document

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 inc

#### Flashcard 1603149892876

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Current liabilities are typically paid from current assets or [...]
by incurring new short-term liabilities.

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Subject 2. Measurement Bases of Assets and Liabilities
whichever is longer. Typical examples are pre-paid rent, advertising, taxes, insurance policies, and office or operating supplies. They are reported at the amount of un-expired or unconsumed cost. Current Liabilities <span>Current liabilities are typically paid from current assets or by incurring new short-term liabilities. They are not reported in any consistent order. A typical order is: accounts payable, notes payable, accrued items (e.g., accrued warranty costs, compensation and benefits), income taxes

#### Flashcard 1611242802444

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Que significa CRAMT?

Contributed capital.

Retained earnings.

Accumulated comprehensive income.

Minority interest.

​​​​​​​Treasury stock.

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Equity
Equity is a residual value of assets which the owner has claim to after satisfying other claims on the assets (liabilities). There are five potential components that comprise the owner's equity section of the balance sheet: <span>Contributed capital. The amount of money which has been invested in the business by the owners. This includes preferred stocks and common stocks. Common stock is recorded at par value with the remaining amo

#### Flashcard 1621370211596

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#tvm
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r = Real risk-free interest rate + Inflation premium + [...] + Liquidity premium + Maturity premium

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#### Flashcard 1622018231564

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#tvm
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the present value factor formula (2)
$$PV =FV_n {1 \over (1+r)^n}$$

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#### Flashcard 1622734933260

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#tvm
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Growth rate formula
g = (FVN / PV)1/N – 1

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#### Flashcard 1622928395532

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#discounted-cashflow-applications
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The [...] is the discount rate that makes net present value equal to zero.

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#discounted-cashflow-applications
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The IRR rate is “internal” because it [...] .
depends only on the cash flows of the investment; no external data are needed

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#### Flashcard 1623562259724

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#discounted-cashflow-applications
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The NPV of an investment represents the [...] from an investment.

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#### Flashcard 1623564094732

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#discounted-cashflow-applications
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We take the [...] to be a basic financial objective of a company.

maximization of shareholder wealth

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#### Flashcard 1625074044172

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A key assumption of the future value formula is that [...] .
interim interest earned is reinvested at the given interest rate (r)

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subject 3. The Future Value and Present Value of a Single Cash Flow
make a single investment today, its future value, received N years from now, is as follows: FV = future value at time n PV = present value r = interest rate per period N = number of years <span>A key assumption of the future value formula is that interim interest earned is reinvested at the given interest rate (r). This is known as compounding. In order to receive a single future cash flow N years from now, you must make an investment today in the following amount:

#### Flashcard 1625078762764

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For investments that pay interest more than once a year you should make sure that [...] correspond to the [...]
periodic interest rates

number of compounding periods in the year.

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subject 3. The Future Value and Present Value of a Single Cash Flow
ulator keys to press are: If you are given the FV and need to solve for PV, the calculator keys to press are: When compounding periods are not annual <span>Some investments pay interest more than once a year. When you calculate these amounts, make sure that periodic interest rates correspond to the number of compounding periods in the year. For example, if time periods are quoted in quarters, quarterly interest rates should be used. When compounding periods are other than annual &#13

#### Flashcard 1625115987212

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Future value of a regular annuity

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Subject 4. The Future Value and Present Value of a Series of Equal Cash Flows (Ordinary Annuities, Annuity Dues, and Perpetuities)
ity is a finite set of sequential cash flows, all with the same value. Ordinary annuity has a first cash flow that occurs one period from now (indexed at t = 1). In other words, the payments occur at the end of each period. <span>Future value of a regular annuity where A = annuity amount N = number of regular annuity payments r = interest rate per period Present valu

#### Flashcard 1634018135308

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Convert the equivalent annual yield of an annual-pay bond to a bond-equivalent yield.

BEY of an Annual-Pay Bond = [...]

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Subject 5. Bond Equivalent Yield
cannot be compared directly without conversion. This conversion can be done in one of the two ways: Convert the bond-equivalent yield of a semi-annual-pay bond to an annual-pay bond. <span>Convert the equivalent annual yield of an annual-pay bond to a bond-equivalent yield. Example A Eurobond pays coupon annually. It has an annual-pay YTM of 8%. A U.S. corporate bond pays coupon semi-annually. It has a bond e

#### Flashcard 1635154791692

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#statistical-concepts-and-market-returns
Question

The [...] , ¯¯¯X (read “X-bar”), is the arithmetic mean value of a sample

sample mean or average

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#### Flashcard 1635170258188

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How do you estimate a parameter?
They are usually estimated by statistics computed in samples.

