RLGA02H3 Chapter Notes - Chapter 5: Islamic Revival, Sufism, Mishnah

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30 Apr 2012

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Origins: mecca (where moe was born)> dominated by 1 tribe (quraysh) but open to broad range of cultural and religious influences, ^majority of society was polytheistic> many of images of gods/goddesses were kept in ancient structure called kaba. Zaayd bin harithah and faithful companion abu bakr: experienced mi"raj or night journey when wife and uncle abu talib died (traveling from mecca to jerusalem to mecca in one night to go to heaven) The first muslim community: the migration (hijrah) to yathrib (later known as the city of the prophet" or. Medina ( the city") marked islamic history: moe established 1st islamic commonwealth -> theocratic state, headed by prophet whose rule was believed to follow the dicates of a divine structure. 1: mecca had jewish community as well as 2 feuding arab tribes the aws and the khazraj, moe said whole community should be in a singular commonwealth.

Related Questions

There are sometimes conflicts within the same code, between the code and the __________ and between the code and a counselor's value system.

		Judgment
		Ethics
		Law
		Value

2 points

Question 2

Section A of the ACA Code of Ethics highlights important issues within the __________________________________.

		Privacy Act
		Confidentiality Act
		Professional's Responsibility
		Counseling relationship

2 points

Question 3

______________________ in a code sometimes lag behind the values of society and of professional associations.

		Laws
		Attitudes
		Values
		Beliefs

2 points

Question 4

Which section was added to the latest edition of the ACA Code of Ethics (2014)?

		Resolving Ethical Issues
		Advocacy and Social Justice
		Distance Counseling, Technology, and Social Media
		Research and Publication

2 points

Question 5

Which of the following is not one of the ethical "hot spots" identified in this chapter?

		Gatekeeping
		Social and Cultural Issues
		Informed Consent
		Technology

2 points

Question 6

Which of the following is not a type of ethical decision-making model discussed in the text?

		Problem-solving model
		Advocacy model
		Social constructivist model
		Developmental model

2 points

Question 7

_______________ has to do with protecting the independences, self-determination and freedom of choice for client.

		Nonmaleficence
		Beneficence
		Justice
		Autonomy

2 points

Question 8

People who have this view of the world, see things in black and white, are very concrete, rigid, and authoritarian.

		Dualistic
		Modern
		Post-modern
		Flexible

2 points

Question 9

Which section of the ACA Ethical Code (2014) offers guidelines on how to report an ethical violation?

		Section B
		Section I
		Section E
		Section A

2 points

Question 10

.__________ is the responsibility under the law for a violation of federal or state criminal statute.

		Beneficence
		Nonmaleficence
		Civil liability
		Criminal liability

2 points

Question 11

To prove that they are following the best practices of their professions, counselors should:

		Know relevant laws
		Maintain good records
		Stay professional with clients
		All of the above.

2 points

Question 12

______________ is the most rigorous form of credentialing.

		Accreditation
		Licensure
		Certification
		Registration

2 points

Question 13

Theories help counselors and other helping professionals in the following way(s):

		conceptualizing clients' problems
		necessary to become a licensed psychotherapist
		offer specific techniques to apply
		both a and c

2 points

Question 14

What is a paradigm shift?

		A change like a universe.
		A change in the way information is perceived.
		A change in theory.
		A change in human nature.

2 points

Question 15

Do psychodynamic theories consider which of the following to be important in understanding a person's functioning?

		Child-rearing practices
		The unconscious and conscious
		Examining the past
		All of the above

2 points

Question 16

Sigmund Freud was trained as a:

		Physician
		Counselor
		Caseworker
		Social worker

2 points

Question 17

Freud believed that there are ____________ structures that make up personality.

		1
		2
		3
		4

2 points

Question 18

Freud, and later his daughter Anna Freud, identified a number of _______________ that help people to cope with anxiety.

		Defense skills
		Coping mechanisms
		Coping skills
		Defense mechanisms

2 points

Question 19

___________ believed that each of us has a unique psychological type which includes the attitudes of extraversion and introversion.

