FIN 507, Sect 110 FINANCIAL MANAGEMENT

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Nov 10, 2013 (4 years and 3 days ago)

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1




FIN 507
, Sect 11
0


FINANCIAL MANAGEMENT







Spring

Semester

201
2



Mode of Instruction
:




1:15


5:15 pm on the following five Saturdays: 1/21, 2/11, 3/3, 3/31, and 4/28 in Room 149.




This class is a
hybrid
format
that meets face
-
to
-
face
on main campus
(
in a computer lab that can be chilly)
and
utilizes the

new
TAMUCT Blackboard Learn system

described

later in

Section 7.0 of this Syllabus
, en
titled:
“Technology Requirements.”

Students s
hould check the
new Blackboard
site continuously throughout the
semester for Announcements
/emails
, Assessments, Exams, Solutions,
Calculator Tutorials,
and other helpful
information.

Access the
new
TAMUCT Blackboard
site
at

http://tamuct.blackboard.com
.






Instructor
: Dr. Mary H. Kelly




Assistant Professor of Finance

and
Coordinator
-
Accounting, Finance and Economics


Office:
Room 151B, Main Campus


Phone:
254
-
519
-
5
779


Instructor’s
Office Hours:




Tues
:




4
:0
0


7
:0
0

pm




Wed, Thurs:
1
:00



4
:00 pm



Saturday:
12:00



1:00 pm

on
1/21, 2/11, 3/3, 3/31,

4/28

By Appointment

for

other day
s

or time
s.


NOTE:
I am on campus much more than the office hours listed above and you are encouraged

to stop by my office any time you are on campus. Apart from office hours
,
the best way to

reach me

is
email through Bb or the university
(
mhkelly@ct.tamus.edu
)

with

FIN 507

in

the subject
.

I generally respond within a da
y or much sooner if I am online.



Administrator for Course, Department, and School of Business Administration (SOBA):


Ms. Charlotte Wesley

at
cwesley@ct.tamus.edu

or
254
-
519
-
5437.


Appointments and other information can be obtained with
her assistance vi
a
email
or phone
.




UNILERT


An
Emergency Warning System for Texas A&M
University


Central Texas

This notification service
gives Texas A&M University
-
Central Texas the ability to communicate health and
safety emergency information quickly via email and text message. By enrolling in UNILERT, university
officials can quickly p
ass on safety
-
related information, regardless of your location. Please enroll today at
http://TAMUCT.org/UNILERT
.







2

Important Dates this Semester:


January 23, 2012
, is t
he deadline to r
equest graduation in
May 2012.

Saturday, May 12, 2012, is Commencement.

Monday March 12 through Friday March 16 is
Spring Break
.

Tuesday, January 24, is t
he deadline

to drop/add
this course, or another that meets
only
the first 8 weeks
.

Drop/Add procedures are specified below
in Sect 8.0.




1.0 Course Description
:


This is the core
course in financial management for students
in the MBA program
.

Coverage is deeper
th
an undergraduat
e finance courses and our master’s

level course titled
:


Foundations of Financial
Management
.


Topics
in this course
emphasize

financial valuation methodology,

financial statement
analysis,
capital structure decisions
,
capital budgeting

decisions
,
dividend policy
,

bankruptcy procedures
,
and current events
.



2.0 Course Objectives:


2.1 Student Learning Objectives

(SLOs)
:


(1)
Upon completion of this course
,

students should understand

the following:

A.

The building blocks of value
-
based corporate decisio
n
-
making aimed at maximizing a

firm's
value
for its owners.

B.


The importance of
understanding a

firm's financial statements.

C.


Time value of money
concepts

for valuing financial assets.

D.


The basics of risk and return

analysis for stocks and bonds
.

E.


The significance of a

firm's weighted average cost of capital.

F.


The b
asics of the capital

budgeting process.

G.


The basics of a
firm's dividend policy decision.

H.


The financial aspects of bankruptcy and reorganization.

I.


The importance of ethical behavior and how ethics should impact decision making
.

J.


The relationships between

academic course material and real
-
world decision skills
.



2.2 Course Competencies
and Assessments (
based on SLOs above
)
:




(2)
Upon completion of this course
,

the student should be able to

do the following
:

A.

Read real
-
world financial statement
s and draw

conclusions about a

firm's financial health.

B.

