Should We Have Mandatory Drug Testing For Professional Athletes

Raising Young Genii Learning Several Languages in the Early Years

Raising Young Genii Learning Several Languages in the Early Years Introduction: In the Most Tender Age Plunging into the second-language environment can be considered quite a stressful ordeal for a person, no matter how well (s)he can adapt to the new surroundings, with the language issue at the top of all the complexities that may possibly arise. Rather uncomfortable experience for an adult, the given situation should be traumatizing for a child as well, which the necessity to offer the strategies of foreign language mastering in the early years is predetermined with.Advertising We will write a custom essay sample on Raising Young Genii: Learning Several Languages in the Early Years specifically for you for only $16.05 $11/page Learn More Because of the difference in the vision of the world, the pace of the intellectual development and a number of other factors, children display a different attitude towards learning two or more languages as compared to the adults (Nikolov, 2009). However, because of the complexities conne cted with teaching children second foreign language, the arguments against the given issue may arise. Therefore, it is necessary to figure out whether the early foreign languages teaching is reasonable enough, taking into account the existing theories. Multilingualism and Competent Language Learning When speaking of the teaching at the tender age, it is necessary to provide the definition for the given stage of a child’s development and draw the line between the early years and the childhood. In the given case, it would be most reasonable to resort to the definition offered by an early age stretches from the day of birth to the age of three, suggesting that at the given stage, â€Å"there is a gradual development of features that become recognized as ‘adult second language acquisition’ after approximately age 7† (Philp, Oliver and Mackey, 2008, p.27). However, some researchers, like Whitehead (2010), tend to think that the cognized learning takes place at the age from 0 to 7 (p.218). Whet talking about the process of teaching children the foreign language, the competent language learning is to be differentiated from the phenomenon of bi- and multilingualism, since the latter does not presuppose a conscious process and, hence, cannot be considered learning, as Knapp Seidhofer (2009) explain: â€Å"On a societal level, multiculturalism can be defined as the presence of more than one language in the society† (p.54). Taking a Theoretical Approach: Learning the Ideas of the Coryphaei When speaking about the issue of teaching the youngest children foreign languages, one must consider the arguments pro and contra the given idea. Obviously, teaching children of tender age does have its benefits, yet there are considerable difficulties in helping small children master a foreign language. With that in mind, it is necessary to consider several theories concerning the second language teaching tactics as well as the advantages and the dra wbacks that such children possess from the viewpoint of a foreign language teacher. When considering various aspects of teaching children several languages in their earliest years, it would be most reasonable to consider several viewpoints, thus, offering an extensive overview of the existing opinions on the given issue. Since the given question is rather disputable and requires thorough considerations, the versatility of opinions is more than welcomed in the given case.Advertising Looking for essay on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More One of the first people whose ideas are to be considered is Jerome Bruner. Offering rather specific approach to the given issue, the researcher claimed that the language issue and the family relationships are closely intertwined and are actually interdependent on each other. Therefore, Bruner’s theory correlates with the idea that, together with the language skills, chi ldren obtain the necessary communicational skills that help them reach their top in the society and become its decent members (Harris, 1992). Judging from the notorious example driven by Rymer (1992), people who have not been taught to use the language and the linguistic tools properly are highly unlikely to ever integrate into the society and even survive. Therefore, obtaining the necessary experience from his/her parents, a child also gets the required language skills which are supposed to help him/her in the nearest future and contribute to his/her development: â€Å"As Bruner expresses it, the child’s knowledge of the social context – and especially of the routines that occur with it – assists the child to â€Å"crack the code† of the language that accompanies social interaction† (35). Hence, it is obvious that the scientist intertwines the aspects of learning the language and integrating into the society, thus, broadening the list of the commu nicational skills. Another important idea was offered by Piaget (Beilin Pufall, 1992) and suggested quite a different perception of the role of the language in a child’s development. According to Paiget, Beilin Pufall (1992) claim, children of rather young age demonstrate keen understanding of the linguistic issues that are rather complicated and require thorough explanations to elder children and teenagers. As Beilin Pufall (1992) claim, after the exploration that was held by Piaget, â€Å"the results of the experiments, especially in the production task, showed parallels in the way 6- and 7-year-old children constructed this type of semantic invariance and their construction of quantitative invariants† (219). Claiming that children build certain schemes that allow them to operate the language and use it correctly, the scientist emphasizes the necessity to contribute to the early development of children, enhancing their need to acquire new linguistic knowledge (Bei lin Pufall, 1992). The last, but not the least, the theory that Gardner offers is also worth certain discussions. Basing his ideas on his own vision of the way children develop and the role that language plays in the given process, the author focuses his attention on the multiple aspects of knowledge that learning several languages in childhood presupposes. According to the definition offered by the scientist himself,Advertising We will write a custom essay sample on Raising Young Genii: Learning Several Languages in the Early Years specifically for you for only $16.05 $11/page Learn More I would also like to introduce the concept of an individual-centered school that takes this multifaceted view of intelligence seriously. This model for a school is based in part on findings from sciences that did not even exist in Binet’s time: cognitive sciences (the study of the mind) and neuro-science (the study of the brain). One such approach I have called my â€Å"theory of multiple intelligences.† (Gardner 48) Hence, the last theory is based on the cultural versatility that studying foreign languages offers. Incorporating the three above-mentioned theories, one can offer a synthesis that makes the ultimate proof that studying foreign languages in early age is crucial for the development of a child. Since the learning of foreign languages has the positive impact on the child’s general development and also offers the basis for the future harmonic coexistence with the other nations, studying foreign languages at early age is essential for a child. Fast Learning: The Privilege of Children Despite the skeptical doubts of the people who think that young children too inexperienced to handle the task of learning another langue, some scientists claim that at the young age, most children possess the specific kills that allow them to absorb the specific knowledge instantly without any misconceptions. Caused by the specific way that small children cognize the environment with, it brings astounding results. As Singleton Lengyel (1995) assert, â€Å"there can be no doubt that children at an early age, especially in natural contexts, but also in tutored contexts, can learn and do learn secondary languages† (77). Indeed, studying the second language at the early age has its benefits in terms of the speed and the quality of the studying process. According to what Benson Haith (2009) say, children from 0 to 7 years obviously pass the stage that involves an unbelievable accelerated development, which predetermines the children’s ability to master a foreign language almost instantly: â€Å"The assumption underlying both of those is that the early years constitute, if not a critical period, an important window of opportunity to maximize likelihood of mastering a musical instrument or learning a second language† (p.144). Indeed, considering the behaviorist theory of human development and the fact t hat children tend to copy the people surrounding them with an amazing precision, one can claim that teaching young children the basics of foreign languages can be considered rather sensible idea by â€Å"theoretical questioning of behaviorist theories of language learning†(Ellis, 1990, p.44). In addition, according to Ellis (1990, p.44), a number of other theories approved of teaching children at quite a young age: â€Å"the vast majority of the studies examined either pure naturalistic or mixed L2 acquisition† (1990, p.44).Advertising Looking for essay on education? Let's see if we can help you! Get your first paper with 15% OFF Learn More When reconsidering the significance of teaching children various languages at the earliest stages of their development, the notorious case of Genie, the feral child who is known to be the most striking example of the progressing underdevelopment experienced by a child whose ability to talk has been suppressed and who had no chance to develop their skills for mastering the language since the day they were born. As Rymer (1992) emphasizes, there is a constant urge in developing the language skills within any human being, and the level of mastering the language predetermines the level of self-development. Rymer (1992) explained that â€Å"Investigations of Genies brain unveiled the utter dominance of her spatial right hemisphere over her linguistic left This may have been why she was unable to grasp grammarbecause she was using the wrong equipment† (Rymer, 1992, p.43). Hence, the necessity to develop children’s ability to use various language tools efficiently is crucial for their further mental development. On a Second Thought: Avoiding the Pitfalls It is evident that without the proper development of the linguistic skills and the ability to talk correctly, using the language in the proper way, a child is highly unlikely to develop in a normal way; moreover, the most dreadful consequences, such as the process of mental retardation, the complexities in adapting to the environment and the society that surrounds the given child, and the ability to communicate his/her own needs and wants is inevitable. Moreover, the shift in the mental development of a child is highly unlikely to ever cease and is extremely complicated to fight, which predetermines the necessity to teach children the linguistic skills at rather young age (Bialystok, Luk Kwan, 2005). However, even though the early development of children’s linguistic skills does seem crucial for their further well-being and the ability to adapt to the society and social norms, the question conce rning the reasonability of teaching very young children the second language arises. According to what Rapaport and Westgate (1974) claim, there are no obvious contra-indications for children o be taught foreign languages at the earliest stages of their development. As the scientists assert, when a teacher chooses the right methods for teaching children the skills that will allow them to master a foreign language, such children start developing better and faster, which signifies that they are integrating into the society more quickly than the rest of the children of their age group, which must be a clear-cut evidence that studying a foreign language at the early age is desirable. As Rapaport and Westgate (1974) say, learning the foreign language at early age helps to overcome cultural controversies: There has also been a revival of interest in the â€Å"horizon-broadening aspect,† the notion of a foreign language as a healthy antidote to an otherwise monocultural education of young children. Prejudice derives from ignorance, and in the current world context a wholly ethnocentric view of culture and education has no place. (12) Hence, it cannot be denied that teaching children foreign languages at the early stages of development is crucial for the children’s vision of the world. Offering children studying another language equals to teaching them cultural and ethical tolerance. Therefore, the importance of teaching young children foreign languages cannot be disputed. The Helping Hand of the Professionals: The Analysis Analyzing the above-mentioned approaches towards teaching young children foreign language, one must admit that the reasons of the authoritative sources are quite impressive. According to the evidence provided by the authors of the existing theories of speech development and the significance of foreign language learning, the more languages a child can master, the better. Certainly, no instances of forced foreign language learning should occur, for the child may be reluctant from studying foreign language in the future and even feel aversion towards learning new languages (Bocher, 2003). Nevertheless, it cannot be doubted that the necessity to offer a child to acquire new language skills is quite important for the further development of his/her personality. Moreover, when considering the development of children’s language and communication skills, especially concerning the second language, on must keep in mind that the process of cognizing another culture and another language is rather fragile and requires a delicate approach. As Nolan (2004) warns, â€Å"In school, when children from marginalized discourses are required to produce language, the judgments about their linguistic abilities that (even if unspoken) are already in the classroom serve to undermine their motivation† (p.43). Therefore, teaching children the second language is not only the constant, irreversible process of development, but als o a range of conflicting situations that require immediate solution (Saunders-Semonsky, 2004). Conclusion: When It Comes to Understanding According to the evidence provided by scientists and researchers, learning foreign languages at early age is not only a harmless, but also a highly desirable activity. Owing to the courses of the second language that children take at the age up to 7, their communication skills, as well as their mental development, are constantly progressing. Therefore, it cannot be doubted that with the help of teaching children foreign languages at the age from 1 to 7, one will be able to help the child achieve comprehensive development, which will contribute to his/her future success and emotional comfort. References Beilin, H., Pufall, P. B., 1992. Piaget’s theory: Prospects and possibilities. New York, NY: Routledge. Benson, J. B., Haith, M. M., 2009. Language, memory, and cognition in infancy  and early childhood. Waltham, MA: Academic Press. Boche r, S., Jones, J., 2003. Child language development: Learning to talk. New York, Y: John Wiley Sons. Bialystok, E., Luk, G., Kwan, E. (2005). Bilingualism, biliteracy, and learning to read: Interactions among languages and writing systems. Scientific Studies of Reading, 9(1), pp.43-61. Ellis, R., 1990. Instructed second language acquisition: Learning in the classroom.  New York, NY: Wiley-Blackwell. Gardner, H., 2006. The development and education for the mind: The selected works  of Howard Gardner. New York, NY: TaylorFrancis. Harris, M., 1992. Language experience and early language development: From input  to uptake. New York, NY: Psychology Press. Knapp, K., Seidhofer, B., 2009. Handbook of foreign language communication and  learning. Berlin, DE: Walter de Gruyer. Nikolov, M., 2009. The age factor and early language learning. Berlin, DE: Walter de Gruyer. Nolan, K., 2004. The power of language: A critique of the assumptions and pedagogical implications of Howard Gardn er’s concept of linguistic intelligence. In Joe J. Kincheloe, Multiple intelligences reconsidered. Bern, CH: Peter Lang. Philp, J., Oliver, R., Mackley, A., 2008. Second language acquisition and the  younger learner. Amsterdam, NL: John Benjamins Publishing Company. Rapaport, B., Westgate, D. P. G., 1974. Children learning French: An attempt at  first principles. New York, NY: Taylor Francis. Rymer, R., 1992. II-A silent childhood. The New Yorker, p. 43 Web. Available at:  https://www.newyorker.com/magazine/1992/04/20/ii-a-silent-childhood . Saunders-Semonsky, C. M., Spielberger, M. A., 2004. Early language learning: A  model for success. Charlotte, NC: IAP. Singleton, D. M., Lengyel, Z., 1995. The age factor in second language acquisition:  A critical look at the critical period hypothesis. Bristol, UK: Multilingual Matters. Whitehead, M. R., 2010. Language and literacy in the early years 0-7. Thousand Oaks, CA: SAGE Publications, Ltd.

