F6 (Chapter 13-16)-3
Chapter 16 WTO
Chapter 16 WTO (3) ----the Doha RoundⅠ. Teaching ObjectiveLet students have the basic knowledge of the Doha RoundⅡ. Teaching FocusesDoha RoundⅢ. Teaching Procedure1.Why called Doha Round2001年11月，在卡塔尔多哈举行的世贸组织第四次部长级会议启动了新一轮全球多边贸易谈判，即多哈回合。
世贸组织承诺，多哈回合要给发展中国家带来真正的好处，因此这一轮谈判也被称为“发展回合”或“多哈发展议程”。
多哈回合按最初计划应在2005年1月1日前结束。
但2003年9月在墨西哥坎昆举行的第五次世贸组织部长级会议上，由于各成员在农业等问题上没有达成一致，会议无果而终，多哈回合谈判随后陷入僵局。
2.Objectives of Doha Round1)to further reduce barriers to international trade and investment bylowering tariffs on industrial goods and streamlining investment regulations2)to liberalize agricultural trade by cutting or eliminating huge farmsubsidies3.Importance of Doha RoundIt is crucial to poverty alleviation in developing countries, globaleconomic growth and international cooperation4.Background against which Doha Round occurred1)GDP growth slowed down2)9.11 terrorism3)Global trade declined5.Issues on Doha Agenda1)Agriculture2)Service, including education, healthcare, tourism, banking, insurance,etc.3)Reduction of industrial tariffs4)Environment5)Reform of WTO rules6)Government procurement and investment7)Intellectual property rights and public health多哈回合谈判范围包括8 个具体议题，即农业、非农产品市场准入、服务贸易、规则谈判、贸易与发展、争端解决、知识产权、贸易与环境问题。
Chapter 16 Test Bank
Chapter 16 Test Bank - StaticStudent: ___________________________________________________________________________ Multiple Choice Questions1. The duration of a bond is a function of the bond'sA. coupon rate.B. yield to maturity.C. time to maturity.D. All of the options are correct.E. None of the options are correct.2. Ceteris paribus, the duration of a bond is positively correlated with the bond'sA. time to maturity.B. coupon rate.C. yield to maturity.D. All of the options are correct.E. None of the options are correct.3. Ceteris paribus, the duration of a bond is negatively correlated with the bond'sA. time to maturity.B. coupon rate.C. yield to maturity.D. coupon rate and yield to maturity.E. None of the options are correct.4. Holding other factors constant, the interest-rate risk of a coupon bond is higher when the bond'sA. term to maturity is lower.B. coupon rate is higher.C. yield to maturity is lower.D. current yield is higher.E. None of the options are correct.5. Holding other factors constant, the interest-rate risk of a coupon bond is higher when the bond'sA. term to maturity is higher.B. coupon rate is higher.C. yield to maturity is higher.D. All of the options are correct.E. None of the options are correct.6. Holding other factors constant, the interest-rate risk of a coupon bond is higher when the bond'sA. term to maturity is lower.B. coupon rate is lower.C. yield to maturity is higher.D. term to maturity is lower and yield to maturity is higher.E. None of the options are correct.7. Holding other factors constant, the interest-rate risk of a coupon bond is lower when the bond'sA. term to maturity is lower.B. coupon rate is higher.C. yield to maturity is lower.D. term to maturity is lower and coupon rate is higher.E. All of the options are correct.8. Holding other factors constant, the interest-rate risk of a coupon bond is lower when the bond'sA. term to maturity is lower.sB. coupon rate is higher.C. yield to maturity is higher.D. term to maturity is lower and coupon rate is higher.E. All of the options are correct.9. Holding other factors constant, the interest-rate risk of a coupon bond is lower when the bond'sA. term to maturity is higher.B. coupon rate is lower.C. yield to maturity is higher.D. term to maturity is higher and coupon rate is lower.E. All of the options are correct.10. The "modified duration" used by practitioners is equal to the Macaulay durationA. times the change in interest rate.B. times (one plus the bond's yield to maturity).C. divided by (one minus the bond's yield to maturity).D. divided by (one plus the bond's yield to maturity).E. None of the options are correct.11. The "modified duration" used by practitioners is equal to ______ divided by (one plus the bond's yield to maturity).A. current yieldB. the Macaulay durationC. yield to callD. yield to maturityE. None of the options are correct.12. Given the time to maturity, the duration of a zero-coupon bond is higher when the discount rate isA. higher.B. lower.C. equal to the risk-free rate.D. The bond's duration is independent of the discount rate.E. None of the options are correct.13. The interest-rate risk of a bond isA. the risk related to the possibility of bankruptcy of the bond's issuer.B. the risk that arises from the uncertainty of the bond's return caused by changes in interest rates.C. the unsystematic risk caused by factors unique in the bond.D the risk related to the possibility of bankruptcy of the bond's issuer, and the risk that arises from the uncertainty of . the bond's return caused by changes in interest rates.E. All of the options are correct.14. Which of the following two bonds is more price sensitive to changes in interest rates?1) A par value bond, X, with a 5-year year to maturity and a 10% coupon rate.2) A zero-coupon bond, Y, with a 5-year year to maturity and a 10% yield to maturity.A. Bond X because of the higher yield to maturityB. Bond X because of the longer time to maturityC. Bond Y because of the longer durationD. Both have the same sensitivity because both have the same yield to maturity.E. None of the options are correct.15. Holding other factors constant, which one of the following bonds has the smallest price volatility?A. 5-year, 0% coupon bondB. 