Thomas Jefferson Essay examples -- Biographies American Presidents Pap

doubting Thomas JeffersonThe third president of the United States, a diplomat, statesman, architect,scientist, and philosopher, Thomas Jefferson is whizz of the most eminentfigures in American history. No leader in the period of the AmericanEnlightenment was as articulate, wise, or conscious of the implications andconsequences of a free society as Thomas Jefferson.Thomas Jefferson was born on April 13, 1743, at Shadwell, a tobaccoplantation in Virginia. His father, Peter Jefferson, was a self-madesuccess, and although uneducated he was a very intelligent man. His mother,Jane Randolph was a member of one of the most distinguished families inVirginia . Peter Jefferson died when Thomas was 14 and left him valuablelands and property. Denied a formal education himself, he directed that hisson be given complete classical training. He studied with Reverend Mr.Maury, a classical scholar, for two years and in 1760 he attended Williamand Mary College. after(prenominal) graduating from William and Mary in 1762, Jefferson studied law forfive years under George Wythe. In January of 1772, he married Martha WaylesSkelton and established a residence at Monticello. When they locomote toMonticello, only a small one room building was completed. Jefferson wasthirty when he began his political career. He was elected to the VirginiaHouse of Burgess in 1769, where his world-class action was an unsuccessful billallowing owners to free their slaves.The impending crisis in British-Colonial relations overshadowed routineaffairs of legislature. In 1774, the first of the Intolerable Acts closedthe port of capital of Massachusetts until Massachusetts paid for the Boston Tea Party of thepreceding year. Jefferson and other younger members of the Virgini... ...ound it very interesting that of all theaccomplishments that Jefferson listed on his headstone he plainly didnot think it important enough to mention that he had been twice elected andserved as president of the United States.Bibliog raphyDaugherty, Sonia. Thomas Jefferson Fighter for Freedom and military manRights. New York Frederick Ungar Publishing Company, 1961.Koch, Adrienne, and William Peden. The Life and Selected WritingsOf Thomas Jefferson. New York Random House Publishers, 1993.McLaughlin, Jack. Jefferson and Monticello The Biography Of ABuilder. 1st ed. New York Henry Holt and Company Publishers, 1988.Randall, Willard Sterne. Thomas Jefferson A Life. 1st ed. New York Henry Holt and Company Publishers, 1993.Smith, Page. Jefferson A Revealing Biography. New York AmericanHeritage Publishing Company, 1976.

Trying to Create a Writing Technology :: Writing Writers Education Essays

Trying to Create a Writing TechnologyCreating a writing technology is a much more difficult task than I first anticipated. I thought it would be rather simple to create text within nature, but my first attempt failed miserably. I found something to make believe as the paper rather easily, but my problem was finding something that would act as the ink on my writing surface. I wanted to create something important-looking that could be considered a new way to write. Trying to find something in nature, without the help of modern conveniences, was more of a chore than I first anticipated. I went from trying to carve with sharp rocks, to trying to create ink with flower petals and dandelions, to smashing beets and nothing seemed to work. We have lots of firewood in our backyard, so I full peeled the bark off a large log and used the inside portion of the bark as the writing surface. The tougher part was finding something to video display up on that bark. On my first attempt, I created something similar to ink, made with beets, and used a slender twig from the garden to write on the bark. The ink was just smashed up beets. It was a pretty thick substance and colored red, so I thought it would show up nicely on the inside of the bark. I was wrong. I thought of beets because I know thats what people used to use to paint their barns red. As I wrote the words, it seemed to be working fine. I let it dry in the garage for about an hour and went back out to check on it, and to my surprise, all my words had totally disappeared. Instead of creating a writing technology, I created a new type of invisible ink. I went onto Plan B with my writing surface made up of the inside of maneuver bark in hand. I decided I needed something more discernible on the surface. Therefore, I created a sticky substance made by mixing together honey and water and then sprinkled sand over the top to help define the letters and make the words more readable. I administered the sticky substance on the bark with a slender twig and this seemed to work much better than the beet ink. And to my pleasure, I went back an hour later and the text was still visible.

Absolute Pitch Essay -- essays research papers fc

Absolute Pitch A Coveted Ability Jennette FoltaPhysics of harmonySpring 2005The BasicsAbsolute pitch, otherwise known as AP, is a persons ability to identify and produce a given pitch. This is done without the use of a reference tone. Pitch is determined by the number of vibrations per second. There be two types of AP. Passive pitch is when a person can identify the relieve oneself of the commemorate that is played and active pitch is when a person can sing a named note. Absolute pitch possessors can name a note and denote if the note is sharp or flat. This ability is only displayed in only a small percent of people. It is said that less than one in ten thousand people in the United States possess AP. However, not only humans possess this ability. Songbirds and wolves have demonstrated downright pitch. (http//www.biography.ms/Perfect_pitch.html) The components which influence the acquisition of AP in humans is debated and is a topic of recent study.Background in MusicThe Unive rsity of calcium San Francisco performed research on what causes this ability. One factor they found was the progress at which the person had first formal musical training. The number of people who had AP was significantly more if they began learning music from the ages of four to six. A graph of this synopsis is shown in figure 1. (Baharloo) approach pattern 1. Background in MusicGeneticsIn addition to a background in music, people who have AP are four times more likely to have other members of their family with AP than people who dont have AP. This suggests that genetics play a role in the formation of absolute pitch. In figure 2, you will see the family pedigree of some of some of members who were tested for AP by the University of California San Francisco. Also, they found that a sibling, who has early musical training, of a AP possessor is 15 times more likely to have AP than a person with early musical exposure but who has no family members with absolute pitch. (Baharloo)Fig ure 2. Family PedigreesLanguageIn a study conducted by the University of California San Diego, they found that people who speak Mandarin or Vietnamese had a significantly higher(prenominal) chance of possessing AP. Since both of these languages are tone... ...the ability. Even if the cause of AP is determined, what will that lead to? go forth it be easier to aquire the ability? If everyone possessed AP, what will be the effect? Will it lead to a more mathmatical approach to listening or even producing music or will it lead to more musical geniuses like Mozart? working CitedAbsolute Pitch Biography.ms. Baharloo, Siamak et al.Absolute Pitch An Approach for Identification of Genetic and Nongenetic Components. The American Society of Human Genetics. 1998. Deutsch, Diana et al. Tone Language Speakers Possess Absolute Pitch. 4 Nov. 1999. University of California San Diego. Hamilton, Roy et al. Absolute pitch in blind musicians. Auditory and Vestibular Systems 8 Jan. 2004. Boston. 803-80 6.

Comparing the Huxtables with My Family Essay -- comparison compare con

Compating the Huxtables with My Family Watching a comedy sitcom handle The Cosby Show is a great way to unwind from a stressful day at school. The shows characters are likeable and the storyline is humorous, but halfway through the program I usually turn the television dispatch and return to the kitchen to wash the dinner dishes. Watching The Cosby Show makes me feel guilty. The Huxtables are too perfect. Their house is too perfect. In comparison to the Huxtables I feel like an unfit mother in a slovenly, dysfunctional family. The characters on The Cosby Show should be portrayed in a more realistic manner in fact, the program could be far more entertaining, not to mention relaxing, if certain aspects of the program such as weekday mornings, sibling quarrels and housework were made more believable. To catch with, mornings are just too perfect at the Huxtables house. In the kitchen the table is set fresh flowers are in a vase, and milk is in a glass pitcher. The enti re Huxtable family is simultaneously dressed and ready in clean, ironed, co-ordinated clothes. Everyones hair is perfect and Mrs. Huxtables makeup is flawless. The Huxtables even eat breakfast together. The family is relaxed, in a genial mood, and politely taking turns discussing their schedules for the day. The children have their lunches made, their shoes on, and their bookbags ready. And if that is not enough, Mr. and Mrs. Huxtable never have to hunt for their gondola keys. On the other hand, my familys day put downs in complete chaos. To begin with, my kids never agree as to whose turn it is to set the table. My kids would rather go hungry than perform a chore that could possibly be someone elses. I cannot afford... ... Show do housework or laundry, yet I have never seen a pile of dirty clothes the Huxtables do not front to have a maid. In contrast I go to Herculean efforts to keep the Health Department from knocking on my door. I do not have time to dust. Whe n Im not picking up shoes, washing clothes, and screaming for anyone to vacuum, Im on my hands and knees scraping goo off the floor with a cover knife. I always wonder who does the housework on The Cosby Show. Perhaps the Huxtables are naturally perfect, and we are natural slobs by comparison. Nevertheless, when I watch television I do not want to feel guilty. I want to relax and laugh at others in realistic situations. Just one time I would love to see Mrs. Huxtable wake up late, be unable to decide what to wear, scream at the kids, and have to call a taxi because she cant find her car keys.

Avons First Female CEO: Ms. Andrea Jung :: Avon Business CEO Management

Each year Fortune magazine publishes its distinguish of the top 500 U.S. companies ranked according to reported gross revenues. In the passing competitive world of business, the CEOs of these companies are responsible for making decisions that allow a company into this elite group and remain on the list year aft(prenominal) year. Avon Products Inc. first appeared on the Fortune 500 list in 1955 inaugural year, ranked at number 455. Over the years, Avon has moved up and down the list of 500 managing to remain there since its first appearance as a top grossing corporation. In the mid 1990s the company was on the verge of falling hazard to its 1955 ranking. Hired as Avons first female CEO in 1999, Ms. Andrea Jung, one of only 10 female CEOs listed on the 2006 Fortune 500 list direct the overhaul of Avon Products Inc. and brought the company from number 308 in 1999 to number 281 on the recently published 2006 list.Born in Toronto Canada to first generation Chinese immig rants in 1959, Andrea Jung attribute part of her success to her family upbringing. Raised with traditional Chinese values and parents who placed an emphasis on education, Ms. Jung excelled in most of her endeavors. Growing up in Wellesley, Massachusetts, Ms. Jung flourished by earning top grades in academics, excelling in piano, and becoming fluent in Mandarin Chinese. Her formal education was completed in 1979 after graduating magna cum laude from Princeton University with a bachelors in English Literature. Ms. Jung has two children. A nine year old son she adopted with former husband Michael Gould and a seventeen year old young lady from a previous marriage. When her busy schedule allows, Ms. Jung frequently plays the piano as a way to relax. Her favorite piece of jewelry, a white pearl choker, has kick the bucket one of her fashion trademarks. On a fun note, Ms. Jung was presented with a Barbie custom made by Mattel in recognition for her efforts in a cross promotional p roject between Avon and the toymaker. The Barbie features Ms. Jungs likeness complete with long black hair, dark pantsuit, and of course, a pearl choker. Upon graduation, Ms. Jung entered the management training program at Bloomingdales and quickly rose wine through the ranks to vice president and merchandising manager by the age of 26.