Construct and inter
pret important financial metrics.

C.

Calculate the value

of
financial assets by applying time value of money concepts.

D.

Calculate the fundamental value

of a

firm's debt and equity securities using prescribed models.

E.

Compute
a

firm's cost of capital
used
in financial decision making.

F.

De
scribe

the implications of a sub
-
optimal capital structure
.

G.

Describe

investment decisions using established capital budgeting
techniques.

H.

Describe the impact on firm valuation from

dividen
ds and share repurchases.

I.

Discuss

unethical corporate governance and
behavior and be able to describe

decision making that
may impinge on ethical standards.

J.

Create spreadsheets with

financial da
ta

used
to facilitate
decision making
.



3.
0


Required Reading
s
,
Materials, and Textbooks:



(1)

Text:
Corporate Finance: A Focused Approach,

4
th

edition
,

by Ehrhardt and Brigham
.



The text has an excellent website you can access with nothing more than

an internet connection at


www.cengage.com/finance/ehrhardt

and

the professor will refer to select materials

at this site.


3


(2)

Access to Excel or a
Financial Calculator.

Excel is recommended for performing financial calculations

in this course, yet a financial calculator may be used, too. It’s important for students to know that the

keystrokes differ b
oth between excel and calculators
, and among
different models of calculators,

which can lead to different answers

and

wrong financial decision
s
. This class will meet in a computer

lab to facilitate using excel and o
nly a limited a
mount of classroom time
will be
spent addressing the

use of
financial
calculators.


4.0 Course Requirements:






Attached t
o the end of this syllabus is the Course Calendar
-

a
schedule of course

topics and assignments



required

for completion of this course. D
epending on class dynamics, we may move more quickly



or

slowly to enhance the
learning

environment
.
C
hanges made at the discretion of the instructor will be



announced in class and posted on Blackboard.



5
.0

Complete
Course Calendar:





The complete course calendar is attached to th
is syllabus and any changes made

at the discretion of



the
instructor will be announced in class and posted on Blackboard.
The

Course Calendar shows the
lea
rning outcomes targeted by each
particular
assessment and/or
assignment. The format of this course
requires you
to

work on your own a great deal. To facilitate your learning,
solutions
to
problems

will be
posted o
n Blackboard and can total many

pages; henc
e, be fiscally prudent with any printing. Throughout
the semester, current events will be discussed and guest speakers may visit the classroom.


6
.0 Grading Criteria and Rubric
s
:





The

grade will come from
Seven

i
n
-
class Assignments, Three
Assessments

and One Presentation.



A

maximum of
1000

points
will be
awarded

as follows:



28
0

Points
:

Each
of the
seven

I
n
-
class A
ssignment
s

will be worth
a maximum of 4
0

points. If you miss
a
class,

y
ou must ask the profes
sor if it is permissible
to earn points by e
mailing the In
-
class A
ssignment(s)

and factors considered will be

timing
and
reason
of request, as well as

documentation of the reason


if any.


60
0

Points
:

Eac
h
of the three
Assessments

will
be worth
a maximum of
20
0 points,
consist
ing

of
multiple choice
questions
and
short essays that cover both concepts and calculations.
The format of each assessment
is likely to be a window of several days to complete the assessment online and may involve only one
attempt to complete the assessment,
or several attempts that produce an average of all attempts, to
another format that may be a classroom setting; hence, it is important for students to check Bb
postings and be aware of announcements during class to ensure
accurate information
on assessment
s.


A mi
ssed exam

will count as a zero unless prior arrangements have been made with the professor,
who reserves the right to allow a
missed exam

to be made up by applyi
ng
its weight to another exam
or assignment
.

Any written assignments will be graded for

application of
APA style,

as well as proper
spelling, grammar, writing skills, and content.


1
2
0

Points

A presentation to the class on a current topic in

finance will be peer
-
evaluated and the professor will
evaluate the written submission due
on
the date

of presentation. Presentations will be throughout the
semester at a schedule determined during the first class.

The topic may be one of your choosing that
the professor must approve

or a topic assigned by the p
rofessor. This is

a group project, but c
an be

an
individual project

upon approval by the professor.