Copmare Example

Copmare Example Copmare – Coursework Example Ebay and Amazon are two of the largest online retailers in the world. In order to compare the financial performance of both these companies a ratio analysis of its financial statements was calculated. The ratio analysis is illustrated in the table below.The net margin of Ebay is 17.80%. Ebays profitability is outstanding considering the fact that Amazons profitability was only 0.37%. One of the reasons that Ebay has a higher profitability is because the company incurs in lower operating costs. Return on assets shows how effective a company has been at generating profits from its assets. In 2013 Ebay had a return on assets of 6.88%, while Amazon had a much lower ROA at 0.68%. Return on equity measures a corporations profitability by revealing how much profit a company generates with the money shareholders have invested (Investodepia). Ebay had a return on equity in 2013 of 12.08% which is higher than Amazons result of 2.81%. The total asset turnover measures how efficient a company i s at generating revenue from its assets. Ebay had a total asset turnover in 2013 of 0.39. Amazon had a much better total asset turnover in 2013 with a result of 1.85. The times interest earned measures the amount of income that can be used to cover the interest expense of the company. A high times interest earned is the desirable outcome. Ebay had a times interest earned of 35.48. Amazon had a much lower times interest earned at 19.61. The current ratio shows the ability of a company to pay off its short term debt. The formula to calculate current ratio is current assets divided by current liabilities The current ratio of Ebay was 1.84, while Amazon had a current ratio of 1.07. Ebays current ratio is better. The quick ratio is another short term solvency metric that is similar to the current ratio, but it eliminates inventory from the numerator of the formula. Ebay does not hold any inventory, thus its quick ratio is the same as its current ratio at 1.84. Amazon had a quick ratio in 2013 of 0.75. Based on the ratio analysis performed Ebay is a better investment option because the company has superior profitability and liquidity. Work Cited PageInvestopedia.com. 2014. Return on Equity – ROE. 14 November 2014.

Ask Questions in English Class to Help You Learn

Ask Questions in English Class to Help You Learn Here is a list of some of the most common phrases used for asking questions in the classroom. Learn the phrases and use them often! Asking to Ask a Question Can I ask a question?May I ask a question? Asking for Something  Ã‚     Ã‚  Ã‚     Can I have a pen, please?Do you have a pen for me?May I have a pen, please? Asking about Words  Ã‚     Whats (the word) in English?What does (the word) mean?How do you spell (the word)?How do you use (the word) in a sentence?Can you use (the word or phrase) in a sentence? Asking about Pronunciation How do you say (the word in your language) in English?Can you pronounce (the word)?How do you pronounce (the word)?Wheres the stress in (the word)? Asking about Idioms Is there an idiom for (your explanation)?Is (an idiom) an idioms? Asking to Repeat Could / Can you repeat that, please?Could / can you say that again, please?Pardon me? Apologizing  Ã‚     Ã‚  Ã‚      Excuse me, please.Im sorry.Sorry about that.Sorry Im late for class. Saying Hello and Goodbye Good morning / afternoon / evening!Hello / HiHow are you?GoodbyeHave a good weekend / day / evening / time! Asking for Opinions What do you think about (topic)?Whats your opinion about (topic)? Practice Classroom Dialogues Arriving Late for Class Teacher: Good morning class.Students: Good morning. Teacher: How are you today?Students: Fine. How about you? Teacher: Im fine, thanks. Where is Hans?Student 1: Hes late. I think he missed the bus. Teacher: OK. Thank you for letting me know. Lets get started.Hans (arriving late): Sorry Im late. Teacher: Thats OK. Im glad youre here!Hans: Thank you. May I ask a question? Teacher: Certainly!  Hans: How do you spell complicated? Teacher: Complicated is complicated! C - O - M - P - L - I - C - A - T - E - DHans: Could you repeat that, please? Teacher: Of course. C - O - M - P - L - I - C - A - T - E - DHans: Thank you.   Understanding Words in Class Teacher: ... please complete page 35 as follow-up to this lesson.Student: Could you say that again, please? Teacher: Sure. Please do page 35 to make sure you understand.Student: Excuse me, please. What does follow-up mean? Teacher: Follow-up is something you do to repeat or continue something youre working on.Student: Is follow-up an idiom? Teacher: No, its an expression. An idiom is a full sentence expressing an idea.Student: Can you give me an example of an idiom? Teacher: Certainly. Its raining cats and dogs is an idiom.Student: Oh, I understand now.   Teacher: Great! Are there any other questions?Student 2: Yes. Could you use follow-up in a sentence? Teacher: Good question. Let me think ... Id like to do some follow-up to our discussion last week. Does that make sense?Student 2: Yes, I think I understand. Thank you. Teacher: My pleasure. Asking about a Topic Teacher: Lets talk about the weekend. What did you do this weekend?Student: I went to a concert. Teacher: Oh, interesting! What kind of music did they play?Student: Im not sure. It was in a bar. It wasnt pop, but it was nice. Teacher: Maybe it was hip-hop?Student: No, I dont think so. There was a piano, drums and a saxophone. Teacher: Oh, was it jazz?Student: Yes, thats it!   Teacher: Whats your opinion of jazz?Student: I like it, but its kind of crazy. Teacher: Why do you think that?Student: It didnt have a song. Teacher: Im not sure what you mean by song. Do you mean that no one was singing?Student: No, but it was crazy, you know, up and down. Teacher: Maybe it didnt have a melody?Student: Yes, I think thats it. Whats melody mean? Teacher: Thats hard. Its the main tune. You can think of the melody as the song you would sing along with the radio.Student: I understand. Wheres the stress in melody? Teacher: Its on the first syllable. ME - lo - dy.Student: Thank you.

Marketing of financial services Essay Example | Topics and Well Written Essays - 1500 words

Marketing of financial services - Essay Example Reduction in the incidence of interest rate clustering, however, is not very costly. Hence, Ashton and Hudson implied that the more na've customers should take a more active stance in their finances - be more involved as "[t]he degree of price or interest rate clustering appears to be exaggerate when low levels of financial involvement are concerned" (Ashton & Hudson 2008, p. 1402). Citibank offers several savings and investment products, whether local currency denominated or foreign currency denominated, to its clientele. These savings and investments products are offered with range of interest rates. A look at the bank's Web page on its savings and investments products shows that its US Dollar Reward Saver is marketed as giving 2.50 per cent gross per annum rate which is much higher than the account's actual annual equivalent rate or AER of 2.02 per cent. Although both rates were published in the Web page, a na've customer - whose interest or whose lack of "ability to process information" (Ashton & Hudson 2008, p. 1393) is the one being exploited - would immediately zero in on the "earn up to 2.50% gross p.a. fixed for 6 months" (Citibank 2008) and ignore the subsequent "2.02% AER on your US Dollars in the UK2.50 per cent gross" (Citibank 2008). Clearly, in this example, the bank is playing in a very broad context of marketing ethics. Another example is the bank's Reward Saver Issue 2 product which is being offered at a gross per annum interest rate of 6.35 per cent while in reality, the customer will actually be getting an interest rate closer to 5.08 per cent which is the AER. Even the AER is structured in a way to maximise or to exploit the na've's customer's tendency to round up - in here, the na've customer would think that 5.08 per cent is substantially higher than 5 per cent. An example which provides proof to Ashton and Hudson's conclusion on the rounding - "If the number is not already a round number an individual would round a number to the closest reference number" (Ashton & Hudson 2008, p. 1394) - is the bank's net interest rate per annum for its 60 day direct savings account. The bank gives 2.48 per cent for accounts with more than '75,000. A customer with the characteristics described by Ashton and Hudson will immediately round this rate off to 2.5 per cent. The 0.02 per cent difference from the rounding off can be translated to '15 every year for a '75,000 account! Ashton and Hudson observed that for mortgage rates, the interest rate clustering "occurs very frequently just below round numbers giving strong evidence for the common use of na've number processing strategies" (Ashton & Hudson 2008, p. 1401). Unfortunately, for Citibank United Kingdom (and even for HSBC UK) I could not obtain interest rates for their mortgage products, hence I applied the findings of the research to the bank's credit card rates. For its Citi Platinum MasterCard, Citibank charges 5.8 per cent for balance transfers and an APR of 16.9 per cent which are examples of the observation made by Ashton and Hudson - clustering just below round numbers. This can also be observed in the bank's Citi AAdavatage

The development of language Essay Example | Topics and Well Written Essays - 750 words

The development of language - Essay Example Today, millions of people speak one of the twenty-eight Mayan languages as their primary language. Apart from for the Waxtek speakers of Veracruz, Mayan languages occupy a large geographical zone in eastern Mexico, Belize, Guatemala, western Honduras, and western El Salvador (Sharer & Traxler 23). Mayan language family includes 31 languages spoken in Guatemala, Belize and southern Mexico. According to general classification, it has five major branches. It is frequently believed that Huastecan split off in the very beginning, followed by Yucatecan and then all other groups branched out (Campbell 71-72).Most of the Mayan speakers are partially bilingual and their second language is Spanish or English in case of Belize(Sharer & Traxler, 23). Other languages have great influence on all Mayan languages. For instance, there is grammatical evidence for prehistoric connections between the Mayan and the adjoining language family, MixeZoquean. Borrowing words started between these groups in the Pre-classic age and was generally from Mixe-Zoquea to Mayan. For instance, in addition to ajaw (lord) and kakaw (cocoa or chocolate), quite a few basic Mayan kinship and body-part terms came from Mixe-Zoquean. Most of the Mayan languages have few numbers of loanwords from Nahuatal. Nahuatal is the language of native peoples from Central Mexico, particularly post-classic Mexica, or Aztecs. Most probably these loanwords refer to the rising importance of the Central Mexican states in the Post-classic era. The Maya not only borrowed but also influenced other languages. For instance, more or less extinct language of southeastern Guatemala, Xinca does not belong to Mayan language family but it has a large number of loanwords from Mayan. Since European contact, the process of this exchange continued with Spanish and English. A very good example is the word kakaw that has entered English as cocoa just like Mayan word xook as the

Theoretical and Empirical Interest in World Cities Essay

Theoretical and Empirical Interest in World Cities - Essay Example However, the fact remains that the concept of a ‘world city’ is not so simple as this. Often referred to as ‘global city’ or sometimes as ‘alpha city’, a world city happens to be a very significant and important node point in the entire system of global economy. It has been a subject of researchers and empirical studies since long and is one of the most researched areas in the field of urban studies. Geography and urban studies are what the concept of world cities originates from, while globalization is the basis of this concept, considering the fact that the idea of globalization takes into account the hierarchy of the geographic locales in respect of importance to the operation of the global system. It is not that a concept is formed in a day, especially when it concerns as vast an idea as ‘global/world city’. The development of the concept of world cities may not be as old as the global cities themselves. Again, it has also to be kept in mind that the idea of a world city is not just like another of the thousand novel concepts that should better be described as the byproducts of globalization in the modern age. The development of the concept of a world city or a global city has quite a long and rich history. The volume of research works by scholars in all countries in the world and the growing interest in the concept of world city testify to its immense importance in the world of empirical studies. The purpose of this paper is to explore and discuss the factors related to the development of the concept of a world city and also to discuss the contemporary research that provides new insights into the hierarchy of world cities. Before we start exploring the development of the concept of a world city, we have to understand that development of the general ideas about a world city and the development of empirical interests in the concept of world/global cities are not the same.  

