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提问人：网友yangyiha 发布时间：2022-01-06

[主观题]

The recovery of funds of a commercial bank is ideally managed on a parallel with its expen

diture.

A．Right

B．Wrong

C．Doesn't say

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更多“The recovery of funds of a commercial bank is ideally managed on a parallel with its expen”相关的问题

第1题

What would happen to the U.S. economy if all its commercial banks suddenly closed their do

ors？ Throughout most of American history, the answer would have been a disaster of epic proportions, akin to the Depression wrought by the chain-reaction bank failures in the early 1930s. But in 1993 the startling answer is that a shutdown by banks might be far from cataclysmic.

Consider this: though the economic recovery is now 27 months old, not a single net new dollar has been lent to business by banks in all that time. Last week the Federal Reserve reported that the amount of loans the nation's largest banks have made to businesses fell an additional $2.4 billion in the week ending June 9, to $274.8 billion. Fearful that the scarcity of bank credit might sabotage the fragile economy, the White House and federal agencies are working feverishly to encourage banks to open their lending windows. In the past two weeks, government regulators have introduced steps to make it easier for banks to lend.

Is the government's concern fully justified？ Who really needs banks these days？ Hardly anyone, it turns out. While banks once dominated business lending, today nearly 80% of all such loans come from nonbank lenders like life insurers, brokerage firms and finance companies. Banks used to be the only source of money in town. Now businesses and individuals can write checks on their insurance companies, get a loan from a pension fund, and deposit paychecks in a money-market account with a brokerage firm. "It is possible for banks to die and still have a vibrant economy", says Edward Furash, a Washington bank consultant.

The irony is that the accelerating slide into irrelevance comes just as the banks racked up record profits of $43 billion over the past 15 months, creating the illusion that the industry is staging a comeback. But that income was not the result of smart lending decisions. Instead of earning money by financing America's recovery, the banks mainly invested their funds—on which they were paying a bargain-basement 2% or so—in risk-free Treasury bonds that yielded 7%. That left bank officers with little to do except put their feet on their desks and watch the interest roll in.

Those profits may have come at a price. Not only did bankers lose many loyal customers by withholding credit, they also inadvertently opened the door to a herd of nonbank competitors, who stampeded into the lending market. "The banking industry didn't see this threat", says Furash. "They are being fat, dumb and happy. They didn't realize that banking is essential to a modern economy, but banks are not".

In the eyes of the writer, bank failures in the early 1930s ______.

A．brought about an economic crisis.

B．destroyed the whole U.S economy.

C．contributed to economic recovery.

D．exerted no influence on economy.

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第2题

听力原文： Robert Lyon, who is the fund manager, is a strict value investor. He made severa

l successful investments in the past few years. Recently, Business Week's report got a chance to talk with him on investing in Europe.

Now, Mr Lyon, can you tell us the advantages of buying stocks in Europe vs. in U.S.？

First, the price-earning ratio on European stocks is at about 30% to 40% discount to U.S. stocks -- as big as it has been in the last 30 years. Second, the euro at 87 cents to the dollar is a competitive plus. Investors will earn more money in Europe in the next 12 months than they will in the Standard &Poor's 500-stock index.

Do you target specific countries when you compile your European portfolio？

Traditionally, people would try to pick the best currency block or the best country. But we are the opposite of the traditional global investor. What we are looking for is a great global competitor. Nestle is considered as the best food company in the world and Disgeo as the best drink company. We would like m own their stock.

What's the fund's biggest holding？

A company from Belgium called Group Bruxelles Lambert(GBL). It is really a holding company and has big investments in two French companies. In addition, it also holds a 25% interest in Bertelsmann, the private German media group. Along with the 25% interest, it got the right to force Bertelsmann to have a public offering no later than 2005. We believe that Bertelsmann is worth between $25 billion and $35 billion. When Bertelsmann does go public in the next few years, we would expect GBL to increase by at least 50%.

