How risk it is! _______, thanks God, you are safe.

A、Anyhow

B、Anywhere

C、Somehow

D、Somewhat

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When he heard how well the new company was doing, he took a calculated（) and invested all his money in it.

选词填空：It's our guilty pleasure: Watching TV is the most common everyday activity, after work and sleep, in many parts of the world

　　Question 37 to 46 are based on the following passage.

　　It's our guilty pleasure: Watching TV is the most common everyday activity, after work and sleep, in many parts of the world. Americans view five hours of TV each day, and while we know that spending so much time sitting(37)_____ can lead to obesity(肥胖症)and other disease, researchers have now quantified just how(38)_____ being a couch potato can be.

　　In an analysis of data from eight large(39)_____ published studies, a Harvard-led group reported in the Journal of the American Medical Association that for every two hours per day spent channel(40)_____, the risk of developing Type 2 diabetes(糖尿病)rose 20% over 8.5 years, the risk of heart disease increased 15% over a(41)_____, and the odds of dying prematurely(42)_____ 13% during a seven-year follow-up. All of these(43)_____ are linked to a lack of physical exercise. But compared with other sedentary(久坐的)activities, like knitting, viewing TV may be especially(44)_____ at promoting unhealthy habits. For one, the sheer number of hours we pass watching TV dwarfs the time we spend on anything else. And other studies have found that watching ads for beer and popcorn may make you more likely to(45)_____ them.

　　Even so, the authors admit that they didn't compare different sedentary activities to(46)_____ whether TV watching was linked to a greater risk of diabetes, heart disease or early death compared with, say, reading.

　　A.climbed

　　B.consume

　　C.decade

　　D.determine

　　E.effective

　　F.harmful

　　G.outcomes

　　H.passively

　　I.previously

　　J.resume

　　K.suffered

　　L.surfing

　　M.term

　　N.terminals

　　O.twisting

The statement of financial position of BKB Co provides the following information:BKB Co ha
The statement of financial position of BKB Co provides the following information:

BKB Co has an equity beta of 1·2 and the ex-dividend market value of the company’s equity is $125 million. The ex-interest market value of the convertible bonds is $21 million and the ex-dividend market value of the preference shares is $6·25 million.
The convertible bonds of BKB Co have a conversion ratio of 19 ordinary shares per bond. The conversion date and redemption date are both on the same date in five years’ time. The current ordinary share price of BKB Co is expected to increase by 4% per year for the foreseeable future.
The overdraft has a variable interest rate which is currently 6% per year and BKB Co expects this to increase in the near future. The overdraft has not changed in size over the last financial year, although one year ago the overdraft interest rate was 4% per year. The company’s bank will not allow the overdraft to increase from its current level.
The equity risk premium is 5% per year and the risk-free rate of return is 4% per year. BKB Co pays profit tax at an annual rate of 30% per year.
Required:
(a) Calculate the market value after-tax weighted average cost of capital of BKB Co, explaining clearly any assumptions you make. (12 marks)
(b) Discuss why market value weighted average cost of capital is preferred to book value weighted average cost of capital when making investment decisions. (4 marks)
(c) Comment on the interest rate risk faced by BKB Co and discuss briefly how this risk can be managed. (5 marks)
(d) Discuss the attractions to a company of convertible debt compared to a bank loan of a similar maturity as a source of finance. (4 marks)


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Task 1Directions: After reading the following passage, you will find 5 questions or unfini
Task 1
Directions: After reading the following passage, you will find 5 questions or unfinished statements, numbered 36 through 40. For each question or statement there are 4 choices marked A, B, C, and D. You should make the correct choice.
Insurance is the sharing of risks. Nearly everyone is exposed to risk of some sort. The house owner, for example, knows that his property can be damaged by fire; the ship- owner knows that his vessel may be lost at sea; the breadwinner knows that he may die at an early age and leave his family poorer. On the other hand, not every house is damaged by fire, not every vessel lost at sea. If these persons each put a small sum into a pool(集体储备金), there will be enough to meet the needs of the few who do suffer loss. In other words, the losses of the few are met from the contributions of the many. This is the basis of insurance. Those who administer the pool of contributions are insurers.
The legal basis of all insurance is the policy. This is a printed form. of contract on stout paper of the best quality. It states that in return for the regular payment by the insured of a named sum of money, called the premium which is usually paid every year, the insurer will pay a sum of money or compensation for loss, if the risk or event insured against actually happens.
The premium for an insurance naturally depends upon how likely the risk is to happen, as suggested by past experience. If companies fix their premiums too high, there will be more competition in their branch of insurance and they may lose business. On the other hand if they make the premium too low, they will lose money and may even have to drop out of business. So the ordinary forces of supply and demand keep premiums at a level satisfactory to both the insurer and the insured.
According to the passage, insurance is possible because ______.
A．only a small proportion of the insured suffer loss
B．only insured people suffer loss
C．nearly everyone suffers loss
D．everyone suffers loss