Avons First Female CEO: Ms. Andrea Jung :: Avon Business CEO Management

Each year Fortune magazine publishes its appoint of the top 500 U.S. companies ranked according to reported gross revenues. In the passing competitive world of business, the CEOs of these companies are responsible for making decisions that allow a company into this elite group and remain on the list year by and by year. Avon Products Inc. first appeared on the Fortune 500 list in 1955 inaugural year, ranked at number 455. Over the years, Avon has moved up and down the list of 500 managing to remain there since its first appearance as a top grossing corporation. In the mid 1990s the company was on the verge of falling thorn to its 1955 ranking. Hired as Avons first female CEO in 1999, Ms. Andrea Jung, one of only 10 female CEOs listed on the 2006 Fortune 500 list light-emitting diode the overhaul of Avon Products Inc. and brought the company from number 308 in 1999 to number 281 on the recently published 2006 list.Born in Toronto Canada to first generation Chinese imm igrants in 1959, Andrea Jung impute part of her success to her family upbringing. Raised with traditional Chinese values and parents who placed an emphasis on education, Ms. Jung excelled in most of her endeavors. Growing up in Wellesley, Massachusetts, Ms. Jung flourished by earning top grades in academics, excelling in piano, and becoming fluent in Mandarin Chinese. Her formal education was completed in 1979 after graduating magna cum laude from Princeton University with a bachelors in English Literature. Ms. Jung has two children. A nine year old son she adopted with former husband Michael Gould and a seventeen year old young woman from a previous marriage. When her busy schedule allows, Ms. Jung frequently plays the piano as a way to relax. Her favorite piece of jewelry, a white pearl choker, has befit one of her fashion trademarks. On a fun note, Ms. Jung was presented with a Barbie custom made by Mattel in recognition for her efforts in a cross promotional project bet ween Avon and the toymaker. The Barbie features Ms. Jungs likeness complete with long black hair, dark pantsuit, and of course, a pearl choker. Upon graduation, Ms. Jung entered the management training program at Bloomingdales and quickly uprise through the ranks to vice president and merchandising manager by the age of 26.

6th Amendment and the Courts

6th Amendment and the courts Alice Groh CRJS215-1301A-02 February 17, 2013 John Mcrae Abstract In writing this paper the author will attempt to explain the 4th, 5th, 6th, and 8th amendments of the United States fundamental law and how they apply to criminal defendants. The author will explain how the 6th amendments specific rights apply to the court administration in this nation. This paper will also aroma at how this amendment is implemented within the criminal justice system in this country to see if it is working as intended. th Amendment and the courts The Bill of Rights provides certain rights to both individuals including rights for those impeach of committing crimes. The 4th amendment gives people the right to be secure in their person, home, papers, and effects against unreasonable search and seizure, no warfarerants shall be issued without probable cause and must(prenominal)(prenominal)(prenominal) list the place to be searched and the person or retention to be sei zed (Bill of rights, n. d. ).The 5th amendment protects a person from macrocosm tried in a court of law twice for the same crime (known as double jeopardy), or to be a witness against himself (self-incrimination), or to be deprived of life, liberty, or property without due process of the law (Bill of rights, n. d. ). The 6th amendment gives the accused the right to a speedy trial, by an impartial jury, to be informed of the temper and cause of the accusation, to expect witnesses against him, to obtain witnesses on his behalf, and to have counselor-at-law for his defense (The sixth amendment, n. . ). The 8th amendment forbids excessive bail, excessive fines being imposed, or cruel and unusual punishment from being inflicted upon the accused (Bill of rights, n. d. ). The 6th amendment has affected the way the accused are processed from arrest through sentencing phases of the criminal justice system. The 6th amendment focuses completely on the rights of a person accused of committi ng a crime ( The sixth amendment, n. d. . The 6th amendment gives the accused seven specific rights. These rights are the right to a speedy trial, the right to a creation trial, the right to an impartial jury, the right to be informed of the nature and cause of the accusations, the right to confront witnesses against them, the right to present their own witnesses, and the right to counsel even if they cannot afford to hire their own counsel (The sixth amendment, n. d. ).The right to a speedy trial stops a person from sitting in jail indefinitely without being tried for the crime they are accused of committing. The right to a public trial allows the public to observe exactly what is happening, satisfies the publics desire to see justice done, and stops corruption from court officials. The right to an impartial jury reduces corruption in the trial proceedings, puts your fate in the hands of average citizens instead of one person the judge, and lets society have a say in what the puni shment should be.The right to be informed of the nature and cause of the accusation against you means that you are told the specific charges and allegations against you, when they supposedly occurred, and helps in stopping false charges from being filed against a person. The right to confront witnesses against you means that those witnesses must accuse you face to face in court, allows you to cross-examine them, ask questions of them, and examine their credibility.The right to call your own witnesses allows the accused to defend ones self and helps sentry duty against unfair and unjust accusations from being made. This clause guarantees that you can call your own witnesses and that if they refuse to testify the court can subpoena them to court. The right to counsel guarantees that the accused has a lawyer to help defend and assist them throughout the criminal process. If a person cannot afford to hire counsel then the court must appoint counsel for them. The right to counsel may be the most important right guaranteed within the 6th amendment.The right to counsel begins at the cartridge holder of arrest and continues throughout the criminal proceedings even if the accused cannot afford to hire counsel themselves. I fully agree with the way the court system has implemented the rights of the 6th amendment in the criminal justice system. Without these rights the criminal justice system would not work as we know it. People accused of crimes would be unjustly and unfairly accused and tried for crimes they may have not committed and would have no way of defending themselves.The people accused of these crimes would get wind themselves living in a very barbaric court system. References Aiu online virtual campus website. Instructor files week 1 Bill of Rights. (n. d. ). Retrieved February 17, 2013 from http//www. archives. gov/exhibits/charters/bill_of_rights_transcript. html The sixth amendment. (n. d. ). Revolutionary war and beyond. Retrieved February 17, 2013 fro m http//www. revolutionarywarandbeyond. com/6th-amendment. html

Ordinary People

Ordinary people 1. What is dialectic? Dialectic is like grapple people withborderline personality disorder. It explains relational life as full of pus-pull tensions resulting from the desire for polar opposites. Autonomy and Connection It desire to be independent or dependence while simultaneously deficiencying to feel connection with the partner EX Beth and Calvin have the connection dialectic when they decide to go on a vacation together. Conrad has autonomy dialectic after he argued with his mom down stair and went to his room, he destiny to be alone.Novelty and Predictability They manifest in our simultaneous desires for ecstasy or stability in our relationship,- Novelty is excitement, new. Predictability is stable, same r tabuine. EX in the film, Conrad has Novelty dialectic when he met his friend, Jen. The produce, Beth, has Predictability dialectic because she always keeps thinking about endeavors dead was not happened she always thought nothing was happened. Public and offstage It is the tension between how much of a friendship is demonstrated in public and private.EX in the movie, when Conrad when to the restaurant with Jen, he has the public dialectic, he is openness at the beginning at the restaurant. But when Jeannies friends came in the restaurant, Conrad changed his dialectic into Private and does not like to talk at all. 2. System theory Wholeness a principle that states that we can not understand a system by simply picking it apart. An undivided or unbroken completeness or totality with nothing wanting Interdependence dependencebetweentwoorto a greater extentpeople,groups,orthingsEX Conrads dependence between his parents, friends. Hierarchy the organization of people at different ranks in an administrative body * In the film, it does not shew any rank in the family, every one look like in the same rank. Boundaries or Openness a line determining the limits of an area, creating a boundary around each separate system. EX in the movie, Conr ad tell Dr. Berger how he feel about his family and his sadness. Calibration or feedback the process of system move their parameters, checking on themselves and self-correcting. Conrad quit his swimming team because he can not handle his stress while swimming. Equifinality the ability to achieve the same goals by manikin of means. 3. Mark knapps model of relationship. a). Conrad and Jeannie Pratts relationship in the Initiating Stage, they notice each other when they just meet in school. They are also in Experimenting Stage, Conrad called her and want to date her, she accepted it. This mean they understand what they want. b)Ordinary PeopleFamily cooperation is one of the most important things that keep the family running smooth and keeping the family happy. In the brisk Ordinary People written by Judith Guest, she showed that a family cannot function properly without communications and caring of each other. Lack of these things would usually results in family separation. In the refresheds case, it didnt turn out to be a disaster further it turn out to be other happy thing for this family.At some point of the novel, the relationship between Beth and Calvin began to fall apart because of their different personalities. This situation happen after Conrad committed suicide. This problem awaits to hinder Beth because she doesnt want to be reminded of the incident and Calvin always wants to talk about this problem. Whenever Calvin leads Beth to talk about their problems, Beth always asks Calvin to forget about it. Beth is a person who always wants things turn out the way she wanted and if things doesnt turn out the way she wanted she will get mad.On the other hand, Calvin is a person that tries to do his outstrip for his kids because he doesnt have a become when he was little and the most he could do is ask Conrad how are your day? Conrad is Beth and Calvins son. They had another son but he got killed accidently on a boat. Conrad thinks Beth hates him beca use he committed suicide. In the book, Beth and Conrad rarely talks and their mother and son relationship doesnt seem to exist. When Conrad once tried to tell Beth about his swimming meets, Beth just slammed the door and this made Conrad feels sad.Conrad and Calvins relationship wasnt in terms of son and father wasnt that bad. At least Calvin cares about Conrad more than Beth does. I have a problem similar to Conrad where whenever I want to tell something to my parents, they listen but they taket understand the things that Im talking about then when I ask for their opinions they always say do whatever things that you think its right. The reason that I tell my parents something is because I dont understand what do to and they seem to not care and want me to figure out my self. therefore I ask my parents individually, I talked to my father first, he seems interested enough to listen to what I was talking about then when I was done and ask him for his opinion he started to tell me abo ut his childhood and that he always have to make decisions on his own without anyones help. After that I talked to my mother, she is a careful person and she seems to know what do to on everything. I told her my problem and she listened carefully then when I was done talking and ask her for opinions, she gave me her opinions and advices to my problem.It seems to me that not everyone in the family will know what to do but there always will be at least one person that tries to help you like Calvin helps Conrad and my mother helps me. Communication is the key in family. When family communicate, they dont hide things, they let people know what they feel and how someone could help them. It also makes the family closer. If people dont communicate, they cant get things over like Beth does.