Do you think that Europe's economy will have a pickup？

Not really. Most strategists favor more cyclically sensitive companies, anticipating that economic improvement in the U.S. will filter through Europe and lead to a rebound. Our view is that the recovery in Europe will not be that strong and a lot of those stocks have already moved up.

How do you break down Europe on a country-by-country basis？

Germany and France are really falling short. There has been a lot of backtracking in terms of willingness to lower taxes, enhance transparency, and encourage shareholders democracy. Britain and Scandinavia are well ahead of France and Germany. The Italians are making some more capitalist-type noise, which is also creating a lot of labor unrest. Spain has been growing steadily. Britain is expected to slow down but isn't really slowing that much.

Can you say something about the euro, Mr Lyon？

Well, the euro is probably a cheap currency. Academic models put its value at from 95 cents to $1.10. On the other hand, the euro is still a synthetic currency. Hopefully, the euro won't go any lower. It doesn't seem to have benefited European countries' trade situation. They have a current-account surplus with the U.S. but the euro doesn't seem to be a huge competitive weapon for them.

•You will hear an interview with Mr Lyon, a fund manager, by a reporter from Business Week.

•For each question 23-30, mark one letter (A, B or C) for the correct answer.

•You will hear the recording twice.

According to Mr Lyon, one of the advantages of buying stocks in Europe is

A．the European stocks are higher than that of U.S.

B．the price-earning ratio is lower than that of U.S.

C．the euro has a lower value than dollar.

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第3题

Pundits who want to sound judicious are fond of warning against generalizing. Each country

is different, they say, and no one story fits all of Asia. This is, of course, silly., all of these economies plunged into economic crisis within a few months of each other, so they must have had something in common.

In fact, the logic of catastrophe was pretty much the same in Thailand, Malaysia, Indonesia and South Korea. (Japan is a very different story. ) In each case investor— mainly, but not entirely, foreign banks who had made short-term loans—all tried to pull their money out at the same time. The result was a combined banking and currency crisis, a banking crisis because no bank can convert all its assets into cash on short notice; a currency crisis because panicked investors were trying not only to convert long-term assets into cash, but to convert baht or rupiah into dollars. In the face of the stampede, governments had no good options. If they let their currencies plunge inflation would soar and companies that had borrowed in dollars would go bankrupts if they tried to support their currencies by pushing up interest rates, the same firms would probably go bust from the combination of debt burden and recession. In practice, countries split the difference—and paid a heavy price regardless.

Was the crisis a punishment for bad economic management？ Like most cliches, the catchphrase "crony capitalism" has prospered because it gets at something real: excessively cozy relationships between government and business really did lead to a lot of bad investments. The still primitive financial structure of Asian business also made the economies peculiarly vulnerable to a loss of confidence. But the punishment was surely disproportionate to the crime, and many investments that look foolish in retrospect seemed sensible at the time.

Given that there were no good policy options, was the policy response mainly on the right track？ There was frantic blame-shifting when everything in Asia seemed to be going wrong: now there is a race to claim credit when some things have started to go right. The international Monetary Fund points to Korea's recovery—and more generally to the fact that the sky didn't fall after all—as proof that its policy recommendations were right. Never mind that other IMF clients have done far worse, and that the economy of Malaysia—which refused IMF help, and horrified respectable opinion by imposing capital controls—also seems to be on the mend. MalaYsia's prime Minister, by contrast, claims full credit for any good news—even though neighbouring economies also seem to have bottomed out.

The truth is that an observer without any ax to grind would probably conclude that none of the policies adopted either on or in defiance of the IMF's advice made much difference either way. Budget policies, interest rate policies, banking reform—whatever countries tried, just about ali the capital that could flee, did. And when there was no mere money to run, the natural recuperative powers of the economies finally began to prevail. At best, the money doctors who purported to offer cures provided a helpful bedside manner; at worst, they were like medieval physicians who prescribed bleeding as a remedy for all ills.

