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Flashcard 1425590848780

Tags
#cfa-level #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Macroeconomics deals with [...]
Answer
aggregate economic quantities,


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Macroeconomics deals with aggregate economic quantities, such as national output and national income.

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1. INTRODUCTION
In a general sense, economics is the study of production, distribution, and consumption and can be divided into two broad areas of study: macroeconomics and microeconomics. Macroeconomics deals with aggregate economic quantities, such as national output and national income. Macroeconomics has its roots in microeconomics , which deals with markets and decision making of individual economic units, including consumers and businesses. Microeconomics is a logi







Flashcard 1428230114572

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
When something other than price changes, the demand curve or the supply curve will [...]. This is referred to as [...] , as opposed to [...]
Answer
shift relative to the other curve

a change in demand or supply

quantity demanded


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When something other than price changes, the demand curve or the supply curve will shift relative to the other curve. This shift is referred to as a change in demand or supply, as opposed to quantity demanded or quantity supplied. A new equilibrium generally will be obtained at a different price and a

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SUMMARY
s and households as sellers of land, labor, capital, and entrepreneurial risk-taking ability. Capital markets are used by firms to sell debt or equity to raise long-term capital to finance the production of goods and services. <span>Demand and supply curves are drawn on the assumption that everything except the price of the good itself is held constant (an assumption known as ceteris paribus or “holding all other things constant”). When something other than price changes, the demand curve or the supply curve will shift relative to the other curve. This shift is referred to as a change in demand or supply, as opposed to quantity demanded or quantity supplied. A new equilibrium generally will be obtained at a different price and a different quantity than before. The market mechanism is the ability of prices to adjust to eliminate any excess demand or supply resulting from a shift in one or the other curve. If, at a given price, the quantity demanded exceeds the quantity supplied, there is excess demand and price will rise. If, at a given price, the quantity supplied exceed







Flashcard 1430362656012

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
A spillover cost (e.g., pollution) is called a [...]


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An externality is a case in which production costs or the consumption benefits of a good or service spill over onto those who are not producing or consuming the good or service; a spillover cost (e.g., pollution) is called a negative externality , a spillover benefit (e.g., literacy programs) is called a positive externality .)<html>

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3.12. Markets Maximize Society’s Total Surplus
of a good. Hence, it is society’s marginal value curve for that good. Additionally, the market supply curve represents the marginal cost to society to produce each additional unit of that good, assuming no positive or negative externalities. (<span>An externality is a case in which production costs or the consumption benefits of a good or service spill over onto those who are not producing or consuming the good or service; a spillover cost (e.g., pollution) is called a negative externality , a spillover benefit (e.g., literacy programs) is called a positive externality .) At equilibrium, where demand and supply curves intersect, the highest price that someone is willing to pay is just equal to the lowest price that a seller is willing to acc







Flashcard 1431536798988

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Question
Armed with the assumptions of [...], [...] , and [...] , we ask whether there might be a way for a given consumer to represent his own preferences in a consistent manner.
Answer
completeness

transitivity

non-satiation


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Armed with the assumptions of completeness, transitivity, and non-satiation, we ask whether there might be a way for a given consumer to represent his own preferences in a consistent manner.

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
ifferent between the two. If she complies with this assumption, she must be able to compare these two baskets of goods. 3.2. Representing the Preference of a Consumer: The Utility Function <span>Armed with the assumptions of completeness, transitivity, and non-satiation, we ask whether there might be a way for a given consumer to represent his own preferences in a consistent manner. Let us consider presenting him with all possible bundles of all the possible goods and services he could consider. Now suppose we give him paper and pencil and ask him to assign a number to each of the bundles. (The assumption of completeness ensures that he, in fact, could do that.) All he must do is write a number on a paper and lay it on each of the bundles. The only restrictions are these: Comparing any two bundles, if he prefers one to the other, he must assign a higher number to the bundle he prefers. And if he is indifferent between them, he must assign the same number to both. Other than that, he is free to begin with any number he wants for the first bundle he considers. In this way, he is simply ordering the bundles according to his preferences over them. Of course, each of these possible bundles has a specific quantity of each of the goods and services. So, we have two sets of numbers. One set consists of the pieces of pape







Flashcard 1431576120588

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Question
[...] rankings are weaker measures than [...] rankings
Answer
Ordinal

cardinal


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e same ranking, then the new set of numbers would be just as useful a utility function as the first in describing our consumer’s preferences. This characteristic of utility functions is called an ordinal, as contrasted to a cardinal, ranking. <span>Ordinal rankings are weaker measures than cardinal rankings because they do not allow the calculation and ranking of the differences between bundles.<span><body><html>