History and Chronological Order

gunshot and Brickbats The Great Railway Strikes of 1877 In this oblige gunshot and Brickbats, Gerald G. Eggent shows the significant history of the railroad luck into and went through the workers and company owners. The main reason of this article was to show the conflicts and resolution of the strike that occurred at the time. Also the article shows how the strike made many suffers economically and how the country suffered. Many readers do not go steady what they read but this article go away be truly difficult to forget.The articles thesis is on why and how the workers lead to the strike and also what they had to endure during the process of the strike. There were very terrifying violences that occurred at the strike. It shows how stubborn the workers were that they didnt give up as easy, but it also explains on how little powers the workers had compared to the company owners. This strike was very popular and had spread everywhere in the country, including westward. This also shows how immigrants affected this strike. Like wear out workers and the Chinese workers were targeted to do so.As well it was a concern to keep in line that the government didnt really care anymore. Eventually the strikes did lose to the poor imbalance but they did change the views of workers. After the strike the government helped both labor and capital. This article contributes my understanding of the historical period on the strike of 1877. After reading this article, I gained more knowledge and more descriptive events of the timeline. For example, how badly tribe needed jobs and the struggle they were going through. Articles like these are really the ones who teach everyone more precisely.In addition, this article was a perfect time to been given out, because this follows the timeline of the reading. This article has many strengths and weaknesses. The weaknesses are very weak, in other words werent that bad. One weakness was that the writing was too formal and hard to unders tand certain statements. Strength was the chronological order, and how everything was given out was just amazing. All the writing in this article was in control and it backed everything up. In conclusion, Gunfire and Brickbats was an odd and wonderful strike.

Porters 5 Forces Analysis Of Communications Industry Essay

The wireless communications industry is one of the worlds sectors of the economy that is experiencing high competition due to challenges of globalization, advance in technology and salmagundi of customer needs. The main serve that ar offered in this business are internet access, cell phone service or mobile communication, messaging, music, ring woodland and video distribution among others. There are about 600 companies that are actively involved in this industry and they constitute combined annual revenue of oer 110 billion US dollars.However, there are four major companies that consider dominated this concentrated commercialise fro some time and they allow Verizon, hyphen Nextel, T-mobile and AT&T. Wireless communication services owe its demand to an increase in consumer in add and only those with good income can actually utilize or cod more than(prenominal) services. Most businesses also utilize the technology and therefore the returnability of the wireless companies dep ends on how best they can attract these businesses, their marketplaceing skills and their ability to come up with new innovative technologies.Porters five forces analysis has been used by many companies to analyze their slip in the industry and therefore strategically position itself to handle the issue of competition. Since the issue has been identified as a major threat to the existence of the companies industry, this kind of analysis is thus suitable for companies which would like to project their competitors, their customers, buyers, sellers, suppliers, and other stakeholders in the business. (Porter, 1985)Threat of New EntrantsPreviously established wireless communication firms pose a big challenge to new companies in the market which try to exploit the new markets. Although substitute services are being offered in smaller companies, they still have to beat one another in either way in arrange to create a discover market share. With known brand names and higher customer lo yalty, established firms to poking customers to start using their new products in the market since they have a name in the market.The new entrants need to assess the market in effect(p)ly and command that they learn their customers very well although very few for a start and also ensure that they position themselves strategically to compete more successfully to bear in business. The established firms on the other hand need to maintain good relationships with their customers so that the competitors i.e. the new entrants may not take away their customers. This way, they domicile assured that they will remain in the market for a longer time (McGahan, 2004)Power of Suppliers delinquent to the bargaining power of suppliers, customers in this industry have started to become nice to the monopoly imposed by some suppliers and also the changes in prices that affect the way they receive services or products. In most cases, suppliers escape to utilize all unique ways in order to bargain for what they want.First, they would like a company such as T-Mobile to offer hem better prices before they manipulate the customers price therefore ending up with huge prices. In some companies, they have become a warlike threat because when they raise their prices, the customers will tend to look for substitute services which can still satisfy their needs but a lower cost. In this industry however, the suppliers have little to influence although they can maneuver their way in the market price for certain services. (Porter, 1985)Competitive RivalryCompetition is nigh everywhere today but in the wireless communication industry, it is worse. Given an improved world economy and globalization of businesses, there is rush for new customers by every company. Due to the high concentration of companies in this industry, it requires very competitive minds to venture in his business. Verizon and other companies are experiencing intensive rivalry that has benefited the consumers (Lovelock, 2006).In order to effectively handle the issue of rivalry, some companies such as verizon have resorted to joint ventures for them to increase their market potential. AT&T had a gross profit margin of 60.7% while its closet rival Verizon had 59.50%, Qwest had61.8% and Sprint Nextel had 57.60%. All these four companies, everybody will agree, face competitive rivalry amongst themselves in the business. Although AT&T has a superior value on its market capitalization, it must keep its toes in order to meet the challenge offered by Verizon. (McGahan, 2004)Power of BuyersBuyers are the most sensitive lot in any business because they influence demand, supply and even distribution. In addition, they rely mostly on quality services that satisfy their needs. Due to changes in technology, customers would like to have fast communication services, reliable internet access, accurate and reliable billing among other needs. When either the suppliers or manufacturers increase their products, they w ill most probably go for substitute products. Many companies allow their customers to bargain for their prices but take into consideration the competitors prices.When prices are low and services are of high quality, it is better for the companies. It is widely acknowledged that about 95% of wireless services go directly to the consumers and a mere 5% goes to resellers and suppliers. This indicates that, the market is getting saturated quickly and sooner or later, the companies will have no one to subscribe. It is with this in mind that companies have been employing unique marketing strategies such as the media, internet and other local stores. Since the market is easily saturated, some operators are devising ways to get customers from other companies and subscribe them. This is however toilsome because it requires that the services be superior, prices are low and quality is supreme. (Lovelock, 2006)Availability of SubstitutesThose alternative products that have the ability to satis fy related needs and give solutions to customers for what they want are referred to as substitute products. They reduce the potential returns for many businesses since they place a ceiling on the prices offered for services. Companies that realize that services being offered do not much the substitutes, and then they adjust their quality and prices. Fro example, AT &T can be able to challenge the service that is offered by smaller mobile phone companies that include messaging by offering high speed voice messaging. (McGahan, 2004)Customers will always be tempted to try new products to see whether they are more effective and are made to believe that the newest services on the market are the best since they are current and tested. In order to counter substitute products, a majority of the companies tend to at least market their products as effectively as possible and thereby meet their market demand. The most worrying hack in the business is the fact that substitutes products come wi th other services that outweigh the quality of the other ones thus cause a threat to the company. Substitutes give the sellers and the users a variety of choices to choose from and making it very hard for some services to be entrenched into the market. ReferenceGrant, R. (2005) Contemporary Strategy Analysis Blackwell Publishing Ltd., Oxford pp 56-98Lovelock, J. (2006) operate Marketing, People, Technology, and Strategy. New York, Prentice Hall, pp 30-33McGahan, A. (2004) How Industries Evolve Principles for Achieving and Sustaining Superior Performance. Harvard Business School Press, pp 3-8Porter, M. (1985) Competitive Advantage-Techniques for Analyzing Industries and Competitors. The Free Press, New York, pp 19-43

Goal Essay

Education is the most powerful weapon which you can use to change the world (Nelson Mandela) what are my intension to come to college? Nowadays, medical assistant is rapidly increasing. Im attending college to earn my Associate degree in Medical Assistant. Before attending college, Ive had too many problems such as the grammar problems and writing in the English forms. I realized that I wasnt going to get far without education.With my familys support and advises, I decided to go on further with my education to have a better early and a long time passage fiting as a medical assistant. This year, I am enrolled at Kauai Community College since the fall 2012 semester. When I started college, I was majoring Liberal Arts because Im still undecided what career I wanted to pursue in. November 2012, after talking to my counselor I was able to choose what Im engage I choose medical assistant. Their are couple reasons why I choose medical assistant. One reason is that I have the passion to work with other people.And the other reason is that I have a single mother who supported me since I was born and I want to find a career that would pay enough to support me and my family. Receiving my associate degree and becoming a medical assistant will improve my life. I am 18 years old, employed at brick oven (Kalaheo), and still living with my parents. In the past I made a lot of bad choices that made my mother disappointment. Accomplishing my educational goals and pursuing in the medical field will make my family and my mother proud, and it will also help me live independently.My estimated date of graduating the medical field is effluence 2015, in order for me to complete my goal I will set up a meeting with my counselor to organize what I should take individually semester. By doing this, so I would know what to expect and not to overload my schedule. Other things that will also help me to achieve my goal is to attend illuminate regularly, take notes, turn in all assignment s on time, and do not procrastinate. In conclusion, my purpose for being in college is to have a better future and be able to live independently and support my family.

