Chapter_03

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Beams10e_Ch03

© Pearson Education, Inc. publishing as Prentice Hall
3-13
Example: BV ≠ FV but Cost = FV
Piper acquires 100% of Sandy for $310. Sandy BV FV BV = 100 + 145 = $245 Cash $40 $40 FV = 385 – 75 = $310
Piper's elimination worksheet entry: Capital stock 100 Retained earnings 145 Inventory 25 Plant 40 Investment in Sandy
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© Pearson Education, Inc. publishing as Prentice Hall 3-8
An Introduction to Consolidated Financial Statements
3: Parent Company Recording
© Pearson Education, Inc. publishing as Prentice Hall
Chapter 3: An Introduction to Consolidated Financial Statements
by Jeanne M. David, Ph.D., Univ. of Detroit Mercy to accompany Advanced Accounting, 10th edition by Floyd A. Beams, Robin P. Clement, Joseph H. Anthony, and Suzanne Lowensohn

Business_Cycles(Ch03)

Points to be Clarified and Emphasized
• 3. Comovement. • Expansions or contractions “occur at about the same time in many economic activities.” Many economic variables have regular and predictable patterns of behavior over the course of the business cycle. The tendency of economic variables to move together in a predictable way over the business cycle is called comovement.
Points to be Clarified and Emphasized
• Temporary deviations from the average, normal growth path of the aggregate economic activity. However, part of the output losses and gains that occurs during a business cycle may become permanent. • Peaks and troughs in the business cycle are known collectively as turning points.
• Classical economists view business cycles representing the economy’s best, efficient response to disturbances (in production and spending). Therefore, they do not see much, if any, need for government action to counteract fluctuations. • In contrast, the Keynesians argue that, because wages and prices adjust slowly, disturbances may drive the economy away from its most desirable level of output and employment for long periods of time. So, government should intervene to smooth business cycle fluctuations.

宏观经济学---曼昆chap03

CHAPTER 3
National Income
Marginal product of labor (MPL )
definition: The extra output the firm can produce using an additional unit of labor (holding other inputs fixed): MPL = F (K, L +1) – F (K, L)
CHAPTER 3
National Income
Exercise: Compute & graph MPL
a. Determine MPL at each value of L.
b. Graph the production function. c. Graph the MPL curve with MPL on the vertical axis and L on the horizontal axis. L 0 1 2 3 4 5 6 7 8 9 10 Y 0 10 19 27 34 40 45 49 52 54 55 MPL n.a. ? ? 8 ? ? ? ? ? ? ?
Labor (L)
Labor (L)
CHAPTER 3
National Income
MPL and the production function
Y
output
MPL
As more labor is added, MPL
F (K , L)
1
MPL
1
MPL
1
Slope of the production function equals MPL
CHAPTER 3

operating system操作系统-ch03-processes-50

CPU-bound process – spends more time doing computations; few very long CPU bursts
3.17
Context Switch
When CPU switches to another process, the system must save the state of the old process and load the saved state for the new process
3.8
Process Control Block (PCB)
3.9
CPU Switch From Process to Process
3.10
3.2 Process Scheduling
The objective of multiprogramming is to have some process running at all times, to maximize CPU utilization. The objective of time sharing is to switch the CPU among processes so frequently that users can interact with each program while it is running. To meet these objectives, the process scheduler selects an available process (possibly from a set of several available processes) for program execution on the CPU. For a single-processor system, there will never be more than one running process. If there are more processes, the rest will have to wait until the CPU is free and can be rescheduled.

学生版 Ch03organizational culture(3)

18–10
文化的冲突
文化A 文化A
文化B 文化B
不同民族间的文化冲突不同公司间的文化冲突不同部门间的文化冲突
18–11
18–3Biblioteka Culture’s functions
Defining the rules of game (culture) “Culture by definition is elusive, intangible, implicit, and taken for granted. But every organization develops a core set of implicit rules that govern day-to-day behavior in the workplace……” 文化是难以琢磨的，无形的，暗涵的。文化是难以琢磨的，无形的，暗涵的。但是对于每个组织来说，组织来说，这些暗涵的规则却制约着员工的每天的行为……
Culture as a liability
Barrier to change 变革的障碍
– Stable environment:
• Consistency of behavior is an asset • 在稳定的环境中，稳定的行为是财富在稳定的环境中，
– Dynamic environment:
Part three organizational culture Chapter 03
Organizational Culture (3)
组织文化（组织文化（3）组织文化的功能) (组织文化的功能)
What do cultures do?
Culture’s functions Culture as a liability

高中音乐(选择性必修1)《合唱》电子课本

进步和成就。
评价标准制定
02
根据活动目标和要求，制定科学合理的评价标准，包括音乐表
现、团队合作、创新精神等方面。
评价方式选择
03
采用评委评分、观众投票等多种评价方式，确保评价的公正性
和客观性。
成功案例分享与经验总结
成功案例分享
介绍一些成功的校园合唱活动案例，包括活动的策划、组织、实施和评价等方面，为其他学校提供借鉴和参考。
流程和计划。
组织架构
成立活动筹备小组，明确分工和职责，确保活动的顺利进行
。
活动宣传
通过海报、通知、社交媒体等多种渠道进行活动宣传，吸引
更多的学生参与。
活动实施
按照活动计划进行排练和演出，确保活动的顺利进行和高质
量的呈现。
活动成果展示与评价标准制定
活动成果展示
01
通过音乐会、比赛等形式展示活动成果，让学生感受到自己的
合唱一般分为女高音、女中音、女低音、男高音、男中音和男低音等声部。根据作品的需要，还可以增加童声、领唱等声部。
角色定位
每个声部在合唱中都有特定的角色定位。例如，女高音通常负责演唱旋律中的高音部分，男低音则负责低音部分的演唱。各声部之间需要相互配合，共同表现音乐作品的整体效果。
合唱作品欣赏与风格识别
指挥者应具备扎实的音乐理论知识和指挥技能，不断学习新的知识和方法，提高自己的专业水平。
观摩优秀指挥家
通过观摩优秀指挥家的演出和排练，学习他们的指挥技巧和艺术修养，借鉴其成功的经验和方法。
参加专业培训
参加专业的指挥培训课程和研讨会，接受系统的培训和指导，提高自己的指挥水平和能力。
实践锻炼
通过不断的实践锻炼，积累指挥经验和技巧，逐渐形成自己的指挥风格和艺术特色。

03Chapter_3_lexicon

Closed-class vs. Open-class Words: Closed-class words: New members cannot normally be added, eg pronouns, prepositions, conjunctions, articles, auxiliaries. Open-class words: New members can be added, eg nouns, verbs, adjectives, and adverbs.
1.3 Classification of words

Variable vs. Invariable Words: Variable words: write, writes, writing, wrote,
written; cat, cats.

Invariable words: since, when, seldom, through, etc.

Stem: a morpheme or combination of morphemes to which an inflectional affix may be added, eg friend+-s; write+-ing, possibility+-es. Inflection: grammatical endings, eg plural, tense, comparative, etc. Derivation: combination of a base and an affix to form a new word, eg friend+-ly > friendly.

