Management Challenges for Social Enterprises Term Paper

Management Challenges for Social Enterprises - Term Paper Example From the point of view of asset management, a social enterprise can increase the overall diversification of the portfolio while, at the same time, add more ethical trading and investing philosophy into the overall portfolio management also. It is believed that portfolio managers may have only to invest in the commercial entities to generate more value for their clients. Overall risk diversification and return strategies are, therefore, often tailored according to the dynamics of how a for-profit business operates and generates more value for the portfolio managers. Non-Profit wealth creation through social enterprise is viable and sustainable activity and can increase the overall well-being of the society while, at the same time, allowing asset managers to actually diversify their risks and also add more ethical investing and portfolio management orientation to the whole process of asset management (Field, 2014). This paper will be focusing on understanding the impact of non-profit w ealth creation on the overall portfolio risk and return. This paper will further add on to whether the non-profit wealth creation will add more ethical orientation to the portfolio management or not. Before discussing further, it is critical to developing the comprehensive understanding of what a social enterprise is and how it operates and creates value for all stakeholders. The overall concept and idea of a social enterprise existed for long. However, it has recently gained more momentum with large organizations such as Dannon entering into joint ventures to form social enterprises. A social enterprise’s focus is on the use of commercial strategies and tactics to achieve more value and improvement in the human and environmental well-being.

Sir Arthur Conan-Doyle Essay Example for Free

Sir Arthur Conan-Doyle Essay This is a wonderful description, almost a photographic image for the reader, a description leaving a sense of, is this a man or a monster? This again adds to the already building tension for the reader, who continues to make his or her own deductions. We see almost immediately how brilliantly perceptive Sherlock Holmes is when he spots the mud on the Ms Stoners coat and the train ticket in her hand. From this he deduces that she must have set off early, travelling in a Dogcart for some time before she got to the station. He picks up on clues throughout the story, things that the everyday person would possibly miss. This again draws the reader in, they feel enlightened and start to study the story more carefully wanting to be more like the ingenious Holmes. The story continues and Holmes and Watson visit the home of Ms Stoner and her stepfather. They inspect the bedroom of the dead sister and Sherlock Holmes picks up on several odd effects that he relays to Watson. Firstly a fake bell pull, then a ventilator which does not ventilate. A saucer of milk in the stepfathers room, becomes suspicious when they are advised Doctor Roylott keeps no cats. Several other little clues are spotted and you can almost feel Holmes mind working overtime. The reader will also pick up on the clues and again start to make their own deductions to Whodunnit? The tension starts to peak when Holmes decides to stay the night with Watson in Ms Stoner sisters bedroom. They wait patiently in a near by inn till Holmes spots a tell tale light, a sign for him to make his move. Crossing the lawn the tension is building and the author cleverly startles the reader by his introduction of the Baboon, a detail that Holmes has overlooked until then. When out from a clump of laurel bushes there darted what seemed to be a hideous and distorted child, who threw itself on the grass with writhing limbs, and then ran swiftly across the lawn into the darkness. The fact that Doctor Roylott keeps these exotic animals is ultimately a very important clue. Once in the bedroom the tension is paramount as the two men sit and wait in the eerie darkness. Again the author startles the reader by the sudden fury of excitement when Holmes lights a match, blinding Watson and therefore the reader is momentarily struck by the unknown. Once Watson gains his vision he relays again the image of Holmes lashing out savagely,I could however, see that his face was filled with horror and loathing. What could be happening? The story ends with the conclusion, albeit a little abruptly, maybe even a little unbelievable and somewhat corny for the modern day reader. We discover that it is a snake owned by Doctor Roylott that has been trained by its master to crawl in to the adjacent bedroom and ultimately kills the sleeping victim. Unfortunately for Doctor Roylott, Holmes foiled his plan by scaring the creature, which in due course turned and killed its own master. This allows the reader to let out a great sigh of relief. The crime has been solved the tension has passed. The story albeit a little obvious and very basic, is also very cleverly written. The author succeeds in initially drawing the reader in and keeping their attention throughout. The story would have been extremely exciting and ground breaking in its day. Exotic animal were unheard of. The account is written in very descriptive but extremely long sentences, which is another clue to its age. Time has taken it toll and we as modern readers have been spoiled by the cleverness of the modern day detective novels. Therefore the ending is a little disappointing, no twists or red herrings except for the gypsies . But the story must be applauded, Conan-Doyle was one of the earliest authors of his kind to begin this clever technique of keeping his reader guessing throughout the book. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Arthur Conan Doyle section.