4




Incomplete Policy:


A grade of “Incomplete” can be given only under extenuating circumstances,



such as serious illness or other necessary absences. Summer semester grades of “Incomplet
e” must



be completed in accordance with university policy. If this does not happen, then the “Incomplete”



will be changed to an “F.” If you are not earning at least a “C” in the course, and have not complete
d



most of the course, then an “Inco
mplete” grade may not be appropriate.


Grading Scale will be as described below.


A = 92
-
100%
or
920
-

1000

points



B = 83
-

91%
or
830
-

919

points



C = 74
-

82%
or
740
-

829

points



D = 65
-

73%
or
650
-

739
points


F =
below 65
or below

650

points



7.0 Technology Requirements
:


This course will use the new TAMU
-
CT Blackboard Learn learning management system for
some
class
communications, certain

content distribution, and
most or all
assessments.



You will use the Blackboard username and password communicated to you separately to log

on to this
system.





Logon to
http://tamuct.blackboard.com

to access the

course.


Username: Your Tarleton email address (t
he complete email address, e.g.
john.doe@go.tarleton.edu)


Initial password: Your DuckTrax ID (UID)
.



For technological or computer issues, students should contact the TAMU
-
C
T Blackboard Support Services
24 hours a day, 7 days a week
:

S
upport Portal
:
http://www.ct.tamus.edu/bbsupport
.

Online chat (through the support portal at:
http://www.ct.tamus.edu/bbsupport
)

Phone: (855)
-
661
-
7965





Blackboard supports the most common operating systems:


PC: Windows 7, Windows XP, Windows Vista, Windows 2000,


Mac: Mac OS 10.6 “Snow Leopard®”, Mac OS 10.5 “Leopard®”, Mac OS 10.4
“Tiger®”





Check browser and computer compatibility by following the “Browser Check” link on the TAMU
-
CT




Blackboard logon page
.
(
http://
tamuct.blackboard
.com
)

This is a CRITICAL step as these settings are




important

when you take an exam or submit an assignment.



Upon logging on to Blackboard Learn, you will

see a link to Blackboa
rd Student Orientation under My

Courses tab. C
lick on that link and st
udy the
materials in this orientation course. The new Blackboard is a
brand
-
new interface and you will have to come up to spe
ed with it
quickly. This orientation course will help
you get there. There is also a link to Blackboard Help from inside the co
urs
e on the left
-
hand menubar.
Your
ability to function within the Blackboard system will facilit
ate your success in this

course, as some
requirements

are expected to be online.



Technology issues are not an excuse for missing a course requirement


make sure your computer is



configured correctly and address issues well in advance of deadlines
.





5


8
.0 Drop and
Withdrawal Policy:




If you discover that you need to drop this class, you must go to the Records Office and ask for
the


necessary paperwork.


Professors cannot drop students;
this is always the responsibility of the student
.
The


record’s office will give a deadline for
which the form must be returned, completed, and signed. O
nce you


return the signed form to the records office and wait 24 hours, you must go into Duck Trax and confirm


that you are no longer enrolled. If you are still enrolled, FOLLOW
-
UP with
the rec
ords office immediately.


You are to attend class until the procedure is complete to avoid penalty for absence. Should you miss the


deadline or fail to follow the procedure, you will receive an F in the course.


9
.0
Academic Integrity
:



Texas A&M
University
-
Central Texas expects all students to maintain high standards of personal and
scholarly conduct. Students guilty of academic dishonestly are subject to disciplinary action. Academic
dishonesty includes, but is not limited to, cheating on an exam
ination or o
ther academic work, plagiarism,
collusion, and the abuse of resource materials. The faculty member is responsible for initiating action for
each case of academic
dishonesty.


10
.0

Disability Support Services
:


If you have or believe you have a

disability, you may wish to self
-
identify. You can do so by providing
docume
ntation to the office of Student Affairs in Room 114 on the main campus
at
254
-

519
-
5721
.

Students
are encouraged to seek information about accommodations to help assure success in this class.





11
.
0

Tutoring Services:


TAMUCT offers its students tutoring, both on
-
campus and online. Subjects tutored include: Accounting,
Finance, Statis
tics, Mathematics, and Writing (MLA and APA).


For hours, or if you're interested in
becoming a tutor, contact Academic Support Programs at 254
-
519
-
5496 or by emailing
gnichols@ct.tamus.edu
.


Tutor.com is an online tutoring platform that enables TAMU
-
CT students to log
-
in and receive FREE
online tutoring and writing support. This tool provides tutoring in Mathematics, Writing, Career Writing,
Chemistry, Physics, Biology, Spanish, Calculus, and
Statistics.