5-year, 12% coupon bondC. 5 year, 14% coupon bondD. 5-year, 10% coupon bondE. Cannot tell from the information given16. Which of the following is not true?A. Holding other things constant, the duration of a bond increases with time to maturity.B. Given time to maturity, the duration of a zero-coupon decreases with yield to maturity.C. Given time to maturity and yield to maturity, the duration of a bond is higher when the coupon rate is lower.D. Duration is a better measure of price sensitivity to interest-rate changes than is time to maturity.E. All of the options are correct.17. Which of the following statements are true?I) Holding other things constant, the duration of a bond decreases with time to maturity.II) Given time to maturity, the duration of a zero-coupon increases with yield to maturity.III) Given time to maturity and yield to maturity, the duration of a bond is higher when the coupon rate is lower.IV) Duration is a better measure of price sensitivity to interest-rate changes than is time to maturity.A. I onlyB. I and IIC. III onlyD. III and IVE. I, II, and IV18. The duration of a 5-year zero-coupon bond isA. smaller than 5.B. larger than 5.C. equal to 5.D. equal to that of a 5-year 10% coupon bond.E. None of the options are correct.19. The basic purpose of immunization is toA. eliminate default risk.B. produce a zero net-interest-rate risk.C. offset price and reinvestment risk.D. eliminate default risk and produce a zero net-interest-rate risk.E. produce a zero net-interest-rate risk and offset price and reinvestment risk.20. The duration of a par-value bond with a coupon rate of 8% (paid annually) and a remaining time to maturity of 5 years isA. 5 years.B. 5.4 years.C. 4.17 years.D. 4.31 years.21. The duration of a perpetuity with a yield of 8% isA. 13.50 years.B. 12.11 years.C. 6.66 years.D. Cannot be determined22. A seven-year par value bond has a coupon rate of 9% (paid annually) and a modified duration ofA. 7 years.B. 5.49 years.C. 5.03 years.D. 4.87 years.23. Par-value bond XYZ has a modified duration of 6. Which one of the following statements regarding the bond is true?A. If the market yield increases by 1%, the bond's price will decrease by $60.B. If the market yield increases by 1%, the bond's price will increase by $50.C. If the market yield increases by 1%, the bond's price will decrease by $50.D. If the market yield increases by 1%, the bond's price will increase by $60.24. Which of the following bonds has the longest duration?A. An 8-year maturity, 0% coupon bondB. An 8-year maturity, 5% coupon bondC. A 10-year maturity, 5% coupon bondD. A 10-year maturity, 0% coupon bondE. Cannot tell from the information given25. Which one of the following par-value 12% coupon bonds experiences a price change of $23 when the market yield changes by50 basis points?A. The bond with a duration of 6 yearsB. The bond with a duration of 5 yearsC. The bond with a duration of 2.7 yearsD. The bond with a duration of 5.15 years26. Which one of the following statements is true concerning the duration of a perpetuity?A. The duration of a 15% yield perpetuity that pays $100 annually is longer than that of a 15% yield perpetuity that pays $200 annually.B. The duration of a 15% yield perpetuity that pays $100 annually is shorter than that of a 15% yield perpetuity that pays $200 annually.C. The duration of a 15% yield perpetuity that pays $100 annually is equal to that of a 15% yield perpetuity that pays $200 annually.D. The duration of a perpetuity cannot be calculated.27. The two components of interest-rate risk areA. price risk and default risk.B. reinvestment risk and systematic risk.C. call risk and price risk.D. price risk and reinvestment risk.E. None of the options are correct.28. The duration of a coupon bondA. does not change after the bond is issued.B. can accurately predict the price change of the bond for any interest-rate change.C. will decrease as the yield to maturity decreases.D. All of the options are true.E. None of the options are true.29. Indexing of bond portfolios is difficult becauseA. the number of bonds included in the major indexes is so large that it would be difficult to purchase them in the proper proportions.B. many bonds are thinly traded, so it is difficult to purchase them at a fair market price.C. the composition of bond indexes is constantly changing.D. All of the options are true.30. Duration