Private Schools Vs. Public Schools - 1406 Words

Everyone knows that private school is more expensive than public school, but has it ever occurred to you why it is like this? Private schools are not just trying to take your money, they are just trying to provide a quality education, without the government funding that public schools get. The tuition money goes to very important things; high quality teachers, better resources and the overall quality and stability of the institution. It is true that private school tuition is expensive, but private schools have been proven to be more orderly and safe, have more engaged teachers, better equipped for religious and special needs, and students have better test scores and are better prepared for college and the rest of life. Private schools are known for setting high standards, engaging students, and sparking the desire to learn. If the standards are set high, the students will work hard to reach them. Private school students generally perform higher than public school students on standar dized achievement tests. In the National Assessment of Educational Progress (NAEP), private school students scored well above the national average. (CAPE | Council for American Private Education. CAPE) Private schools do a great job challenging their students to stretch their capacity; they require more courses for graduation than public schools in math, science, social studies, foreign language, and computer sciences. Requiring more courses for graduation may seem like a lot of work, but itShow MoreRelatedPrivate Schools Vs Public Schools1723 Words   |  7 Pagesthink of private schools they often think of a quality of education that cannot be found in a public school. Private school education is thought of to be so thorough and innovative that public vouchers are given to individuals just to attend. Many parents could rest easier at night if their kids could attend private school because for generations it has been drilled into the psyche of many that going to private school is a sure way to have a good future. In actuality however, private schools are notRead MorePrivate Schools Vs Public Schools1428 Words   |  6 Pagesstudy in private schools, which almost represents the fifth of students in Saudi Arabia. Although a lot of families prefer to make their children study in private school, that does not mean they are completely satisfied about the schools’ quality and their children’ achievement (Al-Hagbani, 2013). Nevertheless, they still enroll their children in private schools, believing they will benefit more from studying in private schools than public schools. In addition, some parents believe that private schoolsRead MorePrivate Schools Vs Public Schools1207 Words   |  5 PagesAn Introduction of the Topic Private schools differ from public schools for many different reasons. The major difference is that the government, unlike private schools that are privately funded, funds public schools. Another difference would be that the private schools have more flexibility on what they can teach because the government does not fund them. One other difference that is very prevalent is the social goals of schooling. This topic is a very important issue that many parents struggle withRead MorePrivate Schools Vs. Public Schools998 Words   |  4 Pagesnation. People today might say that private schools are superior to public schools, saying that they are safer and a better environment to learn in. Some might say that a private school is a way of sheltering your child and not letting them experience opportunities and face many problems to learn from. There are many positives and negatives to both sides; it mainly depends on whom you are talking to. Some parents might want their child to go to a pri vate school because the class size is smaller andRead MorePublic Schools vs. Private Schools1027 Words   |  4 Pagesare things to consider before choosing to send your child to a public school or private school. Perhaps doing so would be much easier if you would take the time to research the differences between the two. Public schools are better than private schools because of the diversity, funding and extracurricular activities available. Eileen Gale Kugler, a national advocate for diverse schools, wrote an article about how the diversity in schools makes academic and social improvements. She recalls a memoryRead More Private Schools vs. Public Schools870 Words   |  4 PagesChoosing between a public or a private school for one’s education is as important as deciding where to invest one’s hard-earned money—the consequences influence one’s life forever. In the United States, it is the law for every child to be educated. However, the decision as to where to go for one’s education is up to each individual. There is a great deal of debate as to which is the better option: for-profit private schools or one’s local public school. Ultimately, the decision is made regardingRead MorePrivate Schools vs. Public Schools 1081 Words   |  5 PagesHave you ever attended a private institution? What was your experience like? Think back and compare it to your ideal public school, which on e happens to pale in comparison? Public schools, which are controlled by the government, and heavily influenced, by politicians and privateers, hurt your children, not allowing them to reap the full benefits of their growing mind. â€Å"Our schools have been scientifically designed to prevent over-education from happening. The average American [should be] contentRead MorePrivate School Vs. Public School1254 Words   |  6 PagesThesis: Private school students are more likely to have a better viewpoint in learning, a firm stance in education, and will be more successful in colleges than of public school students. I. Introduction A. Attention Getter: According to NCES data, 88 percent of private high school students apply to college, compared to 57 percent of public high school students. Every day parents contemplate whether to send their children to private or public school. There are many dangers that come with public schoolRead MorePrivate Schools Vs Public Schools921 Words   |  4 Pageschild’s education, parents want the best the school has to offer their children. Parents want a prosperous future for their child which is not only health, but a well-educated one. Education is of the utmost importance especially because it will impact the child the most in the long run. Private schools offer ample education opportunities. There are some factors to consider when choose a private school education over a public one. Many times, the private schools are religious are having certain beliefsRead MorePublic Schools Vs. Private Schools1638 Words   |  7 Pageshaving children many parents question which school system is better suited for their kids and which aspect is more important, convenience or quality education? Some people believe the public schools provide the same education but at a lower cost. Tooley, Dixon, and Gomathi state â€Å"many assume that private education is concerned only with serving the privileged, so is irrelevant to concerns about extending access to the poor.† Although there are some private schools that are expensive, most are affordable

Marketing Plan For The Odor Shield s Business Plan

This paper illustrates the core concepts that are involved in the making and implementation of the Odor-Shield’s business plan, which is Measurable, Attainable, Realistic, and Timely (S.M.A.R.T.) as well as identifying the opportunities, and the initiative taken to construct something different and innovative on the market, a new business venture concept to provide a fragrance filled disposable apparel that eliminates body odor. This business plan contains the identification of the company’s target market; strategies to penetrate the target market, industry analysis, marketing plan, effective pricing strategy, and operational plan of the company in its early stages, and potential financial challenges the company may face in the future. (I) THE BUSINESS Company’s vision: To make Odor-Shield a benefit to hardworking men and women in the fight against body odor Mission statement: The scent of your body is our priority. We strive to provide you a safe, fragrance filled quality product to eliminate body order at an affordable price Company’s goal: To make Odor-Shield a well known and user friendly product in the physical security industry in three years (II) Objective The objectives that Odor- Shield Inc. intends to focus its strategy on increasing the following by percentages: - Increasing market share by 5% - Increasing repeat purchase by 10% - Increasing volume of sales in the US by 6% Increasing Odor- Shield’s market share by 5%: Since the company is entering aShow MoreRelatedFundamentals of Hrm263904 Words   |  1056 Pagesmoney From multiple study paths, to self-assessment, to a wealth of interactive visual and audio resources, WileyPLUS gives you everything you need to personalize the teaching and learning experience.  » F i n d o u t h ow t o M A K E I T YO U R S  » www.wileyplus.com ALL THE HELP, RESOURCES, AND PERSONAL SUPPORT YOU AND YOUR STUDENTS NEED! 2-Minute Tutorials and all of the resources you your students need to get started www.wileyplus.com/firstday Student support from an experiencedRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesSingapore Taipei Tokyo Editorial Director: Sally Yagan Director of Editorial Services: Ashley Santora Acquisitions Editor: Brian Mickelson Editorial Project Manager: Sarah Holle Editorial Assistant: Ashlee Bradbury VP Director of Marketing: Patrice Lumumba Jones Senior Marketing Manager: Nikki Ayana Jones Senior Managing Editor: Judy Leale Production Project Manager: Becca Groves Senior Operations Supervisor: Arnold Vila Operations Specialist: Cathleen Petersen Senior Art Director: Janet Slowik ArtRead MoreDeveloping Management Skills404131 Words   |  1617 PagesUNIVERSITY Kim S. Cameron UNIVERSITY OF MICHIGAN Prentice Hall Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor in Chief: Eric Svendsen Acquisitions Editor: Kim Norbuta Editorial Project Manager: Claudia Fernandes Director of Marketing: Patrice Lumumba Jones Marketing Manager: Nikki

Taking Care of Soldiers free essay sample

Taking care of Soldiers Your key challenge in a leadership position is taking care of the Soldiers entrusted to your care. Soldiers are our nation’s most important military asset. The Leader who sends the message that Soldiers don’t really matter will generally not be as successful in the long-run as the Leader who is genuinely serious about taking care of his/her Soldiers. Soldiers want to know they will be taken care of. The Army Values and attributes of LDRSHIP are taught by Drill Sergeants to all our Soldiers. These values should be reinforced at every training event. The LDRSHIP training is based on core American Values. These values say those at the top look out for those at the bottom. Using this same basic American value, unit leaders are tasked with having the responsibility for those they lead. This responsibility extends to three areas: work, home, and life. We will write a custom essay sample on Taking Care of Soldiers or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page When a Leader takes care of his Soldiers he sends a clear message, â€Å"I care about you, I respect you and I want you to be OK†. In response Leaders gain increased loyalty from Soldiers based on mutual respect. The thought process for the Soldier goes like this, â€Å"If I know you care about me, I will care about you and what you want done. However, if you don’t care about me then I will not care about you and I certainly will not care about what you are trying to accomplish nor will I work very hard to help you accomplish it. † With respect Soldiers will go out of their way for you. Without respect they will make sure that your important work always ends up at the bottom of the stack. Your challenge as a Leader is to adhere to this fundamental principle; that you must find ways to take care of your Soldiers. Do not lower your standards. It is not acceptable to encourage poor performance. In fact, the Leader who overlooks poor performance is compromising his/her integrity. Leaders should treat Soldiers as adults and expect the best from them. Leaders should work to give Soldiers the best training environment they can, and Leaders should implement timely and proper corrective action when necessary. Leaders should want to take care of Soldiers, and conversely, Soldiers should want to take care of their Leaders. This care extends to understanding what Solders are facing at their civilian job and at their homes. Ultimately, this Soldier care will result in better performance of the unit, and the satisfaction of a job well done. Taking care of Soldiers is one of the fundamental responsibilities of Leadership. It requires deliberate and intentional effort, and sometimes the efforts will seem like they are for nothing. That is not a reason to stop doing it. The return on investment of your time and money in taking care of Soldiers is very high. Some of this return is quantifiable, as in high unit retention rates and higher overall training numbers. Some of it is not as quantifiable as in high unit esprit-de-corps. It is easy to write off problematic Soldiers, but it far too difficult to replace them. Leaders should work on creating an environment where Soldiers want to stay, and where Soldiers want to make a positive contribution to the unit. Remember what works and keep doing it. The bottom line is that taking care of Soldiers is about setting a standard, and helping Soldiers achieve that standard. â€Å"A man does not have himself killed for a half-pence a day or for a petty distinction. You must speak to the soul in order to electrify him Napoleon Bonaparte†

