题目内容
（请给出正确答案）
Which of the following is NOT a measure suggested by the author to win back the market？
A．Find a new local distributor in Asia.
B．Launch a big TV advertising campaign for Obec 1600.
C．Try to find the proper marketing strategy for the Extra.
D．Introduce new products in the Asian market.
如果结果不匹配，请 联系老师 获取答案
更多“Which of the following is NOT …”相关的问题
As for banking online, which of the following is NOT suggested？
A．Giving up a little control.
B．Using the website of your bank.
C．Asking questions about its safety.
D．Contacting consumer service clerks.
Which of the following is NOT true about advertising？
A．Advertising does not always increase the sales.
B．Advertising serves to relay information from buyers to producers.
C．Advertising is and will continue to be a necessary part of everyday lives.
D．It is suggested that advertising should be abolished.
A.Never look straight at output optical interface or tail fiber end surface that connects with it.
B. First you must disable laser output to avoid too strong output power burning down tail fiber end face.
C. Use an optical power meter to measure input interface power to avoid receiver burning down due to overload.
D. If there are no attenuators, loosen the receiver and tighten the transmitter to prevent optical input from overloading.
(i) Making a provision for a constructive obligation of $400,000; this being the sales value of goods expected to be returned by retail customers after the year end under the company’s advertised 30-day returns policy
(ii) Based on past experience, a $200,000 provision for unforeseen liabilities arising after the year end
(iii) The partial reversal (as a credit to the statement of profit or loss) of the accumulated depreciation provision on an item of plant because the estimate of its remaining useful life has been increased by three years
(iv) Providing $1 million for deferred tax at 25% relating to a $4 million revaluation of property during March 2015 even though Cumla has no intention of selling the property in the near future
Which of the above suggested treatments of provisions is/are permitted by IFRS？
A.(i) only
B.(i) and (ii)
C.(ii) and (iii)
D.(iv)
Have standards declined？ There is no objective way of answering this question. Tests of the traditional sort— compositions, pr6cis writing, and so on—have always been subjective, so they cannot be used to judge whether people have got better or not over the years. But so-called objective tests are useless as a measure of progress too. They have not been used consistently in the same "concentration" over the period they have been in use, so there is no way of comparing exams "now" and "then". Moreover, usually in the form. of multiple choice questions, they do not, by and large, test the things that really count in mastering a language. Even comprehension is a partly "creative" activity in real life, as we have to think of possible meanings for ourselves rather than have them suggested for us from outside. And people can be trained in the techniques of multiple choice, while others fail the tests because they have been led astray precisely by their "suggestive" nature, so they are not really objective at all. We are left with only personal impression to go on.
My own is that, if anything, standards have declined somewhat in the last thirty or forty years, despite all the new theories, tools and techniques that have been developed. I am not alone in this judgment In Sweden, for instance, Professors Johannes Hedberg and Gu.slav Kofien, two of the most experienced workers in the field; have on several occasions drawn attention to the lack of progress in the teaching of foreign languages since the late fifties. Yet Sweden is a sophisticated society with extremely high educational and academic standards, and very concerned not to be cut off from the rest of the world. If such a country cannot achieve advances in the study of foreign languages, it is unlikely that many, if any, others have done so.
Japan is another community where remarkably little progress has been made in the learning of English. It is probably as important for Japan as for Sweden to master that language, and there is much academic effort put into linguistic research of various kinds. Yet the average standard of language learning is abysmally low, particularly for such a highly literate and educated society. This is no doubt in part the result of a vicious circle: many of the professors of English at Japanese universities are themselves incapable of speaking or writing or even understanding the language well.
Which of the following is TRUE according to the passage？
A．Multiple choice questions are objective because people cannot be trained any techniques.
B．Sweden emphasizes the teaching of English without paying attention to other countries.
C．We have to depend on our own impression to judge the English standards.
D．Compositions are useful to test people's English ability because people have to write out their viewpoints.
In 1906 the psychologist, Alfred Binet, devised the standard in relation to which intelligence has since been assessed.
He invented a variety of tests and put large numbers of children of different ages through them. He found at what age each test was passed by the average child. For instance, he found that the average child of seven could count backwards from 20 to 1 and the average child of three could repeat the sentence: We are going to have a good time in the country. Binet arranged the various tests in order of difficulty, and used them as a scale against which he could measure every individual. If, for example, a boy aged twelve could only do tests that were passed by the average boy of nine, Binet held that he was three years below average, and that he has a mental age of nine.
The concept of mental age provided Binet, and through him, other psychologists, with the required standard, which enables him to state scores in intelligence tests in terms of a norm. At first, it was usual to express the result of a test by the difference between the "mental" and the "chronological" age. Then the boy in the example given would be "three years retarded". Soon, however, the "mental ratio" was introduced, that is to say, the ratio of the mental age to the chronological age. Thus a 'boy of twelve with a mental age of nine has a mental ratio of 0.75.
The mental age was replaced by the "intelligence quotient" or "ID". The IQ is the mental ratio multiplied by 100. For example, a boy of twelve with a mental age of nine has an IQ of 75. Clearly, since the mental age of average child is equal to the chronological age, the average IQ is 100.
Which of the following is not mentioned in relation to IQ？______
A．mental ratio
B．mental age
C．chronological age
D．date of birth
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)
A week ago, the Caiifomia Assembly approved the measure, which--in addition to raising the age limit--treats electronic cigarettes the same as tobacco products, expands smoke-free areas, in-creases smoking bans and allows counties to collect higher taxes on cigarettes than the 87-cent per pack state tax. The Assembly&39; s vote came a few days after the city of San Francisco increased the age to buy tobacco products to 21.
