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What is suggested about Aardvark Education？
A．It was founded by Ms. Fletcher.
B．It has been in business for eight years.
C．Its profits have increased by 50%.
D．It does not have strong exports.
答案
更多“What is suggested about Aardvark Education？A．It was founded by Ms. Fletcher.B．It has been”相关的问题
第1题
第2题
Section B – TWO questions ONLY to be attempted
Bob Wong was fortunate to inherit some money and decided he wanted to invest for the long term in one or more investments so he would have a higher income in retirement. He was not a specialist in accounting and had little understanding of how investments worked.
Bob studied an investment website which suggested that he needed to be aware of the level of risk in an investment and also that he needed to know what his basic attitude to risk would be. This meant he needed to decide what his risk appetite was and then select investments based on that.
When Bob studied share listings in newspapers, he noticed that they were subdivided into sectors (e.g. banks, pharmaceuticals, mining, retail). He noticed that some sectors seemed to make higher returns than others and he wanted to know why this was. One website suggested that risks also varied by sector and this was partly explained by the different business and financial risks which different sectors are exposed to.
One website said that if a potential investor wanted to know about any given company as a potential investment, the company’s most recent annual report was a good place to start. This was because, it said, the annual report contained a lot of voluntary information, in addition to the financial statements. Bob could use this information to gain an understanding of the company’s strategy and governance. The website suggested that the contents of the corporate governance section of the annual report would be particularly helpful in helping him decide whether or not to buy shares in a company.
Required:
(a) Explain ‘risk appetite’ and ‘risk awareness’, and discuss how Bob’s risk appetite might affect his choice of investments.
(8 marks) (b) Explain ‘business risk’ and ‘financial risk’ and discuss why risks might vary by sector as the website indicated. (8 marks)
(c) Distinguish, with examples, between mandatory and voluntary disclosure in annual reports, and assess the usefulness of corporate governance disclosure to Bob in selecting his investments. (9 marks)
第3题
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)
第4题
(80) Sociologists are interested in how a society began and how it grew. They also study the levels within a society. For example, the child is part of the family, the family is part of the neighborhood, and the neighborhood is part of the community. There are many different groups, and sociologists are interested in the effect that these groups have on people.
A Frenchman named Auguste Comte made sociology a separate science in the 1830s. He suggested that a new science was necessary to study a society of people. A famous book, Principles of Sociology, was published by an Englishman, Herbert Spencer, in 1882. This book had an unprecedented (史无前例的) effect on the science of sociology. In this book, Spencer theorized that a society's customs evolved, or grew, from very simple to more complicated and advanced. This theory shows the influence that Charles Darwin (who believed that man had evoked from very simple forms to the present human) had on Spencer.
What is the best title for this passage？
A．Society.
B．People's Interests.
C．Society in Different Nations.
D．Sociology.
第5题
Of course, the truth is not so simple. This century, the work of cognitive psychologists has illuminated the subtle forms of daily learning on which intellectual progress depends. Children were observed as they slowly grasped--or, as the case might be bumped into- concepts that adults take for granted, as they refused, for instance, to concede that quantity is unchanged as water pours from short stout glass into a tall thin one. Psychologists have since demonstrated that young children, asked to count the pencils in a pile, readily report the number of blue or red pencils, but must be coaxed into finding the total. Such studies have suggested that the rudiments of mathematics are mastered gradually, and with effort. They have also suggested that the very concept of abstract numbers--the idea of a oneness, a twoness, a threenes that applies to any class of objects and is a prerequisite for doing anything more mathematically demanding than setting a table--is itself far from innate.
What does the passage mainly discuss？
A．Trends in teaching mathematics to children.
B．The use of mathematics in child psychology.
C．The development of mathematical ability in children.
D．The fundamental concepts of mathematics that children must learn.
第6题
developing countries. Professor James West from North America argued that one of the key needs for developing
countries was to implement rigorous systems of corporate governance to underpin investor confidence in businesses
in those countries. If they did not, he warned, there would be no lasting economic growth as potential foreign inward
investors would be discouraged from investing.
In reply, Professor Amy Leroi, herself from a developing country, reported that many developing countries are
discussing these issues at governmental level. One issue, she said, was about whether to adopt a rules-based or a
principles-based approach. She pointed to evidence highlighting a reduced number of small and medium sized initial
public offerings in New York compared to significant growth in London. She suggested that this change could be
attributed to the costs of complying with Sarbanes-Oxley in the United States and that over-regulation would be the
last thing that a developing country would need. She concluded that a principles-based approach, such as in the
United Kingdom, was preferable for developing countries.
Professor Leroi drew attention to an important section of the Sarbanes-Oxley Act to illustrate her point. The key
requirement of that section was to externally report on – and have attested (verified) – internal controls. This was, she
argued, far too ambitious for small and medium companies that tended to dominate the economies of developing
countries.
Professor West countered by saying that whilst Sarbanes-Oxley may have had some problems, it remained the case
that it regulated corporate governance in the ‘largest and most successful economy in the world’. He said that rules
will sometimes be hard to follow but that is no reason to abandon them in favour of what he referred to as ‘softer’
approaches.
(a) There are arguments for both rules and principles-based approaches to corporate governance.
Required:
(i) Describe the essential features of a rules-based approach to corporate governance; (3 marks)
第8题
I suggested he should______himself to his new conditions.
A．adapt
B．adopt
C．regulate
D．suit
第9题
Tom suggested that they should go to Greece, but Mary suggested to Spain.
A.to go
B.going
C.should go
D.went
第10题
“We didn’t stay at bed and breakfast houses,” they said, “because we found that most families were away on holiday.”
I thought this was strange. Finally I understood what had happened. My friends spoke little English, and they thought ‘VACANCIES’ meant ‘holidays’, because the Spanish word for ‘holidays” is ‘vacations’. So they did not go to house where the sign outside said ‘VACANCIES’, which in English means there are free rooms. Then my friends went to house where the sign said ‘NO VACANCIES’, because they thought this meant the people who owned the house were not away on holiday. But they found that these houses were all full. As a result, they stayed at hotels!
We laughed about this and about mistakes my friends made in reading other signs. In Spanish, the word ‘DIVERSION’ means fun. In English, it means that workmen are repairing the road, and that you must take a different road. When my friends saw the word ‘DIVERSION’ on a road sign, they thought they were going to have fun. Instead, the road ended in a large hold.
English people have problems too when they learn foreign languages. Once in Paris. when someone offered me some more coffee, I said ‘Thank you’ in French. I meant that I would like some more, However , to my surprise the coffee pot was taken away! Later I found out that ‘Thank you’ in French means ‘No, thank you.’
11. My Spanish friends wanted advice about ______.
A. learning English
B. finding places to stay in England
C. driving their car on English roads
D. going to England by car
12. I suggested that they stay at bed and breakfast houses because ______.
A. they would be able to practise their English
B. it would be much cheaper than staying in hotels
C. it would be convenient for them to have dinner
D. there would be no problem about finding accommodation there
13. “NO VACANCIES” in English means ______.
A. no free rooms
B. free rooms
C. not away on holiday
D. holidays
14. If you see a road sign that says ‘Diversion’, you will ______.
A. fall into a hole
B. have a lot of fun and enjoy yourself
C. find that the road is blocked by crowds of people
D. have to take a different road
15. When someone offered me more coffee and I said ‘Thank you’ in French, I ______.
A didn’t really want any more coffee
B. wanted them to take the coffee pot away
C. really wanted some more coffee
D. wanted to express my politeness