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
ead. The utility of a bundle containing 4 ounces of wine along with 2 slices of bread would equal 8 utils, and it would rank lower than a bundle containing 3 ounces of wine along with 3 slices of bread, which would yield 9 utils. <span>The important point to note is that the utility function is just a ranking of bundles of goods. If someone were to replace all those pieces of paper with new numbers that maintained the same ranking, then the new set of numbers would be just as useful a utility function as the first in describing our consumer’s preferences. This characteristic of utility functions is called an ordinal, as contrasted to a cardinal, ranking. Ordinal rankings are weaker measures than cardinal rankings because they do not allow the calculation and ranking of the differences between bundles. 3.3. Indifference Curves: The Graphical Portrayal of the Utility Function It will be convenient for us to represent our consumer’s preferences gr







Flashcard 1436152368396

Tags
#costs #explicit-vs-implicit-costs #finance #investopedia
Question

Explicit costs arise based on [...]

Answer
what has actually been purchased


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Explicit Costs vs. Implicit Costs Explicit costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other than money. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing bus

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Explicit Cost Definition | Investopedia
hased are examples of explicit costs. Although the depreciation of an asset is not an activity that can be tangibly traced, depreciation expense is an explicit cost because it relates to the cost of the underlying asset that the company owns. <span>Explicit Costs vs. Implicit Costs Explicit costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other than money. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in decision-making or choosing between multiple alternatives. Opportunity Costs Explicit costs are used in the computation of opportunity costs. An opportunity cost is the total value of an item forgone. It is calculated by adding the explicit and







Flashcard 1436159708428

Tags
#costs #finance #investopedia
Question

Implicit costs are only utilized in [...] or [...]

Answer
decision-making

choosing between multiple alternatives.


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ney. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in <span>decision-making or choosing between multiple alternatives. <span><body><html>

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Explicit Cost Definition | Investopedia
hased are examples of explicit costs. Although the depreciation of an asset is not an activity that can be tangibly traced, depreciation expense is an explicit cost because it relates to the cost of the underlying asset that the company owns. <span>Explicit Costs vs. Implicit Costs Explicit costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other than money. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in decision-making or choosing between multiple alternatives. Opportunity Costs Explicit costs are used in the computation of opportunity costs. An opportunity cost is the total value of an item forgone. It is calculated by adding the explicit and







Flashcard 1438152002828

Tags
#analyst-notes #cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting
Question
Which questions should you ask in the "Planning the capital budget" step?

How does the project [...]

What's the [...]
Answer
fit within the company's overall strategies?

timeline and priority?


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The typical steps in the capital budgeting process: Generating good investment ideas to consider. Analyzing individual proposals (forecasting cash flows, evaluating profitability, etc.). Planning the capital budget. <span>How does the project fit within the company's overall strategies? What's the timeline and priority? Monitoring and post-auditing. The post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results

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Subject 1. Capital Budgeting: Introduction
include in the capital budget. "Capital" refers to long-term assets. The "budget" is a plan which details projected cash inflows and outflows during a future period. <span>The typical steps in the capital budgeting process: Generating good investment ideas to consider. Analyzing individual proposals (forecasting cash flows, evaluating profitability, etc.). Planning the capital budget. How does the project fit within the company's overall strategies? What's the timeline and priority? Monitoring and post-auditing. The post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results and then determining why differences occurred, decision-makers can: Improve forecasts (based on which good capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. Project classifications: Replacement projects. There are two types of replacement d







Flashcard 1438257122572

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

Firms must have adequate cash flow to [...]

Answer
meet maturing obligations.


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are relevant. Economic income is an investment's after-tax cash flow plus the change in the market value. Financing costs are ignored in computing economic income. Cash flow timing is critical because <span>money is worth more the sooner you get it. Also, firms must have adequate cash flow to meet maturing obligations. The opportunity cost should be charged against a project. Remember that just because something is

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Subject 2. Basic Principles of Capital Budgeting
Capital budgeting decisions are based on incremental after-tax cash flows discounted at the opportunity cost of capital. Assumptions of capital budgeting are: Capital budgeting decisions must be based on cash flows, not accounting income. Accounting profits only measure the return on the invested capital. Accounting income calculations reflect non-cash items and ignore the time value of money. They are important for some purposes, but for capital budgeting, cash flows are what are relevant. Economic income is an investment's after-tax cash flow plus the change in the market value. Financing costs are ignored in computing economic income. Cash flow timing is critical because money is worth more the sooner you get it. Also, firms must have adequate cash flow to meet maturing obligations. The opportunity cost should be charged against a project. Remember that just because something is on hand does not mean it's free. See below for the definition of opportunity cost. Expected future cash flows must be measured on an after-tax basis. The firm's wealth depends on its usable after-tax funds. Ignore how the project is financed. Interest payments should not be included in the estimated cash flows since the effects of debt financing are reflected in the cost of capital used to discount the cash flows. The existence of a project depends on business factors, not financing. Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which