measuresA. weighted-average time until a bond's half-life.B. weighted-average time until cash flow payment.C. the time required to make excessive profit from the investment.D. weighted-average time until a bond's half-life and the time required to make excessive profit from the investment.E. weighted-average time until cash flow payment and the time required to make excessive profit from the investment.31. DurationA. assesses the time element of bonds in terms of both coupon and term to maturity.B. allows structuring a portfolio to avoid interest-rate risk.C. is a direct comparison between bond issues with different levels of risk.D. assesses the time element of bonds in terms of both coupon and term to maturity and allows structuring a portfolio to avoid interest-rate risk.E. assesses the time element of bonds in terms of both coupon and term to maturity and is a direct comparison . between bond issues with different levels of risk.32. Identify the bond that has the longest duration (no calculations necessary).A. 20-year maturity with an 8% couponB. 20-year maturity with a 12% couponC. 20-year maturity with a 0% couponD. 10-year maturity with a 15% couponE. 12-year maturity with a 12% coupon33. When interest rates decline, the duration of a 10-year bond selling at a premiumA. increases.B. decreases.C. remains the same.D. increases at first, then declines.E. decreases at first, then increases.34. An 8%, 30-year corporate bond was recently being priced to yield 10%. The Macaulay duration for the bond is 10.20 years. Given this information, the bond's modified duration would beA. 8.05.B. 9.44.C. 9.27.D. 11.22.E. None of the options are correct.35. An 8%, 15-year bond has a yield to maturity of 10% and duration of 8.05 years. If the market yield changes by 25 basis points, how much change will there be in the bond's price?A. 1.83%B. 2.01%C. 3.27%D. 6.44%36. One way that banks can reduce the duration of their asset portfolios is through the use ofA. fixed-rate mortgages.B. adjustable-rate mortgages.C. certificates of deposit.D. short-term borrowing.37. The duration of a bond normally increases with an increase inA. term to maturity.B. yield to maturity.C. coupon rate.D. All of the options are correct.E. None of the options are correct.38. Immunization is not a strictly passive strategy becauseA. it requires choosing an asset portfolio that matches an index.B. there is likely to be a gap between the values of assets and liabilities in most portfolios.C. it requires frequent rebalancing as maturities and interest rates change.D. durations of assets and liabilities fall at the same rate.E. None of the options are correct.39. Some of the problems with immunization areA. duration assumes that the yield curve is flat.B. duration assumes that if shifts in the yield curve occur, these shifts are parallel.C. immunization is valid for one interest-rate change only.D. durations and horizon dates change by the same amounts with the passage of time.E immunization is valid for one interest-rate change only, duration assumes that the yield curve is flat, and that if . shifts in the yield curve occur, these shifts are parallel.40. If a bond portfolio manager believesI) in market efficiency, he or she is likely to be a passive portfolio manager.II) that he or she can accurately predict interest-rate changes, he or she is likely to be an active portfolio manager.III) that he or she can identify bond-market anomalies, he or she is likely to be a passive portfolio manager.A. I onlyB. II onlyC. III onlyD. I and IIE. I, II, and III41. Cash flow matching on a multiperiod basis is referred to asA. immunization.B. contingent immunization.C. dedication.D. duration matching.E. rebalancing.42. Immunization through duration matching of assets and liabilities may be ineffective or inappropriate becauseA. conventional duration strategies assume a flat yield curve.B. duration matching can only immunize portfolios from parallel shifts in the yield curve.C. immunization only protects the nominal value of terminal liabilities and does not allow for inflation adjustment.D conventional duration strategies assume a flat yield curve, and immunization only protects the nominal value of . terminal liabilities and does not allow for inflation adjustment.E. All of the options are correct.43. The curvature of the price yield curve for a given bond is referred to as the bond'sA. modified duration.B. immunization.C. sensitivity.D. convexity.E. tangency.44. Consider a bond selling at par with modified duration of 10.6 years and convexity of 210. A 2% decrease in yield would cause the price to increase by 21.2% according to the duration rule. What would be the percentage price change according to the duration-with-convexity rule?A. 21.2%B. 25.4%C. 17.0%D. 10.6%45. A substitution swap is an exchange of bonds undertaken toA. change the credit risk of a portfolio.B. extend the duration of a portfolio.C. reduce the duration of a