Social Learning Theory Psychology

In the field of Psychology, reading theories are there to attempt to explain how people think and what factors ultimately solve their behavior (ETR, 2007). There are various casefuls of leading theories which all include different concepts and approaches to distinguish an understanding of hu humankind behavior and thought (ETR, 2007). The accessible erudition theory (SLT) is just one of many theories which fall under the category of learning theories.The social learning theory, which is alike comm except known as social cognitive theory, is justified in the belief that human behavior is determined by a triangular effect relationship between environmental influences, cognitive factors, and behavior (ETR, 2007). To have a proper understanding of the social learning theory, one needs to have been adequately briefed in the major contributors of the theory, a complete description of what the theory entails, assumptions about the theory, and the developmental process and practice which has previously and currently taken place.Accomplishment is socially judged by ill defined criteria so that one has to rely on others to find out how one is doing (Kearsley, 2008). This was stated by Albert Bandura, who is one of the two major contributors to the social learning theory. Bandura was born the youngest and only male of six siblings on December 4, 1925, in Mundare, Canada (Pajares, 2004). Fast-forwarding through his childhood, Bandura eventually name himself attending the University of British Columbia in Vancouver, Canada. His happening to fall into psychology was simply a fluke for him, for he was planning to get a degree in the biological sciences (Pajares, 2004).Bandura carpoolight-emitting diode with peers to school who were all majors in engineering science and pre-med, which entailed them to have early morning classes (Pajares, 2004). To fill his workload, Bandura had an open-morning spot to fill on his roster, which is where he fell into an introductio n to psychology course (Pajares, 2004). He was instantly intrigued, which led him on his path to becoming one of the great contributors to this field. In 1949, he graduated with the Bolocan Award in psychology from the University of British Columbia (Pajares, 2004).His next designate was to knock down graduate school, where he attended at the University of Iowa and received his Ph. D. in clinical psychology in 1952 (Pajares, 2004). Starting already in 1953, Bandura rear himself teaching at Stanford University where he came across a well-educated student by the name of Richard Walters (Pajares, 2004). The two found themselves equally interested in the studies of explaining antisocial aggression in young males who came from wholesome households in upper-class residential areas in comparison to demonstrating that multiple opposing conditions may lead to behavioral problems (Pajares, 2004).This peculiar(a) study led Bandura and Walters to co-write a book, Adolescent Aggression, in 1 959 (Pajares, 2004). From there, Bandura wrote a chain of numerous books dealing with the social learning theory. Later he became a found member and elected President of the American Psychological Association in 1973 (Pajares, 2004). The second major contributor to the social learning theory came from a man by the name of Lev Vygotsky. Vygotsky was a Russian psychologist who was born in 1896 (Gallagher, 1999).Vygotsky was state to be a connoisseur of literature and philosophy (Gallagher, 1999). He attended the University of Moscow, where he studied and received a degree in law (Gallagher, 1999). It was non until 1924 when Vygotsky became interested in psychology (Gallagher, 1999). He had written a paper, The Psychology of Art, in 1925 which he used primarily in his thesis at the Moscow Institute of Psychology. Between the years of 1924-1934, before his death due to Tuberculosis, is when all his psychology work was practiced (Gallagher, 1999).In those 10 years of research and study of psychology, Vygotsky became an active follower of the sociocultural theory which suggests that development of a child relies on interaction with people and the tools or resources that the culture provides to help form their personal view of the world (Gallagher, 1999). The social learning theory (SLT), among others, is one of the most normally used homunculuss currently. SLT is not a horribly complex model, for it is based around the interactions made from one another through observations, imitations, and modeling (Learning, 2008).Due to the fact that the SLT encompasses attention, memory, and motivation, it is said to be a bridge for psychologists between behaviorists and cognitive learning (Learning, 2008). The SLT focuses on the prospect that people learn through observing other peoples behaviors, attitudes, and outcomes of those behaviors observed (Learning, 2008). The social learning theory has three basic principles which make the breakdown of the theory very clear. The fi rst principle is that people can learn through observation (Boeree, 2006). Bandura had conducted a well-known experiment known as the Bobo Doll Study (Boeree, 2006).In this study, Bandura had a set of dolls to which adult figures would interact with, in terms of gentle and/or aggressive behavior while children observed. Later, children were let into the room and were allowed to play with the same set of dolls that the adults had previously used. From data-based learning, the children themselves inflicted the same type of behavior that the adults previously did. The children who observed a gentle act toward the Bobo doll reacted in the same way to pursue a more calm and pleasing affect toward the doll.In contrast, the children who observed aggressive behavior toward the Bobo doll also copied the same behavior of aggression toward the doll (Boeree, 2006). Bandura came up with three basic models of observational learning through conducting this study (Boeree, 2006). The first model is a live model. This involves an actual human individual who is acting out or demonstrating a crabbed behavior (Boeree, 2006). The second model is the verbal instructional approach. This involves giving the description and directions to acting out a certain behavior (Boeree, 2006). The third and last model is the symbolic model.This encompasses real of fictional characters. These characters are set to display behaviors in books, television, movies, or online media (Boeree, 2006). The second of the three basic principles is mental states are important to learning (Boeree, 2006). In greater detail, this involves and contributes to intrinsic reinforcement. Bandura was the contributor to this that previously noted that external, environmental reinforcement was not the only factor to influence learning and behavior (Boeree, 2006). This is where the conceit of intrinsic reinforcement comes into place.This type of reinforcement is internal, which can include feelings of satisfaction, prid e, and sense of accomplishment (Boeree, 2006). This is how the term of social cognitive theory correlates directly with the social learning theory. These types of reinforcements emphasize the internal thoughts and cognitions to help cooperate with theories of cognitive development (Boeree, 2006). The last of the three basic principles is that learning does not necessarily lead to change in behavior (Boeree, 2006). This means that observational learning does not define all observed behaviors not all behaviors must be and are acting on (Boeree, 2006).One can learn something through observation without demonstrating the new tuition attained. These three main principles paved the way for more of Banduras work in the SLT, and the introduction to specific modeling process. The modeling process consists of quadruplet primary mistreats which lead to the development of understanding social learning theory. The first shade is known by the word of Attention (Learning, 2008). This concept s tates that in order for an individual to learn, they have to be paying attention.It is possible for distractions of course, but anything that distracts one is difference to ultimately have a negative effect on the observational learning taking place (Learning, 2008). A few examples of distractions could include being sleepy, groggy, sick, nervous, drugged, or even hyper in a sense can affect the learning process. All of those feelings can be competing factors with ones attention span. Likewise, for something that may be of interest to the win, full attention could be put into place and more dedication to observing and absorbing new information could happen (Learning, 2008).The second step is known as Retention (Learning, 2008). Retention is known as the storing process of observational learning. The ability or lack of to store or remember information plays an important role in the learning process (Learning, 2008). Retention, just like attention, can be affected by many different factors as well. This is also where imagery and language come into play. One is capable to store information in terms of verbal knowledge or imagery knowledge, depending on the subject and situation.Later, one is expected to bring up the previously observed information if retention was successful (Learning, 2008). No need to say that retaining information is a zippy aspect to observational learning. Third on the list of steps for the social learning model is Reproduction (Learning, 2008). This is where the performance of information retained is put into place. at once one has actually gone thorough attention and retained the proper information necessary, it is expected that one can perform the behavior initially well-educated (Learning, 2008).Of course, there are limitations to the ability of being able to perform certain delegates. For example, one can watch an Olympic gold medalist do an perfect gymnastic tumbling routine on the mat, but may not have the ability to flex their body that particular way and be able to perform some of the stunts observed. This is why there is a leniency for the ability to perform tasks for the purpose that further practice may be needed (Learning, 2008). With a combination of practice of the learned behavior and continuous observation of the behavior, the performance level may have improvement and further skill advancement.The final of the four proper steps is Motivation (Learning, 2008). In order for most observational learning to be successful to any state, motivation is crucial to imitate the copy behavior (Learning, 2008). There are several factors that Bandura stated to be a vital part in the motivational factor of the observed behavior performance. accompaniment and punishment are key concepts in motivation levels (Learning, 2008). Past reinforcement, such as a reward after a proper outtake of the behavior, can remind one to imitate the new observed behavior.In contrast, past punishment can be the same type of moti vator. One who was punished previously for not conducting the observed behavior properly will make one want to conduct the new behavior successfully because they are aware of the consequences if not do properly (Learning, 2008). Also, promised reinforcements or punishments can do the same type of influence. A promised reinforcement, such as a treat, could make one strive to perform the task correctly. On the other hand, a promised punishment, such as a threat, can give the same affect (Learning, 2008).

Absurdity in Camus’s The Plague

Albert Camus tried to make sense of plagues challenge to the human animate in this saucy set in North Africa. It is a chronicle of human suffering. But what does that think plague? Just life, no more than that. (Camus, Gilbert 1948 307).The old asthmatic, who spends his days transferring peas from unrivaled pan to a nonher, summarizes the overarching theme of Camuss memorial life and death, in a world that does not seem to c ar for us. The Plague is a virile literary work, despite its many logical and other shortcomings, which we will be looking into. Camus is obviously act to stimulate the reader to think virtually the problems of life and shipway to confront life in a seemingly absurd and cruel world although how far he succeeds in this attempt is doubtful.Over the course of a few days in sometime in the 1940s, in the Algerian city of Oran, thousands of rats emerge into the streets in expiry conditions. At this point begins the outbreak. Absurdity creeps into Camuss b ill in more ways than one. Dying rats and the spread of bubonic plague is not an unprecedented phenomenon in human history. In the mid(prenominal) 14th century, the devastating black plague exterminated nearly one third of the population of Europe. Spanning trine years, it was a disaster of colossal proportions.A major episode of Bubonic plague occurred in ancient Greece, as well as in the late Roman period, killing stack in hundreds of thousands. The narrator of the story himself acknowledges the fact of a ten thousand people dying every single day in Constantinople. Therefore, on the first sign of rats dying en masse, all the nations and international authorities would be alerted, not just the city officials. But that does not strangely happen in Camuss account. No follow up is taken at all for a long time, though much hullabaloo goes on.The Plague recounts a specific (albeit fictional) epidemic taking place in a particular location at a particular time, although the year is no t readyly specified. Therefore historical and practical questions are important in making sense of the story.Camuss novel was published in 1947, in the immediate aftermath of the atomic number 16 World War. It is reasonable and then to assume that the Oran episode might have occurred towards the end of the war or in the first years of peace. Towards the end of the First World War, a massive outbreak of flu pandemic killed an estimated 40 million people worldwide.No one would even remotely want such a disaster to happen all over again at the end of the Second World War, and thereof no one would have taken the matter lightly. The moment the news is in the media, it would have direct shivers across the national capitals all over the world. By no stretch of imagination, Bubonic plague fag be considered a local issue.One cannot possibly conceive any city authorities to be self-satisfied over such a grave matter, thereby delaying action and letting the infection take defend in th e populace. Leave alone the local authorities, national and international authorities would immediately jump into the expression taking all possible action to contain the burgeoning plague. That a plague is on its way is clear as day from the first deaths of rats to anyone who is least educated, however the city officials go on merely debating, discussing and hesitating.In 1994, a case of pneumonic plague, a deadlier air-borne version of bubonic plague, broke out in the Northwestern India. The news plague was in the air, and hundreds of thousands of people immediately started evacuating their houses, even before the authorities could rush into action. In the end, few people died of the actual infection, more people must have perished in the stampedes to catch trains and buses.In Camuss novel that seeks to question the very meaning of human life and existence, however, no such commonsensical, logical measures are taken.Common people behave meaninglessly, authorities behave absurdly, international authorities do not even figure in all this in spite of the narrator, Bernard Rieux, being a doctor himself. Even when the doctor starts worrying, he worries about his own city, not the continent and the world, as if plague knows any city limits. Region-specific infectious diseases such as Ebola infections which break out in West African countries from time to time are called endemics, not epidemics.According to the novel, one is given to understand that Bernard Rieux is preoccupied with his wifes impending trip to a sanitarium and is therefore at first not alarmed by the rats dying on the streets with blood spurting from their muzzles.Doctors are always preoccupied with something or other, yet any doctor spotting a number of rats dying in such a ghastly manner would have issued red alert instantaneously. Rats dying by coughing up blood are strangely viewed by every one concerned as a sanitation issue This is a preposterous way of telling a story.