Chat live with a tutor 24/7 for any subject
on your computer, or use the Tutor.com To Go App on your iPhone, iPod touch, or iPad.


Visit
www.tutor.com/togo

to download the app for free.

For

access please visit
www.ct.tamus.edu/AcademicSupport

and click the link for Tutor.com.



12
.0 Library Services
:




Library distance education services

aims to make available quality assistance to A&M
-
Central Texas
students seeking information sources remotely by providing digital reference, online information literacy
tutorials, and digital research materials. Much of the A&M
-
CT collection is available
instantly from home.
This includes over half of the library's book collection, as well as approximately 25,000 electronic journals
and 200 online databases. Library Distance Education Services are outlined and accessed at:
http://www.ct.tamus.edu/departments/library/deservices.php
.



Information literacy

focuses on research skills which prepare individuals to live and work in an
information
-
centered society. Librarians wi
ll work with students in the development of critical reasoning,
ethical use of information, and the appropriate use of secondary research techniques. Help may include, but
is not limited to: the exploration of information resources such as library collecti
ons, the identification of
appropriate materials, and the execution of effective search strategies. Library Resources are outlined and
accessed at
:
http://www.ct.tamus.edu/de
partments/library/index.php
.


6

13
.
Additional Information
:



An important
component of a learner
-
centered syllabus is a section direc
ted to you,
a student

scholar
, that


explains the instructor’
s teaching philosophy for this course.

Here is a
summary:



My expectations are for you to

develop
reasonable
proficiency with financial theories and their
applications
to
myriad
d
ecisions
faced by all businesses within the complex and dynamic environment of financial
systems in the U.S. and other c
ountries.
Emphasis will be placed on the practical
application
s of financial
theories,

and current events in finance will be discussed.


Also,
I hold a special interest in

your professional development.
This stems, in part, from a career in
corporate banking prior to
specializing in higher education.
Specifically,
I obtained

progressively
responsible industry e
xperience during a rapidly changing time in the financial services indus
try. Beginning
with
a
fo
rmal Financial Analyst
Training Program

and
advancing

to Regional Finance Manager and Vice
President of Corporate Banking

for the largest U.S. financial institutions,

I managed

professionals in credit,
colle
ctions
and business development, while

maintainin
g client relationships and competing for

new
business from large

companies across the U.S.
for
structured financings, swaps, fx, trust services, cash
management, private banking,
and

other commercial services.


Please don’t hesitate to discuss the course o
r related matters with me and remember:
the best way to
r
each

me is
through

Blackboard email

or
U
niversity
email
and with FIN 507

in the subject

line.
































7


COURSE CALENDAR
for
4
th

edition of Text

(previous

edition
s have a different order to the topics, especially the early chapters)





BRING TEXT TO EVERY CLASS


Class

#

Dat
e

Chapters

Topics,

Student

Learning

Objectives

(SLOs),

Assignments,

Assessments


#
1

Jan 21



Introduction

Pre
-
class Assignment: Watch

Video

on Careers in Finance.






See Careers
Interview with three different types of financial managers




http://highered.mcgraw
-
hill.com/sites/0073382469/student_view0/video_clips.html





In
-
class Lecture on:



Syllabus and

Bb Posting on

“C
urrent Event Assignment



Ch 1


Overview of Financial Management and the Financial Environment






Pre
-
class
Readings to prepare for discussion and assignments:





Self
-
Test Questions on p
p 13
, 27,31;

also, p 16; p 43 Figure 1
-
6




(see
financial theory used to

calculate a firm’s value
)


In
-
class
Lecture on:


Pre
-
class readings;



Financial Language vs. Financial Calculations;


I
nfo/statistics not in text

on Financial Market Dynamics




Ch 2


Financial Statements, Cal
culation of Cash Flow

and Taxes










Pre
-
class Readings to prepare for discussion and assignments:




Omit topics of MVA and EVA




Read chapter with focus on:
Questions 2.1
-

2.8
(for
Concepts
with




Financial

Stmts
)

and understand
Problems 2.1


2.6
(for
review of



Algebra
)





In
-
class
Lecture

on
:



P
re
-
class readings;


