题目内容
（请给出正确答案）
The manage, would rather his daughter ______ in the same office.
A．had not worked
B．not to work
C．does not work
D．did not work
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Section A – This ONE question is compulsory and MUST be attempted
Cocoa-Mocha-Chai (CMC) Co is a large listed company based in Switzerland and uses Swiss Francs as its currency. It imports tea, coffee and cocoa from countries around the world, and sells its blended products to supermarkets and large retailers worldwide. The company has production facilities located in two European ports where raw materials are brought for processing, and from where finished products are shipped out. All raw material purchases are paid for in US dollars (US$), while all sales are invoiced in Swiss Francs (CHF).
Until recently CMC Co had no intention of hedging its foreign currency exposures, interest rate exposures or commodity price fluctuations, and stated this intent in its annual report. However, after consultations with senior and middle managers, the company’s new Board of Directors (BoD) has been reviewing its risk management and operations strategies.
The following two proposals have been put forward by the BoD for further consideration:
Proposal one
Setting up a treasury function to manage the foreign currency and interest rate exposures (but not commodity price fluctuations) using derivative products. The treasury function would be headed by the finance director. The purchasing director, who initiated the idea of having a treasury function, was of the opinion that this would enable her management team to make better decisions. The finance director also supported the idea as he felt this would increase his influence on the BoD and strengthen his case for an increase in his remuneration.
In order to assist in the further consideration of this proposal, the BoD wants you to use the following upcoming foreign currency and interest rate exposures to demonstrate how they would be managed by the treasury function:
(i) a payment of US$5,060,000 which is due in four months’ time; and
(ii) a four-year CHF60,000,000 loan taken out to part-fund the setting up of four branches (see proposal two below). Interest will be payable on the loan at a fixed annual rate of 2·2% or a floating annual rate based on the yield curve rate plus 0·40%. The loan’s principal amount will be repayable in full at the end of the fourth year.
Proposal two
This proposal suggested setting up four new branches in four different countries. Each branch would have its own production facilities and sales teams. As a consequence of this, one of the two European-based production facilities will be closed. Initial cost-benefit analysis indicated that this would reduce costs related to production, distribution and logistics, as these branches would be closer to the sources of raw materials and also to the customers. The operations and sales directors supported the proposal, as in addition to above, this would enable sales and marketing teams in the branches to respond to any changes in nearby markets more quickly. The branches would be controlled and staffed by the local population in those countries. However, some members of the BoD expressed concern that such a move would create agency issues between CMC Co’s central management and the management controlling the branches. They suggested mitigation strategies would need to be established to minimise these issues.
Response from the non-executive directors
When the proposals were put to the non-executive directors, they indicated that they were broadly supportive of the second proposal if the financial benefits outweigh the costs of setting up and running the four branches. However, they felt that they could not support the first proposal, as this would reduce shareholder value because the costs related to undertaking the proposal are likely to outweigh the benefits.
Additional information relating to proposal one
The current spot rate is US$1·0635 per CHF1. The current annual inflation rate in the USA is three times higher than Switzerland.
The following derivative products are available to CMC Co to manage the exposures of the US$ payment and the interest on the loan:
Exchange-traded currency futures
Contract size CHF125,000 price quotation: US$ per CHF1
It can be assumed that futures and option contracts expire at the end of the month and transaction costs related to these can be ignored.
Over-the-counter products
In addition to the exchange-traded products, Pecunia Bank is willing to offer the following over-the-counter derivative products to CMC Co:
(i) A forward rate between the US$ and the CHF of US$ 1·0677 per CHF1.
(ii) An interest rate swap contract with a counterparty, where the counterparty can borrow at an annual floating rate based on the yield curve rate plus 0·8% or an annual fixed rate of 3·8%. Pecunia Bank would charge a fee of 20 basis points each to act as the intermediary of the swap. Both parties will benefit equally from the swap contract.
Required:
(a) Advise CMC Co on an appropriate hedging strategy to manage the foreign exchange exposure of the US$ payment in four months’ time. Show all relevant calculations, including the number of contracts bought or sold in the exchange-traded derivative markets. (15 marks)
(b) Demonstrate how CMC Co could benefit from the swap offered by Pecunia Bank. (6 marks)
(c) As an alternative to paying the principal on the loan as one lump sum at the end of the fourth year, CMC Co could pay off the loan in equal annual amounts over the four years similar to an annuity. In this case, an annual interest rate of 2% would be payable, which is the same as the loan’s gross redemption yield (yield to maturity).
Required: Calculate the modified duration of the loan if it is repaid in equal amounts and explain how duration can be used to measure the sensitivity of the loan to changes in interest rates. (7 marks)
(d) Prepare a memorandum for the Board of Directors (BoD) of CMC Co which:
(i) Discusses proposal one in light of the concerns raised by the non-executive directors; and (9 marks)
(ii) Discusses the agency issues related to proposal two and how these can be mitigated. (9 marks)
Professional marks will be awarded in part (d) for the presentation, structure, logical flow and clarity of the memorandum. (4 marks)
Extracts from the recent financial statements of Bold Co are given below.