Explain Geoffrey Parker's concept of the western way of War How does Essay

Explain Geoffrey Parker's concept of the western way of War How does the Western way of war influence current US action in I - Essay Example From the fifteenth century, the role of the Western military has been to propagate and uplift the cultures of the western nations.   Writers of various genres of military history had a variety of reasons for writing about military life.   Three factors have contributed to the excellence of the western military over those of the neighboring non-European nations and the Americas. First of all, widespread politicization and acceptance of Christianity in the western world contributed to this. Later, the industrial revolution led to innovations in military technology.   Finally, there was imposition of Western cultures into the non-western word through means such as trade and colonialism.  Currently, the imposition occurs through western globalization. Therefore, these three factors have played a role in the western world’s military dominance. This has led to the phenomenon referred to as, Eurocentric Supremacy1. Military historians who describe the phenomenon of Eurocentri c Supremacy explained that many non-Europeans were compelled to convert to Christianity.   The first military officer to convert to Christianity was Constantine. ... It, therefore, led to numerous military attacks and campaigns by the western military. A great number of military attacks resulted from conflicts between the Orthodox Church and Christianity.    The western military took its campaigns outside their jurisdiction. This phenomenon led to widespread colonization of other nations by the west and the norm of slave trade. At this time, the other nations had the difficulty in opposing the western colonies because the western colonies were well equipped due to the dominant industrial revolution and innovation. It is, therefore, clear that the spread and development of Christianity throughout the western nations contributed to the Euro-centrism that was typical of the Western military. The technological advancements and innovations that resulted from the western industrial revolution all led to a supremacy in the western military’s mechanisms of war2.   In his work concerning the advent of technology and modern war, Martin Van Creve ld illustrates the point of technology that was typical of the western way of life. Creveld quips that the modern war is adversely infiltrated by technology. He further adds that technology has now governed war. This he attributes to the western culture which has ensured that the principles of war have been upheld since time immemorial. The western power has experienced invincibility from the past. This is due to the fact that the western word is motivated towards usage of technology in war either at the beginning of the war or at the middle and end of the war. The western world also has unyielding thirst in its quest to discover newer forms of technology that will improve its war and military activities. These are the factors that have all along made the

Management information systems Essay Example | Topics and Well Written Essays - 3500 words

Management information systems - Essay Example Gissaral Electronic business is having main intentions regarding the customer management at (Reponen, 1993): 10 New Technology Scope: Gissaral Electronic business has the future intension of implementing the following key business services and systems. In this scenario there will be following scope for new technology implementation (Reponen, 1993): 11 Management Information system: The term information system can be defined theoretically as â€Å"a set of organized components that collect, process, store, and transfer information to carry decision making and control in an organization†. In addition, the information systems store and maintain information regarding important places, people, and things within the organization or in the set up surrounding it (Laudon & Laudon, 1999, p.7; Hoffer et al., 2007, p.429). However, a management information system is an application or function of information system that provides management oriented reporting. In addition, these reports are typically developed on a predetermined schedule and come out in a prearranged structure (Whitten et al., 2000, p.47). 12 Decision support systems/ DSS: For the Gissaral Electronic, decision support system (DSS) will be the first choice, because it provides the comprehensive information for making a decision, and develop information systems particularly designed to aid and formulate decisions. Furthermore, the decision support systems depend on models and methods to create brief tables or an amount that decides a decision (Oz, 2008). 13 Customer information system: The next main choice regarding the technology solution at Gissaral Electronic will be customer information system. We want to implement this system for the business management, data handling and transaction management. This system will be a business management (business information management) system (Computer Sciences Corporation, 2010;

Sino-Japanese relations Essay Example for Free

Sino-Japanese relations Essay Sino-Japanese relations are destined to have a profound impact on Southeast Asia. After all, as noted by Stephen Leong, For Asia to be secure, Japan and China have to be getting along† Otherwise the security architecture of Asia will change. China, Japan and the US may not enjoy the most comfortable of partnerships, considering each nation’s competitive streak and occasional differences over trade, global governance and security issues. But the partnership works and is improving, with the potential for resolving many regional and global problems, explains Morton Abramowitz, former US ambassador and senior fellow at the Century Foundation. In analyzing major issues confronting the three nations, Abramowitz also offers specific recommendations: Japan and the US should refrain from forming â€Å"values† alliances against China; China should end opposition to a seat on the UN Security Council for Japan; and East Asia should form more consultative forums for planning and integration. Ongoing integration and consultation can only improve the relationship, according to Abramowitz, creating a multilateral policymaking model for the century ahead. China grows rapidly, deriving significant clout and thereby assuming a new world role. Despite a recent leadership transition, Chinese leaders remain preoccupied with mitigating massive distortions of growth, ensuring a successful Olympics and preventing regime change. Its military modernization arouses American. Yet China continues to be out of step with the political morality of leading countries. China has a long way to go in exercising international leadership. Japan is a major world economic player, but wants to be a â€Å"normal† nation without its postwar defense limitations. It remains fearful of China’s competition, even as both economies become more entwined. Japan and China have one major concrete dispute – maritime claims. The US and Japan each value their alliance, influence in Southeast Asia –but the absence of which was clear when most East seat. In recent years, China has increased its assertiveness in pursuing territorial claims in the South China Sea. This development can most likely be traced to Chinas need to find sources of oil since China switched from being an oil-exporting nation to an oil-importing nation a few years ago. While Southeast Asian nations have essentially agreed to disagree by postponing resolution of their territorial disputes, China continues to insist on its rights to drill for oil on these islands. These actions exemplify the need to establish a multilateral resource development regime whose prerequisite for admission could be the resolution of territorial disputes. . 6Devout Muslims, particularly in Indonesia and the Philippines, saw themselves marginalized by secular (Indonesian) or Christian (Filipino) governments. This produced a sense of victimization that meshed with the message from Osama bin Laden and others. Money from the Persian Gulf (particularly Saudi Arabia) has flowed into Southeast Asia, propagating a strict, doctrinaire version of Islam through schools and mosques. Mujahideen were indoctrinated into a militant jihadist returned to Southeast Asia ripe for recruitment into local terrorist organizations dedicated to the destruction of non- Muslim communities, Western influence, and secular governments. There are three types of international terrorist groups- al Qaeda, Jemaah Islamiyah (JI), whose agenda includes attacks on U. S. interests and the establishment of a pan-Islamic caliphate; and traditional Muslim separatists, such as the Moro Islamic Liberation Front (MILF) in the southern Philippines and the Pattani National Liberation Front in southern Thailand, that seek a separate Muslim state. One of the questions affecting the security future of Southeast Asia is whether the predominantly Muslim societies in the region can find a way to neutralize and absorb the militants into a moderate body politic. The picture is greatly complicated by linkages between groups including JI and al Qaeda, between Abu Sayyaf and al Qaeda, and between JI and the MILF. Further complications arise from alleged links between elements of the Indonesian 8 military and Laskar Jihad and another similar group, the Islamic Defenders Front. In short, terrorism in Southeast Asia would depict interactive networks with multiple agendas. The October 2002 bombings in Bali forced Jakarta to acknowledge the reality.

The Great Expectations | The Bildungsroman Novel

The Great Expectations | The Bildungsroman Novel Charles Dickens bildungsroman, Great Expectations (..), cannot help but impress upon the reader an overwhelming sense of guilt which permeates the novel at various levels. As the plot unfolds, the characters develop, however the sense of guilt remains unchanging until the primary character completes his transformation. Intertwined as guilt is as a theme with the other themes of crime and punishment and the fallacy of human error, which for the central character Pip, translates into a form of self-imposed guilt, Dickens narrator recounts the journey of the youthful Pip from a focus on false values to self-awareness and moral fortitude. Evident from the onset of the novel, the character Pip implicitly finds himself involved in the act of criminal complicity as he steals in order to aid the convict, Magwitch, and this initial act creates in the young boy feelings of immense guilt: My state of mind regarding the pilfering from which I had been so unexpectedly exonerated, did not impel me to frank disclosure; But I loved Joe perhaps for no better reason in those early days than because the dear fellow let me love him and, as to him, my inner self was not so easily composed. It was much upon my mind (particularly when I first saw him looking about for his file) that I ought to tell Joe the whole truth. Yet I did not, and for the reason that I mistrusted that if I did, he would think me worse than I was. The fear of losing Joes confidence, and of thenceforth sitting in the chimney-corner at night staring drearily at my for ever lost companion and friend, tied up my tongue. (33; ch. 6) From the onset of the novel therefore, the young Pip becomes embroiled in a world of criminal behavior where his guilt torments him. Instead of dissipating with time, Pips sense of guilt appears to overwhelm his consciousness until it appears to become an integral part of his character. As Dickens develops this theme, he uses a great deal of the novels atmosphere and settings to achieve his objective. As a child the youthful Pips world is bounded by the long black marshes, the black beacon by which the sailors steered and a gibbet with some chains hanging to it, which had once held a pirate (6; ch1). On the water there are the hulks, the prison-ships, and on the shore, there looms the battery with the guns which warn of prisoners escapes. Pips immediate consciousness is, in effect, bound by the literal manifestations of the criminal world. The physical bondage created by Dickens use of this dark, foreboding imagery underscores for Dickens the influence of the prospect of criminality which chronicles the life-path of his principal character. Explicit bondage translates for Pip into an implicit bondage: legally, he is bound in trade to Joe, while emotionally he is bound to Joe by gratitude. As a direct result of his meeting with Estella, and the perpetuation of severa l false values in his mind, he no longer views the honourable blacksmiths profession as an admirable career. Rather, the forge becomes Pips figurative prison, binding him to a lifestyle which now dissatisfies him. His aspirations have changed, thus he feels held captive and this mental dilemma adds to his cerebral turmoil: He feels guilty because he aspires to a different path, and in effect signing his own death warrant, dooming himself to the scaffold as he binds himself in apprenticeship to Joe: Here, in a corner, my indentures were duly signed and attested, and I was bound; Mr. Pumblechook holding me all the while as if we had looked in on our way to the scaffold to have these little preliminaries disposed ofà ¢Ã¢â€š ¬Ã‚ ¦ Finally, I remember that when I got into my little bedroom I was truly wretched, and had a strong conviction on me that I should never like Joes trade. I had liked it once, but once was not now. (85-86; ch 13) In addition to the physical setting with which Dickens surrounds his principal character, many of Dickens other characters in the novel who interact with the principal character, serve the purpose of the thematic perpetuation of guilt and criminality. An interpretation of the text by Foucault, as a Panopticon, suggests that Pips guilt and criminality may be viewed through the actions of Orlick and Bentley Drummle: Orlick strikes Mrs. Joe with the leg iron (which Pip is guilty of providing and thus, to an extent making the crime possible), while Bentley Drummle becomes the tool through which Pip achieves gratification for Estellas treatment of him. Both characters by extension are physical representations of Pips secret desires for revenge upon the people who have wronged him. As they enact these crimes they also foster Pips guilt (Tambling, Bloom, à ¢Ã¢â€š ¬Ã‚ ¦).

Its Time to Drain Lake Powell :: Glen Canyon Dams Environmental Essays

It's Time to Drain Lake Powell Many people know ‘Lake’ Powell as a fact of life. Since its creation in 1963, the reservoir, known as Lake Powell, is just there. Few people that are alive today have had the opportunity to see the true beauty of Glen Canyon, which rivals the Grand Canyon. Glen Canyon, equivalent to one hundred eighty river miles with dozens of side canyons, was flooded for the purpose of power and water resources. ‘Lake’ Powell also generates an enormous cash flow due to the tourism it receives. Although the ‘lake’ has a few reasons to remain in existence, there are many more reasons to drain it. The positive aspects of ‘Lake’ Powell are few yet noteworthy. Glen Canyon Dam’s hydroelectric power-plant generates one thousand three hundred mega watts of electricity at full operation. That is enough power to supply three hundred fifty thousand homes. Glen Canyon Dam holds twenty seven million acre feet of water, which is equivalent to twice the Colorado River’s annual flow (Living Rivers: What about the hydroelectric loss?). One of the most valuable reasons for the dam to remain active is that â€Å"Lake Powell generates four hundred fifty five million dollars per year in tourist revenue, without this cash inflow, gas-and-motel towns . . . would undoubtedly wilt, and surrounding counties and states would lose a substantial tax base† (Farmer 185). These positive aspects are of no surprise considering they are the reason dams are built in the first place. The negative aspects of Glen Canyon Dam greatly exceed the positive aspects. The dam’s hydroelectric power supply is only three percent of the total power used by the six states that are served by the facility. There is a surplus of power on the Colorado Plateau and with more and more power-plants being created in the western hemisphere, Glen Canyon Dam’s power is not needed (Living Rivers: What about the hydroelectric loss). Although the ‘lake’ contains twenty seven million acre feet of water, one and a half million acre feet of water are lost yearly due to evaporation and seepage into the sandstone banks surrounding the ‘lake’ (Living Rivers: What about the water supply?). The loss of that much â€Å"water represents millions, even billions of dollars† (Farmer 183). If the government were to employ more water efficient irrigation practices, as much as five million acre feet of water per year could be saved.