portfolio.D. profit from apparent mispricing between two bonds.E. adjust for differences in the yield spread.46. A rate anticipation swap is an exchange of bonds undertaken toA. shift portfolio duration in response to an anticipated change in interest rates.B. shift between corporate and government bonds when the yield spread is out of line with historical values.C. profit from apparent mispricing between two bonds.D. change the credit risk of the portfolio.E. increase return by shifting into higher yield bonds.47. An analyst who selects a particular holding period and predicts the yield curve at the end of that holding period is engaging inA. a rate anticipation swap.B. immunization.C. horizon analysis.D. an intermarket spread swap.E. None of the options are correct.48. Interest-rate risk is important toA. active bond portfolio managers.B. passive bond portfolio managers.C. both active and passive bond portfolio managers.D. neither active nor passive bond portfolio managers.E. obsessive bond portfolio managers.49. Which of the following are true about the interest-rate sensitivity of bonds?I) Bond prices and yields are inversely related.II) Prices of long-term bonds tend to be more sensitive to interest-rate changes than prices of short-term bonds.III) Interest-rate risk is correlated with the bond's coupon rate.IV) The sensitivity of a bond's price to a change in its yield to maturity is inversely related to the yield to maturity atwhich the bond is currently selling.A. I and IIB. I and IIIC. I, II, and IVD. II, III, and IVE. I, II, III, and IV50. Which of the following are false about the interest-rate sensitivity of bonds?I) Bond prices and yields are inversely related.II) Prices of long-term bonds tend to be more sensitive to interest-rate changes than prices of short-term bonds.III) Interest-rate risk is correlated with the bond's coupon rate.IV) The sensitivity of a bond's price to a change in its yield to maturity is inversely related to the yield to maturity atwhich the bond is currently selling.A. IB. IIIC. I, II, and IVD. II, III, and IVE. I, II, III, and IV51. Which of the following researchers have contributed significantly to bond portfolio management theory?I) Sidney HomerII) Harry MarkowitzIII) Burton MalkielIV) Martin LiebowitzV) Frederick MacaulayA. I and IIB. III and VC. III, IV, and VD. I, III, IV, and VE. I, II, III, IV, and V52. According to the duration concept,A. only coupon payments matter.B. only maturity value matters.C. the coupon payments made prior to maturity make the effective maturity of the bond greater than its actual time to maturity.D. the coupon payments made prior to maturity make the effective maturity of the bond less than its actual time to maturity.E. coupon rates don't matter.53. Duration is important in bond portfolio management becauseI) it can be used in immunization strategies.II) it provides a gauge of the effective average maturity of the portfolio.III) it is related to the interest rate sensitivity of the portfolio.IV) it is a good predictor of interest-rate changes.A. I and IIB. I and IIIC. III and IVD. I, II, and IIIE. I, II, III, and IV54. Two bonds are selling at par value, and each has 17 years to maturity. The first bond has a coupon rate of 6%, and the second bond has a coupon rate of 13%. Which of the following is true about the durations of these bonds?A. The duration of the higher coupon bond will be higher.B. The duration of the lower coupon bond will be higher.C. The duration of the higher coupon bond will equal the duration of the lower coupon bond.D. There is no consistent statement that can be made about the durations of the bonds.E. The bond's durations cannot be determined without knowing the prices of the bonds.55. Two bonds are selling at par value, and each has 17 years to maturity. The first bond has a coupon rate of 6%, and the second bond has a coupon rate of 13%. Which of the following is false about the durations of these bonds?A. The duration of the higher coupon bond will be higher.B. The duration of the lower coupon bond will be higher.C. The duration of the higher coupon bond will equal the duration of the lower coupon bond.D. There is no consistent statement that can be made about the durations of the bonds.E The duration of the higher coupon bond will be higher, and the duration of the higher coupon bond will equal the . duration of the lower coupon bond.56. Which of the following two bonds is more price sensitive to changes in interest rates?1) A par-value bond, A, with a 12 year to maturity and a 12% coupon rate.2) A zero-coupon bond, B, with a 12 year to maturity and a 12% yield to maturity.A. Bond A because of the higher yield to maturityB. Bond A because of the longer time to maturityC. Bond B because of the longer durationD. Both have the same sensitivity because both have the same yield to maturity.E. None of the options are correct.57. Which of the following two bonds is more price sensitive to changes in interest rates?1) A par-value bond, D, with a 2 year to maturity and an 8% coupon rate.2) A zero-coupon bond, E, with a 2 year to maturity and an 8% yield to maturity.A. Bond D because of the higher yield to maturityB. Bond E because of the longer durationC. Bond D because of the longer time to maturityD. Both have the same sensitivity because both have the same yield to maturity.58. Holding other factors constant, which one of the following bonds has the smallest price volatility?A. 7-year, 0% coupon bondB. 