The Digestion Of A Chicken Sandwich Biology Essay

The Digestion Of A Chicken Sandwich Biology Essay Throughout this essay the digestion of a chicken sandwich will be explained with reference to five different points; the need for digestion, physical digestion with regards to muscular and nervous involvement and chemical involvement, hormone and enzyme action, how each enzyme acts on each part of the sandwich, the tissues and lining of the digestive tract and, finally, how each part of the chicken sandwich is digested and absorbed. The third and fifth point will be combined and explained together as the essay takes a journey through the digestive system. The need for digestion is vital to the human bodys survival. When food first enters the body it is a solid form that cannot be digested, so the mouth begins the digestion process by releasing digestive juices and using teeth to chew and break down the food into a more liquid based form. As it moves down the digestive tract it is broken down even more into molecules that can be absorbed and taken to cells around the body for energy, reproduction and to strengthen them. There are many features of digestion and these are split into two categories; physical digestion and chemical digestion. In physical digestion there are two factors that contribute to the digestion of food; muscular and nervous involvement. The muscular involvement begins in the mouth, more specifically with the tongue, which assists in the chewing of food and eventually forces food down into the oesophagus. Along with the oesophagus, the other organ in the digestive tract have a muscle layer underneath them which makes their walls to move which in turn forces the food down with a wave like action. This wave like action is called peristalsis'(Potter, S. 2008. AQA Biology, Phillip Alans Updates). This forces the food won the tract and through the digestive organs by the muscles contracting which makes a narrow section, as the muscle keeps contracting it forced the food in a propelling fashion downwards towards its next destination; the stomach. When the food has almost reach the stoma ch, the ring like muscle called the gastroesophageal sphincter'(Jim Swan, 2006., The Digestive Sytsem) which opens and lets food through then closes behind it to stop too much food entering the stomach, almost like a door. Once the food has entered the stomach the stomach muscles mix the partially digested food and the juices the stomach has produced. The stomach also uses its upper muscles to store food and also helps to empty the stomach into the small intestine. Once in the small intestine the food, which is now in a small enough form, is absorbed into its walls and is taken and distributed around the body. The waste products of the food are then forced into the colon where they wait until they can be pushed out of the body as faeces. Nerves are what makes the muscles contract and force the food through the digestive tract. There are two different types; extrinsic and intrinsic. The extrinsic nerves are the outside nerves; these nerves control the muscles in the organs in the digestive tract. They are produced by the brain and spinal cord and they let out two chemicals; acetylcholine and adrenaline. The acetylcholine is the chemical that causes the muscles to contract and the adrenaline makes them relax and eventually stop the process of digestion. The intrinsic nerves are the inside nerves and these lie in the walls of the organs of the digestive tract. Their main function is to release substances that start, control the speed and stop the production of enzymes that digest food. In chemical digestion there are also two factors that contribute; hormones and enzyme action. There is a layer in the stomach and small intestine called the mucosa, in this layer are cells which produce and then release hormones which also, along with muscles and nerves, control digestion. There are five different hormones, all of which have their own unique jobs within the process of digestion; Gastrin makes the stomach produce acid for the digestion of food and for dissolving them, CCK allows the pancreas to make pancreatic juice which holds enzymes that help break down molecules, and Secretin, this is the hormone has the most tasks of all three, its first job is to make the pancreas produce a juice that is full of bicarbonate which will neutralize the stomach acid, its second job is to make the stomach produce pepsin which digests protein and finally its third job is to make the liver produce bile. The other hormones are slightly different, they stimulate and regulate appetite; Gh relin stimulates appetite and is made in the stomach and upper intestine which is regulated by the absence of food, and Peptide YY is the response produced by a meal in the system and inhibits appetite. The action of an enzyme is to break down molecules so they can be dissolved and carried through the body. Each enzyme is specifically designed for only one substrate. The enzyme and the substrate fit together, like and lock and key, and the enzyme alters the substrate into products which are then released to be absorbed into the blood stream, after this the enzyme can react again but only with the same type of substrate. When the chicken salad sandwich first enters the mouth the salivary glands produce a digestive juice called salivary amylase which begins to break down or hydrolyse the starch which is in the bread of the chicken salad sandwich. Amylase breaks down carbohydrates, more specifically the starch in the carbohydrates and changes it into maltose; this is a more acceptable form that the body can absorb. As the chicken salad sandwich continues its journey it enters the stomach where it is stored. In the stomach the acid denatures the amylase enzyme which stops it from working. Once the food has moved from the stomach to the small intestine, the pancreatic amylase, which is produced in the pancreatic juices, continues the breakdown of the starch in the bread of the sandwich to a substance called maltose. As the food is further pushed along the small intestine it produces maltase which breaks down the maltose into an even smaller molecule called glucose. The chicken in the sandwich starts to b e broken down in the mouth where it is chewed to make smaller pieces. When it reaches the stomach it begins the hydrolysis process, the stomach produces an enzyme called pepsin, and this partially breaks down the proteins into amino acid. This then travels to the small intestine where the chicken is further broken down by an enzyme called trysin which continues the breakdown of proteins to amino acids. The butter in the chicken salad sandwich is solely broken down in the small intestine into emulsified fats and fatty acids by enzymes produced in the liver and pancreas called bile and lipase. The lettuce in the chicken salad sandwich cannot be broken down as it is a fibre, so it passes through the system by being chewed into smaller parts and the water is absorbed through the intestinal walls, and ends its journey by leaving the body in the faeces, along with all the other waste products from the chicken sandwich. The end products of the chicken sandwich, sucrose, amino acids, emulsi fied fats and glycerol/fatty acids are absorbed through the intestinal wall. There is a layer of mucosa that lines the wall that consists of folds which are full of villi which are then covered with microvilli which increases the surface area dramatically. It is through this surface area that the nutrients are absorbed and because of this the amount and rate of absorption is increased. The organs of the digestive system are the mouth, pharynx, oesophagus, stomach, small intestine, large intestine, rectum and the anus. There are three main parts of the mouth, the lips which are made out of stratified squamous keratinized epithelium, stratified squamous non keratinized epithelium, skeletal muscle, and fibroelastic connective tissue'(http://lifesci.rutgers.edu/~babiarz/digest.htm). The tongue is made out of skeletal muscle, glands, lymphatic tissue and epithelial tissue'(http://lifesci.rutgers.edu/~babiarz/digest.htm), and the teeth are made primarily out of calcified connective tissue. There are three tissues that make up the oesophagus; skeletal tissue, stratified squamous non keratinized epithelium and smooth muscle. Moving down to the stomach, it is apparent that it is also made of three types of tissue, these are smooth muscle, glands and epithelium. After the stomach comes the small and large intestine which are made up of simple columnar epithelium, which is th e tissue that makes up the villi and the micro villi, and the large intestine is made out of epithelial tissue. Finally, comes the rectum and the anus, the rectum contains simple columnar epithelium and the anus is made with stratified squamous epithelium. The digestive system is a vital part of everyday life for the human body, it breaks down food to a form that can be absorbed by the body which gives us energy and everything we need. It works in such a way that it pulls all the vital nutrients from the food, absorbs them and then transports them around their body. Enzymes like protease and amylase play a major part in the digestion of food and are the juices that hydrolyse the food we eat. There are many other factors that work alongside the enzymes that all play a significant role in the digestion of food; muscular and hormone involvement, and nerves, and they all work together so that we as human being can survive, and play this roll in such a way that it is an unconscious act that we very rarely need to think about.