Will the patients stage a full recovery？ It depends on exactly what you mean by "full". South Korea's industrial production is already above its pre-crisis level; but in the spring of 1997 anyone who had predicted zero growth in Korea's industry over the next two years would have been regarded as a reckless doomsayer. So if by recovery you mean not just a return to growth, but one that brings the region's performance back to something like what people used to regard as the Asian norm, they have a long way to go.

According to the passage, which of the following is NOT the writer's opinion？

A．Countries paid a heavy price for whichever measure taken.

B．Countries all found themselves in an economic dilemma.

C．Withdrawal of foreign capital resulted in the crisis.

D．Most governments chose one of the two options.

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第4题

1 Pundits who want to sound judicious are fond of warning against generalizing. Each count

ry is different, they say, and no one story fits all of Asia. This is, of course, silly: all of these economies plunged into economic crisis within a few months of each other, so they must have had so mething in common.

2 In fact, the logic of catastrophe was pretty much the same in Thailand, Malaysia, Indonesia and South Korea. (Japan is a very different story. ) In each case investors -- mainly, but not entirely, foreign banks who had made short-term loans -- all tried to pull their money out at the same time. The result was a combined banking and currency crisis: a banking crisis because no bank can convert all its assets into cash on short notice; a currency crisis because panicked investors were trying not only to convert long-term assets into cash, but to convert baht or rupiah into dollars. In the face of the stampede, governments had no good options. If they let their currencies plunge, inflation would soar and companies that had borrowed in dollars would go bankrupt; if they tried to support their currencies by pushing up interest rates, the same firms would probably go bust from the combination of debt burden and recession. In practice, countries split the difference and paid a heavy price regardless.

3 Was the crisis a punishment for bad economic management？ Like most cliches, the catchphrase "crony capitalism"has prospered because it gets at something real excessively cozy relationships between government and business really did lead to a lot of bad investments. The still primitive financial structure of Asian business also made the economies peculiarly vulnerable to loss of confidence. But the punishment was surely disproportionate to the crime, and many investments that look foolish in retrospect seemed sensible at the time.

4 Given that there were no good policy options, was the policy response mainly on the right track？ There was frantic blame-shifting when everything in Asia seemed to be going wrong; now there is a race to claim credit when some things have started to go right. The International Monetary Fund points to Korea's recovery -- and more generally to the fact that the sky didn't fall after all -- as proof that its policy recommendations were right. Never mind that other IMF clients have done far worse, and that the economy of Malaysia -- which refused IMF help, and horrified respectable opinion by imposing capital controls -- also seems to be on the mend: Malaysia's Prime Minister, by contrast, claims full credit for any good news -- even though neighboring economies also seem to have bottomed out.

5 The truth is that an observer without any ax to grind would probably conclude that none of the policies adopted either on or in defiance of the IMF's advice made much difference either way. Budget policies, interest rate policies, banking reform. -- whatever countries tried, just about all the capital that could flee, did. And when there was no more money to run, the natural recuperative powers of the economies finally began to prevail. At best, the money doctors who purported to offer cures provided a helpful bedside manner; at worst, they were like medieval physicians who prescribed bleeding as a remedy for all ills.

6 Will the patients stage a full recovery？ It depends on exactly what you mean by "full". South Korea's industrial production is already above its pre-crisis level; but in the spring of 1997 anyone who had predicted zero growth in Korean industry over the next two years would have been regarded as a reckless doomsayer. So if by recovery you mean not just a return to growth, but one that brings the region's performance back to something like what people used to regard as the Asian norm, they have a long way to go.

According to the passage, which of the following is NOT the writer's opin

A．Countries paid a heavy price for whichever measure taken.

B．Countries all found themselves in an economic dilemma.

C．Withdrawal of foreign capital resulted in the crisis.

D．Most governments chose one of the two options.

