题目内容
（请给出正确答案）
[单选题]
The proposal （) we start doing the experiment two days earlier has been agreed on by all.
A.which
B.what
C.that
D.of which
答案
C、that
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题目内容
（请给出正确答案）
答案
如果结果不匹配，请 联系老师 获取答案
题目内容
（请给出正确答案）
A.which
B.what
C.that
D.of which
答案
C、that
如果结果不匹配，请 联系老师 获取答案
更多“The proposal （) we start doing…”相关的问题
1.After I revise my proposal, perhaps we can请选择 .2. It is unlikely that the two sides
1.After I revise my proposal, perhaps we can请选择 .
2. It is unlikely that the two sides will be able to请选择 .
3. You need to 请选择 with others at a reasonable price in order to make a profit.
4. I would 请选择 anything you ask.
5. Everyone thinks that he's to blame but they really don't know 请选择 .
6. People 请选择 both tangible or intangible.
A.purchase some assets .
B.the other side of the coin .
C.bridge their differences .
D.buy certain goods or services .
E.make a deal .
F.be willing to do .
A.question
B.suspicion
C.suggestion
D.proposal
A.which
B.what
C.that
D.of which
A.further
B.far
C.more far
D.ahead
We are all for your proposal that the discussion______.
A．be put off
B．was put off
C．will be put off
D．should put off
B
A British schoolboy has been excluded from lessons after he organised a mass protest over a lack of homework.
Aaron Parfitt, 14, led 100 of his fellow pupils on a walkout at Bispham High School in Blackpool on 12 March over concerns about teaching standards.
Despite his eagerness to learn, Aaron was told he wasbanned from lessons for the next two days, and now claims to have been excluded again ahead of a meeting between teachers and his mother on 17 March.
Aaron originally contacted Blackpool Council and Ofsted to raise concerns over the quality of teaching before losing patience and organising the 100-strong walkout last Wednesday.
Teachers took a dim view of his actions and excluded him for two days on Thursday and Friday last week - much to the anger of his mother Janet, 52.
'I'm absolutely fuming they've excluded him because he's doing the best he can to get a good education,' she said
'He was only trying to stick up for himself and his mates and then he gets told to stay away from the school for two days,' she added.
Aaron said: 'We've had loads of different teachers and we weren't getting enough homework.I failed my maths exam in school and I was really worried because I just wanted to make sure I was able to do the work properly.'
55.What can we infer from the passage？
A.Aaron could not get enough homework
B.Aaron's teachers were not adequate to their jobs at all
C.Teachers were accused of assigning little homework
D.All students did not agree with Aaron's proposal
"Didn't the council turn down Frank's proposal？” “Yes. Now he regrets ______ it.”
A．to submit
B．to have submitted
C．having submitted
D．submitted
A.Well, I was caught in the traffic jam.
B.What's your proposal？
C.Never min
The basic argument for the one-term, six-year presidency is that the quest for reelection is at the heart of our problems with self-government. The desire for reelection, it is claimed, drives Presidents to do things they would not otherwise do. It leads them to make easy promises and to postpone hard decisions. A single six-year term would liberate presidents from the pressures and temptations of politics. Instead of worrying about reelection, they would be free to do only what was best for the country.
The argument is superficially attractive. But when you think about it, it is profoundly antidemocratic in its implications. It assumes Presidents know better than anyone else what is best for the country and that the people are so wrongheaded and ignorant that Presidents should be encouraged to disregard their wishes. It assumes that the less responsive a President is to popular desires and needs, the better President he or she will be. It assumes that the democratic process is the obstacle to wise decisions.
The theory of American democracy is quite the opposite. It is that the give-and-take of the democratic process is the best source of wise decisions. It is that the President's duty is not to ignore and override popular concerns but to acknowledge and heed them. It is "that the President's accountability to the popular will is the best guarantee that he or she will do a good job.
The one-term limitation, as Gouverneur Morris, final draftsman of the Constitution, persuaded the convention, would "destroy the great motive to good behavior," which is the hope of reelection. A President, said Olive Ellsworth, another Founding Father, "should be reelected if his conduct prove worthy of it. And he will be more likely to render himself worthy of it if he be rewardable with it."
The ban on reelection has other perverse consequences. Forbidding a President to run again, Gouverneur Morris said, is "as much as to say that we should give him the benefit of experience, and then deprive ourselves of use of it." George Washington stoutly opposed the idea. "I can see no propriety," he wrote, "in precluding ourselves from the service of any man, who on some great emergency shall be deemed universally most capable of serving the public."
A single six-year term would release Presidents from the test of submitting their records to the voters. It would be an impeachment of the democratic process itself. The Founding Fathers were everlastingly right when they turned down this well-intentioned but ill-considered proposal 200 years ago.
The main idea of the passage is that the United States Presidents should ______
A．have wide political experience
B．serve for a term of less than six years
C．serve for a term of more than six years
D．be allowed to be reelected
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)
Section B
Directions: There are 2 passages in this section. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A, B, C and D. You should decide on the best choice.
Unfortunately sales results over the last year have failed to come up to our expectations. A number of factors have been responsible, but basically it is the result of too many companies chasing the microcomputer market which is no longer expanding as fast as it once was.
Looking at the past year in detail, it must be admitted that the sales have declined considerably over the period. Our market share in wholesales has dropped from 21% to only 10%. The lack of a good local distributor in Asia has meant that our sales of the Obec series have collapsed despite the huge jump in the microcomputer market there during the past year. Our dominance of that part of the market has been lost to Strong, but once we find a new distributor we should come back strongly.
Retail sales in general have been a problem. There has been a tendency for the big high street stores to concentrate on high volume turnover of a few fairly well-known makers. When they stopped promotion of the Obec 1500, sales slumped by 50%. We are negotiating a fresh marketing deal for the new Obec 1600. Once this is settled we expect a gradual rise in sales, which will be followed by a big TV advertising campaign at the appropriate time. What we are facing now is that we have not been able to push the Obec 1500 as much as we would have liked because of insufficient advertising.
Most of our advertising budget went on the promotion of the Obec Extra before last Christmas. Unfortunately we have failed consistently to find the proper marketing strategy for the Extra, which has not been sold to either the leisure or the business market.
The serious business market has performed worse than any other in the period under review. The main factor was the introduction of the new Legend 586 Plus, when sales reduced over a period of several months. With this background it is natural that sales of the Obec 1000 and 2000 have gone into a slide. They showed a slight upturn just after the introduction of the 586 Plus, only to crash again a few weeks later.
What purpose does this passage possibly serve？
A．A company introduction to its employees.
B．A market analysis for a specific industry to inform. a client.
C．An annual report of a company to direct its future decision.
D．A marketing strategy proposal for discussion.