		Freud
		Rogers
		Jung
		Cattell

2 points

Question 20

_______________________ believed that every child was born with innate and unique capabilities and is inherently moving toard the future, not determined by the past.

		Adler
		Freud
		Rogers
		Jung

2 points

Question 21

Existential-humanistic approaches embrace a phenomenological perspective, stressing all but which of the following?

		The subjective reality of the client
		the role of the unconscious
		How the counselor uses his or her personal qualities in counseling
		the importance of consciousness and/or awareness

2 points

Question 22

Although Ludwig Binswanger is generally acknowledged as being the first existential therapist, who is seen as the person who popularized this approach through "logotherapy"?

		Irvin Yalom
		Carl Rogers
		Alfred Adler
		Viktor Frankl

2 points

Question 23

____________________ developed client-centered therapy.

		Carl Jung
		Viktor Frankl
		Carl Rogers
		Ludwig Binswanger

2 points

Question 24

Today, most Gestalt therapists believe that from birth, the individual is in a constant state of ______________ through a process of need identification and need-fulfillment.

		Self-regulation
		Self-actualization
		Existential crisis
		Emotional distress

2 points

Question 25

This therapy was developed by Albert Ellis during the 1950s.

		Psychodynamic therapy
		Behavioral therapy
		Cognitive therapy
		Rational emotive therapy

coralsnail276

IRJAF-Toruga Actions for 'IRJAF-Toruga'

Abstract This case study on project evaluation is applicable for beginning courses in corporate finance or finance strategy. Two alternative investment options are available to evaluate. Challenges are presented with the inclusion of equity, bank debt, and bonds in the capital structure. Each investment option need to be evaluated carefully and decision should be made on the basis of thorough analysis of the data available using various capital structure and capital budgeting techniques. Keywords: Beta, Corporate Finance, Cost of Capital, Internal Rate of Return, Net Present Value JEL Code: C10, G31, G32

Introduction

Brooks Hamilton recently accepted a job with Tortuga Fishing Equipment Company1 (Tortuga) in the companyâs finance department. His first few assignments were fairly straightforward and Brooks relied on his background in both accounting and finance to get his career off to a great start. His manager, the companyâs Chief Financial Officer (CFO) was impressed with his work and decided to put Brooks on a new assignment. The firm was embarking on a new project which would define its future over the upcoming years. Given the importance of the project and high degree of visibility with the firmâs senior management, Brooks was flattered to be asked to assist and eager to show that he was up to the task. The finance department was tasked with preparing an analysis to make a decision between two competing project plans which could very well decide the future of Tortuga in the competitive fishing equipment industry. The Chief Executive Officer (CEO) wants to have an answer from finance and expects a thorough analysis very quickly.

The Company

Tortuga is an Islamorada, Florida based company specializing in manufacturing high-end fishing rods and reels. Tortuga was founded by a retired university professor who fished all of his life and wanted to create the best equipment possible to handle a variety of fishing conditions and fish species. He partnered with an engineer who ran a machine shop to produce some prototype reels and supplied these to commercial fishing captains as test market research. The equipment produced by Tortuga was a significant improvement over the current line available and orders were strong. Through the years, the company made some modest improvements to their original prototype and had become an industry leader. Tortugaâs products are used by tournament fishing teams around the world. Over the past decade, tournament fishing has grown to become a big business with corporate endorsements and prize money. This growth has made what was once a recreational vocation into a full-time profession for some anglers. The company recently launched an extensive research and development effort focused on a new flyrod and reel designed for one particular species of fish, the Atlantic Tarpon (Megalops atlanticus). Tarpon are long-lived fishes that migrate in the warmer climes of the Caribbean Sea, Gulf of Mexico, and along the Atlantic Ocean coastlines. Although the fish can reach lengths of eight feet (~2.4 meters) and weights of 280 pounds (127 kilograms), they inhabit the shallow flats and exhibit acrobatic leaps when hooked. These traits make tarpon a popular game fish for anglers. Fishing gear needs to be sturdy to handle the power of these fish and Tortuga had developed products for this niche market which were allowing anglers to be successful in their angling pursuits. Recently, several sponsors had come together to launch competitive angling events called tournaments, where the best anglers vie to catch, and then release, the most and largest tarpon. Winners may receive up to $50,000 in a single weekend tournament and the difference between winning and losing could be a few pounds. With so much money at stake, tournament teams purchase the best gear available and are always looking for any competitive advantage with their equipment. Tortuga is looking to capitalize on this trend by offering a new line called the Tortuga Tarpon Classic. This new line incorporates the latest material and design improvements and is predicted to be the âgold standardâ for all serious tournaments anglers. Tortuga plans to offer the Tortuga Tarpon Classic to recreational anglers as well to capture the growing demand by affluent anglers who want the same high-quality gear as the professionals.