The following draft appraisal of a proposed investment project has been prepared for the fi nance director of OKM Co by a trainee accountant. The project is consistent with the current business operations of OKM Co.

Net present value = 1,645,000 – 2,000,000 = ($355,000) so reject the project.
The following information was included with the draft investment appraisal:
1. The initial investment is $2 million
2. Selling price: $12/unit (current price terms), selling price infl ation is 5% per year
3. Variable cost: $7/unit (current price terms), variable cost infl ation is 4% per year
4. Fixed overhead costs: $500,000/year (current price terms), fi xed cost infl ation is 6% per year
5. $200,000/year of the fi xed costs are development costs that have already been incurred and are being recovered by an annual charge to the project
6. Investment fi nancing is by a $2 million loan at a fi xed interest rate of 10% per year
7. OKM Co can claim 25% reducing balance capital allowances on this investment and pays taxation one year in arrears at a rate of 30% per year
8. The scrap value of machinery at the end of the four-year project is $250,000
9. The real weighted average cost of capital of OKM Co is 7% per year
10. The general rate of infl ation is expected to be 4？7% per year
Required:
(a) Identify and comment on any errors in the investment appraisal prepared by the trainee accountant. (5 marks)
(b) Prepare a revised calculation of the net present value of the proposed investment project and comment on the project’s acceptability. (12 marks)
(c) Discuss the problems faced when undertaking investment appraisal in the following areas and comment on how these problems can be overcome:
(i) assets with replacement cycles of different lengths;
(ii) an investment project has several internal rates of return;
(iii) the business risk of an investment project is signifi cantly different from the business risk of current operations. (8 marks)


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You are the audit supervisor of Maple & Co and are currently planning the audit of an existing client, Sycamore Science Co (Sycamore), whose year end was 30 April 2015. Sycamore is a pharmaceutical company, which manufactures and supplies a wide range of medical supplies. The draft financial statements show revenue of $35·6 million and profit before tax of $5·9 million.
Sycamore’s previous finance director left the company in December 2014 after it was discovered that he had been claiming fraudulent expenses from the company for a significant period of time. A new finance director was appointed in January 2015 who was previously a financial controller of a bank, and she has expressed surprise that Maple & Co had not uncovered the fraud during last year’s audit.
During the year Sycamore has spent $1·8 million on developing several new products. These projects are at different stages of development and the draft financial statements show the full amount of $1·8 million within intangible assets. In order to fund this development, $2·0 million was borrowed from the bank and is due for repayment over a ten-year period. The bank has attached minimum profit targets as part of the loan covenants.
The new finance director has informed the audit partner that since the year end there has been an increased number of sales returns and that in the month of May over $0·5 million of goods sold in April were returned.
Maple & Co attended the year-end inventory count at Sycamore’s warehouse. The auditor present raised concerns that during the count there were movements of goods in and out the warehouse and this process did not seem well controlled.
During the year, a review of plant and equipment in the factory was undertaken and surplus plant was sold, resulting in a profit on disposal of $210,000.
Required:
(a) State Maples & Co’s responsibilities in relation to the prevention and detection of fraud and error. (4 marks)
(b) Describe SIX audit risks, and explain the auditor’s response to each risk, in planning the audit of Sycamore Science Co. (12 marks)
(c) Sycamore’s new finance director has read about review engagements and is interested in the possibility of Maple & Co undertaking these in the future. However, she is unsure how these engagements differ from an external audit and how much assurance would be gained from this type of engagement.
Required:
(i) Explain the purpose of review engagements and how these differ from external audits; and (2 marks)
(ii) Describe the level of assurance provided by external audits and review engagements. (2 marks)


