题目内容
（请给出正确答案）
_____ the greater contribution(贡献)you’ll make to the country.
A、When you study more now
B、More you study now
C、The harder you study now
D、The harder do you study now
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更多“_____ the greater contribution（贡献)you’ll make to the country.A、When you study more no”相关的问题
Column A Column B
The least common denominator of 1/2, 1/3 and 1/4 15
A．if the quantity in Column A is greater
B．if the quantity in Column B is greater
C．if the two quantity are equal
D．if the relationship cannot be determined from the information given
The following scenario relates to questions 11 to 15.
The following information relates to an investment project which is being evaluated by the directors of Fence Co, a listed company. The initial investment, payable at the start of the first year of operation, is $3·9 million.
The directors believe that this investment project will increase shareholder wealth if it achieves a return on capital employed greater than 15%. As a matter of policy, the directors require all investment projects to be evaluated using both the payback and return on capital employed methods. Shareholders have recently criticised the directors for using these investment appraisal methods, claiming that Fence Co ought to be using the academically-preferred net present value method.
The directors have a remuneration package which includes a financial reward for achieving an annual return on capital employed greater than 15%. The remuneration package does not include a share option scheme.
What is the payback period of the investment project？
A.2·75 years
B.1·50 years
C.2·65 years
D.1·55 years
Which of the following statements about investment appraisal methods is correct？A.The return on capital employed method considers the time value of money
B.Return on capital employed must be greater than the cost of equity if a project is to be accepted
C.Riskier projects should be evaluated with longer payback periods
D.Payback period ignores the timing of cash flows within the payback period
Which of the following statements about Fence Co is/are correct？
(1) Managerial reward schemes of listed companies should encourage the achievement of stakeholder objectives
(2) Requiring investment projects to be evaluated with return on capital employed is an example of dysfunctional behaviour encouraged by performance-related pay
(3) Fence Co has an agency problem as the directors are not acting to maximise the wealth of shareholders
A.1 and 2 only
B.1 only
C.2 and 3 only
D.1, 2 and 3
Which of the following statements about Fence Co directors’ remuneration package is/are correct？
(1) Directors’ remuneration should be determined by senior executive directors
(2) Introducing a share option scheme would help bring directors’ objectives in line with shareholders’ objectives
(3) Linking financial rewards to a target return on capital employed will encourage short-term profitability and discourage capital investment
A.2 only
B.1 and 3 only
C.2 and 3 only
D.1, 2 and 3
Based on the average investment method, what is the return on capital employed of the investment project？
A.13·3%
B.26·0%
C.52·0%
D.73·5%
请帮忙给出每个问题的正确答案和分析，谢谢！
Bethan Oak was the audit engagement partner for Willow and as she had completed seven years as the audit engagement partner, she has recently been rotated off the audit engagement. The current audit partner, Sandeep Pine, has suggested that in order to maintain a close relationship with Willow, Bethan should undertake the role of independent review partner this year. In addition Willow has requested that Bethan assist them by attending their audit committee meetings, as a non-executive director has recently left the company.
Willow has also asked Sandeep and the other partners at Beech & Co to help them in recruiting a new non-executive director.
The total fees received by Beech & Co for last year equated to 16% of the firm’s total fee income. The current year’s audit fee has not yet been confirmed, but along with taxation and other possible non-audit fees the total income from Willow this year could be greater than for last year. Last year’s audit fee was being paid monthly by Willow but no payments have been made for the last three months.
The audit manager for Willow has just announced that he is leaving Beech & Co to join Willow as the financial controller.
Required:
Using the information above:
(i) Identify and explain FIVE ethical threats which may affect the independence of Beech & Co’s audit of Willow Wands Co; and
(ii) For each threat explain how it might be reduced to an acceptable level.
Note: The total marks will be split equally between each part.
Herd Co is based in a country whose currency is the dollar ($). The company expects to receive €1,500,000 in six months’ time from Find Co, a foreign customer. The finance director of Herd Co is concerned that the euro (€) may depreciate against the dollar before the foreign customer makes payment and she is looking at hedging the receipt.
Herd Co has in issue loan notes with a total nominal value of $4 million which can be redeemed in 10 years’ time. The interest paid on the loan notes is at a variable rate linked to LIBOR. The finance director of Herd Co believes that interest rates may increase in the near future.
The spot exchange rate is €1·543 per $1. The domestic short-term interest rate is 2% per year, while the foreign short-term interest rate is 5% per year.