7-year, 12% coupon bondC. 7 year, 14% coupon bondD. 7-year, 10% coupon bondE. Cannot tell from the information given59. Holding other factors constant, which one of the following bonds has the smallest price volatility?A. 20-year, 0% coupon bondB. 20-year, 6% coupon bondC. 20 year, 7% coupon bondD. 20-year, 9% coupon bondE. Cannot tell from the information given60. The duration of a 15-year zero-coupon bond isA. smaller than 15.B. larger than 15.C. equal to 15.D. equal to that of a 15-year 10% coupon bond.E. None of the options are correct.61. The duration of a 20-year zero-coupon bond isA. equal to 20.B. larger than 20.C. smaller than 20.D. equal to that of a 20-year 10% coupon bond.62. The duration of a perpetuity with a yield of 10% isA. 13.50 years.B. 11 years.C. 6.66 years.D. Cannot be determined63. The duration of a perpetuity with a yield of 6% isA. 13.50 years.B. 12.11 years.C. 17.67 years.D. Cannot be determined64. Par-value-bond F has a modified duration of 9. Which one of the following statements regarding the bond is true?A. If the market yield increases by 1%, the bond's price will decrease by $90.B. If the market yield increases by 1%, the bond's price will increase by $90.C. If the market yield increases by 1%, the bond's price will decrease by $60.D. If the market yield decreases by 1%, the bond's price will increase by $60.65. Par-value-bond GE has a modified duration of 11. Which one of the following statements regarding the bond is true?A. If the market yield increases by 1%, the bond's price will decrease by $55.B. If the market yield increases by 1%, the bond's price will increase by $55.C. If the market yield increases by 1%, the bond's price will decrease by $110.D. If the market yield increases by 1%, the bond's price will increase by $110.66. Which of the following bonds has the longest duration?A. A 15-year maturity, 0% coupon bond.B. A 15-year maturity, 9% coupon bond.C. A 20-year maturity, 9% coupon bond.D. A 20-year maturity, 0% coupon bond.E. Cannot tell from the information given67. Which of the following bonds has the longest duration?A. A 12-year maturity, 0% coupon bond.B. A 12-year maturity, 8% coupon bond.C. A 4-year maturity, 8% coupon bond.D. A 4-year maturity, 0% coupon bond.E. Cannot tell from the information given68. A 10%, 30-year corporate bond was recently being priced to yield 12%. The Macaulay duration for the bond is 11.3 years. Given this information, the bond's modified duration would beA. 8.05.B. 10.09.C. 9.27.D. 11.22.69. A 6%, 30-year corporate bond was recently being priced to yield 8%. The Macaulay duration for the bond is 8.4 years. Given this information, the bond's modified duration would beA. 8.05.B. 9.44.C. 9.27.D. 7.78.70. A 9%, 16-year bond has a yield to maturity of 11% and duration of 9.25 years. If the market yield changes by 32 basis points, how much change will there be in the bond's price?A. 1.85%B. 2.01%C. 2.67%D. 6.44%71. A 7%, 14-year bond has a yield to maturity of 6% and duration of 7 years. If the market yield changes by 44 basis points, how much change will there be in the bond's price?A. 1.85%B. 2.91%C. 3.27%D. 6.44%72. Consider a bond selling at par with modified duration of 12 years and convexity of 265. A 1% decrease in yield would cause the price to increase by 12%, according to the duration rule. What would be the percentage price change according to the duration-with-convexity rule?A. 21.2%B. 25.4%C. 17.0%D. 13.3%73. Consider a bond selling at par with modified duration of 22 years and convexity of 415. A 2% decrease in yield would cause the price to increase by 44% according to the duration rule. What would be the percentage price change according to the duration-with-convexity rule?A. 21.2%B. 25.4%C. 17.0%D. 52.3%74. The duration of a par-value bond with a coupon rate of 6.5% and a remaining time to maturity of 4 years isA. 3.65 years.B. 3.45 years.C. 3.85 years.D. 4.00 years.75. The duration of a par-value bond with a coupon rate of 7% and a remaining time to maturity of 3 years isA. 3 years.B. 2.71 years.C. 2.81 years.D. 2.91 years.76. The duration of a par-value bond with a coupon rate of 8.7% and a remaining time to maturity of 6 years isA. 6.0 years.B. 5.1 years.C. 4.27 years.D. 3.95 years.E. None of the options are correct.Chapter 16 Test Bank - Static KeyMultiple Choice Questions1. The duration of a bond is a function of the bond'sA. coupon rate.B. yield to