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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A.manage
B.management
C.managing
D.manager
2 The risk committee at Southern Continents Company (SCC) met to discuss a report by its risk manager, Stephanie
Field. The report focused on a number of risks that applied to a chemicals factory recently acquired by SCC in another
country, Southland. She explained that the new risks related to the security of the factory in Southland in respect of
burglary, to the supply of one of the key raw materials that experienced fluctuations in world supply and also an
environmental risk. The environmental risk, Stephanie explained, was to do with the possibility of poisonous
emissions from the Southland factory.
The SCC chief executive, Choo Wang, who chaired the risk committee, said that the Southland factory was important
to him for two reasons. First, he said it was strategically important to the company. Second, it was important because
his own bonuses depended upon it. He said that because he had personally negotiated the purchase of the Southland
factory, the remunerations committee had included a performance bonus on his salary based on the success of the
Southland investment. He told Stephanie that a performance-related bonus was payable when and if the factory
achieved a certain level of output that Choo considered to be ambitious. ‘I don’t get any bonus at all until we reach
a high level of output from the factory,’ he said. ‘So I don’t care what the risks are, we will have to manage them.’
Stephanie explained that one of her main concerns arose because the employees at the factory in Southland were not
aware of the importance of risk management to SCC. She said that the former owner of the factory paid less attention
to risk issues and so the staff were not as aware of risk as Stephanie would like them to be. ‘I would like to get risk
awareness embedded in the culture at the Southland factory,’ she said.
Choo Wang said that he knew from Stephanie’s report what the risks were, but that he wanted somebody to explain
to him what strategies SCC could use to manage the risks.
Required:
(a) Describe four strategies that can be used to manage risk and identify, with reasons, an appropriate strategy
for each of the three risks mentioned in the case. (12 marks)
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)
(b) One of the hotels owned by Norman is a hotel complex which includes a theme park, a casino and a golf course,
as well as a hotel. The theme park, casino, and hotel were sold in the year ended 31 May 2008 to Conquest, a
public limited company, for $200 million but the sale agreement stated that Norman would continue to operate
and manage the three businesses for their remaining useful life of 15 years. The residual interest in the business
reverts back to Norman after the 15 year period. Norman would receive 75% of the net profit of the businesses
as operator fees and Conquest would receive the remaining 25%. Norman has guaranteed to Conquest that the
net minimum profit paid to Conquest would not be less than $15 million. (4 marks)
Norman has recently started issuing vouchers to customers when they stay in its hotels. The vouchers entitle the
customers to a $30 discount on a subsequent room booking within three months of their stay. Historical
experience has shown that only one in five vouchers are redeemed by the customer. At the company’s year end
of 31 May 2008, it is estimated that there are vouchers worth $20 million which are eligible for discount. The
income from room sales for the year is $300 million and Norman is unsure how to report the income from room
sales in the financial statements. (4 marks)
Norman has obtained a significant amount of grant income for the development of hotels in Europe. The grants
have been received from government bodies and relate to the size of the hotel which has been built by the grant
assistance. The intention of the grant income was to create jobs in areas where there was significant
unemployment. The grants received of $70 million will have to be repaid if the cost of building the hotels is less
than $500 million. (4 marks)
Appropriateness and quality of discussion (2 marks)
Required:
Discuss how the above income would be treated in the financial statements of Norman for the year ended
31 May 2008.
rst began college. She said, “I was always well-prepared for my examination. But I would go in to class to take the exam, and I would fall apart. I could not answer the questions correctly—even though I knew the answers! I would just blank out because of nervousness and fear.” Hitoshi Sakamoto, an anthropology student at Temple University in Tokyo reports similar experiences.
These two young students were experiencing something called test anxiety. Because a student worries and is stressed 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 severe tension and nervousness.