What is the function of racist stereotype in Blackface Minstrelsy? Essa

Blackface minstrelsy became a popular form of entertainment in the early nineteenth century. Predominately, minstrel shows were performed to crowds of white working class men, by white actors who would use burnt cork, or shoe polish to blacken their skin and would create racist stereotyped characters of black people. These characters functioned to instill conceptions of white superiority into popular culture whilst at the same time oppressing black society. The characters invented were often portrayed as childlike, unintelligent and dependent on the civilisation of white society in the form of slavery. By examining the changes that minstrelsy underwent during the nineteenth century, the function that the racist stereotypes performed will become evident. Blackface minstrelsy was an established nineteenth century form of onstage entertainment most popular in the northern states of America which intentionally created exaggerated stereotypes of black people for prominently white working class male audiences . White performers would blacken their faces with burnt cork or black grease and perform skits, songs and dances and act out their image of black people. Rather than present an accurate depiction of African Americans and authentic portrayals of the qualities of ‘negro’ life, minstrelsy reflected the ideas and conceptions of white society . The content of the shows however was altered to create images of blacks and slaves that suited white northern public opinion . White actors now had the opportunity to manipulate black identity and reinforce notions of white superiority, and by portraying blacks as uncivilised it reinforced the need for slavery. This white produced black identity served to reinforce racial differences, and all... ... Cain: Blackface performance from Jim Crow to Hip Hop. Massachusettes: Havard College. Lott, E. (1993) Love and theft: Blackface Minstrelsy and the American Working Class. New York: Oxford University Press. Pfeiffer, K. (2002) Race passing and American Individualism. Massachusettes: University of Massachusetts Press. Pieterse , J. (1992) White on Black Images of Africa and Blacks in Western Popular Culture. London: Yale University Press. Sussman, R. (2001) The Carnavalizing of race. New York: Columbia University press. Toll, R. (1971) From Folktype to Stereotype: Images of Slaves in Antebellum Minstrelsy . Indiana: Indiana University press. Watkins, M. (1994) On the Real Side: Laughing, Lying, and Signifying—The Underground Tradition of African-American Humor that Transformed American Culture, from Slavery to Richard Pryor. New York: Oxford University Press.

Performance of Philippine Agriculture

AGRO STRATUM1ConsequenceBackground InformationFigure 1:Performance of Philippine Agriculture ( 2013-2014 ) 001.png"> Beginning:hypertext transfer protocol: //www.bas.gov.ph/ ? ids=agriperformance Figure 2:Performance of Agriculture Agriculture posted a 0.67 per centum end product increase in the first three ( 3 ) months of 2014. The lag in the sector ‘s growing could be traced to the annihilating effects of typhoons that hit the state in 2013. The end product additions noted in the harvests, farm animal and domestic fowl subsectors were negated by the contraction in the piscaries subsector. Gross net incomes amounted to P386.7 billion at current monetary values. This represented a 10.75 per centum addition from last year’s gross grosss. Figure 3:Performance of Crops Subsector The harvests subsector grew by 1.53 per centum. It contributed 54.40 per centum to the entire agricultural production. Production of palay went up by 3.28 per centum while that of maize increased by 1.33 per centum during the mention period. Significant additions were noted in the production of sugar cane, Ananas comosus, manioc and onion. At current monetary values, the subsector grossed P225.8 billion or 17.58 per centum higher than last year’s record. Figure 4:Performance of Livestock Subsector Production in the farm animal subsector went up by 1.20 per centum. The subsector shared 15.44 per centum in the entire agricultural end product. The major beginning of growing was the pig industry which expanded by 1.25 per centum. All other farm animal constituents recorded additions in production. The subsector grossed P57.4 billion at current monetary values or 5.59 per centum more than last year’s degree. The domestic fowl subsector with its 14.46 per centum part to entire agribusiness grew by 1.33 per centum. Production additions in poulet at 2.50 per centum and duck at 0.10 per centum helped in prolonging the subsector’s growing. At current monetary values, the subsector’s gross value of production amounted to P45.7 billion. This indicated a 5.29 per centum betterment from last year’s record. Figure 5:Performance of Fisheries Subsector The piscaries subsector contracted by 3.25 per centum. The subsector accounted for 15.70 per centum of entire agricultural production. Reduced production was noted among all species except Euthynnus pelamis which registered a 4.62 per centum end product addition. The subsector grossed P57.8 billion, down by 2.64 per centum from last year’s record. Figure 6:Farmgate Monetary values On the norm, monetary values received by husbandmans increased by 10.01 per centum from last twelvemonth ‘s citations. In the harvests subsector, monetary values expanded by an norm of 15.81 per centum from the 2013 degrees. The farm animal and domestic fowl subsectors posted mean monetary value additions of 4.34 per centum and 3.90 per centum, severally. Monetary values in the piscaries subsector went up by an norm of 0.62 per centum this twelvemonth. Table 1:Number and Area of Farms by Region: Philippines, 1991 and 2002RegionNumber of FarmsArea of Farms2002199120021991Philippines4,822,73946100419,670,7939974871National Capital Region ( NCR )22,8201513671,63253646Cordillera Administrative Region120,104108251177,839155581I. Ilocos part276,766311757270,664324501II. Cagayan Valley321,755285721540,812530143III. Central Luzon341,466350786552,104632493IVA. CALABARZON282,746319865588,516703256RegionNumber of FarmsArea of Farms2002199120021991IVB. MIMAROPA220,967209248542,218569814VIII. Eastern Visayas330,750321456723,048695711IX. Zamboanga Peninsula252659235674785,294675723Ten. Northern Mindanao319157289469746,901768290Eleven. Davao Region229966267224758,335795893Twelve. SOCCSKSARGEN330571264095775,309746702Thirteen. Caraga210184189600523,407517446Fourteen. ARMM248528227571533,410565219Beginning: National Statics Office, 1991 Census of Agriculture and Fisheries and 2002 Census of Agriculture In 2002, the Philippines registered a sum of 4.8 million agricultural farms, covering 9.7 million hectares. The entire agricultural land country constituted 32.2 per centum of the country’s entire land country. Although the figure of farms was 4.6 per centum higher than the 4.6 million farms reported in 1991, the country’s entire farm country decreased by three per centum after a period of more than one decennary. The lessening in entire farm country could be attributed to the transition of farming areas to residential and commercial intents. As a consequence, the mean farm size declined from 2.2 hectares per farm in 1991 to two hectares per farm in 2002. Table 2:Impermanent Crops of PhilippinesCropsNumber of FarmsArea of FarmsRice2,149,9713,922,522Corn1,458,4462,439,067Tubers, Roots, Bulbs1,364,276277,153Sugarcane167,186344,670Fruit Bearing Vegetables1,088,91392,220Beginning:hypertext transfer protocol: //www.census.gov.ph/old/data/sectordata/sr0414402.htm The tabular array indicates that rice was systematically the major impermanent harvest of the Philippines accounting for 2.1 million farms with a combined country of 3.9 million hectares in 2002.This shows that the rice was the major impermanent harvest of the designated/allotted with a larger plantation country whenever planned to the Agri-complex to systematically derive the number/yield of production as the top impermanent harvest of the state followed by maize holding 1.5 million farms, third are the tubers, roots and bulbs followed by the fruit bearing veggies, sugar cane, leguminous workss, baccy, leafy veggies, stems, flower and peanuts. Table 3:Output comparings of Hydroponics and Traditional FarmingName of CropsAquicultural Output ( per acre )Traditional Farming Output ( per acre )Rice12,000 pound750-900lbsTomatos180 dozenss5-10 dozenssBoodle21,000 pound.9,000 poundName of CropsAquicultural Output ( per acre )Traditional Farming Output ( per acre )Cucumber28,000 pound7,000 poundPotatos70 dozenss8 dozenssCabbage18,000 pound13,000 poundCauliflower30,000 pound15-30,000 poundWheat8,000 pound5,600 poundBeginning:hypertext transfer protocol: //www.ahga.org The tabular array shows that farming with the usage of engineering such as aquicultures can bring forth higher sum of output than a traditional agriculture. Both consequences were based on 1-acre country, which is tantamount to 4,046.85 square metres. The table consequences show that the aquicultures system is more efficient than the traditional planting for the output it can bring forth and less ingestion of infinite to be applied to the Agri-complex. The tabular array will besides function as footing for the allotment of country of the plantation/production country of the Agri-complex per floor Figure 7:Share of Agriculture in Total Employment in Central Luzon, 2012 The figure above shows that the portion of agribusiness in entire employment was worsening. In 2012, the portion went down to 32 per centum. Table 4:Daily Agricultural Wage Rate by Sex, Central Luzon, 2012Sexual activityNoun phraseRealMale312.40237.02Female260.91197.96Both307.36233.20Beginning:hypertext transfer protocol: //countrystat.bas.gov.ph/ ? cont=16 & A ; r=3 The tabular array shows the part ‘s entire employment in 2012 and about 21 per centum was in the agribusiness sector. Of this, 80 per centum engaged in agricultural were male workers. Entire Employment ( CY2012 )= 3,877,000 individuals Agricultural Employment= 