Net present value (NPV) method - explanation, example, assumptions, advantages, disadvantages | Accounting for Management
Net present value method (also known as discounted cash flow method) is a popular capital budgeting technique that takes into account the time value of money.
It uses net present value of the investment project as the base to accept or reject a proposed investment in projects like purchase of new equipment, purchase of inventory, expansion or addition of existing plant assets and the installation of new plants etc.
First, I would explain what is net present value and then how it is used to analyze investment projects.
Net present value (NPV):
Net present value is the difference between the present value of cash inflows and the present value of cash outflows that occur as a result of undertaking an investment project. It may be positive, zero or negative. These three possibilities of net present value are briefly explained below:
Positive NPV:
If present value of cash inflows is greater than the present value of the cash outflows, the net present value is said to be positive and the investment proposal is considered to be acceptable.
If present value of cash inflow is equal to present value of cash outflow, the net present value is said to be zero and the investment proposal is considered to be acceptable.
Negative NPV:
If present value of cash inflow is less than present value of cash outflow, the net present value is said to be negative and the investment proposal is rejected.
The summary of the concept explained so far is given below:
The following example illustrates the use of net present value method in analyzing an investment proposal.
A D V E R T I S E M E N T
Example 1 – cash inflow project:
The management of Fine Electronics Company is considering to purchase an equipment to be attached with the main manufacturing machine. The equipment will cost $6,000 and will increase annual cash inflow by $2,200. The useful life of the equipment is 6 years. After 6 years it will have no salvage value. The management wants a 20% return on all investments.
Compute net present value (NPV) of this investment project.
Should the equipment be purchased according to NPV analysis?
(1) Computation of net present value:
*Value from ““.
(2) Purchase decision:
Yes, the equipment should be purchased because the net present value is positive ($1,317). Having a positive net present value means the project promises a rate of return that is higher than the minimum rate of return required by management (20% in the above example).
In the above example, the minimum required rate of return is 20%.
It means if the equipment is not purchased and the money is invested elsewhere, the company would be able to earn 20% return on its investment.
The minimum required rate of return (20% in our example) is used to discount the cash inflow to its present value and is, therefore, also known as discount rate.
Investments in assets are usually made with the intention to generate revenue or reduce costs in future. The reduction in cost is considered equivalent to increase in revenues and should, therefore, be treated as cash inflow in capital budgeting computations.
The net present value method is used not only to evaluate investment projects that generate cash inflow but also to evaluate investment projects that reduce costs. The following example illustrates how this capital budgeting method is used to analyze a cost reduction project:
Example 2 – cost reduction project:
Smart Manufacturing Company is planning to reduce its labor costs by automating a critical task that is currently performed manually. The automation requires the installation of a new machine. The cost to purchase and install a new machine is $15,000. The installation of machine can reduce annual labor cost by $4,200. The life of the machine is 15 years. The salvage value of the machine after fifteen years will be zero. The required rate of return of Smart Manufacturing Company is 25%.
Should Smart Manufacturing Company purchase the machine?
According to net present value method, Smart Manufacturing Company should purchase the machine because the present value of the cost savings is greater than the present value of the initial cost to purchase and install the machine. The computations are given below:
*Value from ““.
Net present value method – uneven cash flow:
Notice that the projects in the above examples generate equal cash inflow in all the periods (the cost saving in example 2 has been treated as cash inflow). Such a flow of cash is known as even cash flow. But sometimes projects do not generate equal cash inflows in all the periods. When projects generate different cash inflows in different periods, the flow of cash is known as uneven cash flow. To analyze such projects the present value of the inflow of cash is computed for each period separately. It has been illustrated in the following example:
Example 3:
A project requires an initial investment of $225,000 and is expected to generate the following net cash inflows:
Year 1: $95,000
Year 2: $80,000
Year 3: $60,000
Year 4: $55,000
Required: Compute net present value of the project if the minimum desired rate of return is 12%.
The cash inflow generated by the project is uneven. Therefore, the present value would be computed for each year separately:
*Value from ““.
The project seems attractive because its net present value is positive.