Defining Time :: Definition Essays

Defining Time When I think of time, I am immediately drawn to the song Unchained Melody written by the Righteous Brothers. In this song there is one line that describes time almost perfectly, as I believe it to be. This verse states that time can do so much, however it is very broad but let me explain. The song was written about a love that was separated and to me moments were described prior to the breakup and how time would be cherished if another chance was given. These moments can be either spent talking, holding each other, or just being near one another. There are many things that are affected by time. Sleep for instance seems like wasted time, however it is very necessary to be productively effective while awake. Did you know that we spend one third of our lives sleeping. Of course many people vary based on their life style but their are many psychological factors to consider for each person. I do believe that time can be wasted in some cases such as the old idea of cutting the lawn with scissors. This is not an ideal way of doing it, and common sense tells that a lawnmower would be a much faster way of completing this task. This example simply depicts predicaments that people often run into. Sometimes we don't have a choice of how things are completed due to lack of knowledge or tools required for the task. Anyhow it would still be wasted time if there is a faster way of doing things. The old saying that, "time is money" is so relevant to this day and age. Why spend hours chopping down a tree and cutting the wood yourself, when you can purchase perfect size pieces at a local hardware store? Sure you would save money but the time spent could have been spent with your family, using a small portion of a paycheck instead. I have had moment where I have wasted time and understand that it is for personal satisfaction. An example of this is baking a cake. It is nice to say, "hey, I made this from scratch how do you like it"?, as opposed to "I saved ti me and bought it at the bakery".