820,000 individuals Figure 8:Distribution of employment for Agriculture constitutions by industry group in 2010 Beginning: National Statistic Office Agribusiness, Forestry and Fishing constitutions employed a sum of 128,767 workers in 2010. Of the entire work force, 127,944 workers or 99.4 per centum were paid employees and the remainder were working proprietors and unpaid workers. By industry group, turning of perennial harvests employed the largest figure of workers with 55,747 or 43.3 per centum of the sum followed by turning of non-perennial harvests supplying occupations to 32,860 workers ( 25.5 % ) . Fishing came in 3rd with 15,482 workers ( 12.0 % ) while carnal production ranked 4th with 11,434 workers ( 8.9 % ) . Table 5:Number of happenings of typhoons in the Philippines by twelvemonth and by part, 2007–2010Region2007200820092010EntireAnnual Ave.Philippines132122116717Cordillera Administrative Region510103287I. Ilocos Region511114318II. Cagayan Valley811124359III. Central Luzon61093287IVA. CALABARZON4672195IVB. MIMAROPA3942185V. Bicol Region4641154VI. Western Visayas261092VII. Central Visayas1630103VIII. Eastern Visayas2730154Region2007200820092010EntireAnnual Ave.IX. Zamboanga Peninsula010010Ten. Northern Mindanao132062Eleven. Davao Region020021Twelve. SOCCSKSARGEN010010Thirteen. Caraga153092Fourteen. ARMM010010Beginning: PAGASA The typhoons counted were merely those with assigned signals. From 2007 to 2010, the Philippines experienced a sum of 67 typhoons or an norm of 17 typhoons annually ( Row 1 ) . The figure of typhoons increased in 2008 and 2009 and so suddenly decreased in 2010. The most figure of typhoons occurred in 2009 at 22 while the least happened in 2010 at 11. Table 6:Crops and Floor Space Requirements ComputationCropsOutputper twelvemonthFloors ( 1 Ha )Floors ( 3 Layers/Floor )Rice/ Wheat / Cereal10000009.293.09Tubers, Roots, Bulbs349938032.5110.84Fruit180133716.805.60Leguminous Plants5328144.951.65Leafy Vegetables303649928.409.47Fruit Bearing Vegetables131642612.234.08Sum11193456104.1834.73Beginning: hypertext transfer protocol: //www.ahga.orgMarket StudyAs the survey focuses on the architectural information analysis, it is delimited to supply elaborate feasibleness survey. Although as portion of the analysis of its architecture, estimated market survey was analyzed based on the survey of urban agricultural architecture structures that has been proposed in other state such as the Vertical Farming of Dr. Dickson Despommier, one of the participants of the survey. Table 7:Construction and Building Technology Cost Estimate of Vertical FarmUndertaking CostUndertakingCost in dollarCost in pesoSub-structure and Electochromic Glass Shell$ 25,000,0001,097,000,0001000 ton Geothermal HVAC$ 2,500,000109,700,000400 ton Chiller + Cooling Tower$ 500,00021,940,000Populating Machine-based Water Recycling System$ 11,000,000482,680,000800 kWh/day tracking Photovoltaic Array$ 500,00021,940,0004,500 kW Water-cooled lighting System$ 2,000,00087,760,000Energy Infrastructure and Automatic System$ 13,000,000570,440,000Floating Garden Hydroponic System$ 1,700,00074,596,000Office and Laboratory Facilities$ 5,000,000219,400,000Sum$ 61,200,0002,685,456,000 PhpBeginning: Medical Ecology – Spring 2006, Dickson Despommier, Ph. D, Vertical Farming Entrepreneurship Article Table 8:Estimated Net Net income and Associated Calculation:ESTIMATED EXPENDITURESUndertakingCost in dollarCost in pesoEntire Labor Costs ( includes benefits + insurance )$ 2,135,00093,683,800Entire Electricity Costs @ 95 % Biogas Reliability$ 130,0005,704,400Entire Electricity Costs @ 5 % Extreme Climate Conditionss$ 100,000.4,388,000Production Supplies$ 700,00030,716,000Modified Atmosphere Boxing$ 500,00021,940,000Biogas & A ; Living Machine Operational Costss$ 650,00028,522,000Building and Facilities Maintenance ( 0.75 % per twelvemonth )$ 628,00027,556,640Sum$ 4,843,000.212,510,840 PhpBeginning: Medical Ecology – Spring 2006, Dickson Despommier, Ph. D, Vertical Farming Entrepreneurship ArticleEntire$ 18,605,000– $ 4,843,000EBIT ( Net incomes before income revenue enhancements )$ 13,762,000Net Net income ( after 10 % income revenue enhancement )$ 12,385,800Projected Return of InvestmentEntire Building Cost$ 61,200,000.00Annual Net Net income$ 12,206,000.00Return on invested capital:4.94 ? 4 Old agesAs analyzed within the market survey, the designing of agricultural tower shows the consequence of deriving the return of investing within the 4Thursdaytwelvemonth of its operation. Therefore, the survey shows that edifice such installation is executable and awaited to be supported by the NGOs which aims are in line with the surveyInterview ResultsThe research worker conducted an interview to Agricultural participants and professionals to back up and happen the proposalDr. Ernesto D. Supan, PhDDirector, Extension and Training Pampanga Agricultural College Date interviews: July 18, 2014 around 5:18 autopsyDo you believe this sort of proposal will advance and elate the Filipino Agriculture to mankind?YesDo you believe, holding a nursery is economically friendly than in a traditional planting?Yes of class, it will protect your harvests from unexpected clime conditions such as typhoons, inundations and plagues. And with this, you’ll harvest more. Vegetables are weak in excessively much H2O while typhoons and air currents hinder the workss to bloom that will became the fruit.Do you hold any remarks, reactions and suggestions sing to the proposal?In footings of organic and nurseries, animate beings can besides be employ. Having a nursery in raising animate beings such as hogs, poulet, fish can beneficial excessively, ensuing an organic nutrient.Dr. Virgilio M. Gonzales, PhdDirector, Extension and Training Pampanga Agricultural College Date interviews: July 23, 2014 around 10:40 amDo you believe this sort of proposal will advance and elate the Filipino Agriculture to mankind?Yes, and I will bring forth harvests all twelvemonth unit of ammunition yet without utilizing so much adult male power.Do you hold any remarks, reactions and suggestions sing to the proposal?Good fortune to your undertakingWhat other installations or characteristics in the proposal that you may propose to advance and to elate Philippine Agriculture?If you will advance ecotourism, I think you should let clients, purchasers, or consumers can separately pick newly harvests straight to the plantation.Arch. Michaela Rossette Santos, uapChair for the Committee on Environment, Ecology & A ; countrywide Tree Planting, United Architects of the Philippines, LEED ( Leadership Energy & A ; Environmental Design ) AP Holy Angel University Date interviews: July 31, 2014 around 4:15pmDo you believe this sort of proposal will advance and elate the Filipino Agriculture to mankind?Yes, and I’m sure that it will promote more young person to prosecute in agribusinessDo you hold any remarks, reactions and suggestions sing to the proposal?Maximize the usage of verdures and guarantee nutrient security. Use fruit bearing workss as a landscape supplying a farm garden that will turn to a healthy life community.What other installations or characteristics in the proposal that you may propose to advance and to elate Philippine Agriculture?Provide cantonment preparation and squad edifice installations that will add enticement to your mark user. Use or use the engineering were Koreans used in rice agriculture were can minimise the usage of adult male power.What is the really first thingthat comes to your head when you hear the word Agriculture?Kalabaw ( carabao ) . Poor people who work hard straight on heat of the Sun, merely to supply and to back up their ain household.Dr. Arturo FigueroaLicensed Agri-Engineer Holy Angel University Date interviews: July 31, 2014 around 11:45amDo you believe this sort of proposal will advance and elate the Filipino Agriculture to mankind?Decidedly, to reinstate thePhilippine therubric asanAgricultural Country particularlyyour siteTarlac known as the â€Å"Melting Pot of the Philippines† .Do you hold any remarks, reactions and suggestions sing to the proposal?You can utilize edifice stuffs within the locality to minimise C footmark. I suggest utilizing bamboo as your constructing stuff as known to be a ace stuff. If non available, supply a plantation of bamboo, because this works is really resilient, fast growth.What other installations or characteristics in the proposal that you may propose to advance and to elate Philippine Agriculture?Supplying and proper location of Sewage intervention works is of import to your development. I’ll suggestholdingan country where you can raise angleworms to break up such refuse and yet produce fertilisers from your plantations.Surv ey ResultsThe study aims to place if the undertaking is considered necessary and accepted by the society. The research worker usage Purposive Method in garnering informations, holding 100 respondents. 75 of the respondents are pupils and professionals in the field of agribusiness which is the hereafter operator of the proposal, while the 25 respondents are simply pupils which is mark of the survey. The research worker were gathered both online and questionnaires. The sample questionnaire can be viewed onAPPENDIX Oof the book. Significance of the TopicDo you believe that it is clip for the agricultural sector to derive a greater feeling to the society? Is it of import for the youth/student to educate and engaged in agricultural activities? Interest in the SubjectWould it be interesting for you to larn agribusiness through camps/lessons? Viability of the ProposalWould it be helpful for our state if we have a convention centre, museum, research and development centre, or similar installations dedicated for agribusiness?What system of farming do you prefer in agribusiness?Under what installations would you wish to see in the proposed AGRI COMPLEX AND RECREATION HUB?Would it be helpful and productive to the state if we apply engineering and new techniques in agricultural sector?Do you believe the authorities is supplying adequate support to Philippine Agriculture?