Choosing among several alternative investment proposals:
Sometime a company may have limited funds but several alternative proposals. In such circumstances, if each alternative requires the same amount of investment, the one with the highest net present value is preferred. But if each proposal requires a different amount of investment, then proposals are ranked using an index called present value index (or profitability index). The proposal with the highest present value index is considered the best. Present value index is computed using the following formula:
Formula of present value or profitability index:
Example 4:
Choose the most desirable investment proposal from the following alternatives using profitability index method:
Because each investment proposal requires a different amount of investment, the most desirable investment can be found using present value index. Present value index of all three proposals is computed below:
Proposal X: 212,000/200,000 = 1.06
Proposal Y: 171,800/160,000 = 1.07
Proposal Z: 185,200/180,000 = 1.03
Proposal X has the highest net present value but is not the most desirable investment. The present value indexes show proposal Y as the most desirable investment because it promises to generate 1.07 present value for each dollar invested, which is the highest among three alternatives.
Assumptions:
The net present value method is based on two assumptions. These are:
The cash generated by a project is immediately reinvested to generate a return at a rate that is equal to the discount rate used in present value analysis.
The inflow and outflow of cash other than initial investment occur at the end of each period.
Advantages and Disadvantages:
The basic advantage of net present value method is that it considers the time value of money. The disadvantage is that it is more complex than other methods that do not consider present value of cash flows. Furthermore, it assumes immediate reinvestment of the cash generated by investment projects. This assumption may not always be reasonable due to changing economic conditions.
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Nowadays consumers are faced with the advertisements from
competitive companies. To what extent do you agree that consumers
are influenced by advertisements? What measures should be taken to
protect them?
写作语汇一览表：
　　1.in response to an
advertisement回应广告
　　2.commercials商业广告
　　3.informative传递信息
　　4.hooks圈套
　　5.tricks and catchy
phrases花言巧语
　　6.Advertising is now a
circus-show.广告现在就像是在进行马戏表演。
　　7.be immune to the influence of
advertising不受广告的影响
　　8.subtle不易察觉
　　9.a great variety of beautiful
products玲琅满目的商品
写作例句推荐：
　　1. The effect advertising has on
our society may be subtle, and most of us
remain unaware of how it molds us
to fill in the particular company’s needs.
　　2.While advertising is useful
for a host of things, from selling products,
to putting public announcements on
the air, some of the effects are detrimental
as they can intentionally
misrepresent “real” people in their
commercials.
写作提纲思路：
经济角度：promote consumption, enhance
公众角度一： make consumers informed of the latest information of
commodities
公众角度二： exaggerating, misleading, stimulate consumers to buy what
they do not need.
分别形成三个中心句：
1. One of the main functions of advertising is to assist consumers
to find and buy suitable products.
2. Meanwhile, advertising serves to stimulate consumption and
contributes to economic development.
3. Despite its importance, there is no denying that every now and
then, advertising leads consumers into an impulsive purchase,
thereby causing wasteful spending.
如何解决supporting sentences：
1. explanation 解释和说明中心句的意思或原因
2. extension 对主题句拓展，阐述其影响
3. example 举例说明
4. sorting 当主题句有几个分论点支持的时候，将分论点分类说明
5. contrasting
描述相反的情形，尤其针对无法落笔的情形
主题句： One of the main functions of
advertising is to assist consumers to find and buy suitable
【1】 As for the majority of people, it is unlikely for them to get
out of their way to have an overall knowledge of commodities they
thus advertisements serve as an effective and up-to-date
channel of information rendering them informed of new products.
(Explanation/paraphrase/make the statement more explicit and
concrete.)
【2】 With the presence of advertising, a consumer is able to acquire
the latest information in the market, such as properties of a
product or service, and thereby make a wiser buying decision.
(Extension, further statement and exemplification.)
【3】 In contrast, without advertising, a consumer is at the risk of
purchasing a product that fails to meet all of his or her needs,
because of lack of knowledge of better alternatives in the market.
(Contrasting)
【1】 Besides the informative merits
of advertising, it is also beneficial in boosting economy and
arouse the confidence of consumption. (Explanation topic
sentence.)
【2】 Advertising describes a product in such an impressive way that
it always succeeds in attracting target customers and driving them
into a final purchase.
【3】 Furthermore, advertising reminds the potential customers of
their needs.(the above two sentences have utilized “sorting”, that
is to say, classification of the different layers of a certain
statement.)
【4】 For example, the advertisement of chocolates on television
always reminds you impressively that you need a bar of chocolate to
appetite yourself. (exemplification)
【5】 Hence, by these two approaches advertising encourages spending
and contributes to economic development.
Whether we like it or not, we are
bombarded by all kinds of advertisements in every aspect of our
life these days. Although advertisements provide useful information
for consumers when they decide what products to buy, there is a
wide concern that advertisements have a negative influence on
people’s life.