maturity.C. time to maturity.D. All of the options are correct.E. None of the options are correct.Duration is calculated by discounting the bond's cash flows at the bond's yield to maturity and, except for zero-coupon bonds, is always less than time to maturity.AACSB: Reflective ThinkingAccessibility: Keyboard NavigationBlooms: RememberDifficulty: 1 BasicGradable: automaticTopic: Duration2. Ceteris paribus, the duration of a bond is positively correlated with the bond'sA. time to maturity.B. coupon rate.C. yield to maturity.D. All of the options are correct.E. None of the options are correct.Duration is negatively correlated with coupon rate and yield to maturity.AACSB: Reflective ThinkingAccessibility: Keyboard NavigationBlooms: RememberDifficulty: 2 IntermediateGradable: automaticTopic: Duration3. Ceteris paribus, the duration of a bond is negatively correlated with the bond'sA. time to maturity.B. coupon rate.C. yield to maturity.D. coupon rate and yield to maturity.E. None of the options are correct.Duration is negatively correlated with coupon rate and yield to maturity.AACSB: Reflective ThinkingAccessibility: Keyboard NavigationBlooms: RememberDifficulty: 2 IntermediateGradable: automaticTopic: Duration4. Holding other factors constant, the interest-rate risk of a coupon bond is higher when the bond'sA. term to maturity is lower.B. coupon rate is higher.C. yield to maturity is lower.D. current yield is higher.E. None of the options are correct.The longer the maturity, the greater the interest-rate risk. The lower the coupon rate, the greater the interest-rate risk. The lower the yield to maturity, the greater the interest-rate risk. These concepts are reflected in the duration rules; duration is a measure of bond price sensitivity to interest rate changes (interest-rate risk).AACSB: Reflective ThinkingAccessibility: Keyboard NavigationBlooms: RememberDifficulty: 2 IntermediateGradable: automaticTopic: Interest rate risk5. Holding other factors constant, the interest-rate risk of a coupon bond is higher when the bond'sA. term to maturity is higher.B. coupon rate is higher.C. yield to maturity is higher.D. All of the options are correct.E. None of the options are correct.The longer the maturity, the greater the interest-rate risk. The lower the coupon rate, the greater the interest-rate risk. The lower the yield to maturity, the greater the interest-rate risk. These concepts are reflected in the duration rules; duration is a measure of bond price sensitivity to interest rate changes (interest-rate risk).AACSB: Reflective ThinkingAccessibility: Keyboard NavigationBlooms: UnderstandDifficulty: 2 IntermediateGradable: automaticTopic: Interest rate risk6. Holding other factors constant, the interest-rate risk of a coupon bond is higher when the bond'sA. term to maturity is lower.B. coupon rate is lower.C. yield to maturity is higher.D. term to maturity is lower and yield to maturity is higher.E. None of the options are correct.The longer the maturity, the greater the interest-rate risk. The lower the coupon rate, the greater the interest-rate risk. The lower the yield to maturity, the greater the interest-rate risk. These concepts are reflected in the duration rules; duration is a measure of bond price sensitivity to interest rate changes (interest-rate risk).AACSB: Reflective ThinkingAccessibility: Keyboard NavigationBlooms: UnderstandDifficulty: 2 IntermediateGradable: automaticTopic: Interest rate risk7. Holding other factors constant, the interest-rate risk of a coupon bond is lower when the bond'sA. term to maturity is lower.B. coupon rate is higher.C. yield to maturity is lower.D. term to maturity is lower and coupon rate is higher.。
桐华唯美记忆三部曲
1
前言 满身风 雨我从海上来
2
第1章 最初那 些年
3
第2章 懵懂的 感情
4
第3章 平淡不 平淡
5
第4章 似曾风 雨路
1
第5章 时光如 刀剑
2
第6章 与文艺 有关
3
第7章 青春的 代价
4
第8章 离别在 眼前
5
尾声 未完成 时时光
第1章 最初那些年
1、回忆的开始 2、遇见了他 3、我变成了一只四眼熊猫 4、情窦初开
03
Chapter 16 心动 的感觉
04
Chapter 17 久别 重逢
06
Chapter 19 绝地 复仇
05
Chapter 18 每个 人都有秘密
Chapter 1 今夕何 夕
Chapter 2 梦碎
Chapter 3 风从哪 里来
Chapter 4 谎言之 上
Chapter 5 光明与 阴暗
导演年少的戏
曲，他导演我
们的爱情
第三章 回看
4 人生风景：少
年识得愁滋味， 酸甜皆是好味 道
5 第四章 青春
花开两枝：EQ 迂回辗转，IQ 突飞猛进
第五章 两个人的对 视：我们都会冷战， 都会妥协，只是不会
说出爱
第六章 那盛大的告 别：烟花盛放之后， 心怀余热告别绚烂17
岁
尾声：宽恕的美丽
第七章 番外之两个 人：未来得及看清的 你，未来得及说再见 的我
5
Chapter 16 如果你还活着
Chapter 18 最好 的时光
Chapter 17 归来
Chapter 19 新希 望
Chapter 1 命运的 选择
7AChapter3基础知识训练(2)
7AChapter3基础知识训练(2)布吉中学七年级《英语基础练习》7AChapter3-4编写人：许智雄Cla____Grade7Name:_____________No.__________Ⅰ.写出下列的短语比掌握好。
Learnthee某preionbyheart.1.学会解决问题___________________________2.在码头等候渡轮___________________________3.很多女游客______________________________4.与某人争吵某事___________________________5.取出一部手机____________________________6.把照片给他看_____________________________7.警察盯住那位小偷_______________________________________8.向某人走过去____________________________9.逃跑了_____________________________10.发现我的钱包不见了______________________________________________11.跟着某人______________________________12.赶紧登船______________________________13.匆匆忙忙到火车站________________________________________________14.让我们乘坐下一班渡轮_________________________________________________15.向老师汇报______________________________16.在河岸的另一边_____________________________17.看见某人在偷东西______________________________18.你真棒______________________________Ⅱ.翻译下列的句子1.Tom喜欢写英文日记，他每星期写一篇英文日记。