Financial Planning (Insurance) Case Study Essay

Allison has recently been promoted by her employer, Best Marketing, and now earns $135,000 p. a. working full time. She has commenced salary sacrificing 30% of this amount into superannuation, and her employer contributes Superannuation Guarantee Contributions of 9% of her remaining cash salary. The fund is a balanced growth retail superannuation fund, MM Superannuation. Her current balance is $160,000 and earns on average 7% p. a. after fees and taxes. She also has $100,000 in term life and TPD insurance cover within her superannuation fund. She drives a 4-year old Land Cruiser that is fully paid for. It has low kilometres and she expects to keep it until she retires. She will then need $30,000 to purchase a new car on top of the trade in she expects to receive from the Land Cruiser. Simon works for Newbold’s Pty Ltd, a company which makes custom furniture. He earns around $45,000 p. a. and intends doing this work for the foreseeable future. He is supplied with a work vehicle and his employer pays his SGC based on his $45,000 salary. Simon has $47,000 in superannuation savings, held within the PP Superannuation Fund. The funds are invested in a balanced/ conservative portfolio with a low allocation to growth assets that earns around 4% p. a. after fees and taxes. They are living on a semi-rural property which is valued at around $750,000, but they currently have a mortgage of $150,000 as a line of credit. They are paying approximately $1,000 per month as interest-only payments. Their other personal expenses are around $40,000 p. a. and they spend an additional $15,000 p. a. on holidays. Aside from private health cover, car, and house and contents insurance, the only personal insurance they have is the coverage provided in Allison’s superannuation fund. They do not have a will or any powers of attorney but they want to ensure they have sufficient money for their grandchildren (now aged 6 and 4 years) to attend university. They estimate they will need to accumulate approximately $120,000 (in today’s dollars) over the next 12 years to pay for this. Allison wants to work for five or six more years and they wish to pay off the remainder of the mortgage over that time. She also wants to increase the amount of money in both her and Simon’s superannuation. When she retires she believes they will need $40,000 (in today’s dollars) for their living expenses in retirement, but Simon intends to continue working part time and estimates he will earn $20,000 p. a. They intend to use Simon’s income to fund any holidays. Aside from their superannuation assets, they have $9,000 in a bank account for emergencies earning 4% p. a. , $15,000 in a term deposit earning 5% p. a. and $12,000 in a cash management account earning 5. 5% p. . They are not happy with the taxation implications of these accounts, as any interest earned on the term deposit and cash management accounts seems to go in tax. You ascertain that they both have balanced risk profiles. Required: You are required to provide written responses to the following scenarios and questions, either in short answer form or using bullet points (or both). The following attachments are included : †¢ Sample Financial Services Guide (Personal Advice) †¢ Sample Fact Finder and Risk Profile Questionnaire †¢ Sample Ongoing Service Options – Establish Relationship with Client You are preparing for an initial interview with Simon and Allison Callahan. a) Give some thought to the sort of things you would cover. Include any legal requirements and other documentation which may be helpful in the interview. For the initial interview with the clients I would cover what Azza financial services stands for, their commitment to the customer and any legal implications, go over the financial services guide (send out with letter before hand) and privacy policy and compliance. I would also make the customers aware that the information they are providing is to be used solely for the purposes of assessing their situation to help them get to a better financial position. I would allow the customers to do most of the talking, recording their responses in a fact finder, and ask the client to complete a risk profile questionnaire to get a feel for what their financial position is at the present, what kind of expectations they have on Azza financial services, how much risk they are willing to take on and if there is anything about their situation that might prevent Azza financial from providing advice to the client. )How might you ask the client to prepare for the first meeting? By sending a confirmation letter indicating how long the interview will likely be, the purpose of the interview and what is the outcome intended, advising the client if there are to be any fees paid, providing the client with a list of documents to bring (eg current insurance policies, sup er statements, current investment schemes, income and expenses, latest tax returns, valuations of assets such as property, bank and credit card statements. ) To establish a relationship with Simon and Allison, what strategies might you use to build rapport during the interview process? †¢ offer food or drink (eg coffee, biscuits, tea, water) †¢ monitor client body language and engage in similar movements to make them feel more comfortable †¢ ask open ended questions to show clients you are interested in the personally and want to hear what they have to say. d)What are the four points you must cover when presenting a Financial Services Guide? Fees and charges = explain what fees might be applicable, including benefits and commissions that could be received by 3rd parties/referrers or product providers as a result of the plan being implemented †¢ Products = outline the features of the products and services being recommended †¢ Complaints Policies and Procedure s = make sure to completely explain the procedures for handling customer complaints †¢ Relationships = explain any relationships which might influence which products are recommended or provided e)List the type of fees you could charge the clients. What are the benefits of explaining these fees to the Callahans? Types of fees which could be charged to the clients if they choose to implement the prepared plan are: plan fees (often charged regardless if plan is accepted), commissions, entry fees, management fees, account keeping fees. The benefits of explaining these fees to the clients are that there will be no nasty surprises and they will know what they are getting themselves into from the start. It also provides protection for the advisor in the event that the client deems something unreasonable. In other words, there will be no misunderstandings about the possible cost of advice. )Nominate the range of financial products and services you will be providing advice in. Name the benefits of explaining these to your clients. The financial services and products which I could be providing advice on range from simplistic things such as bank deposit accounts to general and life insurance, complex and simple investment schemes, general and specialized superannuation schemes, estate planning issues (although a lot will be directed to a solicitor if I am not qualified to provide advice on that particular area, the same goes with taxation). The benefit of explaining these to the client is that they will be more aware of what it is Azza financial services can help them with, and if they will need to be involving any third parties to complete their requirements (eg accountant or solicitor). It also takes away any misconceptions as to the outcome of the advice provided and puts everyone on the same level expectation wise. The clients also may not have been aware of particular products and services offered which once explained may change their needs and requirements which might have not previously been considered by the client. )Outline the three steps your clients should take if they have a complaint or dispute prior to contacting the ASIC. †¢ Clients should first contact their advisor to make sure that their disatisfaction is not due to a misunderstanding or something which can be ammended to their satisfaction. I would endeavour to solve their complaint within 3 working days. †¢ If the clients are still unhappy , they should lodge a formal complaint with the liscensees internal complaints process and allow appropriate time for this to be acted upon. If the clients are still unsatisfied with the outcome they may then contact the Finance Industry Ombudsman Service (FOS) for complaints involving losses of less than $500,000. FOS first trys to negociate and outcome between the involved parties, if this is not possible the matter is passed for formal assesemnt by a panel. FOS is free to clients and the decisions it makes are law to the liscensee. 2-Identify Client Objectives and Financial Situation a) What techniques or tools could you use to gather further information about your client’s goals, objectives and financial situation? Fact finder †¢ Financial documentation – tax returns, statements, scheme overviews etc †¢ Use of open ended questions †¢ Diagnostic questionnaires †¢ Risk profiling b)Using your case study, complete the attached Fact Finder with as mu ch information as you can. Remember that this document is used to collect current information as well as identify any issues, problems or constraints that may be relevant in developing your advice. See Fact Finder i)From the scenario in your case study, write down one or more specific financial goals for the generic needs provided. Wealth creation for a specific purpose |Start increasing Allison and Simons Super balances ($160K and $47K) | | |Pay for grandchildren’s university in 12 years – estimated needed | | |$120K in today’s dollars | |Wealth protection |Take out Personal insurances to avoid eroding savings if something | | |unforeseen happens – income protection, trauma, evaluation of current | | life and TPD | |Debt reduction |Pay off IO mortgage of $150K in 5 years | |Tax minimization |Save on tax on bank accounts/term deposits | | |Possibly downsize family home and move mortgage to investment property| | |to save on tax | |Superannuation |Start in creasing Allison and Simons Super balances ($160K and $47K) | | |and evaluate suitability of current funds | |Investment Planning |Possibly purchase Investment property to produce another income stream| | |and save on current tax | | |Look into other investment options to diversify current wealth | |Estate Planning |Establish will and power of attorney with solicitor | c)Write down a line of questioning that you would use in the initial interview to increase your understanding and obtain further clarification of the client’s goals and objectives. Use open-ended questions starting with What, How, When, Why and Where. †¢ Apart from what we have already discussed, tell me about any other goals, long or short term that you might have. †¢ What do you plan to do when you retire? †¢ What is your current state of health? Eg do you smoke, are you aware of any issues that could affect your ability to work? †¢ Simon, what sort of duties do you perform at work? (- for insurance purposes we need to ascertain what type of work Simon is doing in order to now which category he fits, A/B/C? ) †¢ What are the contact details of your accountant? (- Financials) †¢ If you have a solicitor, what are their details? power of attorney, will) †¢ What are your plans/goals in relation to the planning of your estate? †¢ Tell me what other possible financial details you could have overlooked in filling out the fact finder? (- no credit cards? No shares or any investments outside of super and regular bank accounts? ) †¢ What level of cash reserve do you feel comfortable keeping liquid for emergencies, and are you expecting to receive a lump sum of money in the future? †¢ What are the premium details of your current life and general insurance policies? †¢ When are you considering downsizing the family home, if at all? d) What action would you take immediately after the first meeting? Immediately after the first interview I would Clearly write down everything which needs to be investigated or researched, in relation to what types of products, tax issues, possible strategies, the sources of information and a timeline for completion. This is so that I can prove I have been compliant with the corporations Acts requirement of investigating the ‘subject matter of the advice’. I would ask the clients to sign an authority accepting the preparation and research of drawing up a financial plan and agreeing to pay any fee which may be incurred as a result of this advice. e) Simon and Allison have a ‘balanced’ risk profile. Complete the sample Risk Profile Questionnaire to reflect this. See risk profile 3- Analyse Client Objectives & Financial Situation Will Simon and Allison’s current financial circumstances and other concerns meet their objectives without your assistance? a) Why/why not? No, Simon and Allison’s current financial set up is not adequate to allow them to meet their goals and objectives. This is because they are note contributing enough in their superannuation to achieve their desired balances, they do not have any estate plans in place, their current bank accounts are leaving them paying excess tax, they are not sure how to structure their expenses in order to reach a comfortable position upon retirement in 5 years time, and their personal insurance are grossly insufficient to keep them in their current lifestyle and meet expenses should something happen to one of them. ) List the assumptions you made. †¢ Allison and Simon do not have current solicitor whom they have talked about creating a will or power of attorney with †¢ Allison and Simon are of average intelligence and have not had much to do with Financial planning services in the past. †¢ Allison and Simon do not know much about investment schemes, Superannuation regulations, Life insurance or Taxation †¢ Allison and Simon have used an Accountant in the past to prepare their yearly tax returns †¢ The average expected rate of return is 6% †¢ Expected CPI is 3% and current tax rates have been used. c) Reference information sources that you have relied on in forming your view. RG146 training Australia DFS course material and scenario †¢ Australian Taxation Office website (www. ato. gov. au) †¢ Financial Planning association website (www. fpa. asn. au) †¢ Westpac and BT Financial group case studies (internal) 4 – Develop Appropriate Strategies & Solutions a) Describe two research processes you can use to gather information about products and services you recommend to your clients. †¢ Independent research houses (eg Standard and Poors and Morning Star) †¢ Internet sear ches eg ASX, AFPA, ATO etc †¢ Product disclosures, rankings, past performance of companies, Financial review newspaper etc Refer to your case study, Fact Finder and Risk Profile Develop a strategy for each of the following points for Simon and Allison. Describe each of your strategies in terms of key characteristics, advantages and disadvantages. b) Please address Allison’s insurance requirements. Your response should include a brief description of each type of cover and actual amounts recommended. Include calculations and explanations of amounts. †¢ Term Life: – term life insurance provides a bulk payment to the beneificiaries of a person upon their death, or in some cases when disgnosed with a terminal illness the person insured can also received the payment. – offered to people from 16-75 and can renewed until age 99. Can be paid via stepped premiums (where premium increases with age, you pay more in the long run) or level premiums (same amount througout policy, 30% cheaper than stepped in long run, and indexed to CPI) – Advantages of having life insurance are that it gives the insured peace of mind knowing that they are n ot leaving their loved ones in poor financial positions upon their death and ensures they are looked after – Disadvatanges are that there are a few exclusions to the policy such as suicide within first 13 months, War, pre-existing conditions, aids, and terminal illness/disease where it is a direct result from an action which was self-inflicited. – Currenlty Allison has $100,000 worth of life and TPD insurance within her superannuation. In regards to life insurance this is unfortunately inadequate as the estimated living costs for Allison and Simon are $67,000 per anum. In order for Simon to continue meeting these expenses (whilst still working) if allison were to becomed deceased, the insured amount would need to be close to $475,000. This is because if invested at an average fixed deposit rate of 6% it would provide an income stream of $28,500 per anum to Simon. [(475000/100) x 6 = 28,500] – this along with his current net salary of $38490 come to a per anum income strem of $66,990 to meet expenses. An additional $270K should also be added to cover their existing mortgage debt and to have money left over in order to pay for the grandchildrens university education, bringing the total life benefit to $745,000. †¢ Income protection: – A fortnightly or monthly payment paid to the insured in the event that they suffer and injury or illness which leaves them unable to