It is common practice for people to search
for advertisements, on newspaper or internet, when they find it
hard to choose from a large variety of goods of the same kind. As
most consumers have little specialized knowledge about the
products, they can only rely on the information from the
advertisements. However, quite a large number of advertisements
tend to exaggerate the quality of the products for higher sales
amount, or even mislead consumers by giving them false information.
It has put consumers at high risk of being deceived and suffering
from economic loss.
There is no denying that advertising
significantly boosts the sales of goods and promotes the economic
development. However, it also leads to waste of social wealth, as
many consumers buy the goods without enough consideration after
they watch the attractive advertisements. It is common for
companies to produce advertisements with famous singers and actors,
and as a result, people, particularly teenagers, follow the trend
and buy goods impulsively.
To prevent the negative impact of
advertising on consumers, the government needs to play a major role
and take active measures. Related laws and regulations are required
to ban any misbehavior in the advertising industry and punish those
violators. Manufacturers and advertising companies should be aware
of their social responsibility and refrain from being
profit-oriented. Also, consumers should learn to judge the
truthfulness of advertisements and avoid becoming over-dependent on
Advertising has become prevalent in the
contemporary society, and vast billboards, TV commercials and
fliers are all exerting profound impact on modern life. In the
meantime, whether advertising is a blessing or a curse has sparked
spirited debate. Some individuals argue that advertising has only
beneficial influence on our lives while many others contend that it
has detrimental effect as well. Personally, I am in favor of the
former view.
Admittedly, advertising may also carry
considerable potential drawbacks. To begin with, a vast of number
of online advertisements may harm the internet users’ lives. To
illustrate, email spamming may fill up one’s email box with junk
emails and worse yet, many of these junk emails could destroy PCs
with viruses or Trojan horses. Moreover, a high percentage of
advertisements in the media are misleading ones. Today, it seems
that many drug companies give false information about their
products, which has rendered a host of customers afraid to buy
Despite this, advertising has brought
numerous benefits. In the first place, advertisements inform us
about the latest products on the markets. In general, with the help
of ads, customers could make shopping more economical and less
time-consuming. In the second place, elaborate advertisements can
be a genuine art form. Indeed, instead of wasting our time,
creative ads can afford us diverse amusements, thereby immensely
brightening up our lives. Last but not the least, some advertising
in the media can motivate people to contribute to charities. As a
matter of fact, I would be hard-pressed to imagine how charities
can get enough funds without the help of non-profit ads.
In the final analysis, I concede that the
proliferation of the advertising industry does not come without
some adverse effects. However, the benefits created by advertising
far outweigh the disadvantages. Overall, I am convinced that we
should further promote the development of advertising and meanwhile
get this industry better-regulated.
No one can avoid being influenced by
advertisements and advertising exerts a tremendous influence on us.
Recently, there are people who are of the opinion that public have
the right to know the correct information of the advertisements and
government also should restrict the contents of these
advertisements. Personally, I agree with this opinion for the
following reasons.
In the first instance, consumers have the
right to know the correct information before deciding on whether to
buy them. Advertisements are highly information that helps people
to make choice before they go to buy what they need. If the
advertisement exaggerates the products it also will persuade people
into buying things, which they do not really want.
Secondly, any misleading advertisements
will lead to the marketing tricks, causing chaos in the market.
That is to say, these misleading information causes illegal
competition. For example, some advertising webpages with fake and
overstated information which always jump into our sight when we are
browsing the websites, can be extremely deceptive and
misleading.
Last but not least, government should
stipulate laws in consumers’ interests. According to the laws,
advertisements must be truthful. If the advertisements mislead
consumers, government may impose severe fine on them.
In general, the role of advertisements is
inevitable and undeniable. A good advertisement can be a bridge
between enterprise and consumers and helps keep business moving. So
we need correct information and government also needs to restrict
the contents of advertisements.
