Cognitive Dissonance Essay - 1280 Words

â€Å"Your best friend is having a beer bash tonight. Everyone you talk to indicated their positive intentions of going to the best beer bash of the millennium. However, you have a Psyc 135 final next morning that you havent studied for. Your midterm scores have been low going into the final, but everyone claims that the final is easy every semester. Should you stay home and study for the final or go to this millennium beer bash and merrily consume alcohol?† Above stated scenario raises several questions in my mind and lands me in a state of psychological tension. Having a choice of attending a social event or studying for the final exam puts me in a dilemma as to what to do next. Deciding to stay home and study for a test may very well anger†¦show more content†¦One decision is to stay abstinent from alcohol or follow in the footsteps of my beer bash friends. Prescribing to any of the alternatives may lead to dissonance as drinking may deteriorate health and cause lower grades, while not attending the beer bash may give my best friend and peers a sense of their rejection. What happens to people when they discover dissonant cognitions? The answer to this question forms the postulation of Festinger’s theory. Festingers theory of Cognitive Dissonance postulates that individuals, when presented with evidence contrary to their worldview or situations in which they must behave contrary to their worldview, experience cognitive dissonance (Festinger, 1957). Dissonance can be simply understood as an â€Å"unpleasant state of tension.† A person who has dissonant or discrepant cognitions is said to be in a state of psychological dissonance, which is experienced as unpleasant psychological tension (Berkowitz amp; Cotton, 1984). This tension state has drive-like properties that are much like those of hunger and thirst. When an individual has been deprived of food for several hours, he/she experiences unpleasant tension and is driven to reduce the unpleasant tension state that results (Berkowitz amp; Cotton, 1984). The general sequence of a psychological tension is as follows, (a) conflict, (b)Show MoreRelatedCognitive Dissonance1266 Words   |  6 PagesCognitive Dissonance Cognitive Dissonance or mental stress which is primarily caused by contradictory beliefs, can be a common part of some peoples life’s however we are psychologically motivated to avoid situations which cause mental stress. This paper will discuss a situation and the behavior using attribution theory, the reciprocal relationship between behavior and attitudes as well as how cognitive dissonance theory could be used to rationalize the behavior. Situation and Subsequent Behavior Read MoreCognitive Dissonance1161 Words   |  5 PagesPsych Cognitive Dissonance Cognitive dissonance theory has been around since the late fifties. It has inspired many psychologists to figure out the murky depths of people’s minds. The theory relates strongly to decision making, social phenomenons and mental angst. Many paradigms exist within cognitive dissonance. Two important paradigms are the Belief Disconfirmation paradigm and the Free Choice paradigm. There are several experiments that have been studied that relate to cognitive dissonance, includingRead MoreCognitive Dissonance Theory1621 Words   |  7 Pagescreated the cognitive dissonance theory as an attempt to explain why people desire to have consistency between their behaviors and actions. Cognitive dissonance is the distressing mental state people feel when they find themselves doing things that don’t fit with what they know, or having opinions that do not fit with other opinions they hold (Festinger, 1957; as cited in Griffin, 2009). Thus, people are motivated to change either their behavior or their belief when feelings of dissonance arise. Read MoreCognitive Dissonance Paper1671 Words   |  7 PagesIntroduction The words Cognitive Dissonance were fascinatingly interesting; therefore more research went into the origin of these two words. Both words are Middle English, which was the English in use from 12th to 15th centuries and both used in the 15th century [ (Merriam-Webster, 2011) ]. Cognitive is an adjective meaning, there is physical activity involving the mind; be it: thinking, reasoning or remembering. Dissonance is a noun meaning, when there is a tug-of- war between one’s actions andRead MoreAssignment on Cognitive Dissonance1417 Words   |  6 PagesTheory Paper on Cognitive Dissonance Theory â€Å"Sometimes people hold a core belief that is very strong. When they are presented with evidence that works against that belief, the new evidence cannot be accepted. It would create a feeling that is extremely uncomfortable, called cognitive dissonance. And because it is so important to protect the core belief, they will rationalize, ignore and even deny anything that doesn t fit in with the core belief.