The Human Resource Audit as an Improvement Tool - Essay free essay sample

Tool Regardless of the type of company or the size of your HER department, the HER Audit is a simple, yet comprehensive tool to analyze and improve your effectiveness as a function. The audit is made up of four main steps: 1) Define desired HER practices for your organization 2) Assess current practices against the criterion that you have established 3) Analyze the results 4) Establish Improvement goals and take action This simple four-step approach can be repeated as the annual planning and goal setting process occurs within your company.Progress can be measured against goals and a continuous improvement cycle naturally unfolds. Purpose(s) of an Audit The audit can serve any of the following purposes: To clarify desired practices of HER work and roles within the organization (HER Department, Line Managers). To establish a baseline for future Improvement. To evaluate current effectiveness. To standardize practices across multiple sites within a division or company. We will write a custom essay sample on The Human Resource Audit as an Improvement Tool Essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page To assess current knowledge and skills required of HER practitioners. To improve performance levels to key customers within the organization.The Audit Process Step OneDefining Audit Statements Definition of desired HER practices can occur through in a variety of ways. A good starting point Is to take some time and reflect on the legal requirements and programs that the department must administer. Simply listing them Is a good first step. Next, consider your areas of responsibility and traditional HER practices covered by your function: They may include HER Planning, Staffing, Performance Management, Employee Relations, Compensation and Benefits, Training and Development, Safety ND Wellness, Employee Surveys, and Communications.Finally, other areas to consider are company Initiatives that the HER function may be required to support, I. E. Internal customer requirements. Specifics are unique to your company, but examples could Include supporting a Total Quality Management Initiative, Team Based work System, etc. With this list in hand, a statement can be written about each major practice that you want to define. Typically, they are stated in the present tense and in a positive manner.The following examples illustrate these traits: The staffing recess is documented so that the responsibility of each person in the process is clear and understood. Performance appraisals are completed for each employee in the organization. There Is a train-the-trainer program for each major training program within the company. New employees complete a new hire orientation program of key company policies and procedures within the first 30 days of work. There is an issue resolution process that is well understood and used by employees. As you may notice, definitions can be as complete or detailed, as the developer desires. In starting out, It Is better to make more general statements and improve summary, you may as many as 60-70 statements depending upon size of your company and the level of detail that you prefer to measure. Regardless of the number, you are developing a description of the level and quality of performance you desire for the Human Resource function. Step TwoAssessing Current Practices With the list of statements completed, the assessing current practices requires you to be objective.A good approach is to look for evidence that supports or refutes each statement made. Evidence may take the form of policies and procedures, output from employee surveys, interviews with key customers, data collection from a Human Resource Information System, reports issued to regulatory departments, statistics, etc. The first time the assessment is made, it may become apparent that the definition in step one needs impr ovement or modification. These changes should be noted and made a part of the next improvement cycle. As you review the summary of statements and your assessment, there are several analysis that can help. Step ThreeAnalyze the Results It is important to recognize strengths and opportunities for improvement. As results are reviewed, themes will emerge around specific HER areas. For example, one company may be very strong in administration and managing legal requirements. On the other hand, it may need improvement in developing higher-level systems definition. Another company may be very strong in areas Safety, Security, and Training, but need improvement in Communication practices that run across the company. Reviewing the data in a variety of perspectives is helpful to formulate a stricture of overall HER performance against the audit. It can reflect the positive effect of actions taken in previous years as well as provide information for future actions. It may become apparent that all definitions are not equal in importance The effort required to meet the definition is one factor to consider. For example, having performance appraisals for all employees may require significant effort. On the other hand, if you already have a good new hire orientation program in place, that definition is more easily met.The contribution that meeting a definition may have to he organization is another factor to consider. For example, supporting a company initiative like Total Quality Management may be more meaningful to the organization at this point in time than other statements. In summary, the purpose of analysis is to sort through the areas of strength and opportunities for improvement in order to take positive action steps to improve the effectiveness of the HER function. Step Four Establish Improvement Goals and Take Action The ideal time to complete an audit is Just prior to the annual planning process.With audit information in hand, you can be poised to take advantage of your insights into setting next years goals. There are two aspects of setting goals: maintenance of current good practices and development of improved practices. Knowing the capacity and capability of the HER department and system is critical in developing a realistic plan. Good practices need to become a part of the HER system and baked in, so that they occur in a reliable, predictable fashion. Once a process or program has reached that level, then future development can occur more effectively. With little discretionary time available, it is prudent to review the analysis of step three and decide which one or two areas will provide the greatest overall improvement for the goals are established for the next year. This is the point in the audit process, where definitions are reviewed and modified to create a new and improved vision of the HER system as you wish it to be. Doing this on an annual basis allows practices to be improved and benefits shared. Examples of improved HER measures using the Audit Process: OSHA incident ratesDevelopment and sharing of Total Compensation Philosophy Reduction in throughput time of filling open positions Employee turnover rate HER customer survey results % of training time/employee Reduction in throughput time of administrative requests Self funding variable compensation strategies Employee survey results Succession/replacement planning Business results Summary The HER Audit can be a powerful lever of change in your department and organizati on. In one sense it is simple, in that each step can be completed fairly quickly and with ease.Also, the degree of detail and definition of performance is within the control of the audit developer. At time passes, the Audit enriches itself through better definition development and higher levels of performance expectations. It takes on a systems approach because it is comprehensive, inclusive of all traditional HER practices, yet accommodating to the uniqueness of company cultures and business initiatives. Finally, it moves HER professionals into an active state of defining their direction, making sense of their choices, and contributing to the business in a more definitive way.