Although advertising has existed for
thousands of years and is certainly not a recent invention, it is
only in our modern society that the great influence and importance
of widespread advertising is full play. However, in my opinion,
many advertisements are harmful to young people’s mental
development and, therefore, should be banned in the mass
To begin with, various factors have given
rise to the thriving of advertising industry, the most significant
one being the proliferation of new products, services and
technologies. In order to give their new inventions the utmost
publicity, many businesses choose to promote them by broadcasting
attractive advertisements through mass media, such as television,
radio and internet. In addition, the increasingly fierce
competition in the commercial world has compelled a lot of
companies to resort to exaggerated and even deceitful
advertisements to gain an edge over their business
As many social critics have pointed out,
the current trend in advertising exerts a corrupting influence on
young people’s minds because there are always a lot of unwholesome
and indecent contents in modern advertisements. For example,
products such as wines, lingerie and cosmetics tend to use the
female body and amorous scenes as the main attraction of their
advertisements. What is even worse, a subculture of sexual
suggestiveness and permissiveness seems to permeate the entire
advertising industry. Young people, especially those adolescents,
are often lured away from their studies and indulge themselves in
erotic fantasies
Therefore, the authorities should take
serious steps to counteract the negative effects of immoral
advertising. One effective approach is to establish and impose a
strict censorship on all mass media, expunging any sexual explicit
and implicit pictures and words from the advertisements they tend
to show. Also, rules and regulations should be laid down to ban
advertisements from certain public places, discouraging its rampant
omnipresence and creating a cleaner and healthier social
environment. Furthermore, all local governments can increase the
costs of all kinds of advertisements to be shown or published
through mass media, thus reducing their currently enormous
quantities.
In summary, the prevalence of advertising
in our modern society and its inimical effects on the youth of
today must be curbed, otherwise public morality and traditional
cultures and values and even the future of the world will be caught
in a precarious situation.
Television screens, newspapers, buses, and
almost all city streets are flooded by all kinds of advertisements.
This has both advantages and disadvantages to consumers who are
unavoidably influenced, though the degrees vary from person to
Because of the advertisements placed by
many competing companies, consumers are able to learn about certain
new products rapidly. If a product happens to be what some
consumers need, they might be attracted to make a purchase and have
trial use. If it turns out to be really good, people would set
about recommending it to friends and the sales of this product will
go up very quickly. So, we see this is a win-win situation both to
consumers and manufacturers and we also see that consumers are not
just influenced profoundly all at once. It takes time for them to
establish faith in the advertised products.
In most cases, the advertised products are
good and worth buying. But there are also cases where the effects
or functions of a certain product are much exaggerated and it will
definitely fool some people when they are attracted all at once and
go to buy it. Since a product can only win the market through its
quality and its long established fame, there’s every reason to
believe that those fake or much exaggerated products will
eventually lose their market shares and die out. Thus, we see that
the market is selective and consumers are sensible in the long
In developed countries, there are strict
censorship and supervising systems regarding advertising. If the
advertisement put up by a company fails to honor the advertised
effects, it would be termed as fraud, thus violating the law which
could lead to really serious result. In most cases, the
manufacturing company would be fined so heavily that it would be
difficult for it to survive any longer.
From the foregoing discussion, we can see
that advertisements influence consumers both favorably and
unfavorably and the degrees of this influence differ from person to
person. To protect consumers, governments can follow the practice
of developed countries by enforcing really strict censorship and
supervising laws in regard to advertising as a whole.
The extent to which people are influenced
by advertisements can be measured in terms of the high sales of
popular consumer goods, many of them being unnecessary or
completely useless. Mainly through the media, advertisements on
products and services are able to penetrate the public mind with
half truth and half lying. In many cases, consumers are becoming so
greedy that they are not only buying things they really do not need
but also spending the money they do not have.
Although advertising gives people a chance
as consumers, actually most advertisements tend to cause them to
desire for something worthless. Under such circumstances, it is
easy to change people's need into greed. So much so, they are
constantly encouraged to want things--want this and want that. This
human behavior is haunted by the media from all fronts: on radio,
on television, and online, not to mention printed circulations such
as newspapers and magazines. Obviously, a great number of
"impulsive" buyers are persuaded under the illusion that new
products or services could make a difference in their lives.
Despite all the benefits of the free market economy, the effects of
unreliable advertising are particularly negative in that the power
of advertising does not reflect the real needs of the society in
which products and services are sold.
Worse still, many consumers are convinced
to waste money they do not have. Surrounded by advertisements,
people are too unwise to perform a balanced act between income and
expenditure. Increasingly, what seems to be good for economy begins
to backfire because advertising is misleading consumers deeply into
commercial debts which they probably could not afford to pay in due
time. Thus, instead of improving people's lives, advertising may be
considered as a "necessary evil" in modern time. Furthermore, as
manufacturing and service companies are competing to have a larger
share of the market, it is next to impossible to expect the media
to reduce the amount of dishonest advertising. Besides, when it
comes to making money, companies and the media are in the same
After all, greed being a human instinct,
consumers have only themselves to blame for their foolishness
toward advertisements. Since outlawing commercial advertising is
out of the question, people should educate themselves to be more
prudent in buying and spending behaviors. As for consumers, what
better measures can be taken to protect themselves other than
self-control?