† ― Frantz Fanon, Black Skin, WhiteRead More Cognitive Dissonance Theory Essay1027 Words   |  5 Pages nbsp;nbsp;nbsp;nbsp;nbsp;The theory of Cognitive Dissonance states that when individuals are presented with information that implies we act in a way that contradicts our moral standards, we experience discomfort (Aronson, Wilson, and Akert, 1998, P. 191). This is considered Cognitive Dissonance, A psychological term used to describe mental conflict that occurs when beliefs or assumptions are contradicted by new information; arouses unease or tension; relieved by one of several defensive maneuvers:Read MoreCognitive Dissonance1475 Words   |  6 PagesCognitive Dissonance Cognitive Dissonance Consistency, the absence of contradictions, has sometimes been called the hallmark of ethics. Ethics is supposed to provide an individual with a guide for moral living, and to do so it must be rational, and to be rational it must be free of contradictions. When consistency and ethics are compromised, this is known as cognitive dissonance. Leon Festinger shared his brilliance with the world when he created the Cognitive Dissonance theoryRead MoreCognitive Dissonance And Its Effect On Behavior1654 Words   |  7 PagesPeople experience cognitive dissonance when they perceive that there is a mismatch between their attitudes and behaviors. Because we are motivated to keep our cognitions consistent, the inconsistency brought about by dissonance becomes a drive that must be reduced. This is done by changing either the attitude or the behavior such that they may accurately align with each other. Eventually, the New Look model to dissonance will shift the causal path to an explanation using avoidance of aversive consequencesRead MoreThe Theory of Cognitive Dissonance Essay example877 Words   |  4 Pagestheory of cognitive dissonance started as a very simple observation by Leon Festinger that people do not like to deal with inconsistency. This simple observation led to the development of a theory that became very controversial, and it would be this controversy that propelled the theory forward. Many years of research has led to many different ideas of what cognitive dissonance really is and why it actually occurs. Festinger developed the term cognitions while developing his theory on cognitive dissonanceRead MoreActions Caused by Cognitive Dissonance Essay919 Words   |  4 PagesFestinger’s cognitive dissonance theory that asserts that we act to reduce discomfort or dissonance, an unpleasant tension, we experience when two of our thoughts or cognitions are inconsistent. Mkimmie, et al. (2003) investigated the impact of social support on cognitive dissonance arousal in their experiment, â€Å"I’m a Hypocrite, but So Is Everyone Else: Group Support and the Reduction of Cognitive Dissonance.† The psychologists aimed to test the impact of social support on dissonance by testing two

Managing Objectives Of Building Risk Management - 1675 Words

â€Å"The myriad reform and regulation activities (pay for performance, accountable care organizations, physician — hospital alignment) can be overwhelming. These new regulations have associated risks of these activities that will impact an organization’s strategic planning. As a result, many boards and executive teams are taking steps to improve the effectiveness of their risk management and risk governance efforts as these new risks emerge. One of the greatest challenges they face is the ability to make risk intelligent decisions for today, and for the future, without really comprehending the new universe of risks in their changing environment. Making risk intelligent decisions requires an integrated, customized approach elements† (Deloitte). Considerations in building risk management strategies Compliance with regulations is one of the largest risks that the health care industry faces. Because the external environment cannot be controlled, companies will need to control internal environments and operations to reduce their risk. Defining the risk and establishing objectives is one of the first steps to achieving an operational risk management plan. This plan should focus on the daily activities that will help organizations such as the Mayo Clinic achieve their organizational goals. To successfully understand the risk that both internal and external environments hold for organizations, correct alignment of resources will aid in reducing the risk and improving overallShow MoreRelatedProblems Associated With The Building And Construction Commission892 Words   |  4 PagesDespite various construction acts, regulations, standards, codes, licensing regimes, other management approaches such as quality management, risk mana gement, defect management building are still handed with defects. 