EBITDA &

other

real
-
world
calculations of “
Free
Cash Flow”




vs. text

and

why
not all text
calculations are

at
yahoo.finance
;


EBITDA per

Law & Order
-
CI episode: Tuxedo Hill



(
f
rom prof’s purchase at amazon.com for about $2.99
)



In
-
class Assignment

1

Excel/Spreadsheet Problem

2.14
omit c



See Bb
posting
s

for
excel
t
emplate and guide to solution



S
uggestion: do with

a

split screen

for problem
-
sol
ution


Ch 3


Analysis of Financial Statements




Pre
-
class Readings to prepare for discussion and assignments:



p 103 (
especially
5 Categories and
last column
)




p 107
(
for
use of Algebra in DuPont Equation

for ROE

)



p 108

(
for Ratio Benchmarks and
Window Dressing
)














8




Class

#

Date

Chapters

Topics,

Student

Learning

Objectives

(SLOs),

Assignments,

Assessments



#
1 Jan 21 cont.
In
-
class Lecture on:


Pre
-
class readings;


Productivity Ratios (not in text);







Video on Ratios far beyond th
ose in text





See EVA
Dr Joel Stern of Stern Stuart defines MVA and EVA


http://highered.mcgraw
-
hill.com/sites/0073382469/student_view0/video_
clips.html





In
-
class Assignment

2

Problem 3
-
13. See Bb posting for guide to solution.








Assessment/



Online and Due by Midnight on Sunday Feb 5




Exam

1


Associated SLOs: 2.1

ABIJ; 2.1

ABIJ








___________________________________________________________________________________________


#
2

Feb 11



TVM



In
-
class Lecture on:


Time Value of Money
Concepts, Calculations and
Applications


will be scheduled f
or
this class and the next two
-

unless we move



more quickly or slowly, based on class
dynamics.


See
Bb posting called

“TVM h
andout
.”

(1) Lumps Sums

(chap
4)

(2) Annuities

(chap
4)

(3) Multiple
or Uneven
Cash Flows

(chap
4)

(4) Bonds

(chap
5)


(5) Stocks

(chaps 6 and 7
for

risk and return metrics

and


models, plus
the Efficient Markets Hypothesis or EMH
)

(6) Capital Structure
Decisions

(chap
9
-

wacc calculations
;


chap 15

-

effects of capital structure on firm value)

(7)
Capi
tal Budgeting
Decisions

(chap
10



mainly NPV, IRR,


and Payback Period)








Ch 4


TVM for Lump Sums, Annuities, Uneven Cash F
lows







Pre
-
class Readings to prepare for discussion and assignments:

p 130 Fig 4
-
1 line 57; p134 Fig 4
-
3 line 128;




p139 Fig 4
-
5 line 238;p142 Fig 4
-
6 line 309;



p149 Fig 4
-
7 lines 485
-
92;
p 156 Fig 4
-
10;





Questions 4
-
1 thru 4
-
5 (see Bb posting for guide to solutions)




In
-
class Lecture on:


Pre
-
class Readings and Video on

Lottery

Payment Options
.


See Time Value of Money Part I
-

Lottery example of Present Value
-

Lump sum payment
.


http://highered.mcgraw
-
hill.com/sites/0073382469/student_view0/video_clips.html



In
-
class Assignment 3


Spreadsheet Problem 4
-
34 only a,

c,

d,

e,

f

,

g








See Bb posting
s

for

excel template and
guide to solution.


Suggestion: do with a split screen for problem
-
solution







9

Class

#

Date


Chapters

Topics,

Student

Learning

Objectives

(SLOs),

Assignments,

Assessments



#2 Feb 11 cont.






Ch 5

TVM for Bond

Valuation






Pre
-
class Readings to prepare for discussion and assignments:

p182 Fig5
-
1; p 187; p 190; p 191; p 198; p205
-
6;

p 207

(priority of claims in bankruptcy)





In
-
class Lecture

on
:





Vide
o on Bonds


See Bonds

Definition of the Bond Market and how it differs from the Stock Market

http://highered.mcgraw
-
hill.com/sites/0073382469/student_view0/video_clips.html





In
-
class Assignment 4

Spreadsheet Problem 5
-
24 omit f



See Bb posting
s

for
excel template and
guide to solution
;


Suggestion: do with a split screen for problem
-
solution





Current Events


Presentations per Assigned Schedule



See
Bb Posting on
“Current Event Assignme
nt”