建模第03章克里金和构造

CHAPTER 03
实例分析
实例选择
实例来源
选择具有代表性的数据集，如股票价格、人口普查数据等，确保数据的真实性和可靠性。
实例规模
根据研究目的和资源限制，确定合适的实例规模，以保证研究的可行性和效率。
实例筛选
对数据进行预处理，排除异常值、缺失值等影响分析结果的数据，提高分析的准确性。
模型建立与评估
模型选择
根据研究目的和数据特征，选择合适的建模方法和算法，如型进行训练，调整模型参数，优化模型性能。
模型评估
通过交叉验证、ROC曲线、准确率等指标对模型进行评估，确保模型的可靠性和有效性。
CHAPTER 04
总结与展望
建模第03章克里金和构造
CONTENTS 目录
• 克里金插值法 • 构造克里金模型 • 实例分析 • 总结与展望
CHAPTER 01
克里金插值法
克里金插值法的定义
克里金插值法是一种基于变异函数的线性最优无偏估计的插值方法，它通过考虑空间数据之间的相关性，利用已知样本点的信息来预测未知点的值。
03
2. 发展适用于大数据和云计算的克里金插值法和构造克里金模型，提高计算效率和可扩展性。
04
3. 探索适用于非平稳数据的克里金插值法和构造克里金模型，扩大应用范围。
克里金插值法和构造克里金模型的应用前景
1. 在地理信息系统、环境监测、气象预报等领域有广泛应用。
3. 在医学领域可以用于研究疾病的时空分布和传播规律，为预防和控制疾病提供依据。
克里金插值法的应用
01
在地质学中，克里金插值法常用于估计地下矿藏的品位和储量。
02
在气象学中，克里金插值法用于气象数据的插值，如气温、降水