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Nevertheless, rising discontent with the ruling party and concerns related to humanRead MoreManagement and Project1498 Words   |  6 Pages Project Human Resource Management (DAPM07T) Assignment 03 Portfolio of Evidence Table of Contents Contents 1 Introduction 3 2 Project Scope 3 2.1 Project Statement 3 3 Project Objectives. 3 4 Matrix Organisation and responsibilities 4 5 Project title and responsibilities 4 5.1 Project Team 5 5.2 Roles Of the project team 5 5.2.1 Project Manager 5 5.2.2 Project sponsor 6 5.2.3 Contractor Construction 6 5.2.4 Project engineers 6 5.2.5 Project Coordinator 6 5.2.6 ContractorRead MoreProject Management Principles Of A Project Manager Essay1319 Words   |  6 Pagesmaterial and management. The project would be successful when the project manager has these five variables under control. The key to project success is to pick the right project manager. 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Fin 486 Final Exam Free Essays

Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The primary emphasis of the financial manager is the use of A) cash flow. We will write a custom essay sample on Fin 486 Final Exam or any similar topic only for you Order Now B) profit incentives. C) organization charts. D) accrued earnings. 1) _______ 2) All of the following are key strengths of a corporation EXCEPT A) low organization costs. B) readily transferable ownership. C) limited liability. D) access to capital markets. 2) _______ 3) The ________ is a measure of liquidity which excludes ________, generally the least liquid asset. A) quick ratio; accounts receivable B) current ratio; accounts receivable C) current ratio; inventory D) quick ratio; inventory 3) _______ 4) FASB Standard No. 52 mandates that U.S. based companies must translate their foreign-currency-denominated assets and liabilities into dollars using the A) average rate. B) historical rate. C) current rate. D) none of the above. 4) _______ Table 3.5 A financial manager at General Talc Mines has gathered the financial data essential to prepare a pro forma balance sheet for cash and profit planning purposes for the coming year ended December 31, 2004. Using the percent-of-sales method and the following financial data, prepare the pro forma balance sheet in order to answer the following multiple choice questions. (a) The firm estimates sales of $1,000,000. (b) The firm maintains a cash balance of $25,000. (c) Accounts receivable represents 15 percent of sales. (d) Inventory represents 35 percent of sales. (e) A new piece of mining equipment costing $150,000 will be purchased in 2004. Total depreciation for 2004 will be $75,000. (f) Accounts payable represents 10 percent of sales. (g) There will be no change in notes payable, accruals, and common stock. (h) The firm plans to retire a long term note of $100,000. (i) Dividends of $45,000 will be paid in 2004. (j) The firm predicts a 4 percent net profit margin. Balance Sheet General Talc Mines December 31, 2003 5) The pro forma total liabilities amount is (See Table 3.5) A) $650,000. B) $700,000. C) $500,000. 5) _______ D) $550,000. 6) If a United States Savings bond can be purchased for $29.50 and has a maturity value at the end of 25 years of $100, what is the annual rate of return on the bond? A) 6 percent B) 5 percent C) 7 percent D) 8 percent 6) _______ 7) If a person’s required return decreases for an increase in risk, that person is said to be A) risk-indifferent. B) risk-seeking. C) risk-averse. D) risk-aware. 7) _______ Table 8.5 Cuda Marine Engines, Inc. must develop the relevant cash flows for a replacement capital investment proposal. The proposed asset costs $50,000 and has installation costs of $3,000. The asset will be depreciated using a five-year recovery schedule. The existing equipment, which originally cost $25,000 and will be sold for $10,000, has been depreciated using an MACRS five-year recovery schedule and three years of depreciation has already been taken. The new equipment is expected to result in incremental before-tax net profits of $15,000 per year. The firm has a 40 percent tax rate. 8) The initial outlay equals ________. (See Table 8.5) A) $44,100 B) $41,100 8) _______ C) $38,800 D) $38,960 Table 9.6 Nuff Folding Box Company, Inc. is considering purchasing a new gluing machine. The gluing machine costs $50,000 and requires installation costs of $2,500. This outlay would be partially offset by the sale of an existing