__________________________________
___
________________________________________________


#
3 March 3





TVM Continued with Concepts and Calculations for Stock Valuation





Ch 6
Risk and Return Measurements for Stocks
( sigma vs. beta and CAPM)







Pre
-
class Readings to prepare for discussion and assignments:

p
227, 229, 237,239,244, 247, 248
;

Questions 6
-
1, 6
-
3, 6
-
6, 6
-
7






Ch 7


Stock Valuation with the DDM (or DGM); the EMH




Pre
-
class Readings to prepare for discussion and assignments:

p
275 Self
-
Test

Problem
; p280 Formula 7
-
4;

p284 Fig 7
-
5;

p

290; p 291

the EMH and
its three forms






In
-
class Lecture on:



See
Bb posting called “TVM
handout”



Pre
-
class readings;


Stock risk measured by

σ vs. β;



Stock return
measured

by CAPM vs. DDM vs. Avg of both;


Portfolio
Management
-
weighting, diversification, risk profile;

Empirical evidence of stock valuation models



In
-
c
lass Assignment

5
a,b

a)
Spreadsheet Problem 6
-
14


See Bb posting
s

for
excel template and
guide to solution






b)
Problems 7
-
1, 7
-
2, 7
-
3, 7
-
5

See Bb posting for guide to solution
s.









10

Class

#

Date


Chapters

Topics,

Student

Learning

Objectives

(SLOs),

Assignments,

Assessments





#3 March 3 cont.




Current Events
Presentations per

Assigned
Schedule


See
Bb Posting on

“Current Event Assignment




Assessm
ent/
Online
and
D
ue by Midnight on Sunday March 25


Exam 2

Emphasis will be on material since last assessment.





Associated SLOs: 2.1 CDH; 2.2 CD; and those noted previously



#
4

March 31




Continue
T
VM Concepts and Calcul
ations




Ch 9,15


TVM Applications for Capita
l Structure Analysis (e.g., debt,
equity
, hybrid
)








Calculating WACC and
the
Implications of L
everage








Pre
-
class Readings to prepare for discussion and assignments:


p
343; 345;
358
-
9;

361;


p
601;

611;
618


In
-
class Lecture:


See
Bb posting called “TVM handout”

Calculate wacc and discuss e
mpirical
evidence

suggesting

the
use of

debt tends to

increase
the
value of a
firm
-

le
ading to the quest for
an
optimal capital structure that maximizes
a
firm
’s

value for
the benefit
of its
owners
/shareholders

(recall, ch 1)



I
n
-
class Assignment

6


Problems 9
-
1 thru 9
-
7; See Bb posting for guide to solutions.







Ch 14


Distrib
utions to Shareholders (Cash, Stock, Stock Buybacks)







Pre
-
class Readings to prepare for discussion and assignments:



p 560; 562
-
7; 568
; p 582; 584;

587







In
-
class Lecture:


The
Signaling Theory



Ch 10



TVM Concepts and Calculations for
Capital Budgeting Analysis





Capital Budgeting
Decisions by NPV, IRR, Payback, Other Methods





Pre
-
class Readings to prepare for discussion and assignments:



p 405;
p 383; p 385 Fig 10
-
2; p 386
and 399
(NPV Rules);





p

387 Fig 10
-
3;
p 38
8 (IRR Rules);


p 401 Payback (
does not consider TVM at all
)







In
-
class Lecture:


NPV preferred

for capital budgeting decisions


In
-
class Assignment

7


Problems 10
-
1, 10
-
2, 10
-
5, 10
-
9.




See Bb posting for guide to solutions.










11


Class

#

Date


Chapters

Topics,

Student

Learning

Objectives

(SLOs),

Assignments,

Assessments


#4

March 31 cont.




Current Events



Presentations per
Assigned
Schedule



See
Bb Posting on

“Current Event Assignment







#
5

April 28


Current Events

Presentations per
Assigned
Schedule


See
Bb Posting on

“Current Event Assignment









Guest Speaker TBD






Review for

Emphasis will be on material since last assessment.




Assessment/



O
nline

and
D
ue
by M
idnight on
Thursday, May 10





Exam 3


Associated SLOs: 2.1 EFGH; 2.2 D
EFGH; and those noted previou
sly.


___________________________________________________________________________________________