What is Seven years’ War and its influence？

A.The seven continents

B.Seven years of friendship

C.The seven dwarfs

D.The seven fairies

already skilled in Latin after seven years of studying it as his second language at St.Paul’s School London.Like all English boys who prepared for college in grammar schools he had learned not only to read Latin but also to speak and write it smoothly and correctly.His pronunciation of Latin was English however and seemed to have sounded strange to his friends when he later visited Italy.

Schoolboys gained their skill in Latin in a bitter way.They kept in mind the rules to make learning by heart easier.They first made a word-for-word translation and then an idiomatic translation into English.As they increased their skill they translated their English back into Latin without referring to the book and then compared their translation with the original.The schoolmaster was always at hand to encourage them.All schoolmasters believed Latin should be beaten in .

After several years of study the boys began to write compositions in imitation of the Latin writers they read.And as they began to read Latin poems they began to write poems in Latin.Because Milton was already a poet at ten his poems were much better than those painfully put together by the other boys.During the seven years Milton spent at university he made regular use of his command of Latin.He wrote some excellent Latin poems which he published among his works in 1645.

1.What does the passage mainly tell about？[]

A.How John Milton wrote“Paradise Lost”

B.How John Milton studied Latin

C.How John Milton became famous

D.How John Milton became a poet

2.Which of the following is true of John Milton’s pronunciation of Latin？[]

A.It has a strong Italian accent

B.It has an uncommon accent

C.It was natural and easy to understand

D.It was bad and difficult to understand

3.It can be inferred from the passage that ________.

A.Milton’s training in Latin was similar to that of the other boys

B.Milton hadn’t learned any foreign language except Latin before going to college

C.Milton’s Italian friends helped him with Latin when talking

D.Milton's classmates learned Latin harder but worse than Milton

4.Which of the following is suggested in the passage？[]

A.The schoolmaster mainly helped those who were bad at Latin

B.The schoolmaster usually stood beside the schoolboys with a stick in his hand

C.The schoolboys could repeat Latin grammar rules from memory

D.Some of the schoolboys were quick at writing compositions in Latin

5.What is the meaning of the underlined part“Latin should be beaten in”that the writer wishes you to understand？[]

A.Schoolboys should be punished if they were lazy to learn Latin

B.Schoolboys should be encouraged if they had difficulty in learning Latin

C.Schoolboys were expected to master Latin in a short time

D.Schoolboys had to study Latin in a hard way

l of a sudden"？

A．The penny that doubles itself every day for one month

B．The time span of at least two million years in human history

C．An illustration of the exponent growth rate given by the author

D．The large amount of money you would luckily make after the fourth week

c life of the equipment is expected to be 50 years, with no resale value at the end of the period. The forecast return on the initial investment is 15% per annum before depreciation. The division’s cost of capital is 7%.

What is the expected annual residual income of the initial investment？

A.$0

B.($270,000)

C.$162,000

D.$216,000

A with B.estimated C.inexhaustible D.remains E.use

People have been making_____1 of these natural supplies for thousands of years._____2 the development of technology and the increase of the population,the amount and range of materials.It is ____3 that this trend will continue in the years to come.However,natural resource are not____4.Some resources are already nearly used up.For example,the end of the world’s fuel is already within sight.Such an essential daily item as water is in short supply in many parts of the world.We can no longer thoughtlessly use many resources provided by nature.We must learn to conserve what ____5.

By almost any measure , there is a boom in Internet-based instruction . In just a few years , 34 percent of American universities have begun offering some form of distance learning (DL), and among the larger schools , it’s closer to 90 percent . If you doubt the popularity of the trend, you probably haven’t. It enrolls 90,000 student, a statistic used to support its claim to be the largest private university in the country.

. What is the most striking feature of the University of Phoenix？

A) All its courses are offered online.

B) Its online courses are of the best quality.

C) It boasts the largest number of students on campus

D) Anyone taking its online courses is sure to get a degree.

The market value of each ordinary share is $7·50. The company is also financed by 7% bonds with a nominal value of $100 per bond, which will be redeemed in seven years’ time at nominal value. The bonds have a total nominal value of $14 million. Interest on the bonds has just been paid and the current market value of each bond is $107·14.

Fence Co plans to invest in a project which is different to its existing business operations and has identified a company in the same business area as the project, Hex Co. The equity beta of Hex Co is 1·2 and the company has an equity market value of $54 million. The market value of the debt of Hex Co is $12 million.

The risk-free rate of return is 4% per year and the average return on the stock market is 11% per year. Both companies pay corporation tax at a rate of 20% per year.

Required:

(a) Calculate the current weighted average cost of capital of Fence Co. (7 marks)

(b) Calculate a cost of equity which could be used in appraising the new project. (4 marks)

(c) Explain the difference between systematic and unsystematic risk in relation to portfolio theory and the capital asset pricing model. (6 marks)

(d) Discuss the differences between weak form, semi-strong form. and strong form. capital market efficiency, and discuss the significance of the efficient market hypothesis (EMH) for the financial manager. (8 marks)

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！

A.As a result B.Furthermore C.In conclusion D.Second E.First of all

With more and more people becoming rich in recent years,it is a new tendency for them to send their children to study abroad.But I don't think it is a good idea._____,children are too young to look after themselves._____,the language barrier is a serious problem.Many children are not proficient,in the foreign language before going abroad._____,they have difficulty in understanding what .the native speakers are talking about.Third,they may get into trouble when dealing with various situations for lack of knowledge of the customs in the strange land.____,the cost of living,is much higher than that in our country,which might cause a heavy,burden to the family._____,there are more disadvantages in sending children to study abroad.So,we'd better not do it.

Methods of studying vary; what works 【21】______ for some students doesn't work at all for others. The only thing you can do is experiment 【22】______ you find a system that does work for you. But two things are sure: 【23】______ else can do your studying for you, and unless you do find a system that works, you won't go through college. Meantime, there are a few rules that 【24】______ for everybody. The hint is "don't get 【25】______ ".

The problem of studying, 【26】______ enough to start with, becomes almost 【27】______ when you are trying to do 【28】______ in one weekend. 【29】______ the fastest readers have trouble 【30】______ that. And ff you are behind in written work that must be 【31】______ , the teacher who accepts it 【32】______ late will probably not give you good credit. Perhaps he may not accept it 【33】______ . Getting behind in one class because you are spending so much time on another is really no 【34】______ . Feeling pretty virtuous about the seven hours you spend on chemistry won't 【35】______ one bit if the history teacher pops a quiz. And many freshmen do get into trouble by spending too much time on one class at the 【36】______ of the others, either because they like one class much better or because they find it so much harder that they think, they should 【37】______ all their time to it. 【38】______ the reason, going the whole work for one class and neglecting the rest of them is a mistake, if you face this 【39】______ , begin with the shortest and easiest 【40】______ . Get them out of the way and then go to the more difficult, time consuming work.

【21】

A．good

B．easily

C．sufficiently

D．well