A Respectable Trade: Slavery :: Market Systems England Essays

A Respectable Trade: Slavery Many economic systems are revealed in A Respectable Trade: Slavery, Feudalism, Self-Employment, and Capitalism. England in 1788 was entering a period of economic transition. Viewing this finite period in A Respectable Trade allows us, as economists, to dissect the different market systems prevalent during that time. Slavery is the market system most focused on in A Respectable Trade. Josiah's "respectable trade" involves trading sugar, cocoa, coffee and cotton in Africa for captured Negro men, women and children. He then ships these "slaves" to the Caribbean, where he sells them. He makes all of his money in the sale of these people. While Josiah and Sarah Cole have been involved in the slave trade for many years, in 1788 they have just begun to experience the immediate effects of slaves in their lives. Josiah has determined that he will make more money if he ships some slaves to England to train as house slaves. He has married Frances so that she will train and teach them while they live with the Cole's in England. Josiah, Sarah, and Frances are learning the techniques of the slave master. As the film progresses, Josiah becomes more crass and unfeeling toward the slaves, seeing them solely as property. When the slaves first arrive, he feels awkward and anxious about harming them. He knows that he should punish them and lord over them, but he is more comfortable allowing Bates to reprimand and beat the slaves. He allows his customer to rape the slave girl, but he is uncomfortable doing so and does not want to watch. However, at the end of the movie, he stands over Bates while he severely beats Matthew, watching closely with no remorse. Holding human beings as property by chaining them and locking them in the house, controlling their lives and fates by selling them and forcing them to work, Josiah Cole has become a cruel slave master. Frances has a chief role in the slave system. Marrying Josiah, she becomes a teacher and a manager of the slaves in her home. She teaches them English, manners, and proper ways to serve their masters so they may become a more successful sale for Josiah. She does not do this because she desires his success, but because she is held in marriage in a feudal contract. Francis, a young woman without significant funds, without supportive family, and without an acceptable job, has few options in life.