罗斯公司理财Chap003全英文题库及答案

Chapter 03 Financial Statements Analysis and Long-Term Planning Answer KeyMultiple Choice Questions1. One key reason a long-term financial plan is developed is because:A. the plan determines your financial policy.B. the plan determines your investment policy.C. there are direct connections between achievable corporate growth and the financial policy.D. there is unlimited growth possible in a well-developed financial plan.E. None of the above.Difficulty level: EasyTopic: LONG-TERM PLANNINGType: DEFINITIONS2. Projected future financial statements are called:A. plug statements.B. pro forma statements.C. reconciled statements.D. aggregated statements.E. none of the above.Difficulty level: EasyTopic: PRO FORMA STATEMENTSType: DEFINITIONS3. The percentage of sales method:A. requires that all accounts grow at the same rate.B. separates accounts that vary with sales and those that do not vary with sales.C. allows the analyst to calculate how much financing the firm will need to support the predicted sales level.D. Both A and B.E. Both B and C.Difficulty level: MediumTopic: PERCENTAGE OF SALESType: DEFINITIONS4. A _____ standardizes items on the income statement and balance sheet as a percentage of total sales and total assets, respectively.A. tax reconciliation statementB. statement of standardizationC. statement of cash flowsD. common-base year statementE. common-size statementDifficulty level: EasyTopic: COMMON-SIZE STATEMENTSType: DEFINITIONS5. Relationships determined from a firm's financial information and used for comparison purposes are known as:A. financial ratios.B. comparison statements.C. dimensional analysis.D. scenario analysis.E. solvency analysis.Difficulty level: EasyTopic: FINANCIAL RATIOSType: DEFINITIONS6. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: SHORT-TERM SOLVENCY RATIOSType: DEFINITIONS7. The current ratio is measured as:A. current assets minus current liabilities.B. current assets divided by current liabilities.C. current liabilities minus inventory, divided by current assets.D. cash on hand divided by current liabilities.E. current liabilities divided by current assets.Difficulty level: EasyTopic: CURRENT RATIOType: DEFINITIONS8. The quick ratio is measured as:A. current assets divided by current liabilities.B. cash on hand plus current liabilities, divided by current assets.C. current liabilities divided by current assets, plus inventory.D. current assets minus inventory, divided by current liabilities.E. current assets minus inventory minus current liabilities.Difficulty level: EasyTopic: QUICK RATIOType: DEFINITIONS9. The cash ratio is measured as:A. current assets divided by current liabilities.B. current assets minus cash on hand, divided by current liabilities.C. current liabilities plus current assets, divided by cash on hand.D. cash on hand plus inventory, divided by current liabilities.E. cash on hand divided by current liabilities.Difficulty level: MediumTopic: CASH RATIOType: DEFINITIONS10. Ratios that measure a firm's financial leverage are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS11. The financial ratio measured as total assets minus total equity, divided by total assets, is the:A. total debt ratio.B. equity multiplier.C. debt-equity ratio.D. current ratio.E. times interest earned ratio.Difficulty level: EasyTopic: TOTAL DEBT RATIOType: DEFINITIONS12. The debt-equity ratio is measured as total:A. equity minus total debt.B. equity divided by total debt.C. debt divided by total equity.D. debt plus total equity.E. debt minus total assets, divided by total equity.Difficulty level: EasyTopic: DEBT-EQUITY RATIOType: DEFINITIONS13. The equity multiplier ratio is measured as total:A. equity divided by total assets.B. equity plus total debt.C. assets minus total equity, divided by total assets.D. assets plus total equity, divided by total debt.E. assets divided by total equity.Difficulty level: MediumTopic: EQUITY MULTIPLIERType: DEFINITIONS14. The financial ratio measured as earnings before interest and taxes, divided by interest expense is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: TIMES INTEREST EARNED RATIOType: DEFINITIONS15. The financial ratio measured as earnings before interest and taxes, plus depreciation, divided by interest expense, is the:A. cash coverage ratio.B. debt-equity ratio.C. times interest earned ratio.D. gross margin.E. total debt ratio.Difficulty level: MediumTopic: CASH COVERAGE RATIOType: DEFINITIONS16. Ratios that measure how efficiently a firm uses its assets to generate sales are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS17. The inventory turnover ratio is measured as:A. total sales minus inventory.B. inventory times total sales.C. cost of goods sold divided by inventory.D. inventory times cost of goods sold.E. inventory plus cost of goods sold.Difficulty level: MediumTopic: INVENTORY TURNOVERType: DEFINITIONS18. The financial ratio days' sales in inventory is measured as:A. inventory turnover plus 365 days.B. inventory times 365 days.C. inventory plus cost of goods sold, divided by 365 days.D. 365 days divided by the inventory.E. 365 days divided by the inventory turnover.Difficulty level: MediumTopic: DAYS' SALES IN INVENTORYType: DEFINITIONS19. The receivables turnover ratio is measured as:A. sales plus accounts receivable.B. sales divided by accounts receivable.C. sales minus accounts receivable, divided by sales.D. accounts receivable times sales.E. accounts receivable divided by sales.Difficulty level: MediumTopic: RECEIVABLES TURNOVERType: DEFINITIONS20. The financial ratio days' sales in receivables is measured as:A. receivables turnover plus 365 days.B. accounts receivable times 365 days.C. accounts receivable plus sales, divided by 365 days.D. 365 days divided by the receivables turnover.E. 365 days divided by the accounts receivable.Difficulty level: MediumTopic: DAYS' SALES IN RECEIVABLESType: DEFINITIONS21. The total asset turnover ratio is measured as:A. sales minus total assets.B. sales divided by total assets.C. sales times total assets.D. total assets divided by sales.E. total assets plus sales.Difficulty level: EasyTopic: TOTAL ASSET TURNOVERType: DEFINITIONS22. Ratios that measure how efficiently a firm's management uses its assets and equity to generate bottom line net income are known as _____ ratios.A. asset managementB. long-term solvencyC. short-term solvencyD. profitabilityE. market valueDifficulty level: EasyTopic: PROFITABILITY RATIOSType: DEFINITIONS23. The financial ratio measured as net income divided by sales is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: PROFIT MARGINType: DEFINITIONS24. The financial ratio measured as net income divided by total assets is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON ASSETSType: DEFINITIONS25. The financial ratio measured as net income divided by total equity is known as the firm's:A. profit margin.B. return on assets.C. return on equity.D. asset turnover.E. earnings before interest and taxes.Difficulty level: EasyTopic: RETURN ON EQUITYType: DEFINITIONS26. The financial ratio measured as the price per share of stock divided by earnings per share is known as the:A. return on assets.B. return on equity.C. debt-equity ratio.D. price-earnings ratio.E. Du Pont identity.Difficulty level: EasyTopic: PRICE-EARNINGS RATIOType: DEFINITIONS27. The market-to-book ratio is measured as:A. total equity divided by total assets.B. net income times market price per share of stock.C. net income divided by market price per share of stock.D. market price per share of stock divided by earnings per share.E. market value of equity per share divided by book value of equity per share.Difficulty level: MediumTopic: MARKET-TO-BOOK RATIOType: DEFINITIONS28. The _____ breaks down return on equity into three component parts.A. Du Pont identityB. return on assetsC. statement of cash flowsD. asset turnover ratioE. equity multiplierDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS29. The External Funds Needed (EFN) equation does not measure the:A. additional asset requirements given a change in sales.B. additional total liabilities raised given the change in sales.C. rate of return to shareholders given the change in sales.D. net income expected to be earned given the change in sales.E. None of the above.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS30. To calculate sustainable growth rate without using return on equity, the analyst needs the:A. profit margin.B. payout ratio.C. debt-to-equity ratio.D. total asset turnover.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS31. Growth can be reconciled with the goal of maximizing firm value:A. because greater growth always adds to value.B. because growth must be an outcome of decisions that maximize NPV.C. because growth and wealth maximization are the same.D. because growth of any type cannot decrease value.E. None of the above.Difficulty level: MediumTopic: GROWTHType: DEFINITIONS32. Sustainable growth can be determined by the:A. profit margin, total asset turnover and the price to earnings ratio.B. profit margin, the payout ratio, the debt-to-equity ratio, and the asset requirement or asset turnover ratio.C. Total growth less capital gains growth.D. Either A or B.E. None of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS33. Which of the following will increase sustainable growth?A. Buy back existing stockB. Decrease debtC. Increase profit marginD. Increase asset requirement or asset turnover ratioE. Increase dividend payout ratioDifficulty level: MediumTopic: SUSTAINABLE GROWTHType: DEFINITIONS34. The main objective of long-term financial planning models is to:A. determine the asset requirements given the investment activities of the firm.B. plan for contingencies or uncertain events.C. determine the external financing needs.D. All of the above.E. None of the above.Difficulty level: MediumTopic: LONG TERM PLANNINGType: DEFINITIONS35. On a common-size balance sheet, all _____ accounts are shown as a percentage of _____.A. income; total assetsB. liability; net incomeC. asset; salesD. liability; total assetsE. equity; salesDifficulty level: MediumTopic: COMMON-SIZE BALANCE SHEETType: DEFINITIONS36. Which one of the following statements is correct concerning ratio analysis?A. A single ratio is often computed differently by different individuals.B. Ratios do not address the problem of size differences among firms.C. Only a very limited number of ratios can be used for analytical purposes.D. Each ratio has a specific formula that is used consistently by all analysts.E. Ratios can not be used for comparison purposes over periods of time.Difficulty level: MediumTopic: RATIO ANALYSISType: DEFINITIONS37. Which of the following are liquidity ratios?I. cash coverage ratioII. current ratioIII. quick ratioIV. inventory turnoverA. II and III onlyB. I and II onlyC. II, III, and IV onlyD. I, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS38. An increase in which one of the following accounts increases a firm's current ratio without affecting its quick ratio?A. accounts payableB. cashC. inventoryD. accounts receivableE. fixed assetsDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS39. A supplier, who requires payment within ten days, is most concerned with which one of the following ratios when granting credit?A. currentB. cashC. debt-equityD. quickE. total debtDifficulty level: MediumTopic: LIQUIDITY RATIOSType: DEFINITIONS40. A firm has a total debt ratio of .47. This means that that firm has 47 cents in debt for every:A. $1 in equity.B. $1 in total sales.C. $1 in current assets.D. $.53 in equity.E. $.53 in total assets.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS41. The long-term debt ratio is probably of most interest to a firm's:A. credit customers.B. employees.C. suppliers.D. mortgage holder.E. shareholders.Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS42. A banker considering loaning a firm money for ten years would most likely prefer the firm have a debt ratio of _____ and a times interest earned ratio of _____.A. .75; .75B. .50; 1.00C. .45; 1.75D. .40; 2.50E. .35; 3.00Difficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS43. From a cash flow position, which one of the following ratios best measures a firm's ability to pay the interest on its debts?A. times interest earned ratioB. cash coverage ratioC. cash ratioD. quick ratioE. Interval measureDifficulty level: MediumTopic: LONG-TERM SOLVENCY RATIOSType: DEFINITIONS44. The higher the inventory turnover measure, the:A. faster a firm sells its inventory.B. faster a firm collects payment on its sales.C. longer it takes a firm to sell its inventory.D. greater the amount of inventory held by a firm.E. lesser the amount of inventory held by a firm.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS45. Which one of the following statements is correct if a firm has a receivables turnover measure of 10?A. It takes a firm 10 days to collect payment from its customers.B. It takes a firm 36.5 days to sell its inventory and collect the payment from the sale.C. It takes a firm 36.5 days to pay its creditors.D. The firm has an average collection period of 36.5 days.E. The firm has ten times more in accounts receivable than it does in cash.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS46. A total asset turnover measure of 1.03 means that a firm has $1.03 in:A. total assets for every $1 in cash.B. total assets for every $1 in total debt.C. total assets for every $1 in equity.D. sales for every $1 in total assets.E. long-term assets for every $1 in short-term assets.Difficulty level: MediumTopic: ASSET MANAGEMENT RATIOSType: DEFINITIONS47. Puffy's Pastries generates five cents of net income for every $1 in sales. Thus, Puffy's has a _____ of 5%.A. return on assetsB. return on equityC. profit marginD. Du Pont measureE. total asset turnoverDifficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS48. If a firm produces a 10% return on assets and also a 10% return on equity, then the firm:A. has no debt of any kind.B. is using its assets as efficiently as possible.C. has no net working capital.D. also has a current ratio of 10.E. has an equity multiplier of 2.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS49. If shareholders want to know how much profit a firm is making on their entire investment in the firm, the shareholders should look at the:A. profit margin.B. return on assets.C. return on equity.D. equity multiplier.E. earnings per share.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS50. BGL Enterprises increases its operating efficiency such that costs decrease while sales remain constant. As a result, given all else constant, the:A. return on equity will increase.B. return on assets will decrease.C. profit margin will decline.D. equity multiplier will decrease.E. price-earnings ratio will increase.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS51. The only difference between Joe's and Moe's is that Joe's has old, fully depreciated equipment. Moe's just purchased all new equipment which will be depreciated over eight years. Assuming all else equal:A. Joe's will have a lower profit margin.B. Joe's will have a lower return on equity.C. Moe's will have a higher net income.D. Moe's will have a lower profit margin.E. Moe's will have a higher return on assets.Difficulty level: MediumTopic: PROFITABILITY RATIOSType: DEFINITIONS52. Last year, Alfred's Automotive had a price-earnings ratio of 15. This year, the price earnings ratio is 18. Based on this information, it can be stated with certainty that:A. the price per share increased.B. the earnings per share decreased.C. investors are paying a higher price for each share of stock purchased.D. investors are receiving a higher rate of return this year.E. either the price per share, the earnings per share, or both changed.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS53. Turner's Inc. has a price-earnings ratio of 16. Alfred's Co. has a price-earnings ratio of 19. Thus, you can state with certainty that one share of stock in Alfred's:A. has a higher market price than one share of stock in Turner's.B. has a higher market price per dollar of earnings than does one share of Turner's.C. sells at a lower price per share than one share of Turner's.D. represents a larger percentage of firm ownership than does one share of Turner's stock.E. earns a greater profit per share than does one share of Turner's stock.Difficulty level: MediumTopic: MARKET VALUE RATIOType: DEFINITIONS54. Which two of the following are most apt to cause a firm to have a higher price-earnings ratio?I. slow industry outlookII. high prospect of firm growthIII. very low current earningsIV. investors with a low opinion of the firmA. I and II onlyB. II and III onlyC. II and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS55. Vinnie's Motors has a market-to-book ratio of 3. The book value per share is $4.00. Holding market-to-book constant, a $1 increase in the book value per share will:A. cause the accountants to increase the equity of the firm by an additional $2.B. increase the market price per share by $1.C. increase the market price per share by $12.D. tend to cause the market price per share to rise.E. only affect book values but not market values.Difficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS56. Which one of the following sets of ratios applies most directly to shareholders?A. return on assets and profit marginB. quick ratio and times interest earnedC. price-earnings ratio and debt-equity ratioD. market-to-book ratio and price-earnings ratioE. cash coverage ratio and times equity multiplierDifficulty level: MediumTopic: MARKET VALUE RATIOSType: DEFINITIONS57. The three parts of the Du Pont identity can be generally described as:I. operating efficiency, asset use efficiency and firm profitability.II. financial leverage, operating efficiency and asset use efficiency.III. the equity multiplier, the profit margin and the total asset turnover.IV. the debt-equity ratio, the capital intensity ratio and the profit margin.A. I and II onlyB. II and III onlyC. I and IV onlyD. I and III onlyE. III and IV onlyDifficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS58. If a firm decreases its operating costs, all else constant, then:A. the profit margin increases while the equity multiplier decreases.B. the return on assets increases while the return on equity decreases.C. the total asset turnover rate decreases while the profit margin increases.D. both the profit margin and the equity multiplier increase.E. both the return on assets and the return on equity increase.Difficulty level: MediumTopic: DU PONT IDENTITYType: DEFINITIONS59. Which one of the following statements is correct?A. Book values should always be given precedence over market values.B. Financial statements are frequently the basis used for performance evaluations.C. Historical information has no value when predicting the future.D. Potential lenders place little value on financial statement information.E. Reviewing financial information over time has very limited value.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS60. It is easier to evaluate a firm using its financial statements when the firm:A. is a conglomerate.B. is global in nature.C. uses the same accounting procedures as other firms in its industry.D. has a different fiscal year than other firms in its industry.E. tends to have one-time events such as asset sales and property acquisitions.Difficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS61. Which two of the following represent the most effective methods of directly evaluating the financial performance of a firm?I. comparing the current financial ratios to those of the same firm from prior time periodsII. comparing a firm's financial ratios to those of other firms in the firm's peer group who have similar operationsIII. comparing the financial statements of the firm to the financial statements of similar firms operating in other countriesIV. comparing the financial ratios of the firm to the average ratios of all firms located in the same geographic areaA. I and II onlyB. II and III onlyC. III and IV onlyD. I and IV onlyE. I and III onlyDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS62. In the financial planning model, external funds needed (EFN) is equal to changes inA. assets - (liabilities - equity).B. assets - (liabilities + equity).C. (assets + liabilities - equity).D. (assets + equity - liabilities).E. assets - equity.Difficulty level: MediumTopic: EXTERNAL FUNDS NEEDEDType: DEFINITIONS63. Which of the following represent problems encountered when comparing the financial statements of one firm with those of another firm?I. Either one, or both, of the firms may be conglomerates and thus have unrelated lines of business.II. The operations of the two firms may vary geographically.III. The firms may use differing accounting methods for inventory purposes.IV. The two firms may be seasonal in nature and have different fiscal year ends.A. I and II onlyB. II and III onlyC. I, III, and IV onlyD. I, II, and III onlyE. I, II, III, and IVDifficulty level: MediumTopic: EVALUATING FINANCIAL STATEMENTSType: DEFINITIONS64. A firm's sustainable growth rate in sales directly depends on its:A. debt to equity ratio.B. profit margin.C. dividend policy.D. asset efficiency.E. All of the above.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS65. The sustainable growth rate will be equivalent to the internal growth rate when:A. a firm has no debt.B. the growth rate is positive.C. the plowback ratio is positive but less than 1.D. a firm has a debt-equity ratio exactly equal to 1.E. net income is greater than zero.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS66. The sustainable growth rate:A. assumes there is no external financing of any kind.B. is normally higher than the internal growth rate.C. assumes the debt-equity ratio is variable.D. is based on receiving additional external debt and equity financing.E. assumes that 100% of all income is retained by the firm.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS67. If a firm bases its growth projection on the rate of sustainable growth, and shows positive net income, then the:A. fixed assets will have to increase at the same rate, regardless of the current capacity level.B. number of common shares outstanding will increase at the same rate of growth.C. debt-equity ratio will have to increase.D. debt-equity ratio will remain constant while retained earnings increase.E. fixed assets, debt-equity ratio, and number of common shares outstanding will all increase.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS68. Marcie's Mercantile wants to maintain its current dividend policy, which is a payout ratio of 40%. The firm does not want to increase its equity financing but is willing to maintain its current debt-equity ratio. Given these requirements, the maximum rate at which Marcie's can grow is equal to:A. 40% of the internal rate of growth.B. 60% of the internal rate of growth.C. the internal rate of growth.D. the sustainable rate of growth.E. 60% of the sustainable rate of growth.Difficulty level: MediumTopic: SUSTAINABLE GROWTH RATEType: DEFINITIONS69. One of the primary weaknesses of many financial planning models is that they:A. rely too much on financial relationships and too little on accounting relationships.B. are iterative in nature.C. ignore the goals and objectives of senior management.D. are based solely on best case assumptions.E. ignore the size, risk, and timing of cash flows.Difficulty level: MediumTopic: FINANCIAL PLANNING MODELSType: DEFINITIONS70. Financial planning, when properly executed:A. ignores the normal restraints encountered by a firm.B. ensures that the primary goals of senior management are fully achieved.C. reduces the necessity of daily management oversight of the business operations.D. helps ensure that proper financing is in place to support the desired level of growth.E. eliminates the need to plan more than one year in advance.Difficulty level: MediumTopic: FINANCIAL PLANNINGType: DEFINITIONS71. When examining the EBITDA ratio, lower numbers are:A. considered good.B. considered mediocre.C. considered poor.D. indifferent to higher numbers.E. it is impossible to garner information from this ratio.Difficulty level: MediumTopic: EBITDA RATIOType: DEFINITIONS。