Financial Information

Tortuga began with a modest amount of capital that the founder had managed to save during his years in academia. As the firm grew, its financing needs expanded as well. Through the years Tortuga had developed and maintained a strong relationship with a large bank which provided short-term working capital funds in the form of a revolving line of credit. When a funding need arose, Tortuga would draw from this line of credit and then repay the short-term draw as cash flowed back to Tortuga. The $200 million revolving line of credit currently has $25 million drawn at an interest rate of 3-month Libor plus 350 basis points2. The remaining $175 million credit line can be assumed to have no fees associated with it3. Brooks looks up the most recent 3- month U.S. dollar Libor rate and sees that it is 1.50%. Long-term financing was also in place in two forms. After several years of revenue and earnings growth, Tortuga issued five million shares of common stock at an issue price of $10 per share. The firm used this $50 million in funding to increase production lines and build a global presence by opening an additional manufacturing facility in Panama. Brooks finds the current price per share for Tortuga to be $16. Two years ago, Tortuga issued a 10-year bond for $50 million face value. Each $1,000 par bond carries a coupon of 8.5%. The bond pays interest semi-annually and is currently trading in the market at 102.50 as a percent of par. The company has a 34% corporate tax rate. The firm calculates its required return on equity with the Capital Asset Pricing Model (CAPM) using a 4.0% historical Treasury rate for the risk-free rate and 6.0% as the historical market risk premium4. CAPM = Risk-free rate + beta (Market Risk Premium) The annual stock returns versus the market are shown in Figure 1 below for the past 10 years. Beta is calculated by regressing Tortuga stock returns on the Standard & Poorâs (S&P) 500 returns. There are a variety of methods for calculating beta. Brooks could find beta by regressing five years of weekly Tortuga returns of the S&P 500. He could use five years of monthly returns or two years of weekly returns. Each of these is a valid sample period. One well-known data source provides an âadjustedâ beta which is determined by first calculating a ârawâ beta by regressing two years of weekly security returns on the market. This is then adjusted by taking 2/3 of the raw beta plus 1/3 of one. This adjusts the beta to be closer to one, since beta is not stationary and should naturally move towards one through time as a firm expands. Brooks only has 10 years of annual data available at the time and decides to conduct the analysis with this information to get a quick response. He will check his result with more data points before submitting his final report to the CFO.