California lawmakers passed the bill despite lobbying (游说)from tobacco interests. The meas-ure also faced opposition from many Republicans, who said the state should not be involved in po-licing people&39; s personal choices. "I don&39; t smoke. I don&39; t encourage my children to," said Re-publican Assemblyman Donald Wagner. "But they&39; re adults, and it&39; s our job to treat our citizens as adults. "
But supporters of the bill say raising the age to 21 moves legally purchased tobacco that much farther from younger kids. " This will save the medical system millions of dollars," said Democratic Assemblyman Jim Wood. (76 ) "It will save thousands of lives. " A 2015 study by the Institute of Medicine "found that if the minimum legal age to buy tobacco were raised to 21 nation-wide, tobacco use would drop by 12 percent by the time today&39; s teens reached adulthood. In addi-tion, there would be 223,000 fewer premature (过早的) deaths and 50,000 fewer deaths from lung cancer. "
Which of the following is the first state to raise smoking age to 21？
A.California
B.Hawaii
C.New York.
D.Washington.
The California law includes all the following measures EXCEPT__________.A.enlarging no-smoking areas
B.allowing counties to collect higher taxes on cigarettes
C.increasing smoking bans
D.punishing parents who encourage their children to smoke
The word policing in Paragraph 3 probably means__________.A.enriching
B.controlling
C.understanding
D.protecting
Who is against the bill？A.Governor Jerry Brown.
B.Assemblyman Donald Wagner.
C.Assemblyman Jim Wood
E.The mayor of San Francisco.
Which of the following is an appropriate title for the passage？A.Calitbrnia Lawmakers Vote to Raise Smoking Age to 21
B.San Francisco Increased the Age to Buy Tobacco Products to 21
C.Hawaii Has Already Raised the Age Limit to Buy Tobacco
D.A California Bill Faces Opposition from Many Republicans
请帮忙给出每个问题的正确答案和分析，谢谢！
The chief executive officer (CEO) of Faoilean Co has just returned from a discussion at a leading university on the ‘application of options to investment decisions and corporate value’. She wants to understand how some of the ideas which were discussed can be applied to decisions made at Faoilean Co. She is still a little unclear about some of the discussion on options and their application, and wants further clarification on the following:
(i) Faoilean Co is involved in the exploration and extraction of oil and gas. Recently there have been indications that there could be significant deposits of oil and gas just off the shores of Ireland. The government of Ireland has invited companies to submit bids for the rights to commence the initial exploration of the area to assess the likelihood and amount of oil and gas deposits, with further extraction rights to follow. Faoilean Co is considering putting in a bid for the rights. The speaker leading the discussion suggested that using options as an investment assessment tool would be particularly useful to Faoilean Co in this respect.
(ii) The speaker further suggested that options were useful in determining the value of equity and default risk, and suggested that this was why companies facing severe financial distress could still have a positive equity value.
(iii) Towards the end of the discussion, the speaker suggested that changes in the values of options can be measured in terms of a number of risk factors known as the ‘greeks’, such as the ‘vega’. The CEO is unclear why option values are affected by so many different risk factors.
Required:
(a) With regard to (i) above, discuss how Faoilean Co may use the idea of options to help with the investment decision in bidding for the exploration rights, and explain the assumptions made when using the idea of options in making investment decisions. (11 marks)
(b) With regard to (ii) above, discuss how options could be useful in determining the value of equity and default risk, and why companies facing severe financial distress still have positive equity values. (9 marks)
(c) With regard to (iii) above, explain why changes in option values are determined by numerous different risk factors and what ‘vega’ determines. (5 marks)
1 The Health and Fitness Group (HFG), which is privately owned, operates three centres in the country of Mayland.
Each centre offers dietary plans and fitness programmes to clients under the supervision of dieticians and fitness
trainers. Residential accommodation is also available at each centre. The centres are located in the towns of Ayetown,
Beetown and Ceetown.
The following information is available:
(1) Summary financial data for HFG in respect of the year ended 31 May 2008.
(2) HFG defines Residual Income (RI) for each centre as operating profit minus a required rate of return of 12% of
the total assets of each centre.
(3) At present HFG does not allocate the long-term borrowings of the group to the three separate centres.
(4) Each centre faces similar risks.
(5) Tax is payable at a rate of 30%.
(6) The market value of the equity capital of HFG is $9 million. The cost of equity of HFG is 15%.
2
(7) The market value of the long-term borrowings of HFG is equal to the book value.
(8) The directors are concerned about the return on investment (ROI) generated by the Beetown centre and they are
considering using sensitivity analysis in order to show how a target ROI of 20% might be achieved.
(9) The marketing director stated at a recent board meeting that ‘The Group’s success depends on the quality of
service provided to our clients. In my opinion, we need only to concern ourselves with the number of complaints
received from clients during each period as this is the most important performance measure for our business.
The number of complaints received from clients is a perfect performance measure. As long as the number of
complaints received from clients is not increasing from period to period, then we can be confident about our
future prospects’.
Required:
(a) The directors of HFG have asked you, as management accountant, to prepare a report providing them with
explanations as to the following:
(i) Which of the three centres is the most ‘successful’？ Your report should include a commentary on return
on investment (ROI), residual income (RI), and economic value added (EVA) as measures of financial
performance. Detailed calculations regarding each of these three measures must be included as part of
your report;
Note: a maximum of seven marks is available for detailed calculations. (14 marks)