Java应用教程_03Chapter

2013年8月31日星期六
成员变量的限定符
对于一个成员变量，可以使用不同的限定符，以限定不同的访问权限。
Private：变量可以被类中的代码访问
Friend：变量可以被工程或组件中的代码访问
Protected：可以被继承的类访问 Public：适用于类外的代码通常，使用Private关键字来声明成员变量，使这些变量仅适用于每个类实例中的代码。同时这种方式也符合类的封装性。

个新类，就是创建一种新的数据类型，即引用
数据类型。
2013年8月31日星期六
3.1.1类的声明
类的实现包括两部分：类声明和类体。基本格式为：
// 语法格式： [<修饰符>] class <类名> [<extends SuperclassName>] [<implements interfaceNameList>] { [<成员变量声明>]
2013年8月31日星期六
成员变量的限定符
对于一个成员变量，还可以使用下面的限定符：
static: 用来制订一个变量使静态变量（类变量），
没有static修饰的变量是实例变量。类变量既可以由类方法访问，由可以右实例方法来访问。
final: 用来声明一个常量，作用相当于C语言中
define命令，对于用final关键字修饰的常量，在程序中不能作修改，通常常两用答谢字母。
第3章 Java面向对象程序设计
内容提要:
类的创建继承包访问控制接口内部类

2013年8月31日星期六
2013年8月31日星期六
2.1标识符、分隔符和关键字
3.1类的创建
类是组成Java程序的基本要素，也是Java中重要的引用数据类型。类封装了一类对象的状态属性和行为方法，是类对象的原型。创建一

Unity3D游戏场景设计实例教程CHAPTERUnityD引擎的系统功能

Unity3D提供了强大的场景编辑器，支持对场景中的对象进行移动、旋转、缩放等操作，同时支持多视角编辑。
场景资源管理
Unity3D的资源管理器可以对场景中使用的各种资源进行统一管理，方便开发者进行资源的查找、替换和删除。
物理引擎
刚体组件
Unity3D的物理引擎支持为游戏对象添加刚体组件，实现物体的物理运动效果。
粒子效果
粒子系统支持自定义粒子效果，如火焰、烟雾等，提高游戏的视觉体验。
动画系统
动画片段
Unity3D支持创建动画片段，对游戏对象进行动画编辑。
动画控制器
Unity3D提供了多种动画控制器，如状态机、混合树等，方便开发者创建复杂的动画效果。
骨骼动画
Unity3D支持对游戏对象进行骨骼动画编辑，实现逼真的角色动画效果。
室内场景设计
总结词
室内场景设计主要模拟室内环境，如房间、办公室、商场等，以提供给玩家一个温馨、舒适的游戏体验。
详细描述
室内场景设计中，需要考虑室内的布局和家具摆放、灯光和色彩搭配等因素，以营造出温馨的室内氛围。同时，室内场景设计还需要考虑游戏性和剧情需求，设置适当的任务和事件，引导玩家深入了解室内环境和人物关系。
和沉浸感。
音效与音乐的层次感
03
合理安排音效和音乐的播放时间和音量，以营造出丰富的声音
层次感。
CHAPTER 03
Unity3D引擎系统功能
场景管理系统
1 2 3
场景导入导出
Unity3D支持导入导出多种格式的场景文件，如 FBX、3DS Max等，方便开发者在不同软件间进行场景的迁移。
场景编辑
优化物理引擎性能
合理设置物理模拟的精度和范围，减少不必要的物理计算。