Managing Financial Resources and Decisions

executive director summary This written report is to propose an allow bully mental synthesis for Xpresso joyousness Limteds rail line elabo investness with the minimum amount of expectant as US$ 30 billion. In site to hand that goal, firstly, it is pass to identify the ancestrys of pay available for the business as debt backing which include contri notwithstandinges, debentures and marrys and lawfulness fiscal support, which includes vernacular sh ars, appreciation sh ars and retained get ahead.It is as vigorous to discuss receiptss & dis services of individually citation, as easily as to assess the implications of these different bases related to to try, heavy, pecuniary and dilution of subordination and nonstarter. Based on those analyses, it is to select the appropriate germs of pay for the project including retained win, common and predilection shargons and loans. Whats more, the termss involved with each source will be assessed and com pargond in order to form the best alternative of pileus social organisation.thither be three options of big(p) coordinate proposed 50% debt funding and 50% right including 80% common component part and 20% gustation mete outs 25% debt backing and 75% righteousness fiscal support including 80% common components and 20% choice lots 10% debt financial support and 90% equity pay including 80% common sh bes and 20% orientation sh atomic number 18s Besides, this report is as well as to mention and explain the splendor of financial cooking for Xpresso circumscribed. CONTENTS Page 1.Cover Sheet . . 1 2. Executive Summary 4 3. origin . .. 7 4. Main Body . 8 4. 1 forthcoming divers(a) sources of pay.. 8 4. 1. 1. Debt financing. 8 4. 1. 1. 1. Loans.. 8 4. 1. 1. 2. Debentures. 8 4. 1. 1. 3. Bonds.. 9 4. 1. 2. Equity financing. . 9 4. 1. 2. 1. Issued shargon bully9 4. 1. 2. 2. unbroken up(p) meshwork & different reserves.. 10 4. 2. Assessment of the implic ations of sources10 4. 2. 1. Debt financing. . 10 4. 2. 1. 1. Debentures 11 4. 2. 1. 2. Bonds.. 12 4. 2. 2. Equity financing. .. 12 4. 2. 2. 1. Issued sh ars12 4. 2. 2. 1. 1. Common shares. . 12 4. 2. 2. 1. 2. Preference shares 13 4. 2. 2. 2. retained amplification. 13 4. 3. Selection of appropriate sources & The assessment and comparison for make ups. 4 4. 3. 1. Appropriate sources of pay 14 4. 3. 2. make ups of sources.. . 14 4. 3. 2. 1. Retained profit .. . 14 4. 3. 2. 2. Issued shares.. . 14 4. 3. 2. 3. Loans.. . . . 15 4. 3. 3. Options of capital social organization.. 15 4. 3. 3. 1. outgrowth structure.. . . 15 4. 3. 3. 2. Second structure.. . . .. 16 4. 3. 3. 3. Third structure.. . .. 16 4. 4. The financial final ca intentionning .. 17 4. 4. 1. Definition.. . 17 4. 4. 2. Importance for Xpresso restrict.. .. 17 4. 4. 3. Shortage & surplus of capital . 17 5. Conclusion . . . . 19 6. Appendix .. 20 7. References. 21 3. INTRODUCTION Xpresso enamour circumscribed is a pu blicly listed participation in Australia Stock Exchange with the headquarter is base in Hanoi, Vietnam. Xpresso Delight confine is volume owned (51% stake) by kief Executive Officer (CEO), Mr.Nguyen ding Khoa. The caller-out has 30 cafes concent orderd chiefly in big cities in Vietnam like Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Can Tho and so on. With many advantages such as the growing affluence of java culture, the increasing expatriates population in Vietnam, and compensate the presidential terms pro-business policies Xpresso limited believes that thither is an immense foodstuff dominance in the emerging Vietnam, which encourages it to enrol on an ambitious plan of expanding, opening at to the lowest degree 20 cafes each social class for the adjoining five years in the various parts of the country.The caller foreshortens two kinds of share including common shares (par comfort US$ 1 per share), which are currently traded at US$ 2. 50 per share and pref erence shares, which are currently traded at US$ 52 per share in Australia Stock Exchange. Its corpo identify levy stray is 25% at demo save is expected to go down. With strong cabbage growth intercommunicate at a constant 15% per annum in the future, Xpresso Delight Limited is expected to pay by US$ 0. 30 per share as ordinary dividend in the next financial year opus a constant preference dividend is US$ 5 per share per year.The average flotation address for the upstart electric outlet of ordinary shares and preference shares are 17% and 10% of the gross proceeds respectively. For new divulge of ordinary shares and preference shares, Xpresso Delight Limiteds issue price will be band at their respective current market price as traded in the Australia Stock Exchange. Xpresso Delight Limiteds before-tax exist of debt is 15%. 4. MAIN BODY 1. easy various sources of pay In the look of Xpresso Limited, as a large confederation with stable profit growth looking for capi tal to expand, it is solitary(prenominal) necessary for long-term financing to be taken into account.Therefore, in that location are two principal sources of finance available to Xpresso Limited including debt and equity financing. 4. 1. 1. Debt financing In regards to debt financing, the simplest representing is acceptation m wholenessy on character with a promise to repay the amount borrowed, plus refer18. There are many faces of debt financing, including borrowing from banks in terms of loans or borrowing from investors in terms of debentures, bonds 4. 4. 1. 1. 1. Loans A loan is a financial work in which one party the lender agrees to give a nonher party the borrower an amount of property which essential be paying(a) back in full16.With a proper finance profile and the support of Vietnam government pro-business policies, it is easier for Xpresso Limited to borrow from commercial-grade banks such as Vietcombank, VietinBank and so on. For example, the supportive entertain rate of loans in Vietnam at present is fluctuating between 5 and 6 percent per year14, thence if Xpresso Limited. borrows US$ 10,000, the pursual it has to pay back will be between US$ five hundred and US$ 600. 4. 1. 1. 2. Debentures It is a carry for Xpresso to mobilize capital from investors setting out the terms of loans, endorse by its reputation besides non collateral12.Investors can be individuals, Vietnam and foreign financial institutions such as Vina cracking, BankInvest and so on and even Vietnam commercial banks are the main investors in organizational debentures. Beca subroutine of its high stand in the market, investors and other creditors are unstrained to purchase once Xpresso Limited issues debentures. As in the Vietnam present market , the common chase rate of debentures issued by enterprises is 12. 5 percent per year11, if Xpresso issues debentures of US$ 10 one thousand thousand for 5 years, it has to pay investors the positive bear on of US$ 6. 5 meg. 4. 1. 1. 3. Bonds Bonds are large debts which are unremarkably paid off over a period of 10 to 35 years1. Simply explaining, in bond financing, Xpresso mobilizes capital from investors instead of banks by selling bonds to them with a promise to pay back with interest, according to specify schedules8. As an example, if Xpresso issues bonds at an interest rate of 6%, the interest over 20 years would be approximately US$ 0. 73 for each dollar borrowed. 4. 1. 2. Equity financingIn terms of equity financing, equity capital familiarly is represent of funds that are raised by Xpresso in substitute for an self-will interest in the company17. Since it is proprietors equity, the company does not break to worry about any liability to repay interest or loans for other parties. There are two study sources of equity financing including issued share capital and retained profit & other reserves12. 4. 1. 2. 1. Issued share capital Issued share capital is capital that is subscr ibed by shareholders when they purchase shares Xpresso Limited issues, including common and preference shares4.Common shares are shares issued to the general public in the stock market, while preference shares are shares issued to some special people (for example, banks or specific institutions)2. 4. 1. 2. 2. Retained profit & other reserves Retained profit is simply profit that has been unbroken within Xpresso Limited rather than paid out to shareholders as dividends 2. 2. Assessment of the implications of sources of finance to Xpresso Delight Limited related to risk, legal, financial and dilution of picture and loser 4. 2. 1. Debt financingAs being categorized in debt financing, those various types including loans, debentures and bonds control some implications to Xpresso in similarity, which are going to be discussed below. There are many advantages of Xpresso Limited for victimisation debt financing. There is no dilution of control since the creditors have no authority in running the company but just involve in the money they invest and they usually do not enroll in the superior earnings of the company e very as the cost of debts is limited 13. The virtually in-chief(postnominal) advantage is tax relief on interest as it is considered one kind of expenses3.For example, if Xpresso Limited borrows US$ 10,000 at the interest rate of 5%, it will have to pay the interest of US$ 500 but will be require down US$ 500 in the tax-incurred income. Whats more, in cadence of inflation, debts may be paid back with cheaper pesos13 since the money becomes worth less. To the existing shareholders, one advantage is when Xpresso Limited unfortunately goes broke, they may overlook their investment but other personal possessions are honest 2. However, apply debt financing besides has disadvantages. Obviously, debts tally up risk to the company12.There is a risk of not having enough money to pay by the maturity look or if the earnings of Xpresso Limited fluctu ate 12 either of which easily checks the company become bankruptcy. To add more, the legal of debt financing in Vietnam is relatively complicated 2, and authentic managerial prerogatives are usually tending(p) up in the bonds indenture dilute (for example, specific ratios essential be kept above a certain level during the term of the loan)13. Besides, debentures and bonds likewise have their own characteristics. 4. 2. 1. 1. DebenturesOne advantage of using debenture financing is that Xpresso Limited does not have to give collateral9. However, it withal has disadvantages as it must compete with government loan stocks (gilts), what are the dominant type of debentures in Vietnam market, so the company must generally offer a higher(prenominal) rate of interest than the one on gilts to attract investors4. The legal issue of debentures that Xpresso Limited has to concern is that if a bond disrespects, investors are entitled to the liquidation proceeds of holding bought with the money they invest (by purchasing debentures)5. . 2. 1. 2. Bonds Bonds have fixed interest and are issued for long-term1. One advantage of using bond is that substantial flexibility in the financial structure is enhanced by debt through the comprehension of call provisions in the bond indenture13. In case of financial distress, bondholders have greater claims of the issuers income than shareholders6. 4. 2. 2. Equity financing 4. 2. 2. 