Flashcard 1438285171980

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
  • The existence of a project depends on [...], not financing.
Answer
business factors


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how the project is financed. Interest payments should not be included in the estimated cash flows since the effects of debt financing are reflected in the cost of capital used to discount the cash flows. The existence of a project depends on <span>business factors, not financing.<span><body><html>

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Subject 2. Basic Principles of Capital Budgeting
Capital budgeting decisions are based on incremental after-tax cash flows discounted at the opportunity cost of capital. Assumptions of capital budgeting are: Capital budgeting decisions must be based on cash flows, not accounting income. Accounting profits only measure the return on the invested capital. Accounting income calculations reflect non-cash items and ignore the time value of money. They are important for some purposes, but for capital budgeting, cash flows are what are relevant. Economic income is an investment's after-tax cash flow plus the change in the market value. Financing costs are ignored in computing economic income. Cash flow timing is critical because money is worth more the sooner you get it. Also, firms must have adequate cash flow to meet maturing obligations. The opportunity cost should be charged against a project. Remember that just because something is on hand does not mean it's free. See below for the definition of opportunity cost. Expected future cash flows must be measured on an after-tax basis. The firm's wealth depends on its usable after-tax funds. Ignore how the project is financed. Interest payments should not be included in the estimated cash flows since the effects of debt financing are reflected in the cost of capital used to discount the cash flows. The existence of a project depends on business factors, not financing. Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which







Flashcard 1438290939148

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
A [...] is a cash outlay that and which cannot be recovered regardless of whether a project is accepted or rejected
Answer
sunk cost


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Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which cannot be recovered regardless of whether a project is accepted or rejected. Since sunk costs are not increment costs, they should not be included in the capital budgeting ana

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Subject 2. Basic Principles of Capital Budgeting
d in the estimated cash flows since the effects of debt financing are reflected in the cost of capital used to discount the cash flows. The existence of a project depends on business factors, not financing. <span>Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which cannot be recovered regardless of whether a project is accepted or rejected. Since sunk costs are not increment costs, they should not be included in the capital budgeting analysis. For example, a small bookstore is considering opening a coffee shop within its store, which will generate an annual net cash outflow of $10,000 from selling coffee. That is, the coffee shop will always be losing money. In the previous year, the bookstore spent $5,000 to hire a consultant to perform an analysis. This $5,000 consulting fee is a sunk cost; whether the coffee shop is opened or not, the $5,000 is spent. Incremental cash flow is the net cash flow attributable to an investment project. It represents the change in the firm's total cash flow that occurs as a direct result of accepting the project. Forget sunk costs. Subtract opportunity costs. Consider side effects on other parts of the firm: externalities and cannibalization. Recognize the investment and recovery of net working capital. Opportunity cost is the return on the best alternative use of an asset or the highest return that will not be earned if funds are invested in a particular project. For example, to continue with the bookstore example, the space to be occupied by the coffee shop is an opportunity cost - it could be used to sell books and generate a $5,000 annual net cash inflow. Externalities are the effects of a project on cash flows in other parts of a firm. Although they are difficult to quantify, they should be considered. Externalities can be either positive or negative: Positive externalities create benefits for other parts of the firm. For example, the coffee shop may generate some additional customers for the bookstore (who otherwise may not buy books there). Future cash flows generated by positive externalities occur with the project and do not occur without the project, so they are incremental. Negative externalities create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are a negative externality. The primary type of negative externality is cannibalization, which occurs when the introduction of a new product causes sales of existing products to decline. Future cash flows represented by negative externalities occur regardless of the project, so they are non-incremental. Such cash flows represent a transfer from existing projects to new projects, and thus should be subtracted from the new projects' cash flows. Conventional versus non-conventional cash flows. A conventional cash flow pattern is one with an initial outflow followed by a series of inflows. In a non-conventional cash flow pattern, the initial outflow can be followed by inflows and/or outflows. Some project interactions: Indepe







Flashcard 1438366174476

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
A company can select one or the other or both Independent projects, so long as [...] are met.
Answer
minimum profitability thresholds


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ts 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 <span>minimum profitability thresholds are met. <span><body><html>

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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 1438952590604



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

where CFt is the [...], k is the [...] , and n is its life.