管理学(英语)教学大纲
《管理学（英语）》教学大纲课程编号：课程类型：学科基础课总学时：48讲课学时：实验（上机）学时：学分：3适用对象：工业工程先修课程：无一、课程的教学目标《管理学（英语）》是为工商管理学院工商管理专业国际班本科生开设的专业基础课，本课程通过全英文授课的形式，向学生传授管理学的基本概念、重点理论和一般方法，帮助学生树立和开阔国际化视野，熟悉前沿的现代管理理念，培养较高的管理学科素养，为进一步学习专业管理课程和从事管理工作打下坚实的管理知识基础。
同时，通过本课程的学习，学生将具备较高水平的管理学专业英语阅读能力和运用英语进行管理沟通的能力，进而为将来学习其他管理学相关的双语或全英文课程、出国交流与深造、加入国际化公司工作奠定基础。
二、教学基本要求（黑体，小四号字）教学基本要求应包括：本课程主要教学内容包括管理与组织导论、管理思想史、织的文化与环境、全球环境中的管理、社会责任与管理道德、决策、计划、战略管理、组织结构与设计、管理沟通与信息技术、人力资源管理、变革与创新管理、领导、理解群体与团队、激励员工、控制、运营等。
其中，社会责任与管理道德、决策、战略管理、变革与创新管理、领导、理解群体与团队等内容将采取课堂教授与案例分析方法，以便学生能够灵活掌握这些章节的知识点。
教学方法与手段：运用启发式教学、案例教学等方式，寓教于乐，激发学生的学习热情，强调学生在课堂学习中的自主意识，主张使学生成为课堂的主人，在教学中运用多媒体手段并配合板书，强调学习过程学生的参与。
对实践教学环节的要求：为了保证学生在课后能积极思考，课后需要布置一定量的案例讨论或思考题，并在下节课留出一定课时在课堂讨论，课堂发言和课后作业作为平时成绩之一。
课程的考核方式：建议本课程综合采用多种考核方法，案例分析成绩占总成绩40%，期末考试宜采取闭卷的方式，占总成绩的60%。
三、各教学环节学时分配（黑体，小四号字）教学课时分配4.3 Doing Business Globally.4.4 Managing In A Global Environment.四、教学内容Chapter1Introduction to Management and Organizations1.1 Who Are Managers?▪Explain how managers differ from non-managerial employees.▪Describe how to classify managers in organizations.1.2 What Is Management?▪Define management.▪Explain why efficiency and effectiveness are important to management.1.3 What Do Managers Do?▪Describe the four functions of management.▪Explain Mintzberg’s managerial roles.▪Describe Katz’s three essential managerial skills and how the importanceof these skills changes depending on managerial level.▪Discuss the changes that are impacting manager’s jobs.▪Explain why customer service and innovation are important to the manager’s job.1.4 What Is An Organization?▪Explain the characteristics of an organization.▪Describe how today’s organizations are structured.1.5 Why Study Management?▪Discuss why it’s important to understand management.▪Explain the universality of management concept.▪Describe the rewards and challenges of being a manager.教学重点、难点：本章重点讲授管理的基本概念、职能，管理者的类型、角色和技能，管理学科与其他学科的关系。
备战高考 试卷习题 练习模拟卷 高中英语试题 (9)
江苏省扬州中学2023-2024学年度第一学期高三月考试卷英语2023.10第一部分：听力（共两节，20小题，每题1.5分，满分30分）第一节听下面5段对话。
每段对话后有一个小题，从题中所给的A、B、C三个选项中选出最佳选项。
听完每段对话后，你都有10秒钟的时间来回答有关小题和阅读下一小题。
每段对话仅读一遍。
1. What are the speakers going to do on Saturday?A. Enjoy a concert.B. Go to the cinema.C. Play computer games.2. When will the train probably leave?A. At 10:00.B. At 10:30.C. At 10:45.3. How does the man probably feel?A. Excited.B. Unhappy.C. Surprised.4. Why does the woman congratulate the man?A. He’s getting married.B. He becomes a doctor.C. He’s just become a father.5. What are the speakers mainly talking about?A. A saying.B. A game.C. A heart disease.第二节听下面5段对话或独白。
每段对话或独白后有几个小题，从题中所给的A、B、C三个选项中选出最佳选项。
听每段对话或独白前，你将有时间阅读各个小题，每小题5秒钟；听完后，各小题将给出5秒钟的作答时间。
每段对话或独白读两遍。
听第6段材料，回答第6、7题。
6. Where are the speakers?A. In a library.B. In the woman’s study.C. In a second-hand bookstore.7. When will the speakers go on vacation?A. In three days.B. In five days.C. In ten days.听第7段材料，回答第8、9题。
朗文新思维 4B Chapter 2 Rules in fun places 知识单
朗文新思维4B Chapter 2 知识单班级姓名__________一、9-10页背默内容词汇：rule 规则turn off 关掉turn on 打开must (mustn’t)必须（禁止）keep quiet 保持安静sign标识mobile phone 手机litter 乱扔垃圾(No littering. 禁止乱扔垃圾)spit 随地吐痰(No spitting. 禁止吐痰。
) climb 攀爬(No climbing. 禁止攀爬。
)dive 跳水(No diving. 禁止跳水。
) run 跑步(No running. 禁止奔跑。
)句子：1.You must turn off your mobile phone. 你必须关掉你的手机。
2.You mustn’t litter. 你不得乱扔垃圾。
二、11-12页背默内容词汇：on their way to 在他们去...的路上same 相同的run up to 跑向call him back 把他叫回来talk to the driver 和司机讲话dangerous 危险的arrive in/at 到达(大/小地点) a beautiful view 美丽的景色sing唱歌---sang (过去式) shine闪耀---shone(过去式)peaceful 平静的，宁静的bench 长椅radio car 遥控车instead 来代替drive 开车---drove(过去式) have a great time 玩得开心keep 保持---kept(过去式) keep on driving 继续开车stop driving 停止开车move 移动have to 必须/不得不句子：1.You mustn’t talk to the driver. 你不得和司机讲话。
2.Can’t you see the sign? 难道你看不到那个标志吗？3.Let’s go somewhere else instead. 让我们去别的地方来代替。
《逻辑与计算机设计基础》(原书第五版)课后习题答案-chapter03_solutions-5th
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ACCA F6 四川大学工商管理学院 课件Chapter1
The threshold income level
Salary Benefits assessable on all employees Benefits assessable only on ￡8,500 (or more) earners Total earnings (for test purposes) ￡ × × × ×
1 P11D employees
Most employees are taxed on benefits under the benefits code. Employees involve excluded employees and P11D employees. ―Excluded employees‖ are only subject to part of the provisions of the code. Excluded employee: an employee in lower paid employment (general earnings for the tax year is less than £8,500) (a) not directors, or (b) director with no material interest (< 5%) in the company P11D employee: not excluded employees. A P11D employee is one who is an employee earning at least £8,500 per annum or a director of a company (in most cases).