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Subject 1. The Nature of Statistics
mple are called statistics. A parameter is a numerical quantity measuring some aspect of a population of scores. The mean, for example, is a measure of central tendency. Greek letters are used to designate parameters. <span>Parameters are rarely known and are usually estimated by statistics computed in samples. Populations can have many parameters, but investment analysts are usually only concerned with a few, such as the mean return or the standard deviation of returns.

#### Flashcard 1635404352780

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Variables measured on a nominal scale are often referred to as [...] variables.
categorical or qualitative

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Subject 2. Measurement Scales
ample is portfolio managers categorized as value or growth style will have a scale of 1 for value and 2 for growth. Frequency distributions are usually used to analyze data measured on a nominal scale. The main statistic computed is the mode. <span>Variables measured on a nominal scale are often referred to as categorical or qualitative variables. Ordinal Scale Measurements on an ordinal scale are categorized. The various measurements are then ranked in their categories. Measurements with ordinal sc

#### Flashcard 1635426110732

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In an interval Scale, scale values can be [...] and [...] from each other.

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Subject 2. Measurement Scales
rating scale in the example was arbitrarily chosen to be 1. It could just as well have been 0 or -5. Interval Scale Interval scales rank measurements and ensure that the intervals between the rankings are equal. <span>Scale values can be added and subtracted from each other. For example, if anxiety was measured on an interval scale, a difference between a score of 10 and a score of 11 would represent the same difference in anxiety as the diffe

#### Flashcard 1636258155788

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Data can be divided into two types: [...] and [...]
discrete

continuous.

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Subject 3. Frequency Distributions
t be mutually exclusive and of equal size. Add up the number of observations and assign each observation to its class. Count the number of observations in each class. This is called the class frequency. <span>Data can be divided into two types: discrete and continuous. Discrete: The values in the data set can be counted. There are distinct spaces between the values, such as the number of children in a family or the number of shares compris

#### Flashcard 1636469705996

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In a histogram the [...] are shown on the vertical (y) axis
class frequencies

(by the heights of bars drawn next to each other).

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Subject 3. Frequency Distributions
al places. There are two methods that graphically represent continuous data: histograms and frequency polygons. 1. A histogram is a bar chart that displays a frequency distribution. It is constructed as follows: <span>The class frequencies are shown on the vertical (y) axis (by the heights of bars drawn next to each other). The classes (intervals) are shown on the horizontal (x) axis. There is no space between the bars. From a histogram, we can see quickly where most of the observa

#### Flashcard 1637202922764

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The probability of an event not conditioned on another event is called an [...]
unconditional probability

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#### Flashcard 1641045167372

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To choose the width of the intervals, how should we start?
Starting small and going up

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#### Flashcard 1641113324812

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Cual es la condicion de la media geometrica?
Ningun valor puede ser negativo

Xi ≥ 0 for i=1,2,…,n.

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#### Flashcard 1644427087116

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To calculate a sample target semivariance, what is the first step?

we specify the target as a first step.

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#### Flashcard 1644430757132

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When return distributions are symmetric, semivariance and variance are [...]

effectively equivalent.

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#### Flashcard 1644460903692

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When the observations are returns the coefficient of variation measures the amount of [...]

risk (standard deviation) per unit of mean return.

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#### Flashcard 1644910742796

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Given odds against E of “a to b,” the implied probability of E is [...]
b/(a + b).

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#### Flashcard 1652333612300

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$$n!\over n1!n2!…nk!$$ is called [...]

Multinomial Formula

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Open it
Multinomial Formula (General Formula for Labeling Problems). The number of ways that n objects can be labeled with kdifferent labels, with n 1 of the first type, n 2 of the second type, and so on, with n

#### Flashcard 1652346981644

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A [...] describes the number of ways that we can choose r objects from a total of n objects, where the order in which the r objects is listed does not matter
combination

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A combination is a listing in which the order of listing does not matter. This describes the number of ways that we can choose r objects from a total of n objects, where the order in which the r objects is listed does not matter (The combination formula, or the binomial formula):

#### Original toplevel document

Subject 10. Principles of Counting
nlike the multiplication rule, factorial involves only a single group. It involves arranging items within a group, and the order of the arrangement does matter. The arrangement of ABCDE is different from the arrangement of ACBDE. <span>A combination is a listing in which the order of listing does not matter. This describes the number of ways that we can choose r objects from a total of n objects, where the order in which the r objects is listed does not matter (The combination formula, or the binomial formula): For example, if you select two of the ten stocks you are analyzing, how many ways can you select the stocks? 10! / [(10 - 2)! x 2!] = 45. &

#### Flashcard 1708451040524

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Who is more risk averse, Managers or Shareholders?
Managers,

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#### Flashcard 1708465458444

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How do shareholders maintaint their power over a company?
Electing the board members and voting.