Answer
expected cash flow at period t

project's cost of capital


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NPV formula explained
where CF t is the expected cash flow at period t, k is the project's cost of capital, and n is its life. Cash outflows are treated as negative cash flows since they represent expenditures of the company to fund the projec







Flashcard 1438977232140

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
[...] refers to how much the project return could fall in percentage terms before the invested capital is at risk.
Answer
Safety margin


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

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







Flashcard 1439256415500

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


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

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Government-Assisted Foreign Buyer Financing (Eximbank USA)
g may not be available in certain countries and certain terms for U.S. government policy reasons (for more information, see the Country Limitation Schedule posted on the Bank’s Web site, www.exim.gov, under the “Apply” section). <span>Key Features of Ex-Im Bank Loan Guarantees Loans are made by commercial banks and repayment of these loans is guaranteed by Ex-Im Bank. Guaranteed loans cover 100 percent of the principal and interest for 85 percent of the U.S. contract price. Interest rates are negotiable, and are usually floating and lower than fixed rates. Guaranteed loans are fully transferable, can be securitized and are available in certain foreign currencies. Guaranteed loans have a faster documentation process with the assistance of commercial banks. There are no U.S. vessel shipping requirements for amounts less than $20 million. Key Features of Ex-Im Bank Direct Loans Fixed-rate loans are provided directly to creditworthy foreign buyers. Direct loans supp







Flashcard 1441803144460

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


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The shorter the payback period, the greater the project's liquidity, the lower the risk, and the better the project.

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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







Flashcard 1442165951756

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
The payback provides an indication of a project's [...] and [...]
Answer
risk ( it shows how long the invested capital will be "at risk.")

liquidity


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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."

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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







Flashcard 1442680540428

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


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Payback period is the expected number of years required to recover the original investment.

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







Flashcard 1453118590220

Tags
#conversation-tactics
Question
What should you do to warm up before socializing?
Answer
Read out loud exaggerating emotions.


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Here are the steps. Open a book, find an article, consult your favorite poet. Find an excerpt about 400 words long, preferably with dialogue from different characters. The more exciting and emotional the excerpt the better. Read the excerpt out loud. Scream parts of it loudly, while exaggerating whispers in other parts. Use different and zany voices for different characters. Exaggerate any emotion you see in the excerpt tenfold – insane laughter, boiling rage, confusion, joy, etc.

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Flashcard 1455394262284

Tags
#48-laws-of-power
Question
Half of your mastery of power comes from what you do not let yourself get dragged into.

For this skill you must learn to judge all things by
[...]
Answer
what they cost you.


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Half of your mastery of power comes from what you do not do, what you do not allow yourself to get dragged into. For this skill you must learn to judge all things by what they cost you. As Nietzsche wrote, “The value of a thing sometimes lies not in what one attains with it, but in what one pays for it —what it costs us.”

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Flashcard 1456855977228

Tags
#48-laws-of-power
Question
[...] are potentially destructive, in that they blind you to the often self-serving interests of those whom you least suspect of playing a power game.
Answer
Love and affection


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Love and affection are potentially destructive, in that they blind you to the often self-serving interests of those whom you least suspect of playing a power game.

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Flashcard 1464682548492

Tags
#conversation-tactics
Question
There’s a simple reason to focus on the end of your converstions – that’s where [...]
Answer
people get their impression of you.


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There’s a simple reason to focus on the bookends – that’s where people get their impression of you.

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Flashcard 1478478400780

Tags
#cfa-level-1 #reading-25-understanding-income-statement
Question
In summary, gross profit is the amount of [...].
Answer
revenue available after subtracting the costs of delivering goods or services


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In summary, gross profit is the amount of revenue available after subtracting the costs of delivering goods or services.

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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
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. <span>In summary, gross profit is the amount of revenue available after subtracting the costs of delivering goods or services. Other expenses related to running the business are subtracted after gross profit. Another important subtotal which may be shown on the income statement is operating profit







Background Image

The background-image property specifies an image to use as the background of an element.

By default, the image is repeated so it covers the entire element.

The background image for a page can be set like this:

Example

body {
background-image : url("paper.gif") ;
}

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CSS Backgrounds
;p>, and <div> elements have different background colors: Example h1 { background-color: green; } div { background-color: lightblue; } p { background-color: yellow; } Try it Yourself » <span>Background Image The background-image property specifies an image to use as the background of an element. By default, the image is repeated so it covers the entire element. The background image for a page can be set like this: Example body { background-image: url("paper.gif"); } Try it Yourself » Below is an example of a bad combination of text and background image. The text is hardly readable: Example body { background-image: url("bgdesert.jpg"); } Try it Your




Note: When using a background image, use an image that does not disturb the text.