Financial Institutions Essay Example

Financial Institutions Essay International Technological University FINN 918 Financial Institutions Final Exam: Answers Textbook:  Foundations of Financial Markets and Institutions, 4th Edition, Fabozzi, Modigliani, and Jones, Prentice Hall, 2010,| ISBN –13: 978-0-13613531-9| ISBN –10: 0-13-613531-5| 1. Indicate whether each of the following instruments trades in the money market or the capital market: a. General Motors Acceptance Corporation issues a financial instrument with four months to maturity. b. The U. S. Treasury issues a security with 10 years to maturity. c. Microsoft Corporation issues common stock. d. The State of Alaska issues a financial instrument with eight months to maturity. e. GMAC issue trades in the money market. f. U. S. security trades in the capital market. g. Microsoft stock trades in the capital market. h. State of Alaska security trades in the money market. 2. Give three reasons for the trend toward greater integration of financial markets throughout the world. There are several reasons. These include: a. Deregulation and/or liberalization of financial markets to permit greater participants from other countries; b. Technological innovations to provide globally-available information and to speed transactions; c. Institutionalization financial institutions are better able to diversify portfolio and exploit mis-pricings than are individuals. 3 Why does increased volatility in financial markets with respect to the price of financial assets, interest rates, and exchange rates foster financial innovation? Increased volatility of the prices of financial assets has fostered innovation as investors and institutions seek ways to mitigate financial risk. We will write a custom essay sample on Financial Institutions specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Financial Institutions specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Financial Institutions specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Among other things, these innovations include the advancement of the modern derivatives markets. Chapter 2 1. Each year, millions of American investors pour billions of dollars into investment companies, which use those dollars to buy the common stock of other companies. What do the investment companies offer investors who prefer to invest in the investment companies rather than buying the common stock of these other companies directly? In investing funds with the investment companies, investors are reducing their risk via diversification and the cost of contracting and information. These companies also provide liquidity to the investor. 2. a. Why is the term hedge to describe â€Å"hedge funds† misleading? b. Where is the term hedge fund described in the U. S. securities laws? a. Hedge denotes hedging risk. Many hedge funds, however, do not use hedge as a strategy, and these funds take significant risk in their attempt to achieve abnormal returns. b. The term is not described in US securities laws, and hedge funds are not regulated by the SEC. 3. Some hedge funds will refer to their strategies as â€Å"arbitrage strategies. † Why would this be misleading? Arbitrage means riskless profit. These opportunities are few and fleeting. Hedge funds take great risk. The arbitrage typically taken is where there is a disparity between the risk and the return, such as pricing disparities across markets. Chapter 3 1. What is the Basel Committee for Bank Supervision? a. What do the two frameworks, Basel I and Basel II, published by the Basel Committee for Bank Supervision, address regarding banking? a. It is the organization that plays the primary role in establishing risk and management guidelines for banks throughout the world. b. The frameworks set forth minimum capital requirements and standards. 2. Explain each of the following: a. reserve ratio b. required reserves a. The reserve ratio is the percentage of deposits a bank must keep in a non-interest-bearing account at the Fed. b. Required reserves are the actual dollar amounts based on a given reserve ratio. 3. How did the Glass-Steagall Act impact the operations of a bank? The Glass-Steagall Act prohibited banks from carrying out certain activities in the securities markets, which are principal investment banking activities. It also prohibited banks from engaging in insurance activities. Chapter 4 1. What is the role of a central bank? The role of a central bank has several functions: risk assessment, risk reduction, oversight of payment systems, and crisis management. It can do this through monetary policies, and through the implementation of regulations. 2. Why is it argued that a central bank should be independent of the government? Central banks should be independent of the short-term political interests and political influences generally in setting economic policies. 3. What is the discount rate, and to what type of action by a bank does it apply? The discount rate is the rate a bank pays to borrow at the â€Å"discount window† of the Fed. Such borrowings are often undertaken to meet temporary liquidity needs. Bank needs are monitored and the Fed likes to state that borrowing from it is a â€Å"privilege and not a right. † 4. a. What is an open market purchase by the Fed? b. Which unit of the Fed decides on open market policy, and what unit implements that policy? c. What is the immediate consequence of an open market purchase? a. An open market purchase by the Fed consists of the purchase of U. S. Treasury securities. . The FOMC decides on open market policy and directs the Federal Reserve Bank of New York to implement it through sales and purchases of these securities. c. The immediate consequence of an open market purchase is to supply the seller of the security with a check on the Federal Reserve System that he can deposit in his bank, thereby immediately increasing the excess reserves and thus nation’ s money supply. Chapter 5 1. Why is it impossible for the Fed to target, at the same time, both the Fed funds interest rate and the level of reserves in the banking system? An increase in reserves should have an opposite effect on interest rates (a decrease in rates as banks have more reserves to lend). However, the interest rate is a function of both the supply of money and the public’s demand for money. It is thus possible for an increase in reserves to be met by an increase in the demand to hold money; hence no decrease in interest rate levels. In like manner, when an interest rate is the target, the Fed must let the growth in reserves vary as it strives to keep certain levels of interest rates. 2. It is often said that you cannot hit two targets with one arrow. How does this comment apply to the use of monetary policy to â€Å"stabilize the economy†? Often there are countervailing effects of the Fed’s actions. As seen, the Fed must choose either a short-term rate or the level of some reserves and cannot choose to target both kinds of variables as an operating target. The Fed can stimulate an economy through a reduction in interest rates, but such stimulation could lead to inflation or bubbles. As well, dampening unsustainable growth can be achieved, but such actions can lead to recession. . Describe the differences and similarities of the conduct of Chairmen Greenspan and Bernanke in managing Fed policy. Up until the mortgage and crisis, Bernanke mostly maintained Greenspan’s policies, but he was viewed as being more open with respect to communications about the Fed’s policy and FOMC meetings. Additionally, Bernanke was expected to advocate a more q uantitative approach to policy as opposed to Greenspan’s subjective, eclectic approach Chapter 7 1. An investment company has $1. 05 million of assets, $50,000 of liabilities, and 10,000 shares outstanding. a. What is its NAV? b. Suppose the fund pays off its liabilities while at the same time the value of its assets double. How many shares will a deposit of $5,000 receive? a. Net asset value = (Total assets minus liabilities) / numbers of shares = 1,050,000 – 50,000 = $100 10,000 b. Net asset value = 2,100,000 – 0 = $210 10,000 No of shares = 5000 = 23. 81 shares. 210 2. â€Å"The NAV of an open-end fund is determined continuously throughout the trading day. † Explain why you agree or disagree with this statement. Disagree. NAV of open-ended fund is the closing price of the day 3. Why might the price of a share of a closed-end fund diverge from its NAV? The price of closed-end funds may differ from NAV (often at a discount) because the fund has a large built-in tax liabilities and investors are discounting the share’s price for future tax liabilities. Leverage may be another factor for price below NAV. 4. What is an index fund? An index fund e. g. Fidelity Magellan and Vanguard Samp;P 500 are mutual funds, which invests in stocks included in Samp;P 500, and aim to achieve its performance to the benchmark Samp;P500 returns 5. What are the advantages of an ETF relative to open-end and closed-end investment companies? As said earlier, price is continuously changing during the trading period. 6. Briefly describe the following in the context of mutual funds: a. supermarket b. wrap program c. segregated managed accounts d. family of funds a. Supermarkets: The introduction of the first mutual fund supermarket in 1992 by Charles Schwab amp; Co. introduced its One Source service. These supermarkets allow investors to purchase funds from participating companies without investors having to contact each fund company. b. Wrap program: Wrap accounts are managed accounts, typically mutual funds â€Å"wrapped† in a service package. The service provided is often asset allocation counsel; that is advice on the mix of managed funds. c. Segregated managed accounts: are in response to individuals who object to mutual funds because of their lack of control over taxes and other investment decisions. Many investors with medium-size portfolio are utilizing segregated accounts. d. Family of funds: In the U. S. system, a family of funds consists of an investment company that offers several different funds. In Japan the family fund allows investors to buy new certificates in a grouping of existing unit trusts. Chapter 9 1. Suppose you own a bond that pays $75 yearly in coupon interest and that is likely to be called in two years (because the firm has already announced that it will redeem the issue early). The call price will be $1,050. What is the price of your bond now, in the market, if the appropriate discount rate for this asset is 9%? PO = $75 (PVIFA) 2. 09 + $1050 (PVIF) 2. 09 =$75 X 1. 7591 + $1050 X . 8417 = $1015. 72 2. You have been considering a zero-coupon bond, which pays no interest but will pay a principal of $1,000 at the end of five years. The price of the bond is now $712. 99, and its required rate of return is 7. 0%. This morning’s news contained a surprising development. The government announced that the rate of inflation appears to be 5. 5% instead of the 4% that most people had been expecting. (Suppose most people had thought the real rate of interest was 3%. ) What would be the price of the bond, once the market began to absorb this new information about inflation? The nominal required rate of return is (real rate plus inflation) ir + if or currently 3% plus 4% = 7%. If if becomes 5. % then the new required rate of return becomes 8. 5%. The price of the bond would then be $1000/(1. 085)5 or $665. 05. 3. What is the cash flow of a 6% coupon bond that pays interest annually, matures in seven years, and has a principal of $1,000? a. Assuming a discount rate of 8%, what is the price of this bond? b. Assuming a discount rate of 8. 5%, what is the price of this bond? c. Assuming a discount rate of 7. 5%, what is the price of this bond? d. What is the duration of this bond, assuming that the price is the one you calculated in part (b)? e. If the yield changes by 100 basis points, from 8% to 7%, by how much would you approximate the percentage price change to be using your estimate of duration in part (e)? f. What is the actual percentage price change if the yield changes by 100 basis points? a. $60 a year interest for 7 years plus $1000 principal in year 7 for a total of $1420 in cash flow. b. 5. 2064 X $60 + . 583 X $1000 = $895. 38 c. 5. 119 X $60 + . 565 X $1000 = $872. 14 d. 5. 297 X $60 + . 603 X $1000 = $920. 82 e. D = $920-. 82-$872. 14 =$48. 68/8. 95=5. 44 $895. 38 (0. 85-. 075) f. Applying the formula-D (change in yield) = -5. 44 (. 01) or a price increase of 5. 42%. g. Price at 8% =$895. 88, at 7% = $946. 06, so actual percentage change is ($946. 06 $895. 88)/$895. 88=5. 6%. Chapter 10 1. How do the assets, money, and bonds differ in Keynes’s liquidity preference theory? a. How does a change in income affect the equilibrium level of the interest rate in Keynes’s theory? b. How does a change in the money supply affect that rate? a. Money (as demand deposits and cash) is considered the liquid asset that serves as a medium of exchange and a store of value. Such funds pay little or no interest. Bonds are not as liquid and do pay some interest. b. In Keynesian theory, the rate of interest is determined by the demand to hold money (liquidity preference) and the money supply. An increase in income will lead to an increase in the demand for transactions purposes; hence an increase in the equilibrium rate of interest. c. An increase in the money supply will initially create a situation where more money exists than public wish to hold. They will then use these excess funds for investments, driving down interest rates. 