work – Maximum of 75% of income can be insured and person must be employed at least 25 hours per week. Waiting periods of 14-720 dys apply and benefits periods can be 1-65 years (longer the beenfit period the higher the premium) – 2 types of policies are agreed value (specified value to be paid regardless of difference bet ween insureds current and former incomes) indemnity (benefit based on insured income at time of claim. – Advantages are that the insurance provides peace of mind knowing that if the insured was to suffer from an injury or illness and are unable to generate an income that the benfit will be paid as if it were their regular income, giving them peace of mind that they could stay on top of all their financial commitments and goals whilst healing. Disadvantges are that as income protection is linked to employment, those who are unemployed or even those with occupations which are considered too risky are not able to obtain income proteciton insurance. Also, as the benefit is only 75% of income, the insured will be 25% worse off and will need to make sure this will not affect any financial commitments or goals they may have. – Allison currently does not have income protection insurance in place which could end diasterously as she earns 75% of the couples gross income. [(180,0 00/100) x 75 = 135,000)]. Allison should take out an income protection policy with a $101,250 benefit (135,000-25%) which would then provide both her and Simon peace of mind knowing that if anything was to happen they could continue paying their expenses †¢ Total and Permanent Disability: TPD insurance provides a lump sum payment to the insured after a qualifying period (usually six months) when certain criteria is met. – Criteria can be inability to perform own occupation, any occupation, home duties or all duties; these are based on the type of work the insured is in (rated AAA-E) – Immediate qualification for TPD payout if insured looses sight or a limb – Advantages of having TPD is that if the insured suffers a debiltating injury that sees them unable to return to work that they can still meet their expenses – Disadvantages are that it is not available to everyone; a new policy cannot be taken out after 60 and policies already in place automatica lly cease when insured reaches 65. Also unless rated category E, the standard level of cover criteria is ‘any occupation’, meaning that the insured may be able to perform in a role significantly less stimulating, challenging and financilally rewarding which would make them ineglibly to receive a payout even if they suffer a total and permanent diability. – As Allison and Simons expenses are $67,00 p/a and Allisons income protection benefit is $101,250, whilst Allisons still working a stand alone TPD policy would be beneficial for having a lump sum to pay off the exisiting mortgage debt of $150K, have enough money to pay for the grandchildrens university ($120K) and possible medical expenses (another $150K) – totalling a $420K TPD. Another amount for Living expenses should also be considered for the 6 years until retirement ($67,000 x 6 years = $402,000). This brings the total recommended TPD benefit to $822K which could also be bundled as a rider on Allisons life insurance to avoid overinsurrance. †¢ Trauma: – Trauma insurance provides the insured with a bulk payment when they suffer from an illness specified in the policy – Can be bundled with life insurance and a payout will decrease the life policy by the same amount – Available to people aged 16-55, or trauma for children aged 1-12 years ( waiting periods and age limit criteria apply) – Advantages are that as trauma insurance is not related to employment, people with uninsurable occuppations can still generally take out trauma insurance. Also the insurance provides peace of mind knowing that if the isured was to suffer from a specified illness and are unable to generate an income that the sum paid will cover their expenses and ease the financial pressure – Disadvanages are that there are exclusions such as death within 3 to 30 days of trauma event, trauma caused by an ntentional self inflicted injury or attempted suicide and acts of war. – In order to avoid overinsurance Allison should take out around $250K trauma insurance to cover $150K exisiting mortage debt and any medical expenses associated with the event. Allisons Income protection will also most likely be able to contribute towards the benefit amount should a defined event occur. c)Does Simon require personal insurance? If so, what types and how much? Please include reasons and calculations Simon could take out the following polices to provide stability and peace of mind for Allison in the event something should happen to him. †¢ Term Life, Trauma, TPD: As Allisons income (or insurance benefit if something were to happen to her simultaneously) alone can support the couples expenses of $67,000, I would recommend a combined life insurance, TPD and Trauma policy, of $690K for Simon [(salary of $45,000 x 6 years = $27,000) + $150K mortgage debt + $150K possible medical espenses + $120K grandchildrens education = $690,000), so that the mortgage can be paid out, the grandchildrens education can be paid for, any medical expenses which might be incurred can be paid, and a replacement income stream for simon is created leaving allison debt free if something were to happen to Simon. †¢ Income protection: It is my view that Income protection is not necessary for simon as allisons income is more than adequate to support the couple with money left over, however if they did not want to draw on this, an income protection policy could be put in place for 75% of his income. [$45,000 x 75% = $33750 ($33750 / 12 = $2812. 5]. this w ould mean Simons monthly benefit woul be $2812. 5 (75% of his monthly income). D) What is the most efficient way for Simon to contribute to superannuation and why? How much should Simon contribute? As Simon is on the lower end of the income tax scale, it is beneficial for him to make non-concessional contributions into his superannuation as he is eligible for government co-contributions for every $1 he puts in up to $1000. As Allison is on a higher MRT than Simon, if she were to salary sacrifice a larger portion of her income into both their superannuation accounts (shes currently Sacrificing $40,000 into her own, however this could be brought up to $70,000 and then she could sacrifice another $20,000 per anum into Simons in line with their goals of increasing their super balances) they would be paying less tax (as Allison in on the highest MRT and super contributions are at 15%) and they can use Simons income (on lower MRT) to put towards their expenses, thus Simon should not contribute too from his salary above the SG of 9% and non-concessional contributions past $1000 (as his super will be paid in by Allison to achieve the above stated tax advantages). Simon should also switch his investment strategy to a balanced mix as it is too conservative to his risk profile at the present. e)Is Allison contributing sufficient funds to superannuation at this time to meet their retirement objectives? Please explain. To meet their objectives of having $40,000 per anum to live off in retirement, Allison is not contributing enough to her superannuation at this point in time. Allowing for the effects of compounding interest, after 5 years Allison’s superannuation balance would have accumulated to $224,400 (at 7%). In order to provide an income stream of $40,000 Allison will need to bring her balance up to $580,000 by the time she retires in 5 years. This means Allison will need to make up the difference ($580,000 – $224,400 = $355,600) in the next five years. Allison will need to contribute another $30,000 p/a [($355,600/5 = $71,120) – her current Salary Sacrifice of $40,500 = $30,000] to her superannuation to achieve this balance and their retirement objectives. Allisons current total superannuation contributions per anum are $40,500 in salary sacrifice (30% of salary of $135,000) along with a Superannuation guarantee of 9% of her remaining salary ($135,000 – $40,500 = $94,500, $94,500 x 9% = $8505) bringing her total contribution to $49,005. f) Are their additional benefits available to Simon or Allison as a result of your strategies above? By Allison salary sacrificing more of her income she is saving astronomical amounts on tax as the contributions tax is only 15% as opposed to her MRT. As stated previously, Simon will also be eligible for the government co-contributions with his non-concessional contributions. Allison’s income protection policy (and Simons if taken out) are also tax deductible. Simon is also eligible for the low income tax offset of $804 from a maximum of $1350 for income earners of under $30,000. For Simon his amount is worked out with the following calculations: 1. [$1350 – ($45,000 taxable income -$30,000 threshold) x 4% = 546] and then 2. $1350 – 546 = $804) g)What is your recommendation regarding an investment for the grandchildren’s university education? What are the benefits of this investment? For the grandchildren’s education I would recommend investing in a balanced education savings plan (they would need to contribute $7000 p/a (at approx 7%, and with the effects of compounding interest) to reach their goal of $120,000 in 12 years) as the amount invested in taxed at a flat internal company rate of 30% however after 10 years the amounts can be withdrawn for non education purposes tax free, and as the investment is to be over 12 years Allison and Simon could take advantage of this. If it was to be withdrawn earlier, they are still in a good position as the money would be invested with a bit more risk than that of an everyday savings account and the taxation benefits still outweigh other methods, especially with the low income offset which is still said to be increasing. h) Are their bank/cash investments (total $36,000) meeting their requirements? Why/why not? What do you recommend? No, currently these investments are not meeting Allison and Simons requirements as they are held in both names and are therefore subject to Allison’s higher MRT. If Allison and Simon decided to use the advantages provided by income splitting (that is, transferring term deposits and interest bearing accounts into Simons name) then they would save on tax as Simon has a lower MRT. Allison and Simon could also think of putting this money in their Superannuation to capitalize on the 15% contributions tax or putting it into the mortgage as then they are paying less interest, however this would depend on whether or not they would be needing to keep this money liquid for everyday use and emergencies. i) How would you address their goals of paying out their home loan and purchasing the new car upon retirement? In order to pay out their home loan in 5 years time, Allison and Simon would eed to put around $40,000 P/A towards due to interest payable. After Allison’s extra salary sacrificing for both their Super accounts, the couple have around $45,000 surplus disposable income per anum. $40,000 can be used to make these extra payments on the home loan and the other $5000 can be put into a high interest savings account for the 5 years (which if invested at the average deposit rate of 6% will leave them with $29576. 10 after 5 years with the effects of compounding interest) which will leave them with enough money to purchase the new car. j) Are their estate planning preparations adequate? Why/why not? Currently Allison and Simon have no estate plan, therefore it being inadequate. I would recommend to Allison and Simon to contact their solicitor to discuss a will/power of attorney using their information we have uncovered through analyzing their financial situation here today. k)What alternative strategies did you consider? Why did you reject them? Insurance – providing insurances for Simon as well; This would be over insuring and wasting money for Allison and Simon as Simons income in relatively small in comparison to Allison’s, and she is able to cover all costs if something we to happen to Simon. Superannuation – Simon contributing more to his superannuation; the tax benefits of Allison’s salary sacrifice through decreasing her MRT far outweigh that of Simons and it was therefore better to prioritise with Allison’s SS and utilize Simon’s income for expenses. Investments – For the grandchildren’s university education, possibly investing in something more risky (eg shares) or less risky (eg Term deposits) however the tax advantages and return on the educations savings plan in comparison would leave them in a better position. 5 – Present Strategies and Negotiate Solutions Prior to Presentation a)Describe what preparations you would undertake to present your strategies in step 4 to Simon and Allison. After thorough research enabling me to form my recommendations, I would prepare a Statement of Advice with my findings, make sure to gather all product disclosure statements which are relevant, and information to back up my advice. I would also make sure there was a financial services guide within the information I would be taking to the interview. I would then call the clients to arrange a time which suits. b) What back-up information or documentation might you need? I might need to back up the performance of particular products/services I recommend (this could be provided in the form of company reports, asx reports, PDS, articles, academic studies etc) also easy to follow breakdowns of any calculations made so the client can see exactly how the strategy will benfit them. FSG and Privacy policy to assure the client of the companies principles and policies in the event of a dispute. During the Presentation c) Describe the disclosure principles and presentation requirements you must adhere to for the following documents: ? Statement of Advice The statement of advice must have â€Å"statement of advice† written across the front of it, it must be in non complex wording (â€Å"clear, concise and effective manner†), must have a â€Å"generic description of the range of financial products or strategies considered and investigated†¦Ã¢â‚¬ . The customer must receive a copy, along with PDS and FSG and must have signed and had the SOA presented to them BEFORE any implementation of strategies can be put in place. A disclaimer is also usually placed at the bottom of the SOA to protect the financial planner and affiliated companies against the working of case law – althogh this is not required by the corporations act. ? Product Disclosure Statement – The PDS needs to accompany the SOA so the clients have all the information in relation to possible products they are signing up to. Other things which need to be in the PDS include: Fees and charges = explain what fees might be applicable, including ben efits and commissions that could be received by 3rd parties/referrers or product providers as a result of the plan being implemented ? Products = outline the features of the products and services being recommended ? Complaints Policies and Procedures = make sure to completely explain the procedures for handling customer complaints ? Relationships = explain any relationships which might influence which products are recommended or provided d)List 2 objections or concerns your client might raise. How would you address these in order to gain agreement? 1. How do I know that what you recommend will work out for me in the long run? – We have based these recommendations on previous performance of these products and services, all of which you have sighted with your eyes. We cannot 100% guarantee that these potential outcomes listed will occur, however financial planning is what we specialise in and we make it our duty to look after your financial health. If we notice that the course which we have mapped out for you is not heading in the direction we have anticipated, you will be the first to know, and we will review your situation in order to alter your plan to best fit your needs, provided you would like us to provide you with this ongoing service. 2. This plan fee seems overly expensive – why do I have to pay it? – It takes a considerable amount of time, research, investigation and preparation for us to put together a plan that is tailored entirely according to your personal needs. There are no generics or assumptions made with what we are presenting you and the savings and earnings you will make as a result of our guidance will far outweigh the cost of this information. 