A factor has offered to manage the trade receivables of Bold Co in a servicing and factor-financing agreement. The factor expects to reduce the average trade receivables period of Bold Co from its current level to 35 days; to reduce bad debts from 0·9% of turnover to 0·6% of turnover; and to save Bold Co $40,000 per year in administration costs. The factor would also make an advance to Bold Co of 80% of the revised book value of trade receivables. The interest rate on the advance would be 2% higher than the 7% that Bold Co currently pays on its overdraft. The factor would charge a fee of 0·75% of turnover on a with-recourse basis, or a fee of 1·25% of turnover on a non-recourse basis. Assume that there are 365 working days in each year and that all sales and supplies are on credit.
Required:
(a) Explain the meaning of the term ‘cash operating cycle’ and discuss the relationship between the cash operating cycle and the level of investment in working capital. Your answer should include a discussion of relevant working capital policy and the nature of business operations. (7 marks)
(b) Calculate the cash operating cycle of Bold Co. (Ignore the factor’s offer in this part of the question). (4 marks)
(c) Calculate the value of the factor’s offer:
(i) on a with-recourse basis;
(ii) on a non-recourse basis. (7 marks)
(d) Comment on the financial acceptability of the factor’s offer and discuss the possible benefits to Bold Co of factoring its trade receivables. (7 marks)
No one knows exactly how many disabled (残废的) people there are in the world, but estimates suggest the figure is over 450 million. The number of disabled people in India alone is probably more than double the total population of Canada.
In the United Kingdom, about one in ten people have some disability. Disability is not just something that happens to other people. As we get older, many of us will become less mobile (可动的), hard of hearing or have failing eyesight.
Disablement can take many forms and occur at any time of life. Some people are born with disabilities. Many others become disabled as they get older. There are many progressive disabling diseases. The longer time goes on, the worse they become. Some people are disabled in accidents. Many others may have a period of disability in the form. of a mental illness. All are affected by people's attitude towards them.
Disabled people face many physical barriers. Next time you go shopping or to work or visit friends, imagine how you would manage if you could not get up steps, or on to buses and trains. How would you cope if you could not see where you were going or could not hear the traffic？ But there are other barriers: prejudice can be even harder to break down and ignorance inevitably represents by far the greatest barrier of all. It is almost impossible for the able-bodied to fully appreciate what the severely disabled go through, so it is important to draw attention to these barriers and show that it is the individual person and their ability, not their disability, which counts.
The first paragraph points out that ______.
A．it is possible to get an exact figure of the world's disabled people
B．there are many disabled people in the world
C．the number of disabled people in India is the greatest
D．India has not much more disabled people than Canada
This student was experiencing something called test anxiety. Because a student worries and is uneasy about a test, his or her mind does not work as well as it usually does. The student cannot write or think clearly because of the extreme tension and nervousness. Although poor grades are often a result of poor study habits, sometimes test anxiety causes the low grades. Recently, test anxiety has been recognized as a real problem, not just an excuse or a false explanation of lazy students.
Special university counseling course try to help students. In these courses, counselors try to help students by teaching them how to manage test anxiety. At some universities, students take tests to measure their anxiety. If the tests show their anxiety is high, the students can take short courses to help them deal with their tension. These courses teach students how to relax their minds. Students are trained to become calm in very tense situations. By controlling their nervousness, they can let their minds work at ease. Learned information then comes out without difficulty on a test.
An expert at the University of California explains, "With almost all students, relaxation and less stress are felt after talking our program. Most of them experience better control during their tests. Almost all have some improvement. With some, the improvement is very great.
To "blank out" is probably ______.
A．to be like a blanket
B．to be sure of an answer
C．to be unable to think clearly
D．to show knowledge to the teacher
Of the following, which would best characterize the response of the author’s family to her plan of taking a cooking job？
A.Pleased
B.Doubtful
C.Uncomfortable
D.Positive
One reason for the author’s: lack of practice in cooking was that___.A.no one in her family would like her to practise cooking
B.everything in the kitchen was property belonging to the cook
C.the cook would never allow her to do any cooking
D.she was not yet born when the cook came to the house
The cook felt uncomfortable when____.A.She heard a shout of horror
B.she heard the sound of a pair of slippered feet moving round the door
C.she saw the author creep down to the kitchen
D.she saw the author break an egg on the floor
When there was no one about, the author rushed out of the house because_____.A.she was afraid of seeing the cook again
B.she couldn’t answer the question her family would ask
C.that was the only chance for her to leave the house
D.didn’t want to reveal what she was going to do
请帮忙给出每个问题的正确答案和分析，谢谢！
听力原文：W：Hello，Parkson college．May I help you？
M：Yes．I'm looking for information on courses in computer programming．I would need it for the fourth semester．
W：Do you want a day or evening course？
M：Well，it would have to be an evening course since I work during the day．
W：Aha．Have you taken any courses in data processing？
M：No．
W：Oh．Well，data processing is a course you have to take before you can take computer programming．
M：Oh，I see．Well，when is it given？ I hope it's not on Thursdays．
W：Well，there's a class that meets on Monday evenings at seven．
M：Just once a week？
W：Yes．But that's almost three hours from seven to nine forty-five．
M：Oh．Well，that's all right．I could manage that．How many weeks does the course last？
W：Mmmm，let me see．Twelve weeks．You start the first week in September，and finish…，oh，just before Christmas，December 21st．
M：And how much is the course？
W：That's three hundred dollars including the necessary computer time．
M：Aha．Okay．Ah，where do I go to register？
W：Registration is on the second and third of September．between 6 and 9 in Frost Hall．
M：Is that the round building behind the parking lot？
W：Yes．That's the one．
M：Oh，I know how to get there．Is there anything that I should bring with me？
W：No，just your checkbook．
M：Well，thank you so much．
W：You are very welcome. Bye!