2. Consider three bonds, all with a par value of $1,000: Bond| Coupon Rate| Market Price| A| 8%| $1,100| B| 7| 900| C| 9| 1,000| a. What is the yield to maturity of bond C? b. Is the yield to maturity of bond A greater than or less than 8%? c. Is the yield to maturity of bond B greater than or less than 9%? a. The yield to maturity of bond C is 9% because its market price is equal to the par value. b. The yield to maturity of bond A is less than 8% since it is selling at a premium over par. An investor will get the 8% coupon payments but only $1000 at maturity, less than the $1100 he had paid for it. . Since bond B is selling at a discount, its yield is greater than the coupon rate, but how much depends upon the term to maturity. In the near term the yield exceeds 9%, but if the term of the bond goes out to 20 years, the actual yield to maturity will be less than 9%. a. Show the cash flows for the two bonds below, each of which has a par value of $1,000 and pays interest semiannually: B ond| Coupon Rate| Years to Maturity| Price| W| 7%| 5| $884. 20| Y| 9| 4| 967. 70| b. Calculate the yield to maturity for the two bonds. a. Bond W pays $35 twice a year for 5 years, pays $1000 in year 5. ond Y pays $45 semi-annually for 4 years and $1000 in year 4. b. Bond W’s cash flows must be discounted to equal $884. 20. Using a trial-and-error method of several rates the closest yield to maturity is 10. 6%. Try also using financial calculator to confirm this yield. Bond Y’s cash flows must be discounted to equal $967. 70. Using the trial-and-error method results this time in a yield to maturity of 9. 4%. 8. a. What is the credit risk associated with a U. S. Treasury security? b. Why is the Treasury yield considered the base interest rate? c. What is meant by on-the-run Treasuries? d. What is meant by off-the-run Treasuries? a. Essentially no credit risk Treasury securities are backed by the full faith and credit of the federal government. b. It has the least risk in terms of default risk and is highly liquid, since Treasury securities comprise the largest and most actively traded financial instruments in this country. c. â€Å"On-the-run† Treasury issues are the most recently auctioned issues for each maturity. â€Å"Off-the-run† issues are the older ones, auctioned before the current coupon issues 3. In the May 29, 1992, Weekly Market Update, published by Goldman Sachs amp; Co. the following information was reported in various exhibits for certain corporate bonds as of the close of business Thursday, May 28, 1992: Issuer| Rating| Yield | Spread| Treasury Benchmark| General Electric Capital Co. | Triple A| 7. 87%| 50| 10| Mobil Corp. | Double A| 7. 77| 40| 10| Southern Bell Tel amp; Teleg | Triple A| 8. 60| 72| 30| Bell Tel Co Pa| Double A| 8. 66| 78| 30| AMR Corp| Triple B| 9. 43| 155| 30| a. What is meant by rating? b. Which of the five bonds has the greatest credit risk? c. What is meant by spread? d. What is meant by Treasury benchmark? e. Explain how each of the spreads reported above was determined. f. Why does each spread reported above reflect a risk premium? a. A rating refers to a published indicator of creditworthiness or probability of default. b. The AMR Corp. has the greatest credit risk, because at Triple B it has the lowest rating of the group. c. Spreads are differences in yields among bonds. Most commonly the spread is calculated as the excess yield over a benchmark Treasury security. d. The Treasury benchmark is the government security with the same maturity as the corporate security under consideration. e. Each spread was determined by subtracting the appropriate Treasury benchmark yield as of May 29, 1992 from the non-Treasury security of the same maturity. f. The spread in each case constitutes a risk premium for bearing default and liquidity risks that are not inherent in Treasury securities. 4. What is meant by an embedded option in a bond? a. Give three examples of an embedded option that might be included in a bond issue. b. Does an embedded option increase or decrease the risk premium relative to the base interest rate? a. An embedded option in a bond can be associated with convertible bonds. The holder has a call option to convert into stock at his will and he is willing to pay a premium in terms of a lower yield for this privilege. The issuer may have an embedded option in terms of callability , forcing the bondholder to sell back the security at a given price at a time of the issuer’s choosing. b. Convertible features, putable bonds (that allow bondholders to sell the securities back to the issuers at par), and warrants attached to bonds are examples of options that may be included in bond issues. c. The answer depends on the nature of the option. If the buyer has a call option he will pay more for the bond and accept a lower yield. If the issuer has an option like a callable feature on a bond, he is paying a price in terms of a higher yield or lower bond price. Chapter 11 1. What is a yield curve? a. Historically, why has the Treasury yield curve been the one that is most closely watched by market participants? a. A yield curve is a geographical representation of the term structure (the relationship between yield to maturity and the term to maturity) of securities having the same credit rating. . Treasury securities are risk-free with respect to credit and liquidity, and their yields serve as benchmarks for other securities. 2. What are the types of risks associated with investing in bonds and how do these two risks affect the pure expectations theory? The expectations theory suggests that rates will change over time in some direction. The prospect of changing yields creates two risks related to bond investment: (1) the price risk (value of principal if sold prior to maturity) and the reinvestment risk. Low rates may be good for price increases, but their favorable impact is partially offset by investors having to reinvest earnings at these low rates Chapter 12 1. Assume the following: Expected market return = 15% Risk-free rate = 5. 7% If a security’s beta is 1. 3, what is its expected return according to the CAPM? The expected return is: .07+1. 3 (. 15-. 07) =. 174=17. 4%, (assume risk free rate =7%). 2. What are the difficulties in practice of applying the arbitrage pricing theory model? a. Does Roll’s criticism also apply to this pricing model? b. In the CAPM investors should be compensated for accepting systematic risk: for the APT model, investors are rewarded for accepting both systematic risk and unsystematic risk. † Do you agree with this statement? a. The difficulty lies in identifying the systematic factors. b. Roll’s criticism does not apply to the APT model because that model does not rely on a true market index. c. This statement is true for the CAPM, but not for the APT model. The latter also asserts that investors should be compensated only for accepting systematic risk. But unlike the CAPM, there is more than one systematic risk. Chapter 17 1. How does common stock differ from preferred stock? b. Why is preferred stock viewed as a senior corporate security? a. Preferred stock is entitled to a fixed participation in the form of dividends of the earnings of the company. Dividends must be declared and ordinarily they are at the discretion of the board. Common stock is entitled to the residual cashflow, and is junior to the preferred stock both in terms of distribution and liquidation preference. b. Preferred stock is considered a senior instrument because dividends must be paid before any distribution of dividends can be made to the common stockholders. Also, in a liquidation, the preferred stockholders are paid before the common stockholders, who are considered residual claimants. 2. Explain the mechanics and some key rules of a short sale. a. What restrictions are imposed on short selling activities? a. A short seller borrows the stocks to sell on the market, giving the proceeds of the sale to his broker as collateral. Should prices decline he will buy the stocks, return them to the broker and obtain the sales proceeds. b. A short sale must be announced at the time the order is given , and it can occur only after an uptick in the market price of the stock. The short seller is also responsible for paying any dividends due on the stocks before he covers them with a purchase. 3. What are the three general types of stock market indicators? Stock market indicators can be classified into three groups: (1) those produced by stock exchanges based on all stocks traded on the exchange; (2) those produced by organizations that subjectively select the stocks to be included in indexes; (3) those where stock selection is based on an objective measure, such as the market capitalization of the company. Chapter 18 1. Explain the two ways in which an order-driven market can be structured. An order-driven market can be structured in two ways: (1) continuous market, where a trade can be made at any moment in continuous time; (2) call auction, where orders are batched together for a simultaneous execution in multilateral trade at a specific point in time 2. Why is the Nasdaq referred to as a â€Å"fragmented market†? Nasdaq is a fragmented market because its stocks can be traded off the exchange. 3. What are the two sections of the Nasdaq stock market? The two sections are the Nasdaq National Market (NNM) and the Small Cap Market. . What are the three parts of the OTC market for stocks? There are three parts to the OTC market: two under Nasdaq and a third market for truly unlisted stocks (which is composed of OTC Bulletin Board and the Pink Sheets). Chapter 26 1. Suppose you bought a stock index futures contract for 200 and were required to put up initial margin of $10,000. The value of the co ntract is 200 times the $500 multiple, or $100,000. On the next three days, the contract’s settlement price was at these levels: day 1, 205; day 2, 197; day 3, 190. a. Calculate the value of your margin account on each day. b. If the maintenance margin for the contract is $7,000, how much variation margin did the exchange require you to put up at the end of the third day? c. If you had failed to put up that much, what would the exchange have done? a. Day 1 Price = $205 x 500 = $102,500, Margin = $12,250 Day 2 Price = $197 x 500 = $ 98,500, Margin = $ 8,500 Day 3 Price =$190 x 500 = $ 95,000, Margin = $ 5,000 b. Add $2,000 to meet variation margin requirements on the third day. c. If the margin call was not met, the exchange would have liquidated the position. 2. â€Å"The futures market is where price discovery takes place. † Do you agree with this statement? If so, why? If not, why not? Agree. This is true when there is a well-developed futures market that is more advantageous to use by market participants for changing their price exposure to an asset. Investors can more easily become involved in the market because the wealth required to participate is relatively small. a. What is meant by open interest? b. Why is open interest important to an investor? a. Open interest is the number of contracts outstanding. It is a measure of the liquidity of the contract and therefore important to portfolio managers who want to implement strategies using the contract 3. What is meant by an OTC derivative product? Customized derivative products, such as forward contracts, are called Over-the-counter derivatives. 4. What is the major concern with banks creating OTC derivative products? Banks that create OTC derivative products may put themselves in a position that could create severe financial problems. These banks may not have proper risk management systems in place to effectively monitor their risk exposure. Identify and explain the key features of an option contract. The exercise price is the price at which the holder of an option has the right to buy or sell a security. The expiration date is when the option holder’s right to sell or buy a stock expires. The premium is the price paid for an option. It is the consideration given for a contract, which binds the other party to buy or sell a security, if required. The underlying asset is the item which can be bought or sold by the option holder. 5. What is the difference between a put option and a call option? A put option is the right to sell a security at a specified price within a specified period of time. A call option is the right to buy a security at a specified price within a specified period of time. 6. What is the difference between an American option and a European option? An American option can be exercised anytime up to the date of expiration. A European option can only be exercised at the time of expiration 7. Explain why you agree or disagree with this statement: â€Å"Buying a put is just like short selling the underlying asset. You gain the same thing from either position, if the underlying asset’s price falls. If the price goes up, you have the same loss. † Buying a put indicates the same intention as short-selling a security. In both cases the speculator hopes to take advantage of a decrease in price of the security. The effect, however, is different on two counts. First, the short seller is taking a risk that prices may rise, that he may have to purchase the security at a higher price than he sold it. The put option holder’s maximum loss would be the price of the premium should he not exercise the option. Second, leverage also makes a difference. The short seller has to place the entire amount of his sale with the broker as collateral. The put holder has only a small amount invested, i. e. , the premium. Modest price decreases magnify his gains.