IntermediateAccountingChapter3中级会计学课后习题答案.doc

Chapter 3 The Balance Sheet and Financial DisclosuresQUESTIONS FOR REVIEW OF KEY TOPICSQuestion 3-2The balance sheet does not portray the market value of the entity (number of common stock shares outstanding multiplied by price per share) for a number of reasons. Most assets are not reported at fair value, but instead are measured according to historical cost・ Also, there are certain resources, such as trained employees, an experienced management team, and a good reputation, that are not recorded as assets at all. Therefore, the assets of a company minus its liabilities, as shown in the balanee sheet, will not be representative of the company's market value.Question 3-6Investments in equity securities are classified as current if the company's management (1) intends to liquidate the investment in the next year or operating cycle, whichever is longer, and (2) has the ability to do so, ie，the investment is marketable. If either of these criteria does not hold, the investment is classified as noncurrent.Question 3-9A note payable of $100,000 due in five years would be classified as a long-term liability. A $100,000 note due in five annual installments of $20,000 each would be classified as a $20,000 current liability — current maturities of long-term debt — and an $80,000 long-term liability.Question 3-11Disclosure notes provide additional detail concerning specific financial statement items. Included are such data as the fair values of financial instruments and off-balance-sheet risk associated with financial instruments and details of pension plans, leases, debt, and assets. Common to all companies9 disclosures are certain specific notes such as a summary of significant accounting policies, descriptions of subsequent events, and related third-party transactions. However, many notes are designed to fit the disclosure needs of the particular reporting company. In fact, any explanation that helps investors and creditors make decisions should be included・Question 3-14The discussion provides management^ views on significant events, trends and uncertainties pertaining to the company(a) operations, (b) liquidity, and (c) capital resources. Certainly the Management Discussion and Analysis section may be slanted to management's biased perspective and therefore can lack objectivity. However, management can offer an informed insight that might not be available elsewhere, so if the reader maintains awareness of the information^ source, it can offer a unique view of the situation.Question 3-20Differences in balance sheet presentation between U.S. GAAP and IFRS include:1.International standards specify a minimum list of items to be presented in the balance sheet. U.S.GAAP has no minimum requirements.2.IAS No. /, revised, changed the title of the balance sheet to statement of financial position, althoughcompanies are not required to use that title. Some U.S. companies use the statement of financial position title as well.3.Under U.S. GAAP, we present current assets and liabilities before noncurrent assets and liabilities.IAS No. 1 doesn^t prescribe the format of the balance sheet, but balance sheets prepared using IFRS often report noncurrent items first.Question 3-23U.S. GAAP requires companies to report information about reported segment profit or loss, including certain revenues and expenses included in reported segment profit or loss, segment assets, and the basis of measurement. The international standard on segment reporting, IFRS No. & requires that companies also disclose the total liabilities of its reportable segments- EXERCISESExercise 3-21. c Equipment 10. a Inventories2. f Accounts payable 11. d Patent3. -a Allowance for uncollectible accounts 12. c Land, in use4. b Land, held for investment 13. f Accrued liabilities5. 2 Note payable, due in 5 years 14. a Prepaid rent6. f Unearned rent revenue 15. h Common stock7. f Note payable, due in 6 months 16. c Building, in use& ■1 Income less dividends, accumulated 17. a Cash9. b Investment in XYZ Corp., long-term 1& f Taxes payableExercise 3・9See calculations below the balance sheet.Korver Supply CompanyBalance SheetAt December 31, 2011AssetsCurrent assets:Cash .............................................................................................. $168,000 Accounts receivable ........................................................................ 320,000 Inventories ..................................................................................... 250,000 Total current assets ................................................................... 738,000 Property, plant, and equipment:Furniture and fixtures ........................................ $300,000Less: Accumulated depreciation ......................... (170,000)Net property, plant, and equipment .............. 13(),()00Total assets ............................................................................ $868.000Liabilities and Shareholders1 Equity Current liabilities:Accounts payable .......................................................................... $180,000 Interest payable ................................................................................... 6,000 Note payable ................................................................................... 200Q00 Total current liabilities ............................................................. 386,000 Shareholders' equity:Common stock .................................................... $100,000Retained earnings ................................................... 382,00()Total shareholders9 equity ........................................................ 482,000Total liabilities and shareholders9 equity $86&000Chapter 03 - The Balance Sheet and Financial Disclosures Exercise 3-9 (concluded)Beginning balance in cash+ Cash collected from customers -Cash paid to suppliers-Cash paid for operating expenses -Cash paid for interestEnding cash balance $ 120,000 780,000 (560,000) (160,000) (12,000) $168,000Beginning balance in accounts receivable + Credit sales-Cash collected from customersEnding balance in accounts receivable $300,000 800,000 (780,000) $320,000Beginning balance in inventories + Purchases -Cost of merchandise soldEnding balance in inventories $200,000 550,000 (500,000) $250,000Beginning balance in furniture and fixtures, net -Depreciation for the yearEnding balance in furniture and fixtures, net $ 150,000 (20,000) $130,000Beginning balance in accounts payable + Purchases on account-Cash paid to suppliersEnding balance in accounts payable $190,000 550,000 (560,000) $180,000Beginning balance in retained earnings + Sales revenue-Cost of goods sold-Operating expenses-Depreciation expense-Interest expenseEnding balance in retained earnings $274,000 800,000 (500,000) (160,000) (20,000) (12,000) $382,000Accrued interest on note ($200,000、i 6% x 6/12) $6,000Exercise 3・15List A List Bd 1. Balance sheet a. Will be satisfied through the use of currentassets.h 2. Liquidity b. Items expected to be converted to cash orconsumed within one year or the operatingcycle, whichever is longer・b 3. Current assets c. The statements are presented fairly inconformity with GAAP.• 4. Operating cycle d. An organized array of assets, liabilities, andequit y.a 5. Current liabilities e. Important to a user in comparing financialinformation across companies.k 6. Cash equivalent f. Scope limitation or a departure from GAAP.m 7. Intangible asset g. Recorded when an expense is incurred but notyet paid ・1 & Working capital h. Relates to the amount of time before an assetis converted to cash or a liability is paid.g 9. Accrued liabilities i. Occurs after the fiscal year-end but before thestatements are issued・e10. Summary of significantaccounting policiesj. Cash to cash.■1 11. Subsequent events k. One-month U.S. treasury bill.c 12. Unqualified opinion 1. Current assets minus current liabilities.f 13. Qualified opinion m. Lacks physical substance.$& 192 ^$8,435 = .97 [$498 + 11 + 1,868] m $8,435 = .28 [$8,435 + 2,748] m $4,643 = 2.4 [$ 1,003 + 94 + 674] m $94 = 19 times Requirement 2Best Buy's current and acid-test ratios both are lower than the industry averages, indicating questionable liquidity ・ The debt to equity ratio is significantly higher than the industry average, indicating that the company's assets are primarily financed with liabilities rather than equity. However, the company's times interest earned ratio is significantly higher than the industry average ・ Even with high leverage, Best Buy seems quite capable of meeting its debt interest obligations ・Exercise 3-17Requirement 1 a. Current ratio b. Acid-test ratio c. Debt to equity ratio d ・ Times interest earned ratioExercise 3-181 ・ Acid-test ratio 二Quick assets m Current liabilities = 1.20Quick assets = Current assets - InventoriesQuick assets 二Current assets ・ $840,000Curi'ent assets 4- Current liabilities = 2.25Cun*ent assets - $840,000 m Cun*ent liabilities 二 1.20$840,000 m Current liabilities = 1.05Current liabilities = $800,000Current assets 4- $800,000 二2.25Current assets = $1,800,0002.Debt to equity ratio = Total liabilities Shareholders, equity = 1.8Total liabilities + Shareholders1 equity = Total assetsTotal liabilities + Shareholders* equity = $2,800,000Let x equal shareholders* equity1.8 x + x = $2,800,000x = $1,000,000 = Shareholders1 equity3.Noncurrent assets 二Total assets - Current assetsNoncurrent assets = $2,800,000 一1,800,000 = $1,000,0004.Long-term liabilities = Total assets ・ Current liabilities ・ Shareholders' equityLong-term liabilities 二$2,800,000 - 800,000 - 1,000,000 二$1,000,000CPA / CMA REVIEW QUESTIONSCPA Exam Questions1. b. The principal would have to be due after April 3(), 2012 to be considered as anoncurrent asset at April 30, 2011. The accrued interest for eight months (since August 31, 2010) is a current asset at April 30, 2011. Since the principal is due August 31,2012, additional interest would have to be recorded for the period September 1, 2011 to August 31, 2012.2. a> Current liabilities are obligations that are expected to be paid within one yearor the operating cycle whichever is longer.Accounts payable Bonds payable Dividends payableTotal current liabilitiesThe notes payable are not classified as current liabilities because they are not due until 2013-3. a. Inventory pricing is a significant accounting policy which should be disclosed according to generally accepted accounting principles, but the composition of plant assets is not a policy disclosure.$15,000 22,000 &000 $45,000CPA Exam Questions (concluded)4.c・The auditors5 standard report includes a statement that the financialstatements are the responsibility of the Company's management and that the auditors, responsibility is to express an opinion on the financial statements.5.b・ Current ratio — increased; Quick ratio decreased.Current ratio = Current assets m Current liabilities・When the current ratio is greater than 1 to 1, an equal decrease in currentassets and current liabilities will result in an increase in the current ratio. The decrease in current liabilities (the smaller number) is proportionately greater than the decrease in current assets, resulting in an increase in the ratio.Quick ratio 二(Cash + Marketable Securities + Accounts receivable) — Current liabilities When the quick ratio is less than 1:1, an equal decrease in quick assets andcurrent liabilities will result in a decrease in the ratio. The decrease in current liabilities (the larger number) is proportionately smaller than the decrease in quick assets, resulting in a decrease in the ratio.6.a・ Since inventory is not included in the quick ratio, the write-off of obsoleteinventory would have no effect on the quick ratio; however, it would decrease the current ratio as the write・off would reduce current assets.Problem 3-4WEISMULLER PUBLISHING COMPANYBalance SheetAt December 31,2011AssetsCurrent assets:Cash and cash equivalents (1) ................................................. $ 95,000 Short-term investments ............................................................. 110,000 Accounts receivable, net of allowance for uncollectibleaccounts of $16,000 .............................................................. 144,000 Inventories ............................................................................... 285,000 Prepaid expenses (2) ................................................................. 88,000 Total cuirent assets ............................................................ 722,000 Property, plant, and equipment:Machinery and equipment ....................................................... $320,000Less: Accumulated depreciation ............................................... (110,000) Net property, plant, and equipment ................................... 210,000 Other assets:Prepaid expenses 60,000 Total assets ..................................................................... $992.000Liabilities and Shareholders1 2 EquityCurrent liabilities:Accounts payable .................................................................... $ 60,000 Interest payable......................................................................... 20,000 Unearned revenues .................................................................. 80,000 Taxes payable ........................................................................... 30,000 Note payable ............................................................................. 40,000 Current maturities of long-term debt ....................................... 20,000 Total current liabilities ...................................................... 250,000 Longterm liabilities:Notes payable .......................................................................... 140,000 Shareholders' equity:Common stock, no par value; 800,000 sharesauthorized; 400.000 shares issued and outstanding ............... 400,000Retained earnings .................................................................... 202,000 Total shareholders，equity ................................................ 602,000 Total liabilities and shareholders9 equity........................ $992,0001 Includes $30,000 in U.S. treasury bills.2 Excludes $60,000 in prepaid rent for the second year on the building lease.CASESJudgment Case 3-11Comparative income for the first year of operations resulting from the two alternative financing choices is illustrated below.DEBT Versus EQUITYComparative Income for Two Financing AlternativesIncome before interest and taxes Less: InterestIncome before taxes Less: Income taxes Net Income* 8%x $20,000,000.50% x Income before taxes ・ Return on investment (Net income = investment)We can see that Alternative 1 generated a higher net income. However, the return on shareholders ，investment is actually higher for Alternative 2.Alternative 2 generated a higher return for each dollar invested by shareholders. This was made possible because the corporation was able to generate income on borrowed funds at a higher rate than the cost of the debt. This represents financial leverage ・ However, alternative 2 also results in a riskier capital structure. The debt in Alternative 2 requires fixed payments of interest and principal to be made. TheAlternative 1 Alternative 2 $5,000,000$5,000,000(1,600,000)* 5,000,000 3,400,000 (2,500,000)** (1,700,000)** $2,500,000$1,700,000$2,500,000-50/ $1,700,000 =5.67%J /o$50,000,000$30,000,000company's income before interest and income taxes could drop to zero under Alternative 1 and the company would still be solvent (i.e., able to pay its debts). Under Alternative 2, however, if income before interest and taxes drops below the required interest payments of $ 1,600,000, the company could become insolvent and eventually go bankrupt.。