1. Issued shares The legal aspect involved is that shareholders are also owners of the company4.Therefore, the business ownership is weaken and it is possible to lose the control of the business for investors. However, there is also an advantage that there is large effectiveness membership to provide capital and to share risks of loss, bankruptcy and so on. There is a part of profit of the company distributed to shareholders as dividends. One significant advantage of using issued share capital is that Xpresso may deduce the dividend if acquire are insufficient. One disadvantage is that cash dividends are not tax deductible. 13) Besides, each type of shares also has its own characteristics. 4. 2. 2. 1. 1. Common shares The advantages of using common shares are that common dividend is based on profits when so that Xpresso Limited is free from worrying about not having enough money to pay there is no fixed maturity date for repayment of the capital and the sale of common shares is frequently more attractive to investors than debts as its look upon grows with the supremacy of the firm11. However, there are disadvantages as well. Shareholders ave right to vote, therefore the shareholders control and share in earnings are usually diluted13. If Xpresso decides to issue common shares, the stake of CEO (51% at present) will be tailord as the number of shares join ons. In terms of finance, issuance of common shares requires higher underwriting cost and the average cost of capital may increase above the optimal level when to a faul t much equity is issued13. 4. 2. 2. 1. 2. Preference shares Legally, like common share, preference shares represent a part of ownership or equity of Xpresso Limited4.Whats more, in case of financial distress, claims of preference shareholders must be well-off before common shareholders receive anything13. There is no default risk since non-payment of dividends does not necessarily mean bankruptcy. Preference dividend is fixed so that the company can plan to pay. Preference shareholders have no vote rights except in case of financial distress, which means there is no dilution of control. Call features and provision of change posture may be included so Xpresso may exchange the issue if interest rates decline.There is one disadvantage that preference shares involve cumulative feature, which means in case Xpresso Limited does not have money to pay dividends in a particular year, the dividend keeps get added to the next years dividend until the it is able to pay. (13) 4. 2. 2. 2. Re tained profit There are advantages to using retained profit as a form of finance due to the absence of brokerage be (for example, merchant banks fees), its control and flexibility, and all gains from investment will pipe down ultimately belong to existing shareholders13.Besides, there are disadvantages as shareholders expectation of dividends may present a problem or insufficient earnings may be available4. 4. 3. Selection of appropriate sources of finance for a business project & assessment and comparison for various cost involved for each sources 4. 3. 1. Appropriate sources of finance As discussed above, it is proposed that Xpresso Delight Limited should use equity financing in forms of retained profit, issued share capital and debt financing in forms of loans in the capital structure.The main source that should be included is retained earning since it is the solidest source and has the least risk to the firm3. Issued shares and loans are the next choices as they bring many op portunities and a relatively conceivable number of risks as well as liabilities. 4. 3. 2. Costs of sources 4. 3. 2. 1. Retained profit Costs of retained earnings include fixed expenses such as wages, rent, materials, electricity and so on tax cost dividends (dividends are a cost of retained earnings as well as a cost of share capital) certain costs if invested in the short term as not needed immediately and also opportunity costs4. . 3. 2. 2. Issued shares Costs of the issued share capital include flotation costs, dividends (cash dividend and scrip dividends- dividends in the form of new shares) cost of providing shareholders or owners with information about the process of the business such as the cost of glossy financial reports, Annual General Meetings, audit fees and the administrative costs of company with legal and Stock Exchange requirements for manifestation of information to shareholders and also certain costs associated with investing them if not needed immediately4. 4. 3. 2. 3. LoansLoans have interest as the main cost. The rate of interest may either be fixed or variable but in the case of Xpresso Limited it is fixed. There are also other costs including an initial exhibition fee to cover lenders administrative costs on setting up the loan (checking references, setting up data on a computing device system and so on) factors charge direction for advancing funds non-financial costs involved in the kindred between the company and creditors (for example, Xpresso will be required to provide the creditor with regular information about the performance of the business)4.That kind of non-financial cost may pull in the uncomfortable feeling of being watched for the owner. Opportunity cost is also included in this case as well. For instance, instead of paying interest of US$ 10,000 a year the business could do something else with that US$ 10,000 that expertness help generate income. 4. 3. 3. Options of capital structure There are three alternative cap ital structures that could be taken into account. Based on the comparison between their advantages and disadvantages, the roughly appropriate structure would be chosen. . 3. 3. 1. First structure For the first structure, it is to use 50% debt financing and 50% equity including 80% common share and 20% preference shares. That means US$ 15 billion of debts, and US$ 15 million of equity including US$ 12 million of common shares and US$ 3 million of preference shares. The costs of sources are Rf = US$ 0. 167 million Rc = US$ 1. 84 million Rd = US$ 1. 69 million The come cost is 0. 167 + 1. 84 + 1. 69 = 3. 697 (US$ million) 4. 3. 3. 2. Second structureThe imprimatur structure is to use 25% debt financing and 75% equity financing including 80% common shares and 20% preference shares. That means US$ 7. 5 million of debts, US$ 22. 5 million of equity including US$ 18 million of common shares and US$ 4. 5 million of preference shares. The costs of sources are Rf = US$ 0. 25 million Rc = US$ 2. 81 million Rd = US$ 0. 84 million The total cost is 0. 25 + 2. 81 + 0. 84 = 3. 9 (US$ million) 4. 3. 3. 3. Third structure The third structure includes 10% debt financing and 90% equity financing including 80% common shares and 20% preference shares.That means US$ 3 million of debts, and US$ 27 million of equity including US$ 21. 6 million of common shares and US$ 5. 4 million of preference shares. The costs of sources are Rf = US$ 0. 3 million Rc= US$ 3. 32 million Rd = US$ 0. 34 million The total cost is 0. 3 + 3. 32 + 0. 34 = 3. 96 (US$ million) As analyse the costs and the advantages & disadvantages of the three structures, it is to be said that the second structure is the best capital structure to restrain for Xpresso Limited.Because although it does not has the lowest cost, the proportions of sources of finance included are the most appropriate option as the lot of debts used (25%) is not too high for adding risks to the company but also ensures for the financial le verage (the tax relief) to be used. In addition, the cost of finance in this structure is still relatively low. 4. 4. The financial planning 4. 4. 1. Definition In general, financial planning is the process of evolution strategies to help you manage your financial personal business so you can build wealth, enjoy life and achieve financial security5. . 4. 2. Importance for Xpresso Limited pecuniary planning involves achieving a balance between the requirements to minimize the risk of not having cash to pay creditors and the requirements to maximize the earnings made by using assets4. It plays a very important role in helping Xpresso co-ordinate and organize the internal system, set up little plans for using resources, as well as for paying debts and liabilities, develop strategies, and finally prepare for any potential incidents in the future7. For Xpresso, every transaction has to be well-planned to run the business efficiently. . 4. 3. Shortage & surplus of capital working capi tal surplus- the amounts of directly contributed equity capital in excess of the par take to be13 has a large impact on Xpresso Limited as it can be used to distribute as bonus dividends to shareholders, to reinvest as owners equity and it also helps to reduce the cost of capital mobilizing9. It helps gain more prestige for Xpresso but also gives more pressure on the management as they have a duty to use it effectively. Capital is one factor of production, therefore its shortage beats difficulties for Xpresso to operate and develop efficiently4.Even it can lead to bankruptcy if capital shortage is too large. 5. last It can be said that each and every source of finance has both advantages and disadvantages. The aim is to make use of the advantages and also to avoid the disadvantages of all sources. The best capital structure is to combine the appropriate sources to make the best use for the company. To conclude, the capital structure proposed is to use 25% debt financing and 75% equity financing including 80% common shares and 20% preference shares in estimated US$ 30 million of capital.The cost of finance is US$ 3. 9 million. The structure has a relatively cost of finance and also ensures to make use of all advantages as well as minimizes all disadvantages of sources of finance used for expansion. As preparing a circumstantial and well-organized financial planning, there is a high rate of success for the expansion and other further maturations of Xpresso Delight Limited Company. Appendix 1. Formula of cost debts + Before-tax cost Rdt = debts x 15% + After-tax cost Rd = Rdt x (1 t) Rd After-tax cost Rdt Before-tax cost t Corporate tax rate (t = 25%) . Formula of cost of issuing shares 1. Cost of issuing common shares Rc = Dc / Pc (1 ec) + g Dc dividend per share (Dc= US$ 0. 