Steam Engine 2 essays

Steam Engine 2 essays The steam engine was invented by Thomas Newcomen in 17121. It was a very important invention and helped give way to the Industrial Revolution. It was very useful invention of his time. Many people like James Watt and Richard Trevithick used the atmospheric steam engine to produce more sophisticated inventions. Thomas Newcomen was a very important inventor. He was born in 1663 in Britain. He worked as a blacksmith until he worked with Thomas Savery, who had already tried to make a steam engine but couldnt do it. Thomas Newcomen invented the first working steam engine in 1712 with the help of Savery. At first the steam engine wasn't very popular, later the steam engine was considered the centurys most important invention when used in mines. Thomas Newcomen also made tools for coal miners and often visited mines, this is how he knew the needs of miners2. The first steam engine was used to work at a South Stafforshire colliery3. Most of the early engines produced the steam by using coal. This is why steam engines were installed in coal mines where coal was free. Even though Thomas Newcomen actual invented the first steam engine, James Watt is usually known for making it4. Watts engine was much more efficient than Newcomens because it prevented the loss of steam. Watt started out repairing Newcomens engines, and then began making major improvements to it. James Watts engines were much larger than Newcomens with a larger cylinder which pumped more water out of mines5. His engines were designed with a rotating shaft and a flywheel which was more sufficient. Later he further improved his engines by adding another condenser and cylinders. He also added throttle controls on his engine to control the rate that the engine pumped water. Without Watt's study in the field of mechanics, the steam engine might not have been made, and the industrial...