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第5题

As one of the developed countries in Asia, Japan has been sought hegemony in Asia because

of its strong power in economy. How about its present economic situation？ Today let' s talk about this question. Once a symbol of enormous economic growth, Japan has plunged into a deep recession with the burst of its bubble economy beginning in the early 1990's. This is, without a doubt, the worst economic crisis facing this country since the end of World War Ⅱ. One wonders if Japan can see its way through the storm and overcome these latest doldrums.

In the 1980's, real estate prices soared to super inflated levels, and investors sank their money into the booming stock market. There seemed to be no end in sight for the land of the rising sun. Everything was rising, and the government, financial institutions, and individuals paid little heed to the warning signs of an imminent crash. Then, the bubble burst, and land and stock prices plunged.

What is the result of the crash？ Many companies have faltered due to poor sales and bad debt, and have closed their doors. The domino effect on many financial institutions is that they must- bear an enormous number of unrecoverable loads, which have resulted when companies, depending on profits from land in vestments to repay loans, have fund themselves insolvent. Furthermore, many individual depositors, fearing a collapse of more banks and securities companies, have withdrawn their money in droves.

Attempts by tile government to revitalize the sluggish and contracting economy have proven fruitless. Pump-priming measures including tax cuts and public works spending have done little to put the economy on tract again. What's more, the government's decision to increase the consumption tax from 3 to 5 percent in 1997 has had a devastating impact on consumer spending. As for the business sector, companies have tried various measures to streamline management, but other ill effects of such policies, including rising unemployment among older workers, have surfaced and have dealt a huge blow to the recovery process,

Japan' s faltering economy has had an impact on other Asian countries, and some fear that the whole region will be drawn into depression. What will stem the tide of further economic collapse？ For one, Japan must stabilize its financial system and take immediate and effective measures to deal with non – performing loans. Revealing the severity of the problem to the public and foreign governments is an essential first step. A more vital solution might be to institute a permanent tax cut to stimulate consumer spending and confidence in the government' s handling of the situation. Ultimately, this will encourage domestic demand for goods and services and will be the driving force behind much of the recovery, That' s the bottom line. Of course, many more factors including deregulation will play a vital role in expediting economic stabilization and growth.

Whatever the case, action must be carried out swiftly and decisively. A passive and .reticent approach to reform. and change is what has hampered any improvement so far. Other nations have encouraged Japan to step up the pace of implementing change, but Japan must make the first step . . . or else we might be witnessing the setting of this great rising sun.

Japan's current economic crisis is the worst since ______.

A．World War Ⅰ

B．World War Ⅱ

C．the Gulf War

D．the Korean War

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第6题

Now that the damage inflicted by the Asian financial crisis looks like it was caused by an

economic neutron bomb. The crisis has hurt great numbers of people, but has left the main structures of the world economy standing. The worst of the direct impact may be over. Many of the hardest-hit countries are on the road to recovery, financial "contagion" has been contained and world economic growth seems set to pick up soon.

The most important development, however, is a non-event: the collapse of global capitalism has not occurred. Instead, the post-crisis world is likely to be even more market-oriented than the one that preceded it, with a proliferation of new rules and practices that will help markets to operate more smoothly. The countries recovering best, such as Thailand and South Korea, are doing so by moving further in a free-market direction. None of the affected nations has tried to isolate itself from the global economy, and the widely feared worldwide wave of protectionism has not yet materialized.

Nor has there been the great rethinking of economic globalization that some feared and others advocated. The critics of global capitalism pounced on the crisis as proof of globalization's fatal flaws. Their analyses often concluded that "there must be something better." On the contrary, economists have taken free-market principles as the starting point for new ideas, not called them into question.

There has been much criticism of the so-called Washington consensus—the traditional free-market orthodoxy that uniformly prescribes fiscal discipline, deregulation, and financial liberalization. Partly as a result of the crisis, a new consensus simply adds extra prescriptions—such as better financial supervision, labor market, etc.—to the list. It is an elaboration of the original consensus, not a new departure.