How to Avoid Translation, Transaction and Economic Exposures

Part 1 Question a Provide examples of how real world multinational corporations (MNC) reduce their translation, transaction and economic exposures. Translation exposure is the effect of changes in exchange rates on the accounting values of financial statements (Shapiro, 2010, p. 356). The translation exposure arises from the conversion the financial statements denominated in foreign currency from denominated in home currency. The MNCs could reduce their translation by using funds adjustment. For an example, if the devaluation of USD is expected for a Chinese company.The company could use direct funds adjustment such as pricing the exports in RMB and pricing the imports in USD, investing in RMB securities and replacing loans in RMB with the loans in USD. The company also could use indirect funds adjustment as paying out dividens, fees and other expends in advance, and speeding up the payment of accounting payable and delaying the collection of accounting receivable in USD. Transaction exposure measures the exchange gains and losses in cash flows in the value of domestic currency, which is denominated in foreign currency (Shapiro, 2010, p. 57). Multinational corporations often lower transaction exposure by making the contract with bank to lock in a forward exchange rate. For an example, an Australian import company expected to pay to an American supplier 10000 USD for the goods half year later. The company could sign a forward foreign exchange which is fixed at 0. 9 AUD per USD, and it allows carrying on the transaction in contract provision deadline any time, take at that time exchange rate as. So if there would be depreciation of home currency, and the Spot exchange rate is at 1. AUD per USD, the company had the right to convert their AUD into USD at previous exchange rate which is at 0. 9 from bank, so the amount of balance was the financial savings in cash flows. Economic exposure measures the impact of exchange rate fluctuations on the operating cash flows t horough the sales price, sales volume, and production cost (Shapiro, 2010, p. 359). So the multinational corporations could reduce their economic exposures by marketing and production strategies.For an example, in the export business, if the currency is soft in home country, the company should more revenue and profit from product pricing, and they should consider lower price by reducing cost of product, such as expanding their scope of operation for reducing the cost of production, shifting production to home for reducing cost of currency exchange. Conversely, if the home country supplies with hard currency, they could shift production to local with soft currency for reducing cost of production. Question bDefine the international debt, equity and trade financing options available to MNCs. Explain why MNCs use these financing source. International debt financing refers to the fund demanders’ credit behaviours of raising funds directly from the public by issuing various debt or stocks in the international bond market (Shapiro, 2010, p. 464). There are two kinds of foreign bond. The first kind is the bonds denominated in the local currency that are issued in the national bond market, and the second kind is the bonds denominated in the home currency that are issued in the local bond market.The important foreign bonds in the world include Yankee bonds of the US and Swiss franc bonds of Swiss, Samurai bonds of Japan and Bulldog Bond from the London market. International debt financing can have multiple sources of capital from different foreign markets. The international debt can be issued in a great number with low cost, and MNCs only need to pay the interest as required and return the principal on the due date. The company’s business condition has nothing to do with creditors and creditors cannot intervene with the company’s management and operation.The management and decision-making are both subject to the discretion of the company itself. Int ernational equity financing refers to enterprises’ fund-raising by issuing stocks in the foreign markets (Shapiro, 2010, p. 466). Since stocks can only be transferred but cannot be withdrawn, the capital raised by international stock financing is long-term capital. For the MNCs could benefit lots of advantage of the International equity financing. Firstly, the international equity financing could reduce the funding risk.For some large MNCs located in the small countries, the market could not meet the need of huge issues, it is necessary to finance in more market. Then, issuing the overseas shares could attract more overseas investors, so there is an increase of demand for the companys’ shares, thereby the price of share would also increase and achieve the maximization of the wealth. Trade financing refers to the short-term financing or credit facility provided by banks to importers or exporters in relation to the settlement of import and export trade (Shapiro, 2010, p. 36). Trading financing is divided into import and export trade financing. In general, in respect of import financing, a letter of credit is adopted (Shapiro, 2010, p. 638). When the issuing bank has received proper and complete documents as required, the applicant makes the payment under the letter of credit to repay the short-term financing. The letter of credit is easy to operate and makes the approval procedures of the administration of foreign exchange much simpler. At the same time, a sight letter of credit is also used.As a result, importers can have access to the long-term letter of credit financing. The export trading financing could take a packing loan. Before exporting the goods specified in the letter of credit provided by the overseas importer, the packing loan is employed to cover the expenses of goods, materials, production and shipment. When the shipment of the goods is completed, the exporter presents all the documents to the negotiating bank for payment under the t erms of the credit.Upon the receipt of the payment of goods, the packing loan should be paid back (Bank of China, 2012). Part 2 Briefly explain the differences between the foreign direct investments (FDI) and portfolio investment. Then collect the required the data from the Bureau of Economic Analysis (BEA) website and answer the following questions: Foreign direct investment refers to the trade activity of directly entering other countries for production by means of joint venture, sole proprietorship, etc (Shapiro, 2010, p. 198).With direct investment, investors can possess all or part of the enterprise assets and the ownership of operation, and directly perform or participate in the operation and management. Portfolio investment refers to the investment behaviours of purchasing financial securities of other countries to obtain certain proceeds (Shapiro, 2010, p. 198). Compared with direct investment, indirect investment’s investors only have the right to certain proceeds on a regular basis in addition to stock investment, but have no right to intervene with the invitee’s operation and management.Question a List the ten largest recipient countries of US FDI in the years 1990, 2000 and 2010. You need to provide the list of countries as well as the amount of FDI in USD. [pic] Source: U. S. Bureau of Economic Analysis (BEA) website. Question b What factors do you think account for these countries being the largest recipients of US FDI? Firstly, both these countries have strong political stability, because there are no changes of government and wars in recent, and the social condition and the rate of economic development of that country are positive.The positive political stability brings a safe investment environment to MNCs, which effectively enhances their confidence and willingness to invest. Secondly, these countries have reasonable, normative and stable legal systems. The countries could provide enough protection for foreign investors. Then, t hese countries have a good economic outlook in their domestic such as the low inflation, balance-of-payment surpluses and the strong growth rate of per capita GDP. So, the positive economic situation, the less likely it is to face risk that will inevitably harm foreign companies (Shapiro, 2010, p. 30). Question c Has the list of recipient counties changed over the concerned period? What might account for these changes? Yes, the list has changed over the concerned period. For most MNCs, the political and economic risks may discourage investors to invest in the countries. Political risk refers to the possibility of causing loss to investment activities of foreign investors because of the change in investment environment as a result of the change in the political situation of the host country (Shapiro, 2010, p. 277).Generally speaking, the main political risk influenced on the investment decision which includes: War Risk, when a political change or war occurs in the host country, it wi ll bring damage to the sales or profits of foreign-funded enterprises in the host country and even endanger the survival of these enterprises Legal risk, with the unreasonable laws and regulations and the direct legal confrontation between the investment country and host country, host country cannot provide enough protection for foreign investors, the assets of enterprises are more likely to suffer loss.Policy change risk, the change in policies concerning land, tax, market and exchange of the host country may influence the profits and development of enterprises. The government in the host country may set up barriers or impose various pressures for enterprises of the investment country, which often results in loss or bankruptcy for foreign-funded enterprises. Government relations risk, inharmonious government relations will lead to mutual hostility and sanctions in economy.As a result, foreign-funded enterprises are the first to be affected, which generates great risk for investment and operating activities. Economic risk mainly stems from the change in the economic policies and economic situation of the host country (Shapiro, 2010, p. 277), which changes may strike the foreign-funded enterprises and generate risk for their investment and operation. The economic risk mainly includes: Exchange rate risk, foreign investment activities often involve the conversion of different currencies.The change in exchange rate may increase the production cost, reduce the profitability of enterprises. Tax risk, the preference level of tax policy in the host country directly influences the management efficiency of enterprises. Interest rate risk, the fluctuation in the interest rate of the host country will have a direct impact on the financing cost and capital utilization efficiency of enterprises. Question d Do you except a change to the 2010 list over the next decade? Explain.Yes, I think some countries in the Third World and Eastern Europe will come into the list. With the strong economic and growth and rising standard of living, these emerging markets might be so profitable to the investors, and these host governments do recognise the free market oriented situation that it has play the role of economic growth. In the past years, the Third World’s and Eastern European countries are more open to the FDI by setting up free market oriented policies. These countries introduced a number of trade liberalization polices.In the free market system, prices and interest rate are set by market. The countries also have tax reform in the past years, that brought to foreign investors much more preferential taxation. They are accelerating the privatisation programme, it identified that government was willing to accept and support private economic activities, which leads to advance the inflow of FDI. After that, these countries also are trying to move forward is to revamp the entire civil service which could provide enough preferential treatment and protection for foreign investors.References Bank of China, 2012, Packing Loan, International Trade Financing. Accessed on: http://www. boc. cn/en/cbservice/cb3/cb35/200806/t20080627_1324121. html Shapiro, A. C. , 2010, Multinational Financial Management, 9th edn, John Wiley & Sons, New York, p. 198, p. 227, p. 230, p. 356, p. 357, p. 359, p. 464, p. 466, , p. 636, p. 638. U. S. Bureau of Economic Analysis, 2012, U. S. Direct Investment Position Abroad on a Historical-Cost Basis. [pic][pic][pic][pic][pic][pic]

Jack Johnson and history of the wrench Essay

Jack Johnson was an amazing man that changed history. His contribution to the world (the wrench) is still used widely throughout the world. The world and all things are either created by nature or man made, if man made it was probably constructed using hardware tools maybe including a wrench. Jack Johnson invented a history changing invention and patented it on April 18, 1922. This invention still changes lives today by putting together many of our belongings. Things like cars are repaired using a wrench and bicycles are made using wrenches. Things like chairs, beds, tables, and shelves are usually either created or fixed using a wrench and other hardware materials. A wrench is a tool that is used by hand and is used for making and repairing things. A wrench can loosen or tighten bolts, nuts, or nails using it adjustable teeth at the front of the tool. The first wrench was patented by Solymon Merrick in 1835. There is a variety of different wrenches that include; Monkey Wrench, Ratchet Wrench, Pipe Wrench, and the Rachetless Wrench, all of these different tools perform different functions. The wrench may seem like a simple hardware tool yet it is complicated, tedious, and a very precise piece of hardware.