Project Management Essay Example | Topics and Well Written Essays - 2500 words - 17

Project Management - Essay Example This event hoped to raise money for charity, will include many kinds of sporting activities including skiing, darting, water rowing, table tennis and somersaulting among others. The recruitment exercise for participants in each category will be done in good time and communicated to the entire community. Members of Grand Sunrise area will be requested to turn up for this great event. This year’s competitions are more than the ordinary since activities have been sponsored to 1200 Pounds enable more participation and contribution to the event. The event dubbed ‘run 360’ to take place on 15 July 2012 is aimed at making the participants complete a circle of every event performed. The participants will be awarded according to the performance. To make the sport lively, a live music band will be invited to grace the occasion and entertain guests while preparations to begin kicks off. The music band will be members of the oxygen band who happen to be from grand sunrise area. Upon completion of the event the patron will reward the winners and give a closing speech. The patron will also be expected to give an expenditure brief of what was raised, used and the balance which will be used to fund a project for the mentally challenged in Lower Norwich rehabilitation facility. The competition ‘run 360’ is expected to draw about 65 participants and about 800 spectators. Since the onset to the sporting activities, the youth have been upbeat and happy that their holidays are well spent and are taking it to the next level by not only participating but also making a contribution to charity of their choice. The schools management and government education department have regularly advised parents and guardians to support and engage their children in sports as a way of promoting teamwork, partnerships and acceptable behavior. The event will be poised to bond the youth, parents and other guests who will attend the event. To

Safeway Inc Assignment Example | Topics and Well Written Essays - 250 words

Safeway Inc - Assignment Example In addition, they were affected since their target and loyal consumers no longer possess a large pool of any discretionary income affecting the overall demand thus revenue. Politically, the external environment that Safeway Inc. operates was significantly affected. During this crisis the Fed set tough laws and regulations concerning credit and lending to help the economy pull through. These monetary policies by the government never favored investment and plough of capital to the key sectors of growth of the company such as the necessity retail products. These further weakened the company’s competitiveness since this is an environment beyond the control of the company. Financial crisis directly affects the revenue obtainable by the company. Due to the financial crisis of 2008-2009, the company had to rethink on its social responsibility to boost sells. Prior to the crisis, the company was involved in various social participation such as charity events that help improve their relationship with the customers they serve. The company had to lower its active role in social participation and societal charity. This affected their eventual competitiveness after the

Feminist Philosophy Essay Example for Free

Feminist Philosophy Essay Mary Wollstonecraft was no doubt a great feminist and deserved to be called grandmother of the feminist thought. Her early experiences of an unsuccessful family life as well as the prevailing notion of the philosophers at that time about women shaped her views to become authentic feminist grand mother. Wollstonecraft’s feminist ideas affected the first wave of feminism through her arguments against the prevailing views on women most notably that of Rousseau’s which categorized women as subservient to men. Rousseau held that women’s education should be designed entirely to make them pleasing to men. Rousseau reflected â€Å"to please, to be useful to us, to make us love and esteem them, to educate us when young and take care of us when grown up, to advise, to console us, to render our lives easy and agreeable—these are duties of women at all times†¦Ã¢â‚¬ (Feminist Philosophy). Against this view, Wollstonecraft work hard to emphasize that the role of women in the society were not simply an ornaments and playthings of men as they are also capable of attaining masculine virtues of wisdom and rationality â€Å"if society would allow those value to be cultivated† (p.475-476). Wollstonecraft pointed out that the prevailing views on women had bad implications not only on women but on society as well as they will only breed bitterness, jealousy, and folly. She affected the first wave of feminist by encouraging them â€Å"to restore women to their lost dignity by encouraging better ideas of woman hood† (p. 476). How did Simone de Beauvoirs writing shape the second wave? The second wave of feminism was a resurgence of early feminism as a result of various works of feminists during the 1940s such as her works. De Beauvoir writings shaped the second wave of feminism by shedding light about what is a woman in the concept of being other, and how men views women during this period. In her writings de Beauvoir shed social understanding on womanhood. She pointed out that the fundamental social meaning of woman is Other. She explained, â€Å"No group ever sets itself up as the One without at once setting up the Other over against itself† (p. 479). The thought that de Beauvoir was pointing out was that men do not view women as human being like them but as Others who are to be treated as stranger that do not deserve equal treatment. The implication of men’s treatment of women as Others according to de Beauvoir was that because women are others, they do not need to be given â€Å"equal weight to their preferences† simply because they are others (p. 480). Debeauvoir’s writings shaped the second wave of feminism through her unique way of providing social understanding about how women were regarded by men during this period. How did the events of the first and second wave affect each other? Apparently, the event of the first and the second wave of feminism affect each other in a way that they connect the second wave to the first. The second wave feminist was inspired by the events during the first wave to tag along their path of pushing for the recognition of women’s rights. Apparently, the events of the first wave feminist shaped the understanding of the second wave feminism about women’s rights, against the existing social and philosophical views on women. Thus, the events of the first wave serves as mirror for the second wave, and as inspiration for them to continue women’s struggle for the restoration of their lost dignity as women equal with men in many aspect, especially on human rights. Reference More-Bruder: Philosophy: The Power of Ideas (2008) Feminist Philosophy The McGraw-Hill Companies