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} Try it Yourself » Below is an example of a bad combination of text and background image. The text is hardly readable: Example body { background-image: url("bgdesert.jpg"); } Try it Yourself » <span>Note: When using a background image, use an image that does not disturb the text. Background Image - Repeat Horizontally or Vertically By default, the background-image property repeats an image both horizontally and vertically. Some images should be repeated only hor




Background Image - Repeat Horizontally or Vertically

By default, the background-image property repeats an image both horizontally and vertically.

Some images should be repeated only horizontally or vertically, or they will look strange, like this:

Example

body {
background-image : url("gradient_bg.png") ;
} Try it Yourself »

If the image above is repeated only horizontally (background-repeat: repeat-x;), the background will look better:

Example

body {
background-image : url("gradient_bg.png") ;
background-repeat : repeat-x ;
} Try it Yourself »

Tip: To repeat an image vertically, set background-repeat: repeat-y;

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CSS Backgrounds
d image. The text is hardly readable: Example body { background-image: url("bgdesert.jpg"); } Try it Yourself » Note: When using a background image, use an image that does not disturb the text. <span>Background Image - Repeat Horizontally or Vertically By default, the background-image property repeats an image both horizontally and vertically. Some images should be repeated only horizontally or vertically, or they will look strange, like this: Example body { background-image: url("gradient_bg.png"); } Try it Yourself » If the image above is repeated only horizontally (background-repeat: repeat-x;), the background will look better: Example body { background-image: url("gradient_bg.png"); background-repeat: repeat-x; } Try it Yourself » Tip: To repeat an image vertically, set background-repeat: repeat-y; Background Image - Set position and no-repeat Showing the background image only once is also specified by the background-repeat property: Example body { background-image: url("img_tree.




Flashcard 3621696965900

Question
Liverpool Football Club was formed on [...] following a disagreement between the directors of Everton Football Club and its president, John Houlding, who owned the club's ground, Anfield. A dispute over rent resulted in Everton moving to Goodison Park, which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., and they joined the Lancashire League
Answer
15 March 1892


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Liverpool Football Club was formed on 15 March 1892 following a disagreement between the directors of Everton Football Club and its president, John Houlding , who owned the club's ground, Anfield . A dispute over rent resulted in Everton

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History of Liverpool F.C. (1892–1959) - Wikipedia
rpool Football Club from 1892 to 1959 covers the period from the club's foundation, through their first period of success from 1900 to the 1920s, to the appointment of Bill Shankly as manager . <span>Liverpool Football Club was formed on 15 March 1892 following a disagreement between the directors of Everton Football Club and its president, John Houlding , who owned the club's ground, Anfield . A dispute over rent resulted in Everton moving to Goodison Park , which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., and they joined the Lancashire League . After winning the league title in their first season , Liverpool were accepted into the Football League for the 1893–94 season , following the resignations of Accrington and Bootle .







Flashcard 3621698014476

Question
Liverpool Football Club was formed on 15 March 1892 following a disagreement between the directors of Everton Football Club and its president, [...], who owned the club's ground, Anfield. A dispute over rent resulted in Everton moving to Goodison Park, which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., and they joined the Lancashire League
Answer


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Liverpool Football Club was formed on 15 March 1892 following a disagreement between the directors of Everton Football Club and its president, John Houlding , who owned the club's ground, Anfield . A dispute over rent resulted in Everton moving to Goodison Park , which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., an

Original toplevel document

History of Liverpool F.C. (1892–1959) - Wikipedia
rpool Football Club from 1892 to 1959 covers the period from the club's foundation, through their first period of success from 1900 to the 1920s, to the appointment of Bill Shankly as manager . <span>Liverpool Football Club was formed on 15 March 1892 following a disagreement between the directors of Everton Football Club and its president, John Houlding , who owned the club's ground, Anfield . A dispute over rent resulted in Everton moving to Goodison Park , which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., and they joined the Lancashire League . After winning the league title in their first season , Liverpool were accepted into the Football League for the 1893–94 season , following the resignations of Accrington and Bootle .







Flashcard 3621699063052

Question
Liverpool Football Club was formed on 15 March 1892 following a disagreement between the directors of Everton Football Club and its president, John Houlding, who owned the club's ground, Anfield. A dispute over rent resulted in Everton moving to Goodison Park, which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., and they joined the [...]


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ed the club's ground, Anfield . A dispute over rent resulted in Everton moving to Goodison Park , which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., and they joined the <span>Lancashire League <span>

Original toplevel document

History of Liverpool F.C. (1892–1959) - Wikipedia
rpool Football Club from 1892 to 1959 covers the period from the club's foundation, through their first period of success from 1900 to the 1920s, to the appointment of Bill Shankly as manager . <span>Liverpool Football Club was formed on 15 March 1892 following a disagreement between the directors of Everton Football Club and its president, John Houlding , who owned the club's ground, Anfield . A dispute over rent resulted in Everton moving to Goodison Park , which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., and they joined the Lancashire League . After winning the league title in their first season , Liverpool were accepted into the Football League for the 1893–94 season , following the resignations of Accrington and Bootle .