gluer. The existing gluer originally cost $10,000 and is four years old. It is being depreciated under MACRS using a five-year recovery schedule and can currently be sold for $15,000. The existing gluer has a remaining useful life of five years. If held until year 5, the existing machine’s market value would be zero. Over its five-year life, the new machine should reduce operating costs (excluding depreciation) by $17,000 per year. Training costs of employees who will operate the new machine will be a one-time cost of $5,000 which should be included in the initial outlay. The new machine will be depreciated under MACRS using a five-year recovery period. The firm has a 12 percent cost of capital and a 40 percent tax on ordinary income and capital gains. 9) The payback period for the project is (See Table 9.6) A) between 4 and 5 years. B) 2 years. C) 3 years. D) between 3 and 4 years. 9) _______ Table 10.1 A corporation is assessing the risk of two capital budgeting proposals. The financial analysts have developed pessimistic, most likely, and optimistic estimates of the annual cash inflows which are given in the following table. The firm’s cost of capital is 10 percent. 10) If the projects have five-year lives, the range of the net present value for Project B is approximately ________. (See Table 10.1.) A) $201,000. B) $255,410. C) $303,280. D) $80,560. 10) ______ 11) The ________ is the firm’s desired optimal mix of debt and equity financing. A) target capital structure B) book value C) cost of capital D) market value 11) ______ Table 14.5 Caren’s Canoes is considering relaxing its credit standards to encourage more sales. As a result, sales are expected to increase 15 percent from 300 canoes per year to 345 canoes per year. The average collection period is expected to increase to 40 days from 30 days and bad debts are expected to double the current 1 percent level. The price per canoe is $850, the variable cost per canoe is $650 and the average cost per unit at the 300 unit level is $700. The firm’s required return on investment is 20 percent. 12) What is the cost of marginal bad debts under the proposed plan? (See Table 14.5) A) $765 B) $5,100 C) $383 D) $3,315 12) ______ 13) Much of the commercial paper is issued by A) venture capitalists. C) small businesses. 13) ______ B) commercial finance companies. D) small manufacturing firms. 14) The part of finance concerned with design and delivery of advice and financial products to individuals, business, and government is called A) Financial Manager. B) Financial Services. C) Managerial Finance. D) none of the above. Table 2.1 14) ______ Information (2005 values) 1. Sales totaled $110,000 2. The gross profit margin was 25 percent. 3. Inventory turnover was 3.0. 4. There are 360 days in the year. 5. The average collection period was 65 days. 6. The current ratio was 2.40. 7. The total asset turnover was 1.13. 8. The debt ratio was 53.8 percent. 15) Inventory for CEE in 2005 was ________. (See Table 2.1) A) $32,448 B) $ 9,167 C) $36,667 How to cite Fin 486 Final Exam, Essay examples

Importance of Tax

Questions: Explanation of income tax using supporting academic references Exploration of the purposes of income tax using supporting academic references Discussion of the fairness and equity of any tax system, using supporting references Balanced discussion of the advantages and disadvantages of increasing income tax rates, using supporting academic references Answers: 1. Income tax refers to the tax levied on the earned or unearned income. The earned income in this case refers to commission, wages and salaries whereas the unearned income refers to the dividend income etc. The income tax is levied by the government on the income that has been generated by the entities and individuals. The tax fund that has been raised by the government is used by them for funding its activities that is further being used to serve the general public. In most of the countries, the government used the progressive income tax system to tax the higher income group people with higher tax rates. Every country has their own income tax act which governs the income tax rules and provisions in the country. The government in most of the countries provides relief to the small business houses. The entities including the individuals are required to file their income tax return every year in order to determine the tax liability or tax refund for the year. The income tax return subm itted by the entities and individuals is tested on random basis by the tax authorities test the viability of the numbers in the returns. Income tax is regarded as the major source of revenue for the central government, which is being further used by them to fund the local and state government needs. 