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怀尔德会计学原理答案Chapter-03
Chapter 3Adjusting Accounts and Preparing1. The cash basis of accounting reports revenues when cash is received while theaccrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred and matched with revenues they generated.2. The accrual basis of accounting generally provides a better indication of companyperformance and financial condition than does the cash basis. Also, the accrual basis increases the comparability of financial statements from one period to the next.Thus, business decision makers generally prefer the accrual basis.3. Businesses that have major seasonal variations in sales are most likely to select thenatural business year as the fiscal year.4. A prepaid expense is an item paid for in advance of receiving its benefits. As such, itis reported as an asset on the balance sheet.5. Long-term tangible plant assets such as equipment, buildings, and machinery leadto adjustments for depreciation. Generally, land is the only long-term tangible plant asset that does not require depreciation.6. The Accumulated Depreciation contra account is used for depreciation. It providesfinancial statement users with additional information about the relative age of the assets. Without the contra account information, the reader would not be able to tell whether the assets are new or in need of replacement.7. Unearned revenue refers to cash received in advance of providing products andservices. Another name for unearned revenue is deferred revenue. It is reported asa liability on the balance sheet.8. Accrued revenue is revenue that is earned but is not yet received in cash (and/orother assets) and the customer has not been billed prior to the end of the period.Therefore, end-of-period adjustments are made to record accrued revenue.Examples are interest income that has been earned but not collected and revenues from services performed that are neither collected nor billed.9.A If prepaid expenses are initially recorded with debits to expense accounts, then theprepaid expenses asset accounts are debited in the adjusting entries.10. For Best Buy, all of the accounts under the category of Property and Equipment(except for Land), require adjusting entries. The expense related to the depreciation expense account would be understated on the income statement if Best Buy fails to adjust these asset accounts. If the adjusting entries are not made, net income would be overstated. Note: Students might also correctly identify accounts receivable, goodwill, and tradenames as needing adjustment.11. Circuit City must make adjusting entries to Prepaid expenses and other currentassets; Deferred income taxes; Accrued expenses and other current liabilities;Accrued income taxes; and possibly other assets and liabilities such as Receivables for bad debts. (It is also possible that Circuit City would need to adjust Goodwill and Other intangible assets.)12. RadioShack would need to debit interest receivable and credit interest revenue.13. The Accrued Wages Expense would be reported as part of “Accrued Expenses” onCash AccountingRevenues (cash receipts) ...................................................... $52,000Expenses (cash payments: $37,500 - $6,000 + $3,250) ...... 34,750Net income ............................................................................. $17,250 Accrual AccountingRevenues (earned) ................................................................ $60,000Expenses (incurred) .............................................................. 37,500Net income .............................................................................. $22,500 Quick Study 3-2 (10 minutes)a. AE Accrued expensesb. PE Prepaid expensesc. UR Unearned revenuesd. PE Prepaid expenses (Depreciation)e. AR Accrued revenuesa. Debit Unearned Revenue Balance SheetCredit Revenue Earned Income Statementb. Debit Wages Expense Income StatementCredit Wages Payable Balance Sheetc. Debit Accounts Receivable Balance SheetCredit Revenue Earned Income Statementd. Debit Insurance Expense Income StatementCredit Prepaid Insurance Balance Sheete. Debit Depreciation Expense Income StatementCredit Accumulated Depreciation Balance SheetQuick Study 3-4 (15 minutes)a. Insurance Expense ....................................................... 3,000Prepaid Insurance ................................................. 3,000 To record 6-month insurance coverage expired.b. Supplies Expense ......................................................... 4,150Supplies .................................................................. 4,150 To record supplies used during the year.($900 + $4,000 – [?] = $750)Quick Study 3-5 (15 minutes)a. Depreciation Expense—Equipment ............................ 8,400Accumulated Depreciation—Equipment ............. 8,400 To record depreciation expense for the year.($45,000 - $3,000) / 5 years = $8,400b. No depreciation adjustments are made for land asit is expected to last indefinitely.Salaries Expense (400)Salaries Payable (400)To record salaries incurred but not yet paid.[One student earns $100 x 4 days, Mondaythrough Thursday]Quick Study 3-7 (15 minutes)a. Unearned Revenue ........................................................ 22,500Legal Revenue ....................................................... 22,500 To recognize legal revenue earned (30,000 x 3/4).b. Unearned Subscription Revenue ................................ 1,200Subscription Revenue ........................................... 1,200 To recognize subscription revenue earned.[100 x ($24 / 12 months) x 6 months]1. Accrue salaries expense e ga f2. Adjust the Unearned Services Revenue accountto recognize earned revenueb f3. Record the earning of services revenue for whichcash will be received the following periodQuick Study 3-9 (10 minutes)The answer is a.ExplanationThe debit balance in Prepaid Insurance was reduced by $400, implying a $400 debit to Insurance Expense. The credit balance in Interest Payable increased by $800, implying an $800 debit to Interest Expense.The answer is 2.ExplanationInsurance premium errorUnderstates expenses (and overstates assets) by .......... $1,600 Accrued salaries errorUnderstates expenses (and understates liabilities) by .... 1,000The collective effects from this company’s errors follow:Understates expenses by ..................................................... $2,600Overstates assets by ............................................................. $1,600Understates liabilities by ...................................................... $1,000 Quick Study 3-11 (10 minutes)Profit margin = $78,750 / $630,000 = 12.5%Interpretation: For each dollar that records as revenue, it earns 12.5 cents in net income. Miller’s 12.5% is markedly lower than competitors’ average profit margin of 15%—it must improve performance.Quick Study 3-12A (5 minutes)1. B 4. A2. F 5. D3. C 6. EExercise 3-2 (25 minutes)a. Depreciation Expense—Equipment ................................ 16,000Accumulated Depreciation—Equipment..................... 16,000 To record depreciation expense for the year.b. Insurance Expense ........................................................... 5,360Prepaid Insurance* ....................................................... 5,360 To record insurance coverage that expired($6,000 - $640).c. Office Supplies Expense .................................................. 3,422Office Supplies**............................................................ 3,422