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In most countries,prison is an effective solution to the
problem of crime. Some people think it is a more effective solution
to provide education for those who violate the law. To what extent
do you agree or disagree?
Sending criminals to prison is considered
as an effective way to deal with them in most countries. Some
people suggest that what criminals need is education instead of
penalty. In my point of view, both sides are essential in the
rehabilitation of those law violators.
It is necessary to send criminals to jail
for social security and justice. It would have a deterrent effect
on those who intend to commit crimes. These people would consider
the consequence of their behavior if they know they would be
punished by law. By contrast, if criminals can escape the
punishment, there is a risk that the crime rate would increase and
the society would become unstable and dangerous. In addition, it is
fair for victims and their relatives to see the criminals
otherwise people would protest and lose their trust on
the government and on the law.
On the other hand, to rehabilitate the
criminals is likely to need more than a simple imprisonment. If we
look into the underlying causes of crimes, a large number of people
perpetrated crimes because they hand little knowledge about the law
and lacked basic skills to earning a living. After they are sent to
prison, they should receive more education about the law, so as to
enhance their awareness in this regard. Also, they should be taught
with practical skills such as driving, cooking and repairing, which
can be useful for them to find jobs when they are set
To summarize, only by the combination of
punishment and education can we successfully transform criminals
into law-abiding citizens and this has been proved to be effective
in some countries.
Criminal offenders are imprisoned and
released too many times. There is no real intercession until
criminality is firmly in place and has become an all-encompassing
(all-embracing) lifestyle. It would appear that our sentencing
policies are conflicting, often too soft for violent crimes and too
harsh for non-violent crimes.
In addition, our public safety
arrangements are too shortsighted. It would be better to spend more
on concentrated probation and scientifically based rehabilitation
programs now, and less on more secure prisons tomorrow. Too many
people including decision-makers believe that rehabilitation
programmes for inmates do not work, although research proves
otherwise.
We also have the tendency to make
convicted felons an untouchable class, isolating them from normal
society and meaningful employment, making nonstop criminal activity
all the more attractive.
I believe that if we were to rate prisons
in the same way that we rate schools: by their success, we would
establish a far more effective prison system. Achievement would be
calculated by the percentage of released prisoners who are not
charged with new crimes within a year, and again within two years.
Yes, we would need to be in command of such factors as age, past
records, and anticipated recidivism rates for the type of crimes
each was convicted of. However, this should be fairly easy in
today’s computer age. This would persuade prison administrations to
develop and endorse job training, anger management classes, release
preparation programs, education, and other interventions known to
lessen recidivism.
Another initiative would be to encourage
those rehabilitated former offenders to become involved in teaching
others. By bringing them into jails to speak to inmates and tell
their own success stories, we would be able to set up a kind of
adult “ big brother” program where past offenders can be called on
for advice or just encouragement. Is not reducing criminal
recidivism worth some innovation?
相关考题：
1. Some people think that all the
lawbreakers should be sent into the jail, while others believe that
they should also be made to do some work or learn some skills in
the community. What is your opinion? ()
2. Sending criminals to prisons is
not so effective in dealing with the problem. Education and job
training should&be offered to them. To what extent
do you agree or disagree with the statement?
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The increase in food production owes much to fertilizers
and better machinery, but some people think that it has a negative
impact on human health and community. To what extent do you agree
or disagree?
In recent years, due to the widespread use of fertilizers
and farm machinery, there is a significant growth in the food
production all over the world. However, some people are concerned
that this trend may have a negative impact on people’s health and
the development of the society.
As the world population keeps going up, the demand for
food supply increases every year. In many countries and regions,
food shortage and malnutrition remain a serious issue,
a threat to people’s survival
and health. Since the amount of arable land is limited, there is no
doubt that traditional agriculture needs to be updated in order to
feed the growing number of people. The introduction of fertilizers,
pesticides and machinery has proved to be an effective way to raise
the production of grains and has extricated numerous people from
On the other hand, the negative effects of chemicals and
machinery have aroused heated discussion. The first thing people
worry about is the harm done to people’s health. Pesticides can
kill pest and fertilizers enhance the growth of plants, but both
contain chemical ingredients that threaten people’s health. In
addition, the residual chemicals pollute the soil and underground
water. For example, in some areas, the overuse of fertilizers leads
to the bloom of weeds in rivers and lakes, causing unbalance of the
ecological system. Another thing worth mentioning is the increased
unemployment rate of farm workers as a result of the population of
farm machines.