Numerous studies also show that engagement in the global economy leads to higher growth and helps to reduce poverty in developing countries. Today's economic arguments are not over fundamental free-market policies, but what must be done to supplement them. Likewise, the efforts to devise a new "international financial architecture" in the wake of the crisis, due to continue during the spring meetings of the World Bank and the International Monetary Fund in Washington, will not involve rebuilding the system from scratch. The aim is to make incremental improvements in financial rules and practices that will oil the wheels of the market system, not to trade it in for a non-existent new model.

What is the main idea of the first paragraph？

A．After the severe Asian Financial Crisis, the world economy began to recover.

B．Asian Financial Crisis is as devastating as a neutron bomb and causes great damage.

C．There are still direct and indirect impacts so that the economy cannot recover.

D．The direct impact of Asian Financial Crisis has gone.

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第7题

（a) Explain the purpose of a value for money audit. （4 marks)（b) Bluesberry hospital is lo

(a) Explain the purpose of a value for money audit. (4 marks)

(b) Bluesberry hospital is located in a country where healthcare is free, as the taxpayers fund the hospitals which are owned by the government. Two years ago management reviewed all aspects of hospital operations and instigated a number of measures aimed at improving overall ‘value for money’ for the local community. Management have asked that you, an audit manager in the hospital’s internal audit department, perform. a review over the measures which have been implemented.

Bluesberry has one centralised buying department and all purchase requisition forms for medical supplies must be forwarded here. Upon receipt the buying team will research the lowest price from suppliers and a purchase order is raised. This is then passed to the purchasing director, who authorises all orders. The small buying team receive in excess of 200 forms a day.

The human resources department has had difficulties with recruiting suitably trained staff. Overtime rates have been increased to incentivise permanent staff to fill staffing gaps, this has been popular, and reliance on expensive temporary staff has been reduced. Monitoring of staff hours had been difficult but the hospital has implemented time card clocking in and out procedures and these hours are used for overtime payments as well.

The hospital has invested heavily in new surgical equipment, which although very expensive, has meant that more operations could be performed and patient recovery rates are faster. However, currently there is a shortage of appropriately trained medical staff. A capital expenditure committee has been established, made up of senior managers, and they plan and authorise any significant capital expenditure items.

Required:

(i) Identify and explain FOUR STRENGTHS within Bluesberry’s operating environment; and (6 marks)

(ii) For each strength identified, describe how Bluesberry might make further improvements to provide the best value for money. (4 marks)

(c) Describe TWO substantive procedures the external auditor of Bluesberry should adopt to verify EACH of the following assertions in relation to an entity’s property, plant and equipment;

(i) Valuation;

(ii) Completeness; and

(iii) Rights and obligations.

Note: Assume that the hospital adopts International Financial Reporting Standards. (6 marks)

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第8题

Pundits who want to sound judicious are fond of warning against generalizing. Each country

is different, they say, and no one story fits all of Asia. This is, of course, silly, all of these economies plunged into economic crisis within a few months of each other, so they must have had something in common.

In fact, the logic of catastrophe was pretty much the same in Thailand, Malaysia, Indonesia and South Korea. (Japan is a very different story. ) In each case investors--mainly, but not entirely, foreign banks who had made short-term loans--all tried to pull their money out at the same time. The result was a combined banking and currency crisis, a banking crisis because no bank can convert all its assets into cash on short notice, a currency crisis because panicked investors were trying not only to convert long-term assets into cash, but to convert baht or rupiah into dollars. In the face of the stampede, governments had no good options. If they let their currencies plunge, inflation would soar and companies that had borrowed in dollars would go bankrupt; if they tried to support their currencies by pushing up interest rates, the same firms would probably go bust from the combination of debt burden and recession. In practice, countries split the difference--and paid a heavy price regardless.