Case for Investment: Space in USA

Case for Investment: Space in USA Sun Yudong Ever since the dawn of man, mankind has been gazing at the sky in wonder. Space, has always been a mysterious place, a place where the frontier of science and innovation are put to the test, a place where 99% of what we have yet to discover exists. In the present era, the National Aeronautics and Space Administration (better known as NASA) and the NSF[1] are the forefronts of space exploration and scientific research in the USA and they have no doubt played a key role in many of Man’s greatest achievements. NASA could even take credit for mundane items such as quartz timing crystals and bar-code scanners. The Sad Situation Space is a difficult, dangerous but exciting $300 billion industry worldwide. However, despite space being the final frontier, with many against space exploration, NASA has only received 0.48% of the US Federal budget, only half a cent for every tax dollar. NASA is getting a pathetic amount of funding. In 2008, $700 billion[2] was spent by the US government to revive the economy, which was way more than the 50-year running budget of NASA. In 2013, US spent more than $3.45 trillion, with more than $600 billion going to defence, but with only $17.7 billion going to NASA, a tiny portion of worldwide spending on space. The allocation of funds is warped and there is just simply not enough funding going towards space exploration and scientific innovation, the seedling of hope, the future of the US economy. Over the past four decades, instead of NASA, we could have had at least six additional MIT’s. Consider all of the research that our single MIT has produced during that period, all of the students taught and leadership provided. For all the gains that NASA has made, its opportunity costs are far greater. Keith Yost, The Tech (MIT) Staff Columnist argument against NASA funding What is even more infuriating is that, even though the budget for NASA has been decreasing, the money saved were not put to good use. For example, US plans on spending more than $200 billion in the next decade to maintain nuclear weapons when they are almost useless. The one thing I convinced myself of after all these years of exposure to the use of nuclear weapons is that they were useless. They could not be used. Colin Powell, Former Secretary of State Figure 2 NASA Budget over the years. Retrieved August 31, 2014, from: http://www.penny4nasa.org/ However, NASA did get a substantial amount of funding and this increased steadily in its infancy and peaked in 1966 at slightly more than 4.4% of the Federal Budget, before plummeting to the current meagre 0.48%. Because of this, the campaign â€Å"penny4nasa† was launched in 2012 to fight for an increase in the budget for NASA, through advocating the economic, scientific and cultural value of NASA. With this as a trigger, the paper will look at the different factors that led to the establishment of NASA, the decline in the budget, and ultimately explore why we should invest in space, and space exploration. Why NASA was set up The roots of NASA could be traced back to October 4, 1957. On that day, the world’s first artificial satellite, Sputnik 1, was launched. This surprise success of the Soviets in the midst of the Cold War horrified the US and triggered the Sputnik Crisis that became part of the bigger Space Race. US was afraid, afraid that the Soviets would become more technologically advanced, that the Soviets would fire a missile at US, that US will lose its place on the global arena. Out of the fear factor of Sputnik, many policies were put in place. The National Defense Education Act (NDEA) was passed by congress to increase educational standards to allow more people to become scientists and engineers. And on July 29 1958, the National Aeronautics and Space Act was signed, establishing NASA. It took over the National Advisory Committee for Aeronautics (NACA) and currently is the United States government agency that is responsible for civilian space program and for aeronautics and aerospace research. With motivation from Sputnik 1, and large funding, many space programs were quickly developed and put into action. The Decline in Budget Throughout the Apollo Missions that ultimately aim to go to the Moon, NASA was very well funded, and all developments were extremely rapid. US was still in fierce competition with the Soviets. In 1969, the historic Apollo 11 mission put the first man on the Moon, and puts US in the lead ahead of the Soviets significantly. However, when US realised that the Soviets were not ready to go to the moon, the rate of progress in Space Exploration slowed. This was because, with the Soviets unable to catch up with US technological abilities and the Cold War becoming increasingly less intense, people were no longer as fearful of the Soviets as before, nobody was really interested in the STEM[3] fields anymore and those congressmen without NASA facilities in their state felt absolutely no reason why NASA should get so much funding as an increasing proportion of people want more welfare instead. As discussions went on the Congress, NASA naturally got increasingly less budget, resulting in the current situation. After all, congressmen work for the people, or they will lose their position in the next elections. However, I believe that they have failed to realise and consider the significance of NASA and space exploration on the culture and economics of the society. Significance of NASA and Space Exploration Social and Cultural Space is not a special interest, unlike what many people may think. Space exploration inspired a whole generation to dream about tomorrow, a tomorrow made possible by scientific innovations, in a time of turmoil. It provided a different kind of hope, a hope that our lives will change for the better. The homes of tomorrow, the transportation of tomorrow, all these ingrained in the many issues of magazines. Space frontiers, engineering frontiers were being breached almost weekly. Space influenced our culture, our zeitgeist. It galvanized the whole nation to want to work towards Tomorrow, influencing our creative minds, our culture. For example, almost every science fiction cartoon made in and after the 1960s had rockets with fins, fins of the V2 Rocket used in NASA missions. (Figure 3[4]) We saw space influences everywhere, even in Hollywood. Space exploration also inspired a whole generation of Scientists and Engineers as Innovation made the headlines. No special programmes were needed to attract them. There is a cultural presence of these activities. From 1968 to 1972, there has been a sharp significant increase in the number of students pursuing education and career in these fields. (Figure 4[5]) With the Space program, heroes were made. Space exploration is a force acting on the education pipeline and inspired a whole generation to join the scientific community. Space exploration also had a direct impact on the cultural asset of the human race. When we looked back from the moon, we rediscovered Earth with a whole new perspective, without borders, without conflicts. We saw earth as nature intended it, we saw earth as a whole. It is possible to see that Earthrise (Figure 5[6]) marked the tipping point, the moment when the sense of the space age flipped from what it meant for space to what it means for Earth Robert Poole, Earthrise: How Man First Saw the Earth It inspired us to take time off amidst the war to start thinking about Earth and nature. This is what sparked off a series of events: Figure 6 Timeline of Space Missions with happening events All these would not have happened so quickly without space exploration, without us looking back at earth to realise that earth is a home that is worth protecting. Economic Beyond culture, space exploration has also brought about economic benefits. Satellites, GPS, intercontinental communication, the Internet. All of these has been directly or indirectly influenced by space exploration, and has had a huge impact on our lives as man. By breaching space and engineering frontiers, there were innovations, spin-offs. Space exploration and engineering drives innovation, the fuel for our capitalist economies. In fact, the satellites that we use to transmit TV signals, to transmit Internet packets, to communicate globally, could only have been brought about by government-initiated space exploration. This is because space is expensive and has incalculable risks, and it is a venture only a government could have successfully led. In fact, innovation drives the economy so much so that one of the main messages of Robert Solow’s[7] work has been that a large proportion of the economy is driven by technological advancement. Conclusion As goes the health of space faring ambition, so too goes the emotional, spiritual intellectual, creative, economic ambitions of a nation Neil deGrasse Tyson, 2012 In conclusion, space exploration is not a special interest group, and its significance is far and outreaching. With NASA being the frontier of space exploration, more funding should to be given to the agency, not as a handout, but as an investment that is able to penetrate our culture and transcend generations to reach greater heights. References Belleflamme, P. (2012, September 25). How to make innovation drive economic growth? Retrieved September 6, 2014, from http://www.ipdigit.eu/2012/09/how-to-make-innovation-drive-economic-growth/ Bilstein, R. E. (1996). From NACA to NASA. In NASA SP-4206, Stages to Saturn: A Technological History of the Apollo/Saturn Launch Vehicles (pp. 32–33). NASA. Retrieved from http://history.nasa.gov/SP-4206/ch2.htm#32 Burrows, W. E. (1998). This New Ocean: The Story of the First Space Age. New York: Random House. Retrieved from http://www.amazon.ca/This-New-Ocean-Story-First/dp/0679445218/ref=sr_1_1?s=booksie=UTF8qid=1280690435sr=1-1#reader_0679445218 Demographic Trends: Undergraduate and Graduate Education. (n.d.). Retrieved from https://www.princeton.edu/~ota/disk2/1985/8507/850705.PDF Dr. Neil deGrasse Tyson: Launch Keynote: 28th National Space Symposium. (2012). Retrieved from http://www.youtube.com/watch?v=VLzKjxglNyEfeature=youtube_gdata_player Hunt, T. C. (2013, December 16). National Defense Education Act (NDEA). In Encyclopà ¦dia Britannica. Retrieved from http://global.britannica.com/EBchecked/topic/404717/National-Defense-Education-Act-NDEA Last Week Tonight with John Oliver: Nuclear Weapons (HBO). (2014). Retrieved from http://www.youtube.com/watch?v=1Y1ya-yF35gfeature=youtube_gdata_player NASA. (2005). The National Aeronautics and Space Act. Retrieved September 3, 2014, from http://www.nasa.gov/offices/ogc/about/space_act1.html National Science Foundation. (n.d.). Retrieved September 5, 2014, from http://www.allgov.com/departments/independent-agencies/national-science-foundation?agencyid=7341 Neil deGrasse Tyson We Stopped Dreaming (Episode 1). (2012). Retrieved from http://www.youtube.com/watch?v=CbIZU8cQWXcfeature=youtube_gdata_player Office of Management and Budget. (n.d.-a). Budget of the United States Government, Fiscal Year 2013. U.S. Government Printing Office, Washington 2010. Retrieved from http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/budget.pdf Office of Management and Budget. (n.d.-b). Retrieved September 4, 2014, from http://www.whitehouse.gov/omb OMB-President Obama’s 2013 Budget-Summary Table. (n.d.). Retrieved from http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/tables.pdf Penny4NASA | Penny4NASA is a nonprofit striving to increase NASA’s funding to 1% by encouraging popular support for NASA through education and outreach. (n.d.). Retrieved September 8, 2014, from http://www.penny4nasa.org/ Photo 17 of 58, Apollo 11. (2009, June 4). Retrieved September 3, 2014, from http://imageevent.com/afap/spaceandscience/apollo11;jsessionid=hmk1oipnb3.camel_s?p=16c=4n=1m=-1w=2s=0z=1y=2 Rosenberg, J. (n.d.). President John F. Kennedy Gives Man on the Moon Speech. Retrieved September 19, 2014, from http://history1900s.about.com/od/1960s/a/jfkmoon.htm Space Race. (2014, September 17). In Wikipedia, the free encyclopedia. Retrieved from http://en.wikipedia.org/w/index.php?title=Space_Raceoldid=625983337 Special Message to Congress on Urgent National Needs. (1961). Washington, D.C. Retrieved from http://www.jfklibrary.org/Asset-Viewer/xzw1gaeeTES6khED14P1Iw.aspx Sputnik crisis. (2014, September 14). In Wikipedia, the free encyclopedia. Retrieved from http://en.wikipedia.org/w/index.php?title=Sputnik_crisisoldid=622755710 Temple-Raston, D. (2008, October 3). Bush Signs $700 Billion Financial Bailout Bill. National Public Radio. Retrieved from http://www-cdn.npr.org/templates/story/story.php?storyId=95336601 V-2 rocket. (2014, September 19). In Wikipedia, the free encyclopedia. Retrieved from https://en.wikipedia.org/w/index.php?title=V-2_rocketoldid=626151508 We Stopped Dreaming (Episode 2) A New Perspective. (2012). Retrieved from http://www.youtube.com/watch?v=BFO2usVjfQcfeature=youtube_gdata_player Wilford, J. N. (2009, July 14). On Hand for Space History, as Superpowers Spar. The New York Times. Retrieved from http://www.nytimes.com/2009/07/14/science/space/14mission.html Yost, K. (2010, April 9). Should we cut NASA funding? The Tech, p. 6. 1 [1] The National Science Foundation (NSF) is a United States government agency set up to support fundamental research and education in all the non-medical fields of science and engineering. The National Institutes of Health is the medical counterpart of NSP. [2] Amount of money spent on Emergency Economic Stabilization Act of 2008, to bailout the U.S. financial system [3] Science, Technology, Engineering, and Mathematics [4] (Clockwise) MundodelPene, Start einer V2 [Photograph] (1943), Retrieved September 3, 2014, from: https://en.wikipedia.org/wiki/File:Bundesarchiv_Bild_141-1880,_Peenemà ¼nde,_Start_einer_V2.jpg, [Rocket Cartoon Image], Retrieved September 3, 2014, from: http://www.clipartbest.com/clipart-aiqenRx6T, 1956 GM Firebird II [Photograph] (n.d.), Retrieved September 3, 2014, from: http://www.carbodydesign.com/archive/2010/06/top-ten-concept-cars-of-the-fifties/ [5] Doctorate Degrees in Science and Engineering by Field and by Year, 1958-83. Retrieved September 15, 2014, from https://www.princeton.edu/~ota/disk2/1985/8507/850705.PDF [6] Figure 5 NASA / Bill Anders (1968) Earthrise over the moon [Photograph], Retrieved September 03, 2014, from: http://www.hq.nasa.gov/office/pao/History/alsj/a410/AS8-14-2383HR.jpg [7] Nobel Prize Laureate in Economics in 1987