Despite the above problems, fertilizers and machinery
will continue to be used in agriculture, as food security overrides
the concern over health risk and pollution. To solve these
problems, people need to research and develop new types of chemical
products and avoid the abuse of these products.
相关考题：
1.Food can be produced much more
cheaply today because of improved fertilisers and better machinery.
However, some of the methods used to do this may be dangerous to
human health and may have negative effects on local communities. To
what extent do you agree or disagree?
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Some people believe that the government should support
the funds for the arts, while some other people suggest that the
money should be used for public health and education. Discuss both
views and give your opinion.&
Although many people think that artistic
activities are an indispensable part of their life, some other
people consider the investment on arts is a waste of the
government’s money because arts are less important than other
public services, such as health and education. This essay will
discuss both sides and present my personal view.
Those who suggest that more government
fund should be allocated to arts activities may give their reasons
as follows. First of all, arts provide people with various means of
entertainment and relieve their stress. After a day’s hard work,
people want to go to the concert hall, gallery or theatre, where
they can entertain themselves and forget their business
temporarily. With so much pressure in life, arts enable people to
reflect on the significance of life and develop a positive
attitude. In addition, some artistic works, which are created by
ancient or renowned artists, are valuable assets of a country and
represent its cultural identity. The government has the obligation
to preserve them.
On the other hand, other people hold
different opinions and argue that government should focus their
fund on health and education, which seems to be able to bring more
benefits to people’s welfare. For instance, if the government
spends more money on the construction of school building and
library, people would have more access to proper education. Also,
healthcare conditions are not satisfying in many countries. The
shortage of medical resources makes it hard for people to receive
treatment when they fall ill. No wonder some people believe it is
an urgent need for the government to raise the investment on
healthcare.
In my opinion, the improvement of public
service and the construction of basic facilities are undoubtedly
urgent issues that call for the government priority. However, the
role of arts should not be neglected or denied, as the benefits of
investment on arts may be less visible, but they are also essential
to the sound development of the society in the long
写作建议：
此类题目是典型的argumentative
essay双边类的写法，这类问法在剑桥系列丛书五册到八册中共出现过九次，建议此类文章分为四段来写，body
paragraphs分为两段展开，首先，第二段可以写政府set up a fund to provide
money发展艺术事业的诸多benefits，比如：To begin with, the arts make money, to be
specific, arts organizations create jobs, spur local economy, and
generate tax revenues. Then, the arts attract tourists, for a
primary reason for travel is to experience the cultural offerings
of other areas. The arts bring people to town and keep then there
much longer. Last but not least, the arts provide a high rate of
return on public investment. The arts strengthen a community in
many ways. One investment can reap many rewards
。其次，第三段可以写利用这些钱发展public health和education的种种reasons，for example, in
the first place, spending money on the public health is critical to
reducing health care costs and improving health in one country and
it is the heart and soul of public health and is crucial in
preventing and managing disease as well. In the second place, these
funds will also go to screening that is crucial in catching the
infection early so people can stay healthy for as long as possible.
In the next place, to remain competitive, the nation must increase
the number of college graduates. Cutting the spending on education
would put college out of reach for many low-income
students。最后，在文章收尾处present your own viewpoint。
写作语汇一览表：&
1. make ends
meet收支平衡
2. account
3. ask for a budget
increase要求增加预算
4. send a clear message
that…传达了明显的信息
education注重教育
6. outlay费用；开支
7. disease
prevention疾病预防
8. make essential health services
available基本医疗有保证
9. improve the social and economic
well-being of the health workers提高医务人员
的社会、经济福利
10. cultural
diversity文化多样性
写作例句推荐：&
1.&& Through the arts
we display, preserve, and pass on age-old art forms
keep the history of our area
2.&& And we are told we
are divided as a people, and then suddenly the
have this power to bring us
together and speak to our common condition.
3.&& The arts do
provide for a great variety of benefits for citizens in
communities by providing economic,
community and educational benefits.
4.&& The funding
structure would see money trickle down to the most
5.&& The arts enhance a
communities’ quality of life and its economy.
相关考题：
1. Some people think the
government should spend more money on public services other than
waste money on arts.To what extent do you agree or disagree?
2. Many countries spend a lot of
money in art. Some people think investment in art is necessary, but
others say money is better spent on improving health and education.
Discuss both these views and give your own opinion.
（Avril总结整理，转载敬请注明）&
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