国际商务函电与沟通课件chap03

Examples & cases
AlcanAlesa Engineering Ltd. Max Hoegger Strasse 6, CH-8048 Zurich, Switzerland Tel: +41-44-435 33 33 , Fax: +41-44-432 06 66 Web site: ; Email:info@
Alcan Alesa Technologies Ltd. 150 Rockland Rd., Town of Mount Royal Quebec H3P 2V9, Canada Tel: +1-514-937 9105, Fax: +1-514-937 0473 Web site: ; Email: info@ J une 06, 2011
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Right format of date:
Month, day, and year in American English — March 5, 2011 or March 5th, 2011 — with the month spelt out. �D ay, month, and year in British English —5 March 2011 or the 5th March, 2011 — with the month spelt out.
刘志伟 - UST B AL L RIGHT S RE SE RVE D
Chapter 03
11
3.The Inside Address 封内地址
♦ If
you do not know the name of the recipient, many people like to use an “attention line ” if the recipient ’s name of a business letter is not known. (See the e.g. next page) ♦ The block style of inside address is commonly used in business correspondence. However, indented style is also acceptable.

战略管理：概念与案例(原书第12版)教学课件hill_ppt_12e_ch03

▪ consumer surplus - customers capture some of that utility.
▪ customer’s reservation price - each individual’s unique assessment of the value of a product.
VALUE CREATION AND PRICING OPTIONS
▪ Managers must understand:
▪ dynamic relationships among value, pricing, demand, and costs.
▪ how value creation and pricing decisions affect demand.
COMPETITIVE ADVANTAGE
▪ Exists when a company’s profitability is greater than the average profitability of all companies in its industry.
▪ Sustained competitive advantage - Exists when a company maintains its competitive advantage over a number of years.
▪ Primary objective of strategy
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英文版福尔摩斯探案集之血字的研究03