Flashcard 3621700635916

Question
Liverpool were accepted into the Football League for the [...] season,
Answer


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Liverpool were accepted into the Football League for the 1893–94 season ,

Original toplevel document

History of Liverpool F.C. (1892–1959) - Wikipedia
ing to Goodison Park , which left Houlding with an empty stadium. Thus, he founded Liverpool F.C., and they joined the Lancashire League . After winning the league title in their first season , <span>Liverpool were accepted into the Football League for the 1893–94 season , following the resignations of Accrington and Bootle . The appointment of Tom Watson as the club's manager in 1896 led to the club's first period of sustained success. Liverpool consolid







Flashcard 3621725015308

Question
difficult to define
Answer
T ranslation is a [...]


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Translation is a complex

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Yet machine translation systems continue

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Background Image - Set position and no-repeat

Showing the background image only once is also specified by the background-repeat property:

Example

body {
background-image : url("img_tree.png") ;
background-repeat : no-repeat ;
} Try it Yourself »

In the example above, the background image is shown in the same place as the text. We want to change the position of the image, so that it does not disturb the text too much.

The position of the image is specified by the background-position property:

Example

body {
background-image : url("img_tree.png") ;
background-repeat : no-repeat ;
background-position : right top ;
}

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CSS Backgrounds
will look better: Example body { background-image: url("gradient_bg.png"); background-repeat: repeat-x; } Try it Yourself » Tip: To repeat an image vertically, set background-repeat: repeat-y; <span>Background Image - Set position and no-repeat Showing the background image only once is also specified by the background-repeat property: Example body { background-image: url("img_tree.png"); background-repeat: no-repeat; } Try it Yourself » In the example above, the background image is shown in the same place as the text. We want to change the position of the image, so that it does not disturb the text too much. The position of the image is specified by the background-position property: Example body { background-image: url("img_tree.png"); background-repeat: no-repeat; background-position: right top; } Try it Yourself » Background Image - Fixed position To specify that the background image should be fixed (will not scroll with the rest of the page), use the background-attachment prope




Background Image - Fixed position

To specify that the background image should be fixed (will not scroll with the rest of the page), use the background-attachment property:

Example

body {
background-image : url("img_tree.png") ;
background-repeat : no-repeat ;
background-position : right top ;
background-attachment : fixed ;
}

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CSS Backgrounds
e image is specified by the background-position property: Example body { background-image: url("img_tree.png"); background-repeat: no-repeat; background-position: right top; } Try it Yourself » <span>Background Image - Fixed position To specify that the background image should be fixed (will not scroll with the rest of the page), use the background-attachment property: Example body { background-image: url("img_tree.png"); background-repeat: no-repeat; background-position: right top; background-attachment: fixed; } Try it Yourself » Background - Shorthand property To shorten the code, it is also possible to specify all the background properties in one single property. This is called a shorthand pr




Background - Shorthand property

To shorten the code, it is also possible to specify all the background properties in one single property. This is called a shorthand property.

The shorthand property for background is background:

Example

body {
background : #ffffff url("img_tree.png") no-repeat right top ;
} Try it Yourself »

When using the shorthand property the order of the property values is:

  • background-color
  • background-image
  • background-repeat
  • background-attachment
  • background-position

It does not matter if one of the property values is missing, as long as the other ones are in this order.

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CSS Backgrounds
ground-attachment property: Example body { background-image: url("img_tree.png"); background-repeat: no-repeat; background-position: right top; background-attachment: fixed; } Try it Yourself » <span>Background - Shorthand property To shorten the code, it is also possible to specify all the background properties in one single property. This is called a shorthand property. The shorthand property for background is background: Example body { background: #ffffff url("img_tree.png") no-repeat right top; } Try it Yourself » When using the shorthand property the order of the property values is: background-color background-image background-repeat background-attachment background-position It does not matter if one of the property values is missing, as long as the other ones are in this order. Test Yourself with Exercises! Exercise 1 » Exercise 2 » Exercise 3 » Exercise 4 » Exercise 5 » All CSS Background Properties Property Description background Sets all the background prop




CSS Border Properties

The CSS border properties allow you to specify the style, width, and color of an element's border.