2. The collection of Income tax is important for the growth of the economy. It is the major revenue source of the government which is being further used by them to fund the core basis activities for the betterment of the society. It majorly includes civil services like roads, bridges etc, security, welfare etc. Form the economic standpoint the income tax is important to ensure the economic equalities within the country. This is being by imposing the progressive income tax system to tax the higher income group people with higher tax rates. Further, the income tax imposition is used to maintain the economic stability through equitable distribution of wealth by way of imposing tax to the income earners and improving the economic condition of the general people. Further, through the use of income tax exemption, the government helps in reducing the regional economic disparity by providing tax benefits to the industries to establish their branches in remote locations. The government uses the amount so collected for the welfare and development programme in the country. From the political perspective, the adequate allocation of the income for the various government activities is important. In simpler terms the government arouses the taxes from the productive sectors like industries and uses the same for the growth and betterment of the non productive areas. The income tax is indirectly being used by the government to encourage the need of investment and savings in the economy. The income tax authorities provide the tax benefits to the general public, if they make investment in some specifies areas as provided by the authorities. 3. The fairness and equity in the tax system may mean different for different person. The tax system which has been considered fair in 21st century may not be the same in 18th century. On the other hand, the equity in the tax system focuses on the ability of the person to pay taxes. The tax payer in this case is required to understand how much tax they are liable to pay and further, they should not be in a position to evade the tax. In case of United Kingdom, the concept of fairness is tends to be very complex. People are of the nature that the tax that they are paying shall not be used for financing services which are of no use to them. This thinking by the tax payers may arouse discomfort and as result the feeling of tax evasion and avoidance will into focus. It has been concluded that the loss of legitimacy can be caused from the perception of unfairness. There were authors who supported simple flat rate for tax calculations. They believe that the same can be used to avoid tax evasion but later on authors changed their views and concluded that in order to avoid inequality, the progressivity in tax rates are required. This concept was uniform in the entire world and not only in United Kingdom. There are certain tax laws that contribute to both the fundamental principles of growth and fairness. A tax system which is regarded as fundamentally unfair will soon lose the political support. Further, it has been prov ided that the use of taxation which is of indiscriminate in nature, available to achieve the policy goals tends to increase the complexity of the system. 4. The income tax rates all across the world has been increasing at the considerable rates. The advantages for the same are as follows: The slab rate for the individuals has increased, making the income taxable at a higher rate for the people falling under the higher tax bracket. This basis has increased the basic slab rate making the income of the people falling under the lower tax bracket as exempt. The government will have more money to spend for the welfare of the society. It will provide a stable income stream for the central government of the country. Disadvantages of increase in income tax rates are as follows: The increase in income tax rates will increase the tax burden on the general people. This increase in tax rates will arose a feeling of discomfort as the general people feel that the tax amount so collected from them is used for unproductive areas. This may let to tax evasion and avoidance by the general public. References Hubpages.com, Role of Tax in the Economic Development of a Country, Viewed on 23rd Jan 2016, https://hubpages.com/education/Role-of-Tax-in-the-Economic-Development-of-a-Country Chirmoriya B, 2014, Importance of Tax, Types and Objectives of Tax. Viewed on 23rd Jan 2016, https://www.wisenepali.com/2014/12/importance-of-tax-types-and-objectives.html House of Commons, Principles of tax policy, viewed on 23rd Jan 2016, https://www.publications.parliament.uk/pa/cm201011/cmselect/cmtreasy/753/753.pdf