6 – Implement Agreed Plan Simon and Allison have agreed to your plan. a) What transactional documents/authorities need to be signed by Simon and Allison? †¢ Authority to proceed / SOA and disclaimer †¢ Application forms along with PDS attached †¢ A cheque to be written to accompany application form b) Complete an Implementation Plan, in order, that details your planned actions now that Callahan’s have decided to proceed with your recommendations in step 4, providing an indication of when each must be completed. A – Adviser C – Client | No. Action |Who |When | | |Sign Authority to Proceed |C |Now | | |Provide 3rd parties with adequate notification of actions needed to be taken eg solicitor, accountant |A |ASAP | | |Complete application forms ready for c lient to sign |A |ASAP | | |Present application forms to client with PDS attached to be signed. |A + C |When ready | | |Photocopy, keep one and give other with PDS to client. | | | |Obtain Cheque from Client and attach to application form to be sent to dealer group |A |With step 4 | | |Welcome letter from dealer is issued |A /Dealer |- | | |Secure client file established (maintained for 7 years) |A |- | | |Confirm with clients that they have received welcome letter and they have heard from any 3rd parties. |A |- | | |Speak to clients about Review Service |A |When everything| | | | |is settled | 7 – Provide ongoing service You now have to address the issue of providing ongoing advice to Allison and Simon. )What environmental (economic, market, regulatory) changes, or changes to their personal or financial situation would cause a review of their plan? †¢ Interest rate changed may affect tax advantages, investment earnings †¢ New regulatory changes may grandfather or c ompletely remove current strategies in place †¢ Market booms and busts may cause portfolio mix to be outdated / underperforming †¢ Clients may have suffered a loss, or injury causing them to claim and or need to reassess the financial commitments they can keep up with †¢ Clients may have come into a considerable amount of money unexpectedly allowing for more room to move in current strategy (e. g. inheritance, lotto) Change of advisor may bring upon new light on their situation, may have a better strategy in mind. b)Describe 2 activities you regularly undertake to keep up-to-date with current legal, ethical and regulatory requirements of the finance sector. †¢ Read financial review/finance news, current company legal updates †¢ Read the AFPA reports issued and newsletter from BT financial and liaise with current financial planners c)What level of ongoing service would you propose for these clients? ( â€Å"No service† ( â€Å"Portfolio valuation† ( â€Å"Portfolio review† ( â€Å"Financial Plan review† ( â€Å"Other† – Describe d)Describe the option recommended for your client, and why you have recommended this option. Describe the level of service you will provide and the associated fees. I would recommend an annual portfolio review for Allison and Simon to ensure that they are on track to achieving their goals. This would involve checking balances and fund mixes to ensure adequate returns have been made and that products are performing as anticipated. I would prepare a letter to send out based on my finding advising whether or not a change could benefit them. As the strategies recommended for Allison and Simone are fairly basic a separate fee would not be necessary as this service would be considered to be paid for under the trail commissions. Sample Fact Finder & Risk Questionnaire 1. PERSONAL DETAILS |CLIENT 1 |CLIENT 2 | |Title: |Mrs |Mr | |Given Name: |Allison |Simon | |Preferred Name: |Allison |Simon | |Surname: |Callahan |Callahan | |Date of Birth: |1956 |1958 | |Marital Status: |M |M | | | | | Home Address: |Address: Lot 3 Wattle Road | | | | | |Suburb/Town: Hurstbridge | | |State: VIC Pos tcode: | |Home Telephone No. | | |Preferred Contact No. | | | | | | | | CHILD / DEPENDENT DETAILS Name: |Megan | | | | |Relationship: |Daughter | | | | |Date of Birth: |1981 | | | | |Current Age: |29 | | | | |Financially Dependent: |NO | | | | HEALTH DETAILS Do you Smoke: |Yes / No |Yes / No | |State of Health: |Poor / Good / Excellent |Poor / Good / Excellent | |Are you aware of any health issues that may| | | |impact your ability to earn an income? | | | |(please provide details) | | | |Notes: | 2. EMPLOYMENT DETAILS |CLIENT 1 |CLIENT 2 | |Employment Status: |( Unemployed |( Unemployed | | |( Full Time Employed |( Full Time Employed | | |( Self Employed |( Self Employed | | |( Part-time |( Part-time | | |( Retired |( Retired | | |( Other |( Other | |Employer Name: |Best Marketing |Newbolds Pty Ltd | |Position Title: |Marketing |Employee | |Primary Duties: |Marketing |Custom Furniture | |Work Address: | | | |Current Work Phone No. : | | | |Employment Security: |Secure – just promoted |Secure – intention to stay long term | |Are you Contemplating leaving your employer? |In 5-6 years |Not in the foreseeable future | |Do you foresee any substantial change in |Planned retirement in 5-6 years, possible |In 5-6 years will reduce hours to part time | |your income in the next 2-5 years? reduction in take home pay in the lead up to|– income will be approx $20K p/a | | |this | | |Notes: | | | OTHER ADVISER DETAILS Accountant |Name: | | |Company: | | |Contact Detail: | | Do we have authority to contact? ( Yes ( No Solicitor Name: | | |Company: | | |Contact Detail: | | Do we have authority to contact? ( Yes( No ESTATE PLANNING DETAILS | |CLIENT 1 |CLIENT 2 | |Do you have a current Will? |No |No | |Date of Will / Last Reviewed: | | | |Power of attorney |No |No | |Type / Name of Attorney? | | |Do you have Funeral Plans? |No |No | |Do you have any specific intentions |Intention to pay for grandchildren’s |Intention to pay for grandchildrenâ€℠¢s | |regarding your estate distribution? |university in the approx 12 years (approx |university in the approx 12 years (approx | | |$120K in today’s dollars) |$120K in today’s dollars) | 3. FUTURE NEEDS OBJECTIVE AND GOALS |E. g. Current income needs, retirement income needs, diversification, tax minimisation, capital growth, investment security, wealth creation, | |eliminate mortgage etc | |Reasons for seeking financial advice | |Gain assistance with making the transition to retirement and planning the next five years | | | | | |Short Term (1 to 3 years) | |Save on tax on bank accounts/term deposits through possibly restructure | |Start increasing Allison and Simons Super balances ($160K and $47K) | |Look into other investment options to diversify current wealth | |Medium Term (4 to 7 years) | |Pay off IO mortgage of $150K in 5 years | |Buy new car (through trade in 9 year old land cruiser) worth $30K In 5 years | |Have a $40K (today’s dollars) p/a retirement income stream in 5 years | |Long Term (7 year plus) | |Pay for grandchildren’s university in 12 years – estimated needed $120K in | |today’s dollars | | | | | RETIREMENT PLANNING Retirement Details |CLIENT 1 |CLIENT 2 | |Plan ned Retirement Age: |59/60 |undetermined | |Retirement Income required: |$40K (today’s dollar) |$40K (today’s dollar) | |After retirement, do you intend to work |NO |Expected Income= | |again either on a full-time or part-time | |$20K | |basis? |Till age: undetermined | |What capital expenses will you have in |$ |$ | |retirement? (Please state expense and | | | |value) | | | |Would you like some assets left to your |$ |$ | |estate? Please detail) | | | |Notes: | | | | | 4. FINANCIAL DETAILS PERSONAL BALANCE SHEET Lifestyle Assets | |Owner |Date Acquired |Value |Associated Debt | |Principal Residence: |Allison and Simon | |$750,000 |$150,000 | Contents: | | | | | |Motor Vehicle/s : |Allison |2006 |Land Cruiser |No debt | |Caravan / Boat / Trailer: | | | | | |Investment Property: | | | | | |Other: | | | | | | | | | | | | | | | | | | | | | | | |Total | | | | | Investment Assets Investment | | | | | | | | | | | INCOME DETAILS | |CLIENT 1 |CLIENT 2 | |Income: |$135,000 |$45 ,000 | |Investment Income: |$1770 p/a interest (bank accounts) |$1770 p/a interest (bank accounts) | |Centrelink Income: | | |Pension/Annuity Income | | | |Other Income: | | | | Less Income Tax |$38554 |$7580 | | Less Medicare Levy |$2050 |$700 | |Total Net Income |$94426 |$38490 | |Combined Net Income |$132,916 | EXPENSE DETAILS |COMBINED | | |Food: | | | |Entertainment: |$15,000 | | |Transport/Vehicle: | | | |Council Rates: | | | |Amenities: | | | |Rent: | | | |Mortgage Repayments: |$12,000 | | |Other |$40,000 | | |Total |$67,000 | | SURPLUS DISPOSABLE INCOME | |COMBINED | | |Annual: |$65,916 | | |Monthly: |$5,493 | | PLANNED MAJOR EXPENSES |Nature of Expense |Approx. Expense Amount |Expected Date | |Grandchildren’s university |$120,000 in today’s dollars |12 years | |Purchase new car |$30,000 |5/6 years | | | | | | | | | |What cash reserve do you require for | | | |emergencies or unforeseen expenses? | | | |Are you expecting a future lump sum or | | | |inheritance? | | | |If so, how much? | | |Notes | | | 5. SUPERANNUATION & INSURANCE SUPERANNUATION |Company |Policy No. |Employer/ Personal | |Are any of the above policies preserved? | |No | |Has a tax deduction been claimed for part/all? |Yes |No | |Are there any exit fees applicable? |Yes |No | LEAVE PAYMENTS Type |Expected Receipt Date |Anticipated Amount | |Annual: | | | |Long Service: | | | |Other: | | | |Have you recently received a redundancy package? |Yes |No | |If you have recently received a redundancy package, please provide notice of payments. | GENERAL INSURANCE Insurance Description |Policy Number |Owner |Date Commenced |Sum Insured |Premium Payable | |Term Life and TPD |Allison |$100,000 | | | | | | | | | | | | | | | | | | | | | | | | | |Notes: | | | 6. INVESTOR RISK PROFILE Your attitude to risk is probably the most important factor to consider before investing. To achieve higher returns, you will have to be prepared to accept a higher risk of capital loss. This is because the funds and assets that offer high returns are generally more volatile than those producing lower returns. It is what we call ‘risk/return trade off’. We will recommend investment strategies to match your investments to your risk profile. Investing across the various investment sectors according to your risk profile is called diversification. For example, instead of investing only in property, or only in shares, you might invest a proportion in both, or even include cash or fixed interest to create a balanced portfolio. You are a balanced investor who wants a diversified portfolio to work towards medium to long-term financial goals. You require an investment strategy that will cope with the effects of tax and inflation. Calculated risks will be accepted to help you achieve good returns. 17 – 23 Moderately Conservative – A Low Risk Taker You are a moderately conservative investor seeking better than basic returns, but risk must be low. Typically an older investor seeking to protect wealth that you have accumulated, you may be prepared to consider less aggressive growth investments. 9 – 16 Conservative – A Very Low Risk Taker You are a conservative investor. Risk must be very low and you are prepared to accept lower returns to protect capital. The negative effects of tax and inflation will not concern you, provided your initial investment is protected. 7. CLIENT STATEMENT / AUTHORISATION |I/We herby declare that the information set out in this form is true and correct to the best of my/our knowledge. | |I/We are not aware of any other information and have not disclosed to the person to whom this form is given any other information | |which would be relevant to the making of a recommendation by a Mentor Financial Planning Representative. | |I/We give permission for this information to be used for the preparation of my/our financial plan and I/we understand that the | |investment recommendations will be based solely on the information supplied in this form. | | |I/We also acknowledge that: | |( |I/we have received, read and understood the Financial Services Guide before any advisory services were provided; | |( |I/we permit this document to be passed in confidence to any member of Mentor Financial Planning Pty Ltd; | |( |Lim ited Information Provided | | |I/We have provided limited financial information. I/We have limited the product(s) or objective(s) that can be advised on | | |to: | | |If you are seeking limited advice of a particular nature you must make this known at the time of the interview and you | | |should recognise that the recommendations will only relate to that limited advice being sought and may not be appropriate | | |considering your overall situation and objectives. | |( |Tax File Number Permission | | |I/We give permission for my/our tax file number(s) as provided, to be held only by Mentor Financial Planning and be | | |forwarded to financial institutions as requested or as necessary. |( |Engagement Application | | |I/We request that Mentor Financial Planning investigate research and provide suitable options to the financial objectives | | |outlined in this questionnaire. | | | | | |I/We understand that the preparation fee of $500 is payable for the work to be undertaken. This fee may be credited | | |against my establishment fee should I/We proceed to implement any of the recommendations provided by Mentor Financial | | |Planning. | | |Client 1 | |Client 2 | | | | | |Signature: | | | | | | | | | |Date: | | | | |8. Adviser’s Declaration | I declare that: a) the information contained in the Fact Finder is an accurate and complete record of the information obtained from the client(s); b) The client(s) was provided with a copy of the Financial Services Guides before any advisory services were provided. |Adviser’s Signature | |Date | | | |Additional Important Information for the Client(s) | |If incomplete or limited financial information has been provided: | | | |I, as your Adviser, will not be able to undertake a full needs analysis of your individual investment objectives, financial situation | |and particular needs; | |There is a possibility that any recommendation given to you may not be fully appropriate to your individual objectives and needs, | |especially those which I, as the Adviser, do not know; and | |You as the client must carefully ssess the appropriateness of the recommendations to your own individual investment objectives, | |financial situation and particular needs before acting on them. | To Whom It May Concern Please accept this letter as my/our authority to provide any information requested and documentation if required to Azza Financial Planning (or their representative). Please accept a photocopy or facsimile of this letter, as the original will remain on file at the offices of Mentor Financial Planning. Correspondence should be sent to Level 2, 349 Collins Street Melbourne VIC 3000 This authority should remain in force until withdrawn in writing by me/us. Thankyou. |Allison Callahan | | | |Client 1 Name | |Signature | | | |Simon Callahan | | | | | |Signature | | |Client 2 Name | | | | | | | | | |Client 1 D. O. B. | |Client 2 D. O. B. | | | |___/___/___ | |___/___/___ | | | | | |Lot 3, wattle road, Hurstbridge, VIC | |Address | | | | | On Going Service Options 1. The â€Å"No serviceâ €  option This generally relates to a one off investment placement based on the agreed investment strategy in the financial plan. In choosing this option, no ongoing service or review of the financial plan and the investment portfolio is provided to the client unless specifically requested by the client or upon the recommendation of the planner. 2. The â€Å"Portfolio valuation† option This service provides reports on the value of your investment portfolio only. The fee charged will depend on the frequency of the reports. In choosing this option, no ongoing service or review of the financial plan is provided to the client unless specifically requested by the client or upon the recommendation of the planner. 3. The â€Å"Portfolio review† option This service provides reports on the value of your investment portfolio. The fee to be charged will depend on the frequency of the reviews and will be agreed at the time. The minimum fee is $N/A but this may be higher depending on the complexity of the review. This service includes: An annual/half yearly/quarterly review of your existing investment portfolio and its performance looking at further investment opportunities, if appropriate establishing if there have been any changes in legislation, the economic environment and state of the financial markets that may impact on your recommended investment portfolio In choosing this option, o ongoing service or review of the financial plan is provided to the client unless specifically requested by the client or upon the recommendation of the planner. 4. The â€Å"Financial Plan review† option This service provides for an annual/half yearly/quarterly review of the overall financial plan strategy and the investment portfolio recommend ed. Each review will be presented in the manner of a written report and recommendations. The fee to be charged will depend on the frequency of the reviews and will be agreed at the time. The minimum fee is $__500________, but this may be higher depending on the complexity of the review. This service includes: roviding reports on the value of your investment portfolio; an annual/half yearly/quarterly review (including comments) of your existing investment portfolio and its performance; looking at further investment opportunities, if appropriate; establishing if there have been any changes in legislation, the economic environment and state of the financial markets that may impact on your recommended investment portfolio and the overall financial plan strategy; establish if there have been any changes to your personal circumstances or financial goals and objectives; ascertain if the overall financial plan and the investment portfolio is continuing to meet your financial goals and objec tives (including an insurance review); and making any new recommendations (if necessary).