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CSS Borders
SS Functions CSS Reference Aural CSS Web Safe Fonts CSS Animatable CSS Units CSS PX-EM Converter CSS Colors CSS Color Values CSS Default Values CSS Browser Support CSS Borders ❮ Previous Next ❯ <span>CSS Border Properties The CSS border properties allow you to specify the style, width, and color of an element's border. I have borders on all sides. I have a red bottom border. I have rounded borders. I have a blue left border. Border Style The border-style property specifies what kind of border to displ




Border Style

The border-style property specifies what kind of border to display.

The following values are allowed:

  • dotted - Defines a dotted border
  • dashed - Defines a dashed border
  • solid - Defines a solid border
  • double - Defines a double border
  • groove - Defines a 3D grooved border. The effect depends on the border-color value
  • ridge - Defines a 3D ridged border. The effect depends on the border-color value
  • inset - Defines a 3D inset border. The effect depends on the border-color value
  • outset - Defines a 3D outset border. The effect depends on the border-color value
  • none - Defines no border
  • hidden - Defines a hidden border

The border-style property can have from one to four values (for the top border, right border, bottom border, and the left border).

Example

p.dotted { border-style : dotted ; }
p.dashed { border-style : dashed ; }
p.solid { border-style : solid ; }
p.double { border-style : double ; }
p.groove { border-style : groove ; }
p.ridge { border-style : ridge ; }
p.inset { border-style : inset ; }
p.outset { border-style : outset ; }
p.none { border-style : none ; }
p.hidden { border-style : hidden ; }
p.mix { border-style : dotted dashed solid double ; }

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CSS Borders
r properties allow you to specify the style, width, and color of an element's border. I have borders on all sides. I have a red bottom border. I have rounded borders. I have a blue left border. <span>Border Style The border-style property specifies what kind of border to display. The following values are allowed: dotted - Defines a dotted border dashed - Defines a dashed border solid - Defines a solid border double - Defines a double border groove - Defines a 3D grooved border. The effect depends on the border-color value ridge - Defines a 3D ridged border. The effect depends on the border-color value inset - Defines a 3D inset border. The effect depends on the border-color value outset - Defines a 3D outset border. The effect depends on the border-color value none - Defines no border hidden - Defines a hidden border The border-style property can have from one to four values (for the top border, right border, bottom border, and the left border). Example p.dotted {border-style: dotted;} p.dashed {border-style: dashed;} p.solid {border-style: solid;} p.double {border-style: double;} p.groove {border-style: groove;} p.ridge {border-style: ridge;} p.inset {border-style: inset;} p.outset {border-style: outset;} p.none {border-style: none;} p.hidden {border-style: hidden;} p.mix {border-style: dotted dashed solid double;} Result: A dotted border. A dashed border. A solid border. A double border. A groove border. The effect depends on the border-color value. A ridge border. The effect depends on the borde




Note: None of the OTHER CSS border properties described below will have ANY effect unless the border-style property is set!

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CSS Borders
lue. An inset border. The effect depends on the border-color value. An outset border. The effect depends on the border-color value. No border. A hidden border. A mixed border. Try it Yourself » <span>Note: None of the OTHER CSS border properties described below will have ANY effect unless the border-style property is set! Border Width The border-width property specifies the width of the four borders. The width can be set as a specific size (in px, pt, cm, em, etc) or by using one of the three pre-defined




Border Width

The border-width property specifies the width of the four borders.

The width can be set as a specific size (in px, pt, cm, em, etc) or by using one of the three pre-defined values: thin, medium, or thick.

The border-width property can have from one to four values (for the top border, right border, bottom border, and the left border).

5px border-width

Example

p.one {
border-style : solid ;
border-width : 5px ;
}

p.two {
border-style : solid ;
border-width : medium ;
}

p.three {
border-style : solid ;
border-width : 2px 10px 4px 20px ;
}

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CSS Borders
value. No border. A hidden border. A mixed border. Try it Yourself » Note: None of the OTHER CSS border properties described below will have ANY effect unless the border-style property is set! <span>Border Width The border-width property specifies the width of the four borders. The width can be set as a specific size (in px, pt, cm, em, etc) or by using one of the three pre-defined values: thin, medium, or thick. The border-width property can have from one to four values (for the top border, right border, bottom border, and the left border). 5px border-width Example p.one { border-style: solid; border-width: 5px; } p.two { border-style: solid; border-width: medium; } p.three { border-style: solid; border-width: 2px 10px 4px 20px; } Try it Yourself » Border Color The border-color property is used to set the color of the four borders. The color can be set by: name - specify a color name, like "red" Hex - specify a h




Border Color

The border-color property is used to set the color of the four borders.