英⽂版福尔摩斯探案集之⾎字的研究03 CHAPTER III. THE LAURISTON GARDEN MYSTERY [6]I CONFESS that I was considerably startled by this fresh proof of thepractical nature of my companion's theories. My respect for his powersof analysis increased wondrously. There still remained some lurkingsuspicion in my mind, however, that the whole thing was a pre-arrangedepisode, intended to dazzle me, though what earthly object he could havein taking me in was past my comprehension. When I looked at him hehad finished reading the note, and his eyes had assumed the vacant,lack-lustre expression which showed mental abstraction."How in the world did you deduce that?" I asked."Deduce what?" said he, petulantly."Why, that he was a retired sergeant of Marines.""I have no time for trifles," he answered, brusquely; then with a smile,"Excuse my rudeness. You broke the thread of my thoughts; but perhapsit is as well. So you actually were not able to see that that man was asergeant of Marines?""No, indeed.""It was easier to know it than to explain why I knew it. If youwere asked to prove that two and two made four, you might find somedifficulty, and yet you are quite sure of the fact. Even across thestreet I could see a great blue anchor tattooed on the back of thefellow's hand. That smacked of the sea. He had a military carriage,however, and regulation side whiskers. There we have the marine. He wasa man with some amount of self-importance and a certain air of command.You must have observed the way in which he held his head and swunghis cane. A steady, respectable, middle-aged man, too, on the face ofhim--all facts which led me to believe that he had been a sergeant.""Wonderful!" I ejaculated."Commonplace," said Holmes, though I thought from his expression that hewas pleased at my evident surprise and admiration. "I said just now thatthere were no criminals. It appears that I am wrong--look at this!" Hethrew me over the note which the commissionaire had brought. [7]"Why," I cried, as I cast my eye over it, "this is terrible!""It does seem to be a little out of the common," he remarked, calmly."Would you mind reading it to me aloud?"This is the letter which I read to him----"MY DEAR MR. SHERLOCK HOLMES,--"There has been a bad business during the night at 3, Lauriston Gardens,off the Brixton Road. Our man on the beat saw a light there about two inthe morning, and as the house was an empty one, suspected that somethingwas amiss. He found the door open, and in the front room, which is bareof furniture, discovered the body of a gentleman, well dressed, andhaving cards in his pocket bearing the name of 'Enoch J. Drebber,Cleveland, Ohio, U.S.A.' There had been no robbery, nor is there anyevidence as to how the man met his death. There are marks of blood inthe room, but there is no wound upon his person. We are at a loss as tohow he came into the empty house; indeed, the whole affair is a puzzler. If you can come round to the house any time before twelve, you will find me there. I have left everything _in statu quo_ until I hear from you.If you are unable to come I shall give you fuller details, and would esteem it a great kindness if you would favour me with your opinion. Yours faithfully,"TOBIAS GREGSON.""Gregson is the smartest of the Scotland Yarders," my friend remarked; "he and Lestrade are the pick of a bad lot. They are both quick and energetic, but conventional--shockingly so. They have their knivesinto one another, too. They are as jealous as a pair of professional beauties. There will be some fun over this case if they are both putupon the scent."I was amazed at the calm way in which he rippled on. "Surely there isnot a moment to be lost," I cried, "shall I go and order you a cab?""I'm not sure about whether I shall go. I am the most incurably lazydevil that ever stood in shoe leather--that is, when the fit is on me,for I can be spry enough at times.""Why, it is just such a chance as you have been longing for.""My dear fellow, what does it matter to me. Supposing I unravel the whole matter, you may be sure that Gregson, Lestrade, and Co. will pocket all the credit. That comes of being an unofficial personage.""But he begs you to help him.""Yes. He knows that I am his superior, and acknowledges it to me; buthe would cut his tongue out before he would own it to any third person. However, we may as well go and have a look. I shall work it out on my own hook. I may have a laugh at them if I have nothing else. Come on!"He hustled on his overcoat, and bustled about in a way that showed that an energetic fit had superseded the apathetic one."Get your hat," he said."You wish me to come?""Yes, if you have nothing better to do." A minute later we were both ina hansom, driving furiously for the Brixton Road.It was a foggy, cloudy morning, and a dun-coloured veil hung over the house-tops, looking like the reflection of the mud-coloured streets beneath. My companion was in the best of spirits, and prattled away about Cremona fiddles, and the difference between a Stradivarius andan Amati. As for myself, I was silent, for the dull weather and the melancholy business upon which we were engaged, depressed my spirits. "You don't seem to give much thought to the matter in hand," I said at last, interrupting Holmes' musical disquisition."No data yet," he answered. "It is a capital mistake to theorize beforeyou have all the evidence. It biases the judgment.""You will have your data soon," I remarked, pointing with my finger; "this is the Brixton Road, and that is the house, if I am not very much mistaken.""So it is. Stop, driver, stop!" We were still a hundred yards or so fromit, but he insisted upon our alighting, and we finished our journey uponfoot.Number 3, Lauriston Gardens wore an ill-omened and minatory look. It was one of four which stood back some little way from the street, two being occupied and two empty. The latter looked out with three tiers of vacant melancholy windows, which were blank and dreary, save that here and there a "To Let" card had developed like a cataract upon the bleared panes. A small garden sprinkled over with a scattered eruption of sickly plants separated each of these houses from the street, and was traversed by a narrow pathway, yellowish in colour, and consisting apparently of a mixture of clay and of gravel. The whole place was very sloppy from the rain which had fallen through the night. The garden was bounded by a three-foot brick wall with a fringe of wood rails upon the top, andagainst this wall was leaning a stalwart police constable, surrounded bya small knot of loafers, who craned their necks and strained their eyesin the vain hope of catching some glimpse of the proceedings within.I had imagined that Sherlock Holmes would at once have hurried into the house and plunged into a study of the mystery. Nothing appeared to be further from his intention. With an air of nonchalance which, under the circumstances, seemed to me to border upon affectation, he lounged up and down the pavement, and gazed vacantly at the ground, the sky, the opposite houses and the line of railings. Having finished his scrutiny,he proceeded slowly down the path, or rather down the fringe of grass which flanked the path, keeping his eyes riveted upon the ground. Twice he stopped, and once I saw him smile, and heard him utter an exclamation of satisfaction. There were many marks of footsteps upon the wet clayey soil, but since the police had been coming and going over it, I was unable to see how my companion could hope to learn anything from it. Still I had had such extraordinary evidence of the quickness of his perceptive faculties, that I had no doubt that he could see a great deal which was hidden from me.At the door of the house we were met by a tall, white-faced,flaxen-haired man, with a notebook in his hand, who rushed forward and wrung my companion's hand with effusion. "It is indeed kind of you to come," he said, "I have had everything left untouched.""Except that!" my friend answered, pointing at the pathway. "If a herdof buffaloes had passed along there could not be a greater mess. No doubt, however, you had drawn your own conclusions, Gregson, before you permitted this.""I have had so much to do inside the house," the detective said evasively. "My colleague, Mr. Lestrade, is here. I had relied upon himto look after this."Holmes glanced at me and raised his eyebrows sardonically. "With two such men as yourself and Lestrade upon the ground, there will not be much for a third party to find out," he said.Gregson rubbed his hands in a self-satisfied way. "I think we have doneall that can be done," he answered; "it's a queer case though, and Iknew your taste for such things.""You did not come here in a cab?" asked Sherlock Holmes."No, sir.""Nor Lestrade?""No, sir.""Then let us go and look at the room." With which inconsequent remark he strode on into the house, followed by Gregson, whose features expressedhis astonishment.A short passage, bare planked and dusty, led to the kitchen and offices. Two doors opened out of it to the left and to the right. One of thesehad obviously been closed for many weeks. The other belonged to the dining-room, which was the apartment in which the mysterious affair had occurred. Holmes walked in, and I followed him with that subdued feeling at my heart which the presence of death inspires.It was a large square room, looking all the larger from the absenceof all furniture. A vulgar flaring paper adorned the walls, but it was blotched in places with mildew, and here and there great strips had become detached and hung down, exposing the yellow plaster beneath. Opposite the door was a showy fireplace, surmounted by a mantelpiece of imitation white marble. On one corner of this was stuck the stump of ared wax candle. The solitary window was so dirty that the light washazy and uncertain, giving a dull grey tinge to everything, which was intensified by the thick layer of dust which coated the whole apartment.All these details I observed afterwards. At present my attention was centred upon the single grim motionless figure which lay stretched upon the boards, with vacant sightless eyes staring up at the discoloured ceiling. It was that of a man about forty-three or forty-four years ofage, middle-sized, broad shouldered, with crisp curling black hair, anda short stubbly beard. He was dressed in a heavy broadcloth frock coat and waistcoat, with light-coloured trousers, and immaculate collarand cuffs. A top hat, well brushed and trim, was placed upon the floor beside him. His hands were clenched and his arms thrown abroad, while his lower limbs were interlocked as though his death struggle had been a grievous one. On his rigid face there stood an expression of horror,and as it seemed to me, of hatred, such as I have never seen upon human features. This malignant and terrible contortion, combined with the low forehead, blunt nose, and prognathous jaw gave the dead man a singularly simious and ape-like appearance, which was increased by his writhing, unnatural posture. I have seen death in many forms, but never hasit appeared to me in a more fearsome aspect than in that dark grimy apartment, which looked out upon one of the main arteries of suburban London.Lestrade, lean and ferret-like as ever, was standing by the doorway, and greeted my companion and myself."This case will make a stir, sir," he remarked. "It beats anything Ihave seen, and I am no chicken.""There is no clue?" said Gregson."None at all," chimed in Lestrade.Sherlock Holmes approached the body, and, kneeling down, examined it intently. "You are sure that there is no wound?" he asked, pointing to numerous gouts and splashes of blood which lay all round."Positive!" cried both detectives."Then, of course, this blood belongs to a second individual--[8] presumably the murderer, if murder has been committed. It reminds me of the circumstances attendant on the death of Van Jansen, in Utrecht, inthe year '34. Do you remember the case, Gregson?""No, sir.""Read it up--you really should. There is nothing new under the sun. Ithas all been done before."As he spoke, his nimble fingers were flying here, there, and everywhere, feeling, pressing, unbuttoning, examining, while his eyes wore the same far-away expression which I have already remarked upon. So swiftly was the examination made, that one would hardly have guessed the minuteness with which it was conducted. Finally, he sniffed the dead man's lips,and then glanced at the soles of his patent leather boots."He has not been moved at all?" he asked."No more than was necessary for the purposes of our examination." "You can take him to the mortuary now," he said. "There is nothing moreto be learned."Gregson had a stretcher and four men at hand. At his call they enteredthe room, and the stranger was lifted and carried out. As they raisedhim, a ring tinkled down and rolled across the floor. Lestrade grabbedit up and stared at it with mystified eyes."There's been a woman here," he cried. "It's a woman's wedding-ring."He held it out, as he spoke, upon the palm of his hand. We all gathered round him and gazed at it. There could be no doubt that that circlet ofplain gold had once adorned the finger of a bride."This complicates matters," said Gregson. "Heaven knows, they were complicated enough before.""You're sure it doesn't simplify them?" observed Holmes. "There's nothing to be learned by staring at it. What did you find in his pockets?""We have it all here," said Gregson, pointing to a litter of objectsupon one of the bottom steps of the stairs. "A gold watch, No. 97163, by Barraud, of London. Gold Albert chain, very heavy and solid. Gold ring, with masonic device. Gold pin--bull-dog's head, with rubies as eyes. Russian leather card-case, with cards of Enoch J. Drebber of Cleveland, corresponding with the E. J. D. upon the linen. No purse, but loose money to the extent of seven pounds thirteen. Pocket edition of Boccaccio's 'Decameron,' with name of Joseph Stangerson upon thefly-leaf. Two letters--one addressed to E. J. Drebber and one to Joseph Stangerson.""At what address?""American Exchange, Strand--to be left till called for. They are bothfrom the Guion Steamship Company, and refer to the sailing of theirboats from Liverpool. It is clear that this unfortunate man was about to return to New York.""Have you made any inquiries as to this man, Stangerson?""I did it at once, sir," said Gregson. "I have had advertisementssent to all the newspapers, and one of my men has gone to the American Exchange, but he has not returned yet.""Have you sent to Cleveland?""We telegraphed this morning.""How did you word your inquiries?""We simply detailed the circumstances, and said that we should be gladof any information which could help us.""You did not ask for particulars on any point which appeared to you tobe crucial?""I asked about Stangerson.""Nothing else? Is there no circumstance on which this whole case appears to hinge? Will you not telegraph again?""I have said all I have to say," said Gregson, in an offended voice.Sherlock Holmes chuckled to himself, and appeared to be about to make some remark, when Lestrade, who had been in the front room while we were holding this conversation in the hall, reappeared upon the scene, rubbing his hands in a pompous and self-satisfied manner."Mr. Gregson," he said, "I have just made a discovery of the highest importance, and one which would have been overlooked had I not made a careful examination of the walls."The little man's eyes sparkled as he spoke, and he was evidently ina state of suppressed exultation at having scored a point against his colleague."Come here," he said, bustling back into the room, the atmosphere of which felt clearer since the removal of its ghastly inmate. "Now, stand there!"He struck a match on his boot and held it up against the wall."Look at that!" he said, triumphantly.I have remarked that the paper had fallen away in parts. In thisparticular corner of the room a large piece had peeled off, leaving a yellow square of coarse plastering. Across this bare space there was scrawled in blood-red letters a single word--RACHE."What do you think of that?" cried the detective, with the air of a showman exhibiting his show. "This was overlooked because it was in the darkest corner of the room, and no one thought of looking there. The murderer has written it with his or her own blood. See this smear whereit has trickled down the wall! That disposes of the idea of suicide anyhow. Why was that corner chosen to write it on? I will tell you. Seethat candle on the mantelpiece. It was lit at the time, and if it waslit this corner would be the brightest instead of the darkest portion ofthe wall.""And what does it mean now that you _have_ found it?" asked Gregson in a depreciatory voice."Mean? Why, it means that the writer was going to put the female name Rachel, but was disturbed before he or she had time to finish. You mark my words, when this case comes to be cleared up you will find that a woman named Rachel has something to do with it. It's all very well foryou to laugh, Mr. Sherlock Holmes. You may be very smart and clever, but the old hound is the best, when all is said and done.""I really beg your pardon!" said my companion, who had ruffled thelittle man's temper by bursting into an explosion of laughter. "You certainly have the credit of being the first of us to find this out,and, as you say, it bears every mark of having been written by the other participant in last night's mystery. I have not had time to examine this room yet, but with your permission I shall do so now."As he spoke, he whipped a tape measure and a large round magnifyingglass from his pocket. With these two implements he trotted noiselessly about the room, sometimes stopping, occasionally kneeling, and once lying flat upon his face. So engrossed was he with his occupation thathe appeared to have forgotten our presence, for he chattered away to himself under his breath the whole time, keeping up a running fireof exclamations, groans, whistles, and little cries suggestive of encouragement and of hope. As I watched him I was irresistibly reminded of a pure-blooded well-trained foxhound as it dashes backwards and forwards through the covert, whining in its eagerness, until it comes across the lost scent. For twenty minutes or more he continued his researches, measuring with the most exact care the distance between marks which were entirely invisible to me, and occasionally applying his tape to the walls in an equally incomprehensible manner. In one placehe gathered up very carefully a little pile of grey dust from the floor,and packed it away in an envelope. Finally, he examined with his glass the word upon the wall, going over every letter of it with the mostminute exactness. This done, he appeared to be satisfied, for he replaced his tape and his glass in his pocket."They say that genius is an infinite capacity for taking pains," he remarked with a smile. "It's a very bad definition, but it does apply to detective work."Gregson and Lestrade had watched the manoeuvres [9] of their amateur companion with considerable curiosity and some contempt. They evidently failed to appreciate the fact, which I had begun to realize, thatSherlock Holmes' smallest actions were all directed towards some definite and practical end."What do you think of it, sir?" they both asked."It would be robbing you of the credit of the case if I was to presumeto help you," remarked my friend. "You are doing so well now that it would be a pity for anyone to interfere." There was a world ofsarcasm in his voice as he spoke. "If you will let me know how your investigations go," he continued, "I shall be happy to give you any helpI can. In the meantime I should like to speak to the constable who found the body. Can you give me his name and address?"Lestrade glanced at his note-book. "John Rance," he said. "He is offduty now. You will find him at 46, Audley Court, Kennington Park Gate." Holmes took a note of the address."Come along, Doctor," he said; "we shall go and look him up. I'll tellyou one thing which may help you in the case," he continued, turning to the two detectives. "There has been murder done, and the murderer was a man. He was more than six feet high, was in the prime of life, hadsmall feet for his height, wore coarse, square-toed boots and smoked a Trichinopoly cigar. He came here with his victim in a four-wheeled cab, which was drawn by a horse with three old shoes and one new one on his off fore leg. In all probability the murderer had a florid face, and thefinger-nails of his right hand were remarkably long. These are only afew indications, but they may assist you."Lestrade and Gregson glanced at each other with an incredulous smile. "If this man was murdered, how was it done?" asked the former. "Poison," said Sherlock Holmes curtly, and strode off. "One other thing, Lestrade," he added, turning round at the door: "'Rache,' is the Germanfor 'revenge;' so don't lose your time looking for Miss Rachel."With which Parthian shot he walked away, leaving the two rivalsopen-mouthed behind him.。

Keegan_5e_03

3-9
Economic Union
Includes the elimination of internal barriers to trade (as in free trade area) AND establishes common external barriers to trade (as in customs union) AND allows for the free movement of factors of production, such as labor, capital, and information (as in common market) AND coordinates and harmonizes economic and social policy within the union
3-22
Singapore
World’s second largest container port Second highest standard of living in the region behind Japan 4.2 million people 93% literacy rate More than 3,000 companies Crime is nearly nonexistent
3-15
Latin America: SICA, Andean Community, Mercosur, CAIRCOM
Includes the Caribbean as well as Central and South America History of no growth, inflation, debt, and protectionism has given way to free markets, open economies, and deregulation Some concern for further growth with the rise of left-leaning politicians