What is the six-month forward exchange rate predicted by interest rate parity？
A.€1·499 per $1
B.€1·520 per $1
C.€1·566 per $1
D.€1·588 per $1
As regards the interest rate risk faced by Herd Co, which of the following statements is correct？A.In exchange for a premium, Herd Co could hedge its interest rate risk by buying interest rate options
B.Buying a floor will give Herd Co a hedge against interest rate increases
C.Herd Co can hedge its interest rate risk by buying interest rate futures now in order to sell them at a future date
D.Taking out a variable rate overdraft will allow Herd Co to hedge the interest rate risk through matching
Which of the following hedging methods will NOT be suitable for hedging the euro receipt？A.Forward exchange contract
B.Money market hedge
C.Currency futures
D.Currency swap
Which of the following statements support the finance director’s belief that the euro will depreciate against the dollar？
(1) The dollar inflation rate is greater than the euro inflation rate
(2) The dollar nominal interest rate is less than the euro nominal interest rate
A.1 only
B.2 only
C.Both 1 and 2
D.Neither 1 nor 2
As regards the euro receipt, what is the primary nature of the risk faced by Herd Co？A.Transaction risk
B.Economic risk
C.Translation risk
D.Business risk
The following scenario relates to questions 1 to 5.
Herd Co is based in a country whose currency is the dollar ($). The company expects to receive €1,500,000 in six months’ time from Find Co, a foreign customer. The finance director of Herd Co is concerned that the euro (€) may depreciate against the dollar before the foreign customer makes payment and she is looking at hedging the receipt.
Herd Co has in issue loan notes with a total nominal value of $4 million which can be redeemed in 10 years’ time. The interest paid on the loan notes is at a variable rate linked to LIBOR. The finance director of Herd Co believes that interest rates may increase in the near future.
The spot exchange rate is €1·543 per $1. The domestic short-term interest rate is 2% per year, while the foreign short-term interest rate is 5% per year.
What is the six-month forward exchange rate predicted by interest rate parity？
A.€1·499 per $1
B.€1·520 per $1
C.€1·566 per $1
D.€1·588 per $1
As regards the interest rate risk faced by Herd Co, which of the following statements is correct？A.In exchange for a premium, Herd Co could hedge its interest rate risk by buying interest rate options
B.Buying a floor will give Herd Co a hedge against interest rate increases
C.Herd Co can hedge its interest rate risk by buying interest rate futures now in order to sell them at a future date
D.Taking out a variable rate overdraft will allow Herd Co to hedge the interest rate risk through matching
Which of the following hedging methods will NOT be suitable for hedging the euro receipt？A.Forward exchange contract
B.Money market hedge
C.Currency futures
D.Currency swap
Which of the following statements support the finance director’s belief that the euro will depreciate against the dollar？
(1) The dollar inflation rate is greater than the euro inflation rate
(2) The dollar nominal interest rate is less than the euro nominal interest rate
A.1 only
B.2 only
C.Both 1 and 2
D.Neither 1 nor 2
As regards the euro receipt, what is the primary nature of the risk faced by Herd Co？A.Transaction risk
B.Economic risk
C.Translation risk
D.Business risk
请帮忙给出每个问题的正确答案和分析，谢谢！
Scientists studying the effect of large volcanic eruptions on global climate
have long focused on the major quantities of carbon dioxide (C02), a gas known
to contribute to the greenhouse effect, produced by these eruptions. It is well
observed that such greenhouse gases trap heat radiated from the surface of the
(5) earth, thereby forming a type of insulation around the planet. The greenhouse
effect is essential for ecological equipoise because it maintains the temperature
of the planet within habitable parameters, but there is growing concern that
man-made production of gases such as CO[,2] from the burning of fossil fuels may
be threatening the system's tolerance, and have resulted in excessive warming
(10) on a global scale.
While volcanic eruptions indubitably metabolize and accumulate C0[,2] in the
atmosphere, it has been recently discovered that their impact is virtually trivial
compared to the quantity produced by human activities, especially heavy
industry. In reality, the more substantive climatic effect from volcanoes results
(15) from the production of atmospheric haze, whereby large eruption columns inject
ash particles and sulfur-rich gases into the troposphere and stratosphere, clouds
that circumscribe the globe within weeks of the volcanic activity. Ash and
aerosol clouds from large volcanic eruptions disseminate quickly through the
atmosphere, and the small ash particles decrease the amount of sunlight
(20) reaching the surface of the earth and lower average global temperatures, while
the sulfurous gases combine with water in the atmosphere to form. acidic
aerosols that also absorb incoming solar radiation and scatter it back out into
space.
There is evidence that volcanoes' stratospheric ash clouds has a lesser
(25) effect on global temperatures than aerosol clouds, given that the major Mt. St.