The color can be set by:

  • name - specify a color name, like "red"
  • Hex - specify a hex value, like "#ff0000"
  • RGB - specify a RGB value, like "rgb(255,0,0)"
  • transparent

The border-color property can have from one to four values (for the top border, right border, bottom border, and the left border).

If border-color is not set, it inherits the color of the element.

Red border

Example

p.one {
border-style : solid ;
border-color : red ;
}

p.two {
border-style : solid ;
border-color : green ;
}

p.three {
border-style : solid ;
border-color : red green blue yellow ;
}

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CSS Borders
xample p.one { border-style: solid; border-width: 5px; } p.two { border-style: solid; border-width: medium; } p.three { border-style: solid; border-width: 2px 10px 4px 20px; } Try it Yourself » <span>Border Color The border-color property is used to set the color of the four borders. The color can be set by: name - specify a color name, like "red" Hex - specify a hex value, like "#ff0000" RGB - specify a RGB value, like "rgb(255,0,0)" transparent The border-color property can have from one to four values (for the top border, right border, bottom border, and the left border). If border-color is not set, it inherits the color of the element. Red border Example p.one { border-style: solid; border-color: red; } p.two { border-style: solid; border-color: green; } p.three { border-style: solid; border-color: red green blue yellow; } Try it Yourself » Border - Individual Sides From the examples above you have seen that it is possible to specify a different border for each side. In CSS, there are also properties for




Border - Individual Sides

From the examples above you have seen that it is possible to specify a different border for each side.

In CSS, there are also properties for specifying each of the borders (top, right, bottom, and left):

Different Border Styles

Example

p {
border-top-style : dotted ;
border-right-style : solid ;
border-bottom-style : dotted ;
border-left-style : solid ;
} Try it Yourself »

The example above gives the same result as this:

Example

p {
border-style : dotted solid ;
} Try it Yourself »

So, here is how it works:

If the border-style property has four values:

  • border-style: dotted solid double dashed;
    • top border is dotted
    • right border is solid
    • bottom border is double
    • left border is dashed

If the border-style property has three values:

  • border-style: dotted solid double;
    • top border is dotted
    • right and left borders are solid
    • bottom border is double

If the border-style property has two values:

  • border-style: dotted solid;
    • top and bottom borders are dotted
    • right and left borders are solid

If the border-style property has one value:

  • border-style: dotted;
    • all four borders are dotted

The border-style property is used in the example above. However, it also works with border-width and border-color.

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CSS Borders
ple p.one { border-style: solid; border-color: red; } p.two { border-style: solid; border-color: green; } p.three { border-style: solid; border-color: red green blue yellow; } Try it Yourself » <span>Border - Individual Sides From the examples above you have seen that it is possible to specify a different border for each side. In CSS, there are also properties for specifying each of the borders (top, right, bottom, and left): Different Border Styles Example p { border-top-style: dotted; border-right-style: solid; border-bottom-style: dotted; border-left-style: solid; } Try it Yourself » The example above gives the same result as this: Example p { border-style: dotted solid; } Try it Yourself » So, here is how it works: If the border-style property has four values: border-style: dotted solid double dashed; top border is dotted right border is solid bottom border is double left border is dashed If the border-style property has three values: border-style: dotted solid double; top border is dotted right and left borders are solid bottom border is double If the border-style property has two values: border-style: dotted solid; top and bottom borders are dotted right and left borders are solid If the border-style property has one value: border-style: dotted; all four borders are dotted The border-style property is used in the example above. However, it also works with border-width and border-color. Border - Shorthand Property As you can see from the examples above, there are many properties to consider when dealing with borders. To shorten the code, it is also possible to specify




Flashcard 3622192155916

Question
[default - edit me]
Answer
pirifor- mis fossa versus a trochanteric start- ing porthole


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Rounded Borders

The border-radius property is used to add rounded borders to an element:

Normal border

Round border

Rounder border

Roundest border

Example

p {
border : 2px solid red ;
border-radius : 5px ;
} Try it Yourself »

Note: The border-radius property is not supported in IE8 and earlier versions.

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CSS Borders
solid red; background-color: lightgrey; } Result: Some text Try it Yourself » Bottom Border p { border-bottom: 6px solid red; background-color: lightgrey; } Result: Some text Try it Yourself » <span>Rounded Borders The border-radius property is used to add rounded borders to an element: Normal border Round border Rounder border Roundest border Example p { border: 2px solid red; border-radius: 5px; } Try it Yourself » Note: The border-radius property is not supported in IE8 and earlier versions. More Examples All the top border properties in one declaration This example demonstrates a shorthand property for setting all of the properties for the top border in one declaration. Se




Developing computer systems

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Maslo i 1 w a r i ' i y

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