basic+changes

the annual return on a bond (the rate of interest) expressed as a percentage of the current market price of the bond. Bonds can tie up investors’ money for periods of up to 30 years, so knowing their yield is a critical investment consideration.

Bond yield is calculated by multiplying the face value of the bond by its stated annual rate of interest, expressed as a decimal. For example, buying a new ten-year $1,000 bond that pays 6% interest will produce an annual yield amount of $60:

The $60 will be paid as $30 every six months. At the end of ten years, the purchaser will have earned $600, and will also be repaid the original $1,000. Because the bond was purchased when it was first issued, the 6% is also called the “yield to maturity.”

     This basic formula is complicated by other factors. First is the “time-value of money” theory: money paid in the future is worth less than money paid today. A more detailed computation of total bond yield requires the calculation of the present value of the interest earned each year. Second, changing interest rates have an impact on bond trading and, ultimately, on yield. Changes in interest rates cannot affect the interest paid by bonds already issued, but they do affect the prices of new bonds.

an accounting ratio of the income from an investment to the amount of the investment, used to measure financial performance.

There is a basic formula that will serve most needs, at least initially:

If $1,000 in capital is invested in stock, and one year later the investment yields $1,100, the rate of return of the investment is calculated like this:

Now, assume $1,000 is invested again. One year later, the investment grows to $2,000 in value, but after another year the value of the investment falls to $1,200. The rate of return after the first year is:

The rate of return after the second year is:

     The average annual return for the two years (also known as average annual arithmetic return) can be calculated using this formula:

     Accordingly:

The average annual rate of return is a percentage, but one that is accurate over only a short period, so this method should be used accordingly.

     The geometric or compound rate of return is a better yardstick for measuring investments over the long term, and takes into account the effects of compounding. This formula is more complex and technical.

     The real rate of return is the annual return realized on an investment, adjusted for changes in the price due to inflation. If 10% is earned on an investment but inflation is 2%, then the real rate of return is actually 8%.

Also known as return

a document that provides a summary of personal career history, skills, and experience. A résumé is usually prepared to aid in a job application. A job advertisement may ask either for a résumé or instead may require a candidate to complete an application form.

     Every résumé should include the following: the jobseeker’s name and contact details; a clear and concise description of his or her career objective; some kind of outline of work experience; and a list of education and qualifications. It is important to customize a résumé to the type of job or career being applied for, and to make sure it has impact: a hiring manager receives an average of over 120 résumés for every job opening.

     There are four basic types of résumé: the chronological, the functional, the targeted, and the capabilities résumé. A chronological résumé is useful for people who stay in the same field and do not make major career changes. They should start with and focus on the most recent positions held. A functional résumé is the preferred choice for those seeking their first professional job, or those making a major career change. It is based around 3–5 paragraphs, each emphasizing and illustrating a particular skill or accomplishment. A targeted résumé is useful for jobseekers who are very clear about their job direction and need to make an impressive case for a specific job. Like a functional résumé, it should be based around several capabilities and accomplishments that are relevant to the target job, focusing on action and results. A capabilities résumé is used for people applying for a specific job within their current organization. It should focus on 5–8 skills and accomplishments achieved with the company.

     The format of a résumé should also be considered—whether it is to be printed out, incorporated into an e-mail, posted on a Web site, or burned onto a CD-ROM. Different layout and design elements, such as the choice of fonts or inclusion of multimedia, are suitable for each medium, and should be thought through carefully.

U.K. term CV

SUBJECT AREA: Recording

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He graduated from the Dover Academy (Delaware) in 1882 and was apprenticed in a machine-repair firm in Philadelphia and studied in evening classes at the Spring Garden Institute. In 1888 he took employment in a small Philadelphia machine shop owned by Andrew Scull, specializing in repair and bookbinding machinery. After travels in the western part of the US, in 1891 he became a partner in Scull \& Johnson, Manufacturing Machinists, and established a further company, the New Jersey Wire Stitching Machine Company. He bought out Andrew Scull's interest in October 1894 (the last instalment being paid in 1897) and became an independent general machinist. In 1896 he had perfected a spring motor for the Berliner flat-disc gramophone, and he started experimenting with a more direct method of recording in a spiral groove: that of cutting in wax. Co-operation with Berliner eventually led to the incorporation of the Victor Talking Machine Company in 1901. The innumerable court cases stemming from the fact that so many patents for various elements in sound recording and reproduction were in very many hands were brought to an end in 1903 when Johnson was material in establishing cross-licencing agreements between Victor, Columbia Graphophone and Edison to create what is known as a patent pool. Early on, Johnson had a thorough experience in all matters concerning the development and manufacture of both gramophones and records. He made and patented many major contributions in all these fields, and his approach was very business-like in that the contribution to cost of each part or process was always a decisive factor in his designs. This attitude was material in his consulting work for the sister company, the Gramophone Company, in London before it set up its own factories in 1910. He had quickly learned the advantages of advertising and of providing customers with durable equipment and records. This motivation was so strong that Johnson set up a research programme for determining the cause of wear in records. It turned out to depend on groove profile, and from 1911 one particular profile was adhered to and processes for transforming the grooves of valuable earlier records were developed. Without precise measuring instruments, he used the durability as the determining factor. Johnson withdrew more and more to the role of manager, and the Victor Talking Machine Company gained such a position in the market that the US anti-trust legislation was used against it. However, a generation change in the Board of Directors and certain erroneous decisions as to product line started a decline, and in February 1926 Johnson withdrew on extended sick leave: these changes led to the eventual sale of Victor. However, Victor survived due to the advent of radio and the electrification of replay equipment and became a part of Radio Corporation of America. In retirement Johnson took up various activities in the arts and sciences and financially supported several projects; his private yacht was used in 1933 in work with the Smithsonian Institution on a deep-sea hydrographie and fauna-collecting expedition near Puerto Rico.

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встречное обязательство
Данное обязательство определяет базовый пакет прав и конкретные права каждого действующего участника Всемирной программы VIII, за защиту и реализацию которых отвечает Оргкомитет «Сочи-2014». Оно может быть изменено по инициативе МОК и/или в связи с изменениями, согласованными с МОК в рамках Всемирной программы VIII.
[Департамент лингвистических услуг Оргкомитета «Сочи 2014». Глоссарий терминов]

EN

back-to-back covenant
This covenant reflects the basic package of rights and specific rights for each current participant in the TOP VIII program that Sochi 2014 is obligated to protect and deliver. It may be amended at the initiative of the IOC and/or as a result of changes agreed by the IOC under the TOP VIII program.
[Департамент лингвистических услуг Оргкомитета «Сочи 2014». Глоссарий терминов]

Тематики

• спорт (маркетинг)

EN

• back-to-back covenant