Given that there were no good policy options, was the policy response mainly on the right track？ There was frantic blame-shifting when everything in Asia seemed to be going wrong; now there is a race to claim credit when some things have started to go right. The International Monetary Fund points to Korea's recovery--and more generally to the fact that the sky didn't fall after all--as proof that its policy recommendations were right. Never mind that other IMF clients have done far worse, and that the economy of Malaysia---which refused IMF help, and horrified respectable opinion by imposing capital controls---also seems to be on the mend. Malaysia's Prime Minister, by contrast, claims full credit for any good news--even though neighbouring economies also seem to have bottomed out.

The truth is that an observer without any ax to grind would probably conclude that none of the policies adopted either on or in defiance of the IMF’s advice made much difference either way. Budget policies, interest rate policies, banking reform--whatever countries tried, just about all the capital that could flee, did. And when there was no more money to run, the natural recuperative powers of the economies finally began to prevail. At best, the money doctors who purported to offer cures provided a helpful bedside manner; at worst, they were like medieval physicians who prescribed bleeding as a remedy for all ills.

Will the patients stage a full recovery？ It depends on exactly what you mean by "full". South Korea's industrial production is already above its pre-crisis level; but in the spring of 1997 anyone who had predicted zero growth in Korean industry over the next two years would have been regarded as a reckless doomsayer. So if by recovery you mean not just a return to growth, but one that brings the region's performance back to something like what people used to regard as the Asian norm, they have a long way to go.

According to the passage, which of the following is NOT the writer's opinion？

A．Countries paid a heavy price for whichever measure taken.

B．Countries all found themselves in an economic dilemma.

C．Withdrawal of foreign capital resulted in the crisis.

D．Most governments chose one of the two options.

点击查看答案

第9题

听力原文： In New Zealand, where sheep outnumber people 15 to one, folks know how to party.

This weekend's bash promises to be the biggest in long while. Five top chefs have been dispatched across the fjords and through the forests to find the best ingredients for a massive feast. A renowned glassmaker--who sometimes crafts custom windshields for Ferraris and lamps for Arabian palaces--has created 450 dessert plates just for the occasion. Maori tribesmen will dance. But even so, this feast could flop. That's because the annual summit of the Asia Pacific Economic Cooperation forum rarely generates much excitement.

APEC was founded in 1989, when Asia was a place of miracles, but much has changed in the decade since. Japan's stock market is still worth less than half its peak at the end of 1989, and much of the rest of the region is still trying to recover from the financial turmoil that began in the summer of 1997. Even now, with the South Korean and Thai economies expected to grow this year and Japan's economy showing signs of life, the International Monetary Fund warns that Asia's recovery is "precarious".

You'd think that the Asian crisis might have given APEC a sense of mission. But think again. The leaders are likely to avoid ideological lectures redevelopment that have stirred East-West tensions at previous meetings. MIT economist Paul Krugman recently declared APEC "an empty shell", and even APEC's own Business Advisory Council delivered a harsh assessment just last month. "APEC has at times lost sight of its own goals," the business executives charged, noting that member countries had been sluggish in pursuing free trade and investment.

On specific, substantive issues--like liberalization of sectors including food and autos--APEC has foisted responsibility on the WTO. That's partly because the WTO makes binding decisions on trade issues, while APEC "is not an organization really structured for action, says Charles E. Morrison, president of the East-West Center in Hawaii. Unlike the European Union, which makes majority decisions, APEC is a much looser grouping that adopts nonbinding measures.

The need for consensus makes it even harder to expect anything dazzling from Auckland. APEC leaders might endorse financial transparency and more efficient investment, and they'll try to agree on priorities for the upcoming WTO ministerial talks. But if those talks fizzle, what then？ Bored officials can always turn their attention to New Zealand's 36,000 flocks of sheep--and rest up for the meatier WTO conference in November.

From the passage we can see, the author is quite ______ with the prospect of the Asia Pacific Economic Cooperation forum.

A．optimistic

B．pessimistic

C．excited

D．puzzled

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第10题

recovery rate

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