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#### Annotation 1717039664396

The 10 Best Articles on Language Learning That I've Ever Read (and Why) - Part 1 • LinguaCore

#### Annotation 1717043072268

#has-images
“We'll pass that along as soon as we have it.” [imagelink]

A client asks you for some research information about the results of your company's product. You don't have the research, but you will send it to your client when you get it. You tell them this.

We'll pass that along as soon as we have it.

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### pass (some information) along

"Passing something along" means passing something from one person to the next person in a line. People often use this phrase to talk about information: one person gets some information, then tells someone else.

For example:

We're expected to have an answer later this week. When we hear, we'll pass it along to you.

Just tell Jun and have him pass it along to everyone.

### (do something) as soon as (something happens)

The phrase "as soon as" expresses something that happens immediately after something else:

He called as soon as he heard the news.

I went straight to sleep as soon as I got home.

Another way of expressing a similar idea is "when":

I'll start dinner when I finish writing this e-mail.

But you use "as soon as" to emphasize that you're doing it as quickly as you can. So this phrase is useful in situations where you're making an excuse for being late.

#### Annotation 1717048053004

#has-images
“I need to work on my posture.” [imagelink]

Your back hurts. You usually sit a little hunched over, with your shoulders forward and your back bent. You don't think that's healthy, so you think this to yourself.

I need to work on my posture.

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### work on (something)

People "work on" things that they want to change about themselves, like skills that they'd like to improve or bad habits that they'd like to get rid of. "Working on" these things means improving them.

Here are some common things that people "work on":

work on your technique (for a skill like sports or music)

You can use "work on ___" in either spoken or written English.

### (one's) posture

Your "posture" is the way that you stand, walk, and sit.

When a person sits, stands, and walks with a straight back, people say that this person "has good posture". When someone's back is usually "hunched over" (bent or curved), we say that they "have bad posture".

#### Annotation 1717053033740

#has-images
“I ran into someone I haven't seen in years.” [imagelink]

Earlier in the day, you saw someone that you used to know but haven't seen for several years & were surprised. You say this when you tell your sister about it later.

I ran into someone I haven't seen in years.

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### I haven't seen (someone) in years

Talk about seeing someone for the first time in a long time with the phrase "I haven't seen ___ in ___":

I haven't seen you in over a year!

You use "in years" when you can't remember how long it's been since you saw them, but you know it was more than one or two years.

You can use this phrase when talking to anyone - it's not especially casual or formal.

### run into (someone)

This means to unexpectedly meet someone you know or know about. For example:

I ran into a few former coworkers there. That was a nice surprise.

You'll never believe who I ran into at the supermarket: Leonardo DiCaprio!

A common place to "run into" someone is "on the street":

I can't believe I just ran into you on the street like that. What a coincidence!

That means outside in a public place, like on a sidewalk.

#### Annotation 1717058014476

#has-images

You're on an airplane that's about to take off. There's a video explaining what to do in different emergency situations. The video is showing how to use an oxygen mask. The speaker on the video says this.

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### assist (someone) with (something)

The word "assist" means "help" but is more formal. Use it with customers and other people that you need to speak to respectfully:

How can I assist you?

Can you assist this gentleman with his question?

### secure (something)

To "secure" something means to keep something safe by making sure that it doesn't move, fall, slip, etc.

You can "secure" something by tying it, strapping it in, locking it, and so on. For example:

Make sure to secure the straps on your harness.

After you're finished, replace the cover and secure the bottom screws.

You can also use "secure" to mean "protect" in a wider range of situations:

They feel that the country should be making more of an effort to secure its southern border.

### others

"Others" is a formal way to say "other people":

Kids who go to preschool learn to play well with others.

#### Annotation 1717062995212

#has-images
“Hey man, you're preaching to the choir. ” [imagelink]

You're having lunch with a friend. He's complaining about how the government hasn't done enough to prevent global warming. He's expressing his opinions really strongly, like he's trying to convince you, but you already agree with his opinions.

Hey man, you're preaching to the choir.

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### Hey man.

Use the expression "Hey man" at the beginning of a sentence for a few different purposes:

• to greet someone:

A: Hey man.

B: Hey man. What's up?

• to get someone's attention:

Hey man, are you finished with that?

• to correct someone's understanding of what you're thinking:

Hey man, I didn't mean to offend you. I apologize for saying that.