M：Bye!
Question 19．Why does the man choose to take an evening course？
Question 20．What does the man have to do before taking the course of computer programming？
Question 21．What do we learn about the schedule of the evening course？
Question 22．What does the man want to know at the end of the conversation？
(23)
A．He prefers the smaller evening classes.
B．He has signed up for a day course.
C．He has to work during the day.
D．He finds the evening course cheaper.
When I was a teenager, I was so shy that I never dared ask complete strangers the way and so I used to wander round in circles and hope that some miraculous (奇迹的) chance would bring me to the spot I was heading for.
A lot of people do not like to admit that they do not know their hometown and will insist on telling you the way even if they do not know it; others, who are anxious to prove that they know their home town very well, will give you a long list of directions which you cannot possibly hope to remember; and you finally find that you are going in the opposite direction to that in which you should be going.
If anyone ever asks me the way somewhere, I always tell them that I am a stranger to the town in order to avoid causing trouble, but even this can have unpleasant results.
I was once on my way to work when I was stopped by a man who asked me if I would di- rect him to the Sunlight Building. Without hesitation, I gave my usual reply, but I had only walked on a few steps when I realized that he had asked for directions to my office building. However, at this point, I decided it was too late to turn back and search him out of the crowd behind me as I had and appointment to keep at the office with a new client and I did not want to keep him waiting. Imagine my situation when my secretary showed in the very man who had asked for directions to my office and his astonishment when he recognized me as the person he had asked!
According to the passage, the sense of direction is learnt______.
A．through practice
B．by nature
C．in the childhood
D．after visiting a place repeatedly
When I told my family that I was thinking of taking a cooking job, the roars of laughter were rather discouraging. No one believed that I could cook at all, as I had never had achance to practise at home, Our cook had ruled in the kitchen for thirty years and had an annoying tendency to regard the saucepans, stove and all the kitchen fittings as her own property. I once crept down there when I thought she was asleep in her room to try out an omelette (妙蛋). Noiselessly I removed a frying pan from its hook and the eggs from their cupboard. It was the pop of the gas that woke her, I think, for I was just breaking the first egg when a pair of slippered feet moved round the door and a shout of horror caused me to break the egg on the floor. This disaster, together with the fact that I was using her one very special beloved and cared for frying-pan, upset her so much that she locked herself in the store room with all the food and we had to make our Sunday dinner of bananas. If the family weren&39;t going to be helpful I would look for a job all by myself and not tell them about it until I&39;d got one. I had seen an agency in a local paper, so as soon as there was no one about to say "Where are you going？" I rushed out of the house in search of it. I sat on the edge of a chair and could see my nose shining out of the corner of my eye.I thought perhaps it was a good thing; it might look more earnest. The woman at the desk examined me through her glasses. Having asked me a few questions, she told me that it would be difficult to get a job without experience. "But," she said, "I&39; ve got someone who needs a cook badly. " She wrote down a number, and my spirits went up as I took the slip of paper she held out to me, saying:“Ring up this lady. She wants a cook. You wouldhave to start tomorrow by cooking dinner for ten people. Could you manage that？" “Oh yes," said I, never having cooked for more than four in my life.
Of the following, which would best characterize the response of the author’s family to her plan of taking a cooking job？
A.Pleased
B.Doubtful
C.Uncomfortable
D.Positive
One reason for the author’s: lack of practice in cooking was that___.A.no one in her family would like her to practise cooking
B.everything in the kitchen was property belonging to the cook
C.the cook would never allow her to do any cooking
D.she was not yet born when the cook came to the house
The cook felt uncomfortable when____.A.She heard a shout of horror
B.she heard the sound of a pair of slippered feet moving round the door
C.she saw the author creep down to the kitchen
D.she saw the author break an egg on the floor
When there was no one about, the author rushed out of the house because_____.A.she was afraid of seeing the cook again
B.she couldn’t answer the question her family would ask
C.that was the only chance for her to leave the house
D.didn’t want to reveal what she was going to do