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Scientists around the world are racing to learn how to rapidly diagnose, treat and stop the spread of a new, deadly disease. SARS—Severe Acute Respiratory Syndrome—was 【31】______ for the first time in February 2003 in Hanoi, 【32】______ since then has infected more than 1,600 people in 15 countries, killing 63. At this 【33】______ , there are more questions than answers surrounding the disease. Symptoms start 【34】______ a fever over 100.4 degrees F, chills, headache or body 【35】______. Within a week, the patient has a dry cough, which might 【36】______ to shortness of breath. In 10% to 20% of cases, patients require 【37】______ ventilation to breathe. About 3.5% die from the disease. Symptoms 【38】______ begin in two to seven days, but some reports suggest it 【39】______ take as long as 10 days. Scientists are close to 【40】______ a lab test to diagnose SARS. In the meantime, it is diagnosed by its symptoms. There is no evidence 【41】______ antibiotics or anti-viral medicines help, 【42】______ doctors can offer only supportive care. Patients with SARS are kept in isolation to reduce the risk of 【43】______ . Scientists aren't sure yet, but some researchers think it's a 【44】______ discovered corona virus, the family of viruses that cause some common colds. Most cases appear to have been passed 【45】______ droplets expelled when infected patients cough or sneeze. Family members of infected people and medical workers who care 【46】______ them have been most likely to 【47】______ the illness. But recent developments in Hong Kong suggest that the 【48】______ might spread through air, or that the virus might 【49】______ for two to three hours on doorknobs or other 【50】______ . Health experts say it is unlikely, though, that sharing an elevator briefly with an infected person would be enough to pass the virus.
A．detected
B．caught
C．disclosed
D．revealed

Beta and standard deviation differ as risk measures in that beta measures______.A．only uns
Beta and standard deviation differ as risk measures in that beta measures______.
A．only unsystematic risk, while standard deviation measures total risk
B．only systematic risk, while standard deviation measures total risk
C．both systematic and unsystematic risk, while standard deviation measures only unsystematic risk
D．both systematic and unsystematic risk, while standard deviation measures only systematic risk

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Chris Peterson was teaching a class in psychology at Virginia Tech when he told his students to fill out a carefully designed test that determines a person's level of optimism and pessimism. The students also answered questions about their general heath, including how often they went to a doctor.
Peterson followed the health of his students the following year and discovered that the pessimists had twice as many diseases and made twice as many trips to the doctor as the optimists.
Later, Martin Seligman of the University of Pennsylvania and two of his colleagues, using interviews and blood tests, found that optimists have better immune (免疫的) activity than pessimists. Why？ One big factor is that "Pessimistic individuals," as Seligman writes, "get depressed more easily and more often."
When a person is depressed, certain brain hormones (荷尔蒙) become reduced, creating a chain of biochemical (生物化学的) events that end up slowing down the activity of the immune system.
Optimists also look at information in more depth to find out what they can do about the risk factors. In a study by Lisa Aspinwall, at the University of Maryland, subjects read health-related information on cancer and other topics. She discovered that optimists spent more time than pessimists reading the severe risk material and they recommend more of it.
"These are people," says Aspinwall, "who aren't sitting around wishing things were different. They believe in a better outcome, and that whatever measures they take will help them to heal." In other words, instead of having their heads in the clouds, optimistic people look and seek. They aren't afraid to look into the situation because they're optimistic. Thus, for yet another reason, optimists are likely to be healthier.
The best news is what research has shown repeatedly: Anyone can become more optimistic with effort. And every effort you make to keep an optimistic attitude will reward you with a stronger immune system. So you'll enjoy better health.
1. The purpose of these scientific studies is to ________.
A、pick out people who are more optimistic
B、determine a person's level of optimism and pessimism
C、prove pessimistic people get depressed more easily and more often
D、discover to what degree one's health is related to one's attitude in life
2. Seligman's research suggests that ________.
A、optimism helps people become healthier
B、interviews are the main tool used in the research
C、blood tests may not produce exact results
D、one's immune system is controlled by one's thoughts
3. According to the scientists, the reduction of immune activity is basically caused by ________.
A、some uncertain factors.
B、one's worse condition of health
C、one's depressed feeling
D、the change of biochemical events
4. It can be inferred from the passage that ________.
A、optimists spend more time on studying and searching
B、pessimists are more concerned with their health
C、we can tell who is a pessimist by observing his reading behavior
D、hormones are something with mysterious effects on the brain
5. Which of the following statements is NOT true？
A、Everyone can develop an optimistic attitude with effort.
B、Pessimists have no hope of making a change in their attitude.
C、Optimists have a stronger immune system.
D、A positive attitude toward life makes us healthier.

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