Figure 1 Returns on Tortuga Stock versus the Standard & Poor 500 Year Tortuga Return S&P 500 Return Year Tortuga Return S&P 500 Return 1 12 7 2 22 16 3 -2 -3 4 14 9 5 9 8 6 19 21 7 16 17 8 -10 -5 9 7 9 10 12 14 Source: Author After Brooks calculates beta he employs formula (1) above along with the risk-free rate and market risk premium to determine the cost of equity. The firmâs weighted average cost of capital is a function of its equity market capitalization, cost of equity, short- and long-term debt amounts and costs, and the tax rate. Using formula (2) below, Brooks can find the firmâs weighted average cost of capital (WACC). WACC = Rd * D + Re*(E/D+E) where: WACC = weighted average cost of capital Rd = Cost of Debt Rd1 (1-marginal tax rate) Rd1= Companyâs before tax rate D= weighted percent of debt E= weighted percent of equity Re = Cost of equity Rf +B*(Rm-Rf) Rf= risk free rate B= Beta, the owners will need to calculate beta Rm= equity risk premium Tortuga Tarpon Classic The company has two separate research teams working on the project and they develop two distinctly different fishing combinations. The two rod and reel combinations are test marketed with guides and past tournament champions and demand forecasts are determined. Most fishing gear has a relatively short life due to continual product innovation. Manufacturing of the two combinations is estimated to require an upfront cost of $5 million to retool the machine shop. The process for manufacturing the two combinations differ and ongoing variable costs are not the same. The net cash flows for the entire ten year expected life of the product is shown in Table 2 as Project A and Project B (all figures are $thousands of net cash flow). Project A focuses on hand tooled fishing equipment which results in a more labor intensive process, but also allows for personalized features for customers. The price charged for customization offset the slower hand tooling process to generate substantial net cash flows. Part of the upfront $5 million includes the costs of training more machinists in the art of hand tooling, which is similar to watch making but with a few less moving parts. Project A is anticipated to generate lower cash flows in the early years due to the length of time required to get machinists who are adept at hand tooling to customer specifications. In fact, during the first year there will be continued expenses to attain these skills which causes year one net cash flows to be negative. Over time the cash flows increase as more machinists gain proficiency. The project is expected to experience lower cash flows towards the end of its life due to market saturation. Due to the quality of the reels, they are built to last and seldom fail or wear out. Technological obsolescence is certain although Tortuga will be investing cash flows into research and development to launch the next generation at the conclusion of the Tortuga Tarpon Classic life cycle. Project B employs a mechanized approach to large scale production of standardized equipment. Although the approach does not allow for personalization, it does allow Tortuga to build its inventory quickly and capture positive net cash flows immediately. The upfront expense is almost completely devoted to tooling equipment procurement and the number of units produced will be much higher and at lower price points than the approach of Project A. At the end of both projects life it is assumed that there will be zero salvage value as the pace of innovation will require a complete re-tooling for the next generation and the useful life of the equipment will have been fully realized. Brooks realizes that he will need to calculate the firmâs cost of capital discount rate and apply this to the cash flow projections of both projects. He recalls all of the assignments he completed at university and is thankful to have been so well-prepared for this task. He gets a cup of coffee, sits down at his desk, and gets to work. Figure 2 Project Net Cash Flows for Tortuga Fishing Equipment ($thousands) Year Project A Project B 1 -900 950 2 200 950 3 900 950 4 1800 950 5 2500 950 6 2500 950 7 1800 950 8 1200 950 9 800 950 10 200 950 Source: Author Since Brooks is new to his role, you have been asked to review his work and assess the financial viability of the projects. Given the importance of this decision you are helping to make sure the firm makes the right choice. Notes: 1. Fictitious company created to illustrate corporate finance principles. 2. Libor is an acronym for London Interbank Offered Bank, which is a standard floating interest rate benchmark for credit facilities. A basis point is equal to 1/100th of 1%. One percent is 100 basis points. 3. Typically a bank will charge a facility fee for the entire credit facility, $200 million in this case and an interest rate based on utilization. We assume no facility fee for simplicity. 4. The risk-free rate is determined based on the geometric average of the long-term Treasury. The market risk premium is calculated based on the difference between the geometric return on the Standard & Poorâs 500 index and the long-term Treasury.

Specific Questions 1. Using the Capital Asset Pricing Model, what is the required rate of return on equity, E (cost of equity) for Tortuga? 2. what are the weights of equity and debt in the capital structure? (Rd & Re) 3. Using the information provided, what is the firmâs weighted average cost of capital (WACC)? 4. What are the net present value (NPV), internal rate of return (IRR), and Payback Periods for Projects A & B? 5. What decision rules will you use to help Tortuga reach a decision? 6. What are the strengths and weaknesses of each of the evaluation tools?

WRITE a one-sentence summary of each paragraph!