Helens eruption had lowered global temperatures by about 0.1 degree C, while
two years later the much smaller eruption of El Chico had, by contrast, three to
five times the global cooling effect worldwide. Despite its smaller ash cloud, El
Chico emitted more than 40 times the volume of sulfur-rich gases produced by
(30) Mt. St. Helens, revealing that the formation of atmospheric sulfur aerosols has
a more substantial effect on global temperatures than simply the volume of ash
produced during an eruption. Sulfate aerosols appear to necessitate several
years to settle out of the atmosphere, one of the reasons their effects are so I
widespread and enduring. This corroborates the opinion of those scientists who
(35) argue that without the cooling effect of major volcanic eruptions such as El
Chico, global warming effects caused by human activities would be far more
substantial. It should be noted that major volcanic eruptions have additional
climatic effects beyond global temperature decreases and acid rain, for ash and
aerosol particles suspended in the atmosphere scatter light of red wavelengths,
(40) often resulting in brilliantly colored sunsets and sunrises around the world.
According to the passage, scientists have decided that sulfur aerosols from volcanic eruptions affect global temperatures to a greater extent than ash clouds because
A．the greenhouse gas effect produced by human activities tends to have a much greater environmental effect than that of volcanic explosions
B．clouds of sulfur-rich gases tend to achieve greater heights in the stratosphere than do ash clouds
C．a particular explosion producing high sulfur and little ash had a greater environmental effect than the converse
D．the burning of fossil fuels tends to exacerbate the effects of sulfurous aerosols, but not those of ash clouds
E．global warming effects tend to minimize the impact of ash clouds, but not those of sulfurous aerosols
Scientists studying the effect of large volcanic eruptions on global climate
have long focused on the major quantities of carbon dioxide (C02), a gas known
to contribute to the greenhouse effect, produced by these eruptions. It is well
Line observed that such greenhouse gases trap heat radiated from the surface of the
(5) earth, thereby forming a type of insulation around the planet. The greenhouse
effect is essential for ecological equipoise because it maintains the temperature
of the planet within habitable parameters, but there is growing concern that
man-made production of gases such as CO~ from the burning of fossil fuels may
be threatening the system's tolerance, and have resulted in excessive warming
(10) on a global scale.
While volcanic eruptions indubitably metabolize and accumulate C02 in the
atmosphere, it has been recently discovered that their impact is virtually trivial
compared to the quantity produced by human activities, especially heavy
industry. In reality, the more substantive climatic effect from volcanoes results
(15) from the production of atmospheric haze, whereby large eruption columns inject
ash particles and sulfur-rich gases into the troposphere and stratosphere, clouds
that circumscribe the globe within weeks of the volcanic activity. Ash and
aerosol clouds from large volcanic eruptions disseminate quickly through the
atmosphere, and the small ash particles decrease the amount of sunlight
(20) reaching the surface of the earth and lower average global temperatures, while
the sulfurous gases combine with water in the atmosphere to form. acidic
aerosols that also absorb incoming solar radiation and scatter it back out into
space.
There is evidence that volcanoes' stratospheric ash clouds has a lesser
(25) effect on global temperatures than aerosol clouds, given that the major Mt. St.
Helens eruption had lowered global temperatures by about 0.1 degree C, while
two years later the much smaller eruption of El Chico had, by contrast, three to
five times the global cooling effect worldwide. Despite its smaller ash cloud, El
Chico emitted more than 40 times the volume of sulfur-rich gases produced by
(30) Mt. St. Helens, revealing that the formation of atmospheric sulfur aerosols has
a more substantial effect on global temperatures than simply the volume of ash
produced during an eruption. Sulfate aerosols appear to necessitate several
years to settle out of the atmosphere, one of the reasons their effects are so
widespread and enduring. This corroborates the opinion of those scientists who
(35) argue that without the cooling effect of major volcanic eruptions such as E1
Chico, global warming effects caused by human activities would be far more
substantial. It should be noted that major volcanic eruptions have additional
climatic effects beyond global temperature decreases and acid rain, for ash and
aerosol particles suspended in the atmosphere scatter light of red wavelengths,
(40) often resulting in brilliantly colored sunsets and sunrises around the world.
According to the passage, scientists have decided that sulfur aerosols from volcanic eruptions affect global temperatures to a greate
A．the greenhouse gas effect produced by human activities tends to have a much greater environmental effect than that of volcanic explosions
B．clouds of sulfur-rich gases tend to achieve greater heights in the stratosphere than do ash clouds
C．a particular explosion producing high sulfur and little ash had a greater environmental effect than the converse
D．the burning of fossil fuels tends to exacerbate the effects of sulfurous aerosols, but not those of ash clouds
E．global warming effects tend to minimize the impact of ash clouds, but not those of sulfurous aerosols
A、the greater the need there is
B、greater need
C、is there great need
D、the great need
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