The Importance Of Accounting In Our Modern Society

Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessmen, from the operator of a filling station to the government of the United States. It†s so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep teh records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge. Accounting is a vital element of business. It records the way a business has grown and, after analyzing figures, suggests the way it should go in the future. Furtunes are gambled on the advice of accountants. If your friend has ever operated a business and you saw him placing figures in ledgers, then you saw him doing bookkeeping. If you have worked at a service station or supermarket and have seen books with large sheets lined in green and red lying on the manager†s table or desk, you saw books of accounting. Accounting is one of the fastest growing fields in the United States It expands each time a new store, a factory, a filling station, or a school goes up, whether in a large city or a small town. In today†s society, the demand for good accountants for exceeds the supply. As our country has expanded, business and industry have become more and more complex, so control here is very important. And control depends on a great deal of the bookkeepers and accountants who can analyze figues and advise management on what should be done. They are using more scientific ways changing money, figuring change, and collecting sales taxes. Moreover, department stores and other companies now have plants and offices widely scattered throughout the country. A new set of bookkeepers and accountants, is needed at each branch. I know there are many managements supervisory, and junior or senior executive positions are bing filled by people who started as accountants because accountants have the knowledge of methods and finance and comprehension of the fundamentals of business, and accounting is the foundation of sound business. The two kinds of accountants, public accountants and private accountants serve different important functions in business organization. Business enterprises, government agencies, and nonprofit institutions, such as universities and churches more are more likely use public accountant. They offer their services to the general public on a fee basis in much the same way as do lawyers, doctors, and dentists. In addition, the larger firms have professional accountants on their staff who work for a salary, but are also considered public accountants. The two important areas, auditing and tax services are also the job for public accountants. In a single business enterprise or nonprofit organization, the main job for private accounts in to handle the finanacial records. Manufacturing or other concerns are also need accountants, in that situation, they are often called industrial accountants. In addition, accountants are employeed by all branches of federal state, and local government, including government-owned corporations. Accountants in private and government work customarily specialize in the performance of a single type of accounting service, they may do any of the types of accounting service just described above. They also tend to become specialists in a narrow field of employment such as a particular branch of manufacturing, public utilities, or transportation. Except public accountants and private accountants, there are some other general category of accountants who are taking important parts in business organizations. They are managerial accountants, controller, cost accountant, government accountant, internal accountant and teaching accountant. Each of the accountant serves different function in business organization. A company needs well-organized management. Managerial accountant is a kind of person hired by a company and trained to be a manager one day. The managerial accountant, needs to learn all aspects of the company-people, products, plants, and equipments. They should know how to handle management responsibility, and administrative skills. A company needs somebody to record its financial operating datas, and measure performance, and it needs somebody to interpret results of operations, and to plan and make recommendations for actions. Controller is this kind person of the company and is responsible for the records of the company†s operation. His or her job is not only deal with finances, but also deal with people, products, equipments and material. In addition, he or she also needs to concern about sales and profit of the company. Like the president or vicepresident, controller has opportunities to exercise imagination and judgement and to make rewarding contribution to the company. A corporation may exist many different items in managactures, and those items go hundreds of various sized and priced componenets. The sales office will have to know the production cost of each item in order ot arrive at a sales price that will contain a profit for the company. A cost accountant works on it. He studies the items one by one, figures the cost of every parts of the products, and then arrives at the production cost of each item. Organizations of federal, state, or municipal government also need accountants to help their business. Government accountants come to do a variety of financial management work. They may deal with auditing, designing and maintaining. They may do budgeting and administrative duties requiring the use of accounting information. A modern business organization needs internal accountant to see whether the assets of a business are properly protected and accounted for, that current trasactions are completely recorded, or the company†s waste and loss whether to be saved or not. High schools, colleges or universities are also need accounting professors to teach students accounting techniques. Teaching accountants, who know a great deal about accounting and has had some practical experience in dealing with persons and businesses, ready to pass along their knowledge and experiences to students and future accountants. In small schools, teachers have other duties besides their work in the classrooms. They serve as school secretaries, bookkeepers, statistical clerks, and managers in lunchrooms. In addition to the accounts mentioned above, you may also find tax accountant, a systems and control accountant, a budget accountant, or an auditor. Working people need to pay taxes. Tax is so important to our society. It†s a main financial imcome of the government. People have to pay different kinds of tax according to their imcome. For example, they need to pay imcome tax, social security tax, state unemployment tax, federal excise tax, state and local sales and miscellantous taxes, property taxes, and federal and state taxes on corportation imcomes. As an accountant, one of the job he needs to do is to hepl people to pay taxes. Taxes and accounting are intervined. In dividual tax liabilities are arrived at by an accounting process. Large corporations that pay taxes in the hundreds of thousands of dollars, hire many accountants. Thus, accountant is tightly related to the tax adminatration. Accountants use skills in tax matters to help prepare people yearly report. According to the statistics, â€Å"In California, individual CPA practitioners report that around 21 percent of their business is tax work. Public accountant practitioners, who are closer to the small income earners, report that 25 percent of their business is tax work. † Especially public accountants, their large percentage of income is come from tax work. Because of the development of the modern society and increasement of peoples† income, more and more accountants are needed for tax work. Sound business needs good record, so control accountants are needed for this. They can help and advice managers to well develop their business. Some government firms and other organizations such as banks, stores, schools, churches, need auditors to operate the business. The auditor†s report will be of particular value to stockholders and creditors, since it shows an impartial opinion of the company is financial condition. For the management of the company, the auditor can often make very valuable suggestions for cutting costs, minmizing tax liabilities, and finding new ways to increase profits. Let†s look some accounting jobs in government. There are two million federal employees are working for the government , dealing with problems of population, education, transportation, national security, welfare and others. Accountants, auditors, system analysts, and budget administrators are helping to maintain the stability in modern governmental operations. United Stated is teh largest enterprise in the world today, we can imagine how complexity of the business got to be, so accountants take important parts in the operation of these business. They work for department of Agriculture, department of Commerce, department of Defense, department of Health, Edaucaiton, and Welfare, post offic edepartment and department of teh Treasury. Department of Agriculture deal with agricultural production, chemistry, economics, engineering, marketing, conservation, price support, and production adjustment problems. The department nees accountants to help its programs. The main job for accountant in this agency is to develop and maintain financial management systems, prepare and analyze budgetary and program lost statements, check costs of commercial food processors and producers, audit various operations in the office and in the field, and check records of commercial, cooperative, and state and municipal organizations participating in agricultural programs. Department of Commerce performs a wide range of operations. It gathers information about domestic and foreign industries and trade, publishes technical information for the government, and handles allocations of materials necessary to military and atomic energy programs. It†s also a place which needs accountants. Accountants here maintain regulatory and cost accounting systems, and audit steamship, railroad, and utility companies. Department of defense is an department which includes departments of the Army, Navy, and Air Force. This department has established an ideal career program to help recruit auditors and accountants. The department needs a well-qualified accountants and auditors. Those accountants are needed to handle cost accounting, property and inventory accounting, inernal and external auditing, and budgeting. Under the department of Health, Education, and Welfare, there are Public Health Servide, the Food and Drug Administration, the Office of Education, the Social Security Administration, and the Office of Vacational Rehabilitation. Those offices are located every where in the United States, so countless accountants are needed to operate in these organizations. The work mostly involves cost accounting, hospital accounting budgeting, auditing, and financial mangement. Post Office Deartmetn is another place which needs accountants assistants. This large department employs more than 560,000 persons and operates over 35,000 post offices. Besides that, it provides money-order and postal-saving services. All this naturally involves large sums of money and huge volumes of transactions. To handle it all, â€Å"The depatment has set up within its organization a Bureau of Finance, which looks after the the accounting, budgeting, cost accounting, keeping statistics and financial data, nd financial management work. † Department of the Treasury serves as the government†s banker, bookkeeper, disburser, collector, trustee, investor, lender, printer of the currency, coiner of money, supervisor of national banks, and financial advisor to the President and Congress. It†s not hard to see that each of these duties involves accounting. The Treasure Department needs men and women educated and trained in accounting, auditiing, budgeting, and financial management. Here accountants may be systems accountants, general accountants, cost accountants, internal auditors, revenue agents, bank examiners, budget and fiscal officers, management analysts, tax analysts, and public debt analysts. There are also a nember of independent agencies with which an accountant may find interesting and challenging work. There are the Atomi Energy Commission, the Farm Credit Administration, the Interstate Commerce Commission, the Securities and Exchange Commission and other important commissions, an accountant can find an easy way upward to general administrative and managerial positions. There is a overseeing department is called the United States Greneral Accounting Office. Just as a company president is the top man over many men and departments below him. The department generally oversees all the other agencies of the government. This vital department is headed by the comptroller General of the United States. As the President is called the Chief Executive of the nation, you could call the comptroller General the Chief Accountant of the nation. His office, an independent agency in the legislative branch, has the vitally important job of making audits of the programs, activities, and financial responsibilities of federal departments and agencies. It even checks government contracts. Since women†s position has been improved in the U. S, accounting also opened its door to women. It can be the world of achievement for the women who is looking for a higher ststus than what is offered by ledgers and journals. Accountants in today†s society is expected to know a great deal about management, business practice and theory, taxes, cost accounting, auditing, and systems and controls. To the woman who can train these and other subjects gose the opportunity to work at the management level with executives and leaders of business. Women also have opportunities for specialization and self-employment in an accounting firm. That†s why I say accounting is the door which widely open to women, and more and more women are stepping into it. According to the statistics â€Å"By 1910, there were about 190,000 women engaged in the occapation. From 1940-1950 the increase in female bookkeepers was 37,395. An estimate, based on the 1950 census, showed 556,229 women bookkeepers compared to only 164,748 men in the same employment. The figures show women occupy a large percentage in accounting field. Accounting is every where. Non eof the business or nonbusiness organization can stay longer without it. There is no doubt that all the business require some people who have some experience or knowledge in bookkeeping and accounting. More and more employers prefer employees with some knowledge of bookkeeping and accounting. There are other some examples of accounting job are required in different business: Office Manager-accountant, excellent salary, may advance to plany controller. The Importance Of Accounting In Our Modern Society Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessmen, from the operator of a filling station to the government of the United States. It†s so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep teh records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge. Accounting is a vital element of business. It records the way a business has grown and, after analyzing figures, suggests the way it should go in the future. Furtunes are gambled on the advice of accountants. If your friend has ever operated a business and you saw him placing figures in ledgers, then you saw him doing bookkeeping. If you have worked at a service station or supermarket and have seen books with large sheets lined in green and red lying on the manager†s table or desk, you saw books of accounting. Accounting is one of the fastest growing fields in the United States It expands each time a new store, a factory, a filling station, or a school goes up, whether in a large city or a small town. In today†s society, the demand for good accountants for exceeds the supply. As our country has expanded, business and industry have become more and more complex, so control here is very important. And control depends on a great deal of the bookkeepers and accountants who can analyze figues and advise management on what should be done. They are using more scientific ways changing money, figuring change, and collecting sales taxes. Moreover, department stores and other companies now have plants and offices widely scattered throughout the country. A new set of bookkeepers and accountants, is needed at each branch. I know there are many managements supervisory, and junior or senior executive positions are bing filled by people who started as accountants because accountants have the knowledge of methods and finance and comprehension of the fundamentals of business, and accounting is the foundation of sound business. The two kinds of accountants, public accountants and private accountants serve different important functions in business organization. Business enterprises, government agencies, and nonprofit institutions, such as universities and churches more are more likely use public accountant. They offer their services to the general public on a fee basis in much the same way as do lawyers, doctors, and dentists. In addition, the larger firms have professional accountants on their staff who work for a salary, but are also considered public accountants. The two important areas, auditing and tax services are also the job for public accountants. In a single business enterprise or nonprofit organization, the main job for private accounts in to handle the finanacial records. Manufacturing or other concerns are also need accountants, in that situation, they are often called industrial accountants. In addition, accountants are employeed by all branches of federal state, and local government, including government-owned corporations. Accountants in private and government work customarily specialize in the performance of a single type of accounting service, they may do any of the types of accounting service just described above. They also tend to become specialists in a narrow field of employment such as a particular branch of manufacturing, public utilities, or transportation. Except public accountants and private accountants, there are some other general category of accountants who are taking important parts in business organizations. They are managerial accountants, controller, cost accountant, government accountant, internal accountant and teaching accountant. Each of the accountant serves different function in business organization. A company needs well-organized management. Managerial accountant is a kind of person hired by a company and trained to be a manager one day. The managerial accountant, needs to learn all aspects of the company-people, products, plants, and equipments. They should know how to handle management responsibility, and administrative skills. A company needs somebody to record its financial operating datas, and measure performance, and it needs somebody to interpret results of operations, and to plan and make recommendations for actions. Controller is this kind person of the company and is responsible for the records of the company†s operation. His or her job is not only deal with finances, but also deal with people, products, equipments and material. In addition, he or she also needs to concern about sales and profit of the company. Like the president or vicepresident, controller has opportunities to exercise imagination and judgement and to make rewarding contribution to the company. A corporation may exist many different items in managactures, and those items go hundreds of various sized and priced componenets. The sales office will have to know the production cost of each item in order ot arrive at a sales price that will contain a profit for the company. A cost accountant works on it. He studies the items one by one, figures the cost of every parts of the products, and then arrives at the production cost of each item. Organizations of federal, state, or municipal government also need accountants to help their business. Government accountants come to do a variety of financial management work. They may deal with auditing, designing and maintaining. They may do budgeting and administrative duties requiring the use of accounting information. A modern business organization needs internal accountant to see whether the assets of a business are properly protected and accounted for, that current trasactions are completely recorded, or the company†s waste and loss whether to be saved or not. High schools, colleges or universities are also need accounting professors to teach students accounting techniques. Teaching accountants, who know a great deal about accounting and has had some practical experience in dealing with persons and businesses, ready to pass along their knowledge and experiences to students and future accountants. In small schools, teachers have other duties besides their work in the classrooms. They serve as school secretaries, bookkeepers, statistical clerks, and managers in lunchrooms. In addition to the accounts mentioned above, you may also find tax accountant, a systems and control accountant, a budget accountant, or an auditor. Working people need to pay taxes. Tax is so important to our society. It†s a main financial imcome of the government. People have to pay different kinds of tax according to their imcome. For example, they need to pay imcome tax, social security tax, state unemployment tax, federal excise tax, state and local sales and miscellantous taxes, property taxes, and federal and state taxes on corportation imcomes. As an accountant, one of the job he needs to do is to hepl people to pay taxes. Taxes and accounting are intervined. In dividual tax liabilities are arrived at by an accounting process. Large corporations that pay taxes in the hundreds of thousands of dollars, hire many accountants. Thus, accountant is tightly related to the tax adminatration. Accountants use skills in tax matters to help prepare people yearly report. According to the statistics, â€Å"In California, individual CPA practitioners report that around 21 percent of their business is tax work. Public accountant practitioners, who are closer to the small income earners, report that 25 percent of their business is tax work. † Especially public accountants, their large percentage of income is come from tax work. Because of the development of the modern society and increasement of peoples† income, more and more accountants are needed for tax work. Sound business needs good record, so control accountants are needed for this. They can help and advice managers to well develop their business. Some government firms and other organizations such as banks, stores, schools, churches, need auditors to operate the business. The auditor†s report will be of particular value to stockholders and creditors, since it shows an impartial opinion of the company is financial condition. For the management of the company, the auditor can often make very valuable suggestions for cutting costs, minmizing tax liabilities, and finding new ways to increase profits. Let†s look some accounting jobs in government. There are two million federal employees are working for the government , dealing with problems of population, education, transportation, national security, welfare and others. Accountants, auditors, system analysts, and budget administrators are helping to maintain the stability in modern governmental operations. United Stated is teh largest enterprise in the world today, we can imagine how complexity of the business got to be, so accountants take important parts in the operation of these business. They work for department of Agriculture, department of Commerce, department of Defense, department of Health, Edaucaiton, and Welfare, post offic edepartment and department of teh Treasury. Department of Agriculture deal with agricultural production, chemistry, economics, engineering, marketing, conservation, price support, and production adjustment problems. The department nees accountants to help its programs. The main job for accountant in this agency is to develop and maintain financial management systems, prepare and analyze budgetary and program lost statements, check costs of commercial food processors and producers, audit various operations in the office and in the field, and check records of commercial, cooperative, and state and municipal organizations participating in agricultural programs. Department of Commerce performs a wide range of operations. It gathers information about domestic and foreign industries and trade, publishes technical information for the government, and handles allocations of materials necessary to military and atomic energy programs. It†s also a place which needs accountants. Accountants here maintain regulatory and cost accounting systems, and audit steamship, railroad, and utility companies. Department of defense is an department which includes departments of the Army, Navy, and Air Force. This department has established an ideal career program to help recruit auditors and accountants. The department needs a well-qualified accountants and auditors. Those accountants are needed to handle cost accounting, property and inventory accounting, inernal and external auditing, and budgeting. Under the department of Health, Education, and Welfare, there are Public Health Servide, the Food and Drug Administration, the Office of Education, the Social Security Administration, and the Office of Vacational Rehabilitation. Those offices are located every where in the United States, so countless accountants are needed to operate in these organizations. The work mostly involves cost accounting, hospital accounting budgeting, auditing, and financial mangement. Post Office Deartmetn is another place which needs accountants assistants. This large department employs more than 560,000 persons and operates over 35,000 post offices. Besides that, it provides money-order and postal-saving services. All this naturally involves large sums of money and huge volumes of transactions. To handle it all, â€Å"The depatment has set up within its organization a Bureau of Finance, which looks after the the accounting, budgeting, cost accounting, keeping statistics and financial data, nd financial management work. † Department of the Treasury serves as the government†s banker, bookkeeper, disburser, collector, trustee, investor, lender, printer of the currency, coiner of money, supervisor of national banks, and financial advisor to the President and Congress. It†s not hard to see that each of these duties involves accounting. The Treasure Department needs men and women educated and trained in accounting, auditiing, budgeting, and financial management. Here accountants may be systems accountants, general accountants, cost accountants, internal auditors, revenue agents, bank examiners, budget and fiscal officers, management analysts, tax analysts, and public debt analysts. There are also a nember of independent agencies with which an accountant may find interesting and challenging work. There are the Atomi Energy Commission, the Farm Credit Administration, the Interstate Commerce Commission, the Securities and Exchange Commission and other important commissions, an accountant can find an easy way upward to general administrative and managerial positions. There is a overseeing department is called the United States Greneral Accounting Office. Just as a company president is the top man over many men and departments below him. The department generally oversees all the other agencies of the government. This vital department is headed by the comptroller General of the United States. As the President is called the Chief Executive of the nation, you could call the comptroller General the Chief Accountant of the nation. His office, an independent agency in the legislative branch, has the vitally important job of making audits of the programs, activities, and financial responsibilities of federal departments and agencies. It even checks government contracts. Since women†s position has been improved in the U. S, accounting also opened its door to women. It can be the world of achievement for the women who is looking for a higher ststus than what is offered by ledgers and journals. Accountants in today†s society is expected to know a great deal about management, business practice and theory, taxes, cost accounting, auditing, and systems and controls. To the woman who can train these and other subjects gose the opportunity to work at the management level with executives and leaders of business. Women also have opportunities for specialization and self-employment in an accounting firm. That†s why I say accounting is the door which widely open to women, and more and more women are stepping into it. According to the statistics â€Å"By 1910, there were about 190,000 women engaged in the occapation. From 1940-1950 the increase in female bookkeepers was 37,395. An estimate, based on the 1950 census, showed 556,229 women bookkeepers compared to only 164,748 men in the same employment. The figures show women occupy a large percentage in accounting field. Accounting is every where. Non eof the business or nonbusiness organization can stay longer without it. There is no doubt that all the business require some people who have some experience or knowledge in bookkeeping and accounting. More and more employers prefer employees with some knowledge of bookkeeping and accounting. There are other some examples of accounting job are required in different business: Office Manager-accountant, excellent salary, may advance to plany controller.