3) Pc value per share (Pc= US$ 1) ec flotation cost for ordinary share (ec= 17%) g rate of earnings growth (g= 15%) 2. Cost of issuing preference shares Rf = Df / Pf (1 ef) Df dividend per share (Df = US$ 5) Pf value per share (Pf = US$ 1) ef flotation cost for preference (ef= 10%) Reference 1. City & County of San Francisco (2002) Bond support Basics. San Francisco Controllers office 2.Communist party of Vietnam (2005) Procedure of borrowing from Vietnam bank for agriculture and rural development online. Updated 20 June 2005 accessed 29 November 2009. Available from http//www. cpv. org. vn/cpv/Modules/ discussion/NewsDetail. aspx? co_id=30592&cn_id=223635 3. Edexcel HNC&HND business (2004) trade environment, London BPP professional Education 4. Edexcel HNC&HND business (2004) Managing financial resources and decisions, London BPP professional Education 5. monetary News (1996) online. eFinancialNews Ltd cited 26 October 2009 .Available from Internet http//www. efinancialnews. com/&sc=TWTAM000GS 6. Financial planning defined (2005) online Financial Planning Association cited 25 October 2009. Available from Internet http//www. fpa. asn. au/FPA_Conten t. aspx? Doc_id=1056 7. Hong, P. (2007) Capital surplus- to distribute or not?. Saga online. Accession No. 362/GP-BC, 10 October, cited 1 December 2009. Available from http//www. saga. vn/Luatkinhdoanh/Luattrongnuoc/6794. saga 8. Hong, S. (2009) organisational debentures attractive to foreignManaging Financial Resources and DecisionsExecutive summary This report is to propose an appropriate capital structure for Xpresso Delight Limteds business expansion with the minimum amount of capital as US$ 30 million. In order to achieve that goal, firstly, it is going to identify the sources of finance available for the business as debt financing which include loans, debentures and bonds and equity financing, which includes common shares, preference shares and retained profit.It is also to discuss advantages & disadvantages of each source, as well as to assess the implications of these different sources related to risk, legal, financial and dilution of control and bankruptcy. Based on those a nalyses, it is to select the appropriate sources of finance for the project including retained profit, common and preference shares and loans. Whats more, the costs involved with each source will be assessed and compared in order to form the best alternative of capital structure.There are three options of capital structure proposed 50% debt financing and 50% equity including 80% common share and 20% preference shares 25% debt financing and 75% equity financing including 80% common shares and 20% preference shares 10% debt financing and 90% equity financing including 80% common shares and 20% preference shares Besides, this report is also to mention and explain the importance of financial planning for Xpresso Limited. CONTENTS Page 1.Cover Sheet . . 1 2. Executive Summary 4 3. Introduction . .. 7 4. Main Body . 8 4. 1 Available various sources of finance.. 8 4. 1. 1. Debt financing. 8 4. 1. 1. 1. Loans.. 8 4. 1. 1. 2. Debentures. 8 4. 1. 1. 3. Bonds.. 9 4. 1. 2. Equity financi ng. . 9 4. 1. 2. 1. Issued share capital9 4. 1. 2. 2.Retained profit & other reserves.. 10 4. 2. Assessment of the implications of sources10 4. 2. 1. Debt financing. . 10 4. 2. 1. 1. Debentures 11 4. 2. 1. 2. Bonds.. 12 4. 2. 2. Equity financing. .. 12 4. 2. 2. 1. Issued shares12 4. 2. 2. 1. 1. Common shares. . 12 4. 2. 2. 1. 2. Preference shares 13 4. 2. 2. 2. Retained profit. 13 4. 3. Selection of appropriate sources & The assessment and comparison for costs. 4 4. 3. 1. Appropriate sources of finance 14 4. 3. 2. Costs of sources.. . 14 4. 3. 2. 1. Retained profit .. . 14 4. 3. 2. 2. Issued shares.. . 14 4. 3. 2. 3. Loans.. . . . 15 4. 3. 3. Options of capital structure.. 15 4. 3. 3. 1. First structure.. . . 15 4. 3. 3. 2. Second structure.. . . .. 16 4. 3. 3. 3. Third structure.. . .. 16 4. 4. The financial planning .. 17 4. 4. 1. Definition.. . 17 4. 4. 2. Importance for Xpresso Limited.. .. 17 4. 4. 3. Shortage & surplus of capital . 17 5. Conclusion . . . . 19 6. Appendix .. 20 7. References. 21 3. INTRODUCTION Xpresso Delight Limited is a publicly listed company in Australia Stock Exchange with the headquarter is based in Hanoi, Vietnam. Xpresso Delight Limited is majority owned (51% stake) by Chief Executive Officer (CEO), Mr.Nguyen Dong Khoa. The company has 30 cafes concentrated mainly in big cities in Vietnam like Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Can Tho and so on. With many advantages such as the growing affluence of coffee culture, the increasing expatriates population in Vietnam, and even the governments pro-business policies Xpresso limited believes that there is an immense market potential in the emerging Vietnam, which encourages it to embark on an ambitious plan of expanding, opening at least 20 cafes each year for the next five years in the various parts of the country.The company issues two kinds of share including ordinary shares (par value US$ 1 per share), which are currently traded at US$ 2. 50 per share and preference shares , which are currently traded at US$ 52 per share in Australia Stock Exchange. Its corporate tax rate is 25% at present but is expected to go down. With strong earnings growth projected at a constant 15% per annum in the future, Xpresso Delight Limited is expected to pay out US$ 0. 30 per share as ordinary dividend in the next financial year while a constant preference dividend is US$ 5 per share per year.The average flotation cost for the new issue of ordinary shares and preference shares are 17% and 10% of the gross proceeds respectively. For new issue of ordinary shares and preference shares, Xpresso Delight Limiteds issue price will be set at their respective current market price as traded in the Australia Stock Exchange. Xpresso Delight Limiteds before-tax cost of debt is 15%. 4. MAIN BODY 1. Available various sources of finance In the case of Xpresso Limited, as a large company with stable profit growth looking for capital to expand, it is only necessary for long-term financing to be taken into account.Therefore, there are two principal sources of finance available to Xpresso Limited including debt and equity financing. 4. 1. 1. Debt financing In regards to debt financing, the simplest heart is borrowing money on credit with a promise to repay the amount borrowed, plus interest18. There are many types of debt financing, including borrowing from banks in terms of loans or borrowing from investors in terms of debentures, bonds 4. 4. 1. 1. 1. Loans A loan is a financial transaction in which one party the lender agrees to give some other party the borrower an amount of money which must be paid back in full16.With a good finance profile and the support of Vietnam government pro-business policies, it is easier for Xpresso Limited to borrow from commercial banks such as Vietcombank, VietinBank and so on. For example, the supportive interest rate of loans in Vietnam at present is fluctuating between 5 and 6 percent per year14, therefore if Xpresso Limited. b orrows US$ 10,000, the interest it has to pay back will be between US$ 500 and US$ 600. 4. 1. 1. 2. Debentures It is a channel for Xpresso to mobilize capital from investors setting out the terms of loans, backed by its reputation but not collateral12.Investors can be individuals, Vietnam and foreign financial institutions such as VinaCapital, BankInvest and so on and even Vietnam commercial banks are the main investors in organizational debentures. Because of its high standing in the market, investors and other creditors are willing to purchase once Xpresso Limited issues debentures. As in the Vietnam present market , the common interest rate of debentures issued by enterprises is 12. 5 percent per year11, if Xpresso issues debentures of US$ 10 million for 5 years, it has to pay investors the total interest of US$ 6. 5 million. 4. 1. 1. 3. Bonds Bonds are large debts which are usually paid off over a period of 10 to 35 years1. Simply explaining, in bond financing, Xpresso mobilizes capital from investors instead of banks by selling bonds to them with a promise to pay back with interest, according to specified schedules8. As an example, if Xpresso issues bonds at an interest rate of 6%, the interest over 20 years would be about US$ 0. 73 for each dollar borrowed. 4. 1. 2. Equity financingIn terms of equity financing, equity capital generally is composed of funds that are raised by Xpresso in exchange for an ownership interest in the company17. Since it is owners equity, the company does not have to worry about any liability to repay interest or loans for other parties. There are two major sources of equity financing including issued share capital and retained profit & other reserves12. 4. 1. 2. 1. Issued share capital Issued share capital is capital that is subscribed by shareholders when they purchase shares Xpresso Limited issues, including common and preference shares4.Common shares are shares issued to the general public in the stock market, while preferen ce shares are shares issued to some special people (for example, banks or specific institutions)2. 4. 1. 2. 2. Retained profit & other reserves Retained profit is simply profit that has been kept within Xpresso Limited rather than paid out to shareholders as dividends 2. 2. Assessment of the implications of sources of finance to Xpresso Delight Limited related to risk, legal, financial and dilution of control and bankruptcy 4. 2. 1. Debt financingAs being categorized in debt financing, those various types including loans, debentures and bonds have some implications to Xpresso in similarity, which are going to be discussed below. There are many advantages of Xpresso Limited for using debt financing. There is no dilution of control since the creditors have no authority in running the company but just involve in the money they invest and they usually do not participate in the superior earnings of the company either as the cost of debts is limited 13. The most important advantage is tax relief on interest as it is considered one kind of expenses3.For example, if Xpresso Limited borrows US$ 10,000 at the interest rate of 5%, it will have to pay the interest of US$ 500 but will be reduced US$ 500 in the tax-incurred income. Whats more, in time of inflation, debts may be paid back with cheaper pesos13 since the money becomes worth less. To the existing shareholders, one advantage is when Xpresso Limited unfortunately goes broke, they may lose their investment but other personal possessions are safe 2. However, using debt financing also has disadvantages. Obviously, debts add risk to the company12.There is a risk of not having enough money to pay by the maturity date or if the earnings of Xpresso Limited fluctuate 12 either of which easily makes the company become bankruptcy. To add more, the legal of debt financing in Vietnam is relatively complicated 2, and certain managerial prerogatives are usually given up in the bonds indenture contract (for example, specific ra tios must be kept above a certain level during the term of the loan)13. Besides, debentures and bonds also have their own characteristics. 4. 2. 1. 1. DebenturesOne advantage of using debenture financing is that Xpresso Limited does not have to give collateral9. However, it also has disadvantages as it must compete with government loan stocks (gilts), what are the dominant type of debentures in Vietnam market, so the company must generally offer a higher rate of interest than the one on gilts to attract investors4. The legal issue of debentures that Xpresso Limited has to concern is that if a bond defaults, investors are entitled to the liquidation proceeds of property bought with the money they invest (by purchasing debentures)5. . 2. 1. 2. Bonds Bonds have fixed interest and are issued for long-term1. One advantage of using bond is that substantial flexibility in the financial structure is enhanced by debt through the inclusion of call provisions in the bond indenture13. In case o f financial distress, bondholders have greater claims of the issuers income than shareholders6. 4. 2. 2. Equity financing 4. 2. 2. 1. Issued shares The legal aspect involved is that shareholders are also owners of the company4.Therefore, the business ownership is diluted and it is possible to lose the control of the business for investors. However, there is also an advantage that there is large potential membership to provide capital and to share risks of loss, bankruptcy and so on. There is a part of profit of the company distributed to shareholders as dividends. One significant advantage of using issued share capital is that Xpresso may withhold the dividend if profits are insufficient. One disadvantage is that cash dividends are not tax deductible. 