"Hey man" is mostly used by men when talking to other men.

### (someone) is preaching to the choir

"Preaching to the choir" is an idiom which means sharing your ideas with people who already agree with those ideas. It is considered to be a bit of a waste of time.

You can imagine that this phrase comes from the idea of a minister preaching to a church choir (which is a group of singers). Since the people in the church choir are already involved in the church, they probably already agree with what the preacher is saying.

When someone tries hard to convince you of something that you already believe, you can tell them that you already agree by saying "You're preaching to the choir."

#### Annotation 1717067975948

#has-images

You're about to drive somewhere with your kids. You want to make sure they have their seat belts on before you go anywhere. You ask them this.

All buckled up?

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### (someone is) buckled up

A "buckle" is the part of a belt where you attach the two ends to each other. The belts people wear on their pants have buckles. So do some shoes, straps for handbags and luggage, and seatbelts.

The buckle on a seatbelt gives us the phrase "buckled up", which means having your seatbelt closed and attached.

When you ask "All ___?" it means "Are you completely ___?" For example, if you're getting ready to leave home for a vacation, you can ask your family:

All set?

If it's a cold day and you've put an extra blanket on your daughter's bed, you can ask:

All warm and comfy?

This phrase sounds really positive and comforting.

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“Don't you dare talk to me like that!” [imagelink]

You're in a big argument with your boyfriend. He called you a bad word. You can't believe he said that to you, so you're extremely angry. This is your response.

Don't you dare talk to me like that!

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### Don't you dare!

"Don't you dare!" is an expression that communicates a warning to someone. It's a way of saying "If you do that I will be extremely angry!" Say it in situations like these:

• Your children try to disobey you.
• You're in an angry argument with someone who's trying to blame you for something that's not your fault.

You can also include the action that you don't want someone to do:

Don't you dare talk to me like that!

Don't you dare leave without cleaning up this mess, young man.

"Don't you dare" is usually said very angrily or strictly, so be careful about when you use "Don't you dare!" However, there are some situations where people use it without any sense of anger. In TV commercials, you might hear something like:

Don't you dare miss this sale!

### talk to (someone) like that

Talking to someone "like that" usually means speaking:

• rudely
• very directly
• angrily

For example:

I'm her mother! What makes her think that she can talk to me like that?

Don't talk to me like that.

It's very rare to describe someone speaking politely and pleasantly as "like that".

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A baseball player on your favorite team was caught using drugs to improve his performance. You just saw the news about it on TV. You're disappointed. You think this to yourself.

That's a real letdown.

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### (something) is a real (something)

You use "very" and "really" with adjectives like this:

That's very dangerous. You shouldn't be doing that.

He's a really nice guy.

But you can't use "very" to modify nouns. Instead, you can use "a real ___":

You're a real pain in the neck, you know?

Angelo is a real pleasure to work with.

### (something) is a letdown.

When you had high expectations for something, but it disappointed you, you can say "That's a letdown."

A "letdown" is something that's disappointing. for example:

Is it just me, or was that a bit of a letdown?

The phrase "That's a letdown" is pretty specific, though. You say it when something has just disappointed you, and you're feeling a little sad.

For example, you might say this if you read in the newspaper that your favorite bookstore is shutting down, or if your daughter tells you that she didn't get into the college that she applied for.

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You work in the accounting department of a company. Your company has hired someone new (Jared) who will be doing some of the work that you used to do. You write an announcement to all of the other employees and explain which questions they should ask Jared.

Please refer any payroll-related questions to Jared going forward.

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• for very important requests
• when you are angry at someone and don't want to be too friendly with them
• when you're writing to someone who you don't know
• when you're writing or making an announcement to a group of people

For a friendlier, but still very polite, way to make a request, you can write:

If you could get back to me by the end of the day, that would be appreciated.

### refer (a question) to (someone)

This formal phrase is used in business communication. "Referring" a question to someone means asking that person the question.

For example:

Please refer any questions you may have to J. Martin Forrester, Public Relations Director.

### (something)-related questions

The phrase "___-related questions" means "questions about ___". This is a formal phrase.

### (do something) going forward

"Going forward" means "from now on" or "starting now and continuing permanently".

This phrase is used mostly in business settings.

It's useful because the phrase "from now on" sounds critical and aggressive. People say "from now on

...

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#has-images

One of the students at your English language school is moving back to his home country. Some of the students contributed to buy him a gift. On the card for the gift, you want to write a nice, friendly message. You write this.

Keep in touch!

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### Keep in touch!

"Keep in touch" is a common phrase to use when you're permanently saying goodbye to someone, like when you:

• leave a job