The False Income-Inequality Narrative

BY JASON L. RILEY

Published in the Wall Street Journal on Sept. 29, 2015

An enduring theme of the Democratic presidential race has been income inequality, coupled with an enduring belief that America's affluent reached their status at the expense of the poor and the middle class.

Bernie Sanders speaks of little else on the stump. And when not busy dissembling on her handling of email correspondence at the State Department, Hillary Clinton will tell you that the deck is still stacked in favor of those at the top. If Joe Biden gets in, expect more of the same. The vice president is said to be contemplating a 2016 bid in large part because struggling middle-income families may have trouble relating to Mrs. Clinton on inequality given her high living since leaving the White House.

This theme, in any case, seems to resonate with voters, which is no huge shock in the sixth year of an economic recovery. Envy and resentment fuel class warfare and lackluster economic growth throughout the Obama presidency have made people less optimistic and more inclined to fault others for their circumstances. A Wall Street Journal/NBC News poll this week reports that four-in-five Americans âwere either angry because our political system seems to only be working for the insiders with money and power or anxious and uncertain. After all, the economy still feels rocky and unpredictable or both.

Liberals want to address income disparities through wealth redistribution by taking money from more productive people and giving it to the less productive in the name of fairness as the left defines it. They want to raise income taxes, expand the welfare state, lift minimum wages, and strengthen the bargaining power of unions. Mr. Sanders has been the most explicit about this, even going so far as to propose a wealth tax. Our economic goals have to be redistributing a significant amount of [wealth] back from the top 1%, the senator said in July.

In reality, the left has overstated the problem. And all the focus on divvying up existing wealth instead of creating more risks making matters far worse for the people they are trying to help and the country in general. To the extent that the expanding welfare state allows more people to live without working and therefore without earning income or developing their own human capitalâsupporters of the welfare state are contributing to the very income disparities they so much decry, writes economist Thomas Sowell in his new book, âWealth, Poverty and Politics.

Mr. Sowell is the author of more than 30 books over the past four decades, many having to do with what drives different social and economic outcomes among different groups in the U.S. and elsewhere. In his latest tome, he draws from this well of research to do what he has done so well for so long: question basic assumptions behind public policy and follow the facts where they lead him.

One common assumption is that proportionate or random outcomes are the natural order of things and that gaps or disparities are evidence of something wrong. In fact, huge disparities are the norm, not the exception, because the demographic, cultural, and political factors that influence the development of the human capital that makes people productive also tend to be unequal.

In 2013, only 9% of U.S. women with college degrees who gave birth were unmarried, versus 61% of women who were high-school dropouts and unmarried. Harvard's Robert Putnam reports that children from professional families will hear 19 million more words than their working-class peers before the first day of kindergarten.

These children don't have the same prospects. Equal opportunity, in the sense of being judged and rewarded by the same standards as others, cannot possibly mean equal life chances for children born and raised in these very different settings,writes Mr. Sowell. The fact that life is unfair is not the same as saying that a particular institution, or a particular society, is unfair.

The argument that social mobility is a thing of the past in the U.S. also is disputable. Longitudinal studies by the IRS and others that measure the progress of individuals over time show that the American dream is alive and well. One such paper, published by the Pew Charitable Trusts in 2012, measured whether a person has more or less income, earnings, or wealth than his or her parents did at the same age and concluded that the vast majority of Americans had higher incomes, while 50% had greater wealth.

In other studies, Pew has found generational stagnation but the authors have noted that it didn't apply to immigrants. If low-income immigrants can rise even when the native-born don't, writes Mr. Sowell, that strongly suggests that American society continues to offer opportunities to move up economically, but that not all groups make the same use of these opportunities.

Mr. Riley, a Manhattan Institute senior fellow and Journal contributor is the author of Please Stop Helping Us: How Liberals Make It Harder for Blacks to Succeed (Encounter Books, 2014).

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RLGA02H3 Chapter Notes - Chapter 5: Islamic Revival, Sufism, Mishnah

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