13) Besides, each type of shares also has its own characteristics. 4. 2. 2. 1. 1. Common shares The advantages of using common shares are that common dividend is based on profits when so that Xpresso Limited is free from worrying about not having enough money to pay there is no fixed maturity date for repayment of the capital and the sale of common shares is frequently more attractive to investors than debts as its value grows with the success of the firm11. However, there are disadvantages as well. Shareholders ave right to vote, therefore the shareholders control and share in earnings are usually diluted13. If Xpresso decides to issue common shares, the stake of CEO (51% at present) will be reduced as the number of shares increases. In terms of finance, issuance of common shares requires higher underwriting costs and the average cost of capital may increase above the optimal level when too much equity is issued13. 4. 2. 2. 1. 2. Preference shares Legally, like common share, preference shares represent a part of ownership or equity of Xpresso Limited4.Whats more, in case of financial distress, claims of preference shareholders must be satisfied before common shareholders receive anything13. There is no default r isk since non-payment of dividends does not necessarily mean bankruptcy. Preference dividend is fixed so that the company can plan to pay. Preference shareholders have no voting rights except in case of financial distress, which means there is no dilution of control. Call features and provision of sinking may be included so Xpresso may replace the issue if interest rates decline.There is one disadvantage that preference shares involve cumulative feature, which means in case Xpresso Limited does not have money to pay dividends in a particular year, the dividend keeps getting added to the next years dividend until the it is able to pay. (13) 4. 2. 2. 2. Retained profit There are advantages to using retained profit as a form of finance due to the absence of brokerage costs (for example, merchant banks fees), its simplicity and flexibility, and all gains from investment will still ultimately belong to existing shareholders13.Besides, there are disadvantages as shareholders expectation o f dividends may present a problem or insufficient earnings may be available4. 4. 3. Selection of appropriate sources of finance for a business project & assessment and comparison for various cost involved for each sources 4. 3. 1. Appropriate sources of finance As discussed above, it is proposed that Xpresso Delight Limited should use equity financing in forms of retained profit, issued share capital and debt financing in forms of loans in the capital structure.The main source that should be included is retained earning since it is the solidest source and has the least risk to the firm3. Issued shares and loans are the next choices as they bring many opportunities and a relatively reasonable number of risks as well as liabilities. 4. 3. 2. Costs of sources 4. 3. 2. 1. Retained profit Costs of retained earnings include fixed expenses such as wages, rent, materials, electricity and so on tax cost dividends (dividends are a cost of retained earnings as well as a cost of share capital) certain costs if invested in the short term as not needed immediately and also opportunity costs4. . 3. 2. 2. Issued shares Costs of the issued share capital include flotation costs, dividends (cash dividend and scrip dividends- dividends in the form of new shares) cost of providing shareholders or owners with information about the performance of the business such as the cost of glossy financial reports, Annual General Meetings, audit fees and the administrative costs of company with legal and Stock Exchange requirements for disclosure of information to shareholders and also certain costs associated with investing them if not needed immediately4. 4. 3. 2. 3. LoansLoans have interest as the main cost. The rate of interest may either be fixed or variable but in the case of Xpresso Limited it is fixed. There are also other costs including an initial arrangement fee to cover lenders administrative costs on setting up the loan (checking references, setting up data on a computer system an d so on) factors charge commission for advancing funds non-financial costs involved in the relationship between the company and creditors (for example, Xpresso will be required to provide the creditor with regular information about the performance of the business)4.That kind of non-financial cost may create the uncomfortable feeling of being watched for the owner. Opportunity cost is also included in this case as well. For instance, instead of paying interest of US$ 10,000 a year the business could do something else with that US$ 10,000 that might help generate income. 4. 3. 3. Options of capital structure There are three alternative capital structures that could be taken into account. Based on the comparison between their advantages and disadvantages, the most appropriate structure would be chosen. . 3. 3. 1. First structure For the first structure, it is to use 50% debt financing and 50% equity including 80% common share and 20% preference shares. That means US$ 15 million of debt s, and US$ 15 million of equity including US$ 12 million of common shares and US$ 3 million of preference shares. The costs of sources are Rf = US$ 0. 167 million Rc = US$ 1. 84 million Rd = US$ 1. 69 million The total cost is 0. 167 + 1. 84 + 1. 69 = 3. 697 (US$ million) 4. 3. 3. 2. Second structureThe second structure is to use 25% debt financing and 75% equity financing including 80% common shares and 20% preference shares. That means US$ 7. 5 million of debts, US$ 22. 5 million of equity including US$ 18 million of common shares and US$ 4. 5 million of preference shares. The costs of sources are Rf = US$ 0. 25 million Rc = US$ 2. 81 million Rd = US$ 0. 84 million The total cost is 0. 25 + 2. 81 + 0. 84 = 3. 9 (US$ million) 4. 3. 3. 3. Third structure The third structure includes 10% debt financing and 90% equity financing including 80% common shares and 20% preference shares.That means US$ 3 million of debts, and US$ 27 million of equity including US$ 21. 6 million of common sha res and US$ 5. 4 million of preference shares. The costs of sources are Rf = US$ 0. 3 million Rc= US$ 3. 32 million Rd = US$ 0. 34 million The total cost is 0. 3 + 3. 32 + 0. 34 = 3. 96 (US$ million) As comparing the costs and the advantages & disadvantages of the three structures, it is to be said that the second structure is the best capital structure to apply for Xpresso Limited.Because although it does not has the lowest cost, the proportions of sources of finance included are the most appropriate option as the percentage of debts used (25%) is not too high for adding risks to the company but also ensures for the financial leverage (the tax relief) to be used. In addition, the cost of finance in this structure is still relatively low. 4. 4. The financial planning 4. 4. 1. Definition In general, financial planning is the process of developing strategies to help you manage your financial affairs so you can build wealth, enjoy life and achieve financial security5. . 4. 2. Importanc e for Xpresso Limited Financial planning involves achieving a balance between the requirements to minimize the risk of not having cash to pay creditors and the requirements to maximize the earnings made by using assets4. It plays a very important role in helping Xpresso co-ordinate and organize the internal system, set up detailed plans for using resources, as well as for paying debts and liabilities, develop strategies, and finally prepare for any potential incidents in the future7. For Xpresso, every transaction has to be well-planned to run the business efficiently. . 4. 3. Shortage & surplus of capital Capital surplus- the amounts of directly contributed equity capital in excess of the par value13 has a large impact on Xpresso Limited as it can be used to distribute as bonus dividends to shareholders, to reinvest as owners equity and it also helps to reduce the cost of capital mobilizing9. It helps gain more prestige for Xpresso but also gives more pressure on the management as they have a duty to use it effectively. Capital is one factor of production, therefore its shortage makes difficulties for Xpresso to operate and develop efficiently4.Even it can lead to bankruptcy if capital shortage is too large. 5. CONCLUSION It can be said that each and every source of finance has both advantages and disadvantages. The aim is to make use of the advantages and also to avoid the disadvantages of all sources. The best capital structure is to combine the appropriate sources to make the best use for the company. To conclude, the capital structure proposed is to use 25% debt financing and 75% equity financing including 80% common shares and 20% preference shares in estimated US$ 30 million of capital.The cost of finance is US$ 3. 9 million. The structure has a relatively cost of finance and also ensures to make use of all advantages as well as minimizes all disadvantages of sources of finance used for expansion. As preparing a detailed and well-organized financial pl anning, there is a high rate of success for the expansion and other further developments of Xpresso Delight Limited Company. Appendix 1. Formula of cost debts + Before-tax cost Rdt = debts x 15% + After-tax cost Rd = Rdt x (1 t) Rd After-tax cost Rdt Before-tax cost t Corporate tax rate (t = 25%) . Formula of cost of issuing shares 1. Cost of issuing common shares Rc = Dc / Pc (1 ec) + g Dc dividend per share (Dc= US$ 0. 3) Pc value per share (Pc= US$ 1) ec flotation cost for ordinary share (ec= 17%) g rate of earnings growth (g= 15%) 2. Cost of issuing preference shares Rf = Df / Pf (1 ef) Df dividend per share (Df = US$ 5) Pf value per share (Pf = US$ 1) ef flotation cost for preference (ef= 10%) Reference 1. City & County of San Francisco (2002) Bond Financing Basics. San Francisco Controllers office 2.Communist party of Vietnam (2005) Procedure of borrowing from Vietnam bank for agriculture and rural development online. Updated 20 June 2005 accessed 29 November 2009. Available from http//www. cpv. org. vn/cpv/Modules/News/NewsDetail. aspx? co_id=30592&cn_id=223635 3. Edexcel HNC&HND business (2004) Business environment, London BPP professional Education 4. Edexcel HNC&HND business (2004) Managing financial resources and decisions, London BPP professional Education 5. Financial News (1996) online. eFinancialNews Ltd cited 26 October 2009 .Available from Internet http//www. efinancialnews. com/&sc=TWTAM000GS 6. Financial planning defined (2005) online Financial Planning Association cited 25 October 2009. Available from Internet http//www. fpa. asn. au/FPA_Content. aspx? Doc_id=1056 7. Hong, P. (2007) Capital surplus- to distribute or not?. Saga online. Accession No. 362/GP-BC, 10 October, cited 1 December 2009. Available from http//www. saga. vn/Luatkinhdoanh/Luattrongnuoc/6794. saga 8. Hong, S. (2009) Organizational debentures attractive to foreign