Now there are special university courses to help students. In these courses, advisors and psychologists try to help students by teaching them to, manage test anxiety. Such a course helps students learn to live with stress and not fail because of it. First students take a practice test to measure their worry level. If the tests show that their stress level is high, the students can take a short course to manage the fear. These courses teach students how to relax their bodies. They get training to become calm in very tense situations. By controlling their nervousness, they can let their minds work more easily. Learned information then comes out without difficulty on a test.
Doreen Sykora saw immediate results after taking such a course. She now has enthusiasm about the relaxation methods. “Mostly, what I do is imagine myself in a very calm place. Then I imagine myself picking up a pencil. I move slowly and carefully. I breathe easily and let all the tension out. With each breath, more worry leaves me. It really works too. My grades have improved great! I’m really doing well at McGill now. This relaxation method works not only on examinations, but it has improved the rest of my life as well.”
For Hitoshi in Tokyo, the results were the same. He is enjoying school a lot more and learning more.
11. What is the similarity between Doreen Sykora and Hitoshi Sakamoto？
A. Students from the same university. B. Failing in all the examinations.
C. Experiences of test anxiety. D. Having the same poor studying habits.
12. These are signs of test anxiety EXCEPT________.
A. worries about a test. B. stressed about a test.
C. low grades and poor study habits. D. nervousness during the test
13. What’s the purpose of some special university student-help courses？
A. To help students to reduce test anxiety.
B. To show a stress level experienced by students.
C. To learn more knowledge about test anxiety.
D. To have a better understanding of test anxiety.
14. What’s the meaning of “blank out” in paragraph 1？
A. To be like a blanket. B. To be sure of an answer.
C. To be relaxed. D. To be unable to think clearly.
15. What’s the organization of passage？
A. Examples — theories — ideas.
B. Problem — strategy — result.
C. General statement — examples — result.
D. Strategy — experiment — examples.
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
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 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
The worthy residents of Stratford doubt that the theatre adds a penny to their revenue. They frankly dislike the RSC's actors ,them with their long hair and beards and sandals and noisiness. It's all deliciously ironic when you consider that Shakespeare, who earns their living, was himself an actor(with a beard)and did his share of noise-making.
The tourist streams are not entirely separate. The sightseers who come by bus-and often take in Warwick Castle and Blenheim Palace on the side--don't usually see the plays, and some of them are even surprised to find a theatre in Stratford. However, the playgoers do manage a little sightseeing along with their playgoing. It is the playgoers, the RSC contends, who bring in much of the town's revenue because they spend the night(some of them four or five nights)pouring cash into the hotels and restaurants. The sightseers can take in everything and get out of town by nightfall..
The townsfolk don't see it this way and local council does not contribute directly to the subsidy of the Royal Shakespeare Company. Stratford cries poor traditionally. Nevertheless every hotel in town seems to be adding a new wing or cocktail lounge. Hilton is building its own hotel there, which you may be sure will be decorated with Hamlet Hamburger Bars, the Lear Lounge, the Banquo Banqueting Room, and so forth, and will be very expensive.
Anyway, the townsfolk can't understand why the Royal Shakespeare Company needs a subsidy. (The theatre has broken attendance records for three years in a row. Last year its 1,431 seats were 94 per cent occupied all year long and this year they'll do better.) The reason, of course, is that costs have rocketed and ticket prices have stayed low.
It would be a shame to raise prices too much because it would drive away the young people who are Stratford's most attractive clientele. They come entirely for the plays, not the sights. They all seem to look alike (though they come from all over)--lean, pointed, dedicated faces, wearing jeans and sandals, eating their buns and bedding down for the night on the flagstones outside the theatre to buy the 20 seats and 80 standing-room tickets held for the sleepers and sold to them when the box of rice opens at 10:30am.
From the first two paragraph, we learn that ______ .
A．the townsfolk deny the RSC's contribution to the town's revenue
B．the actors of the RSC imitate Shakespeare on and off stage
C．the two branches of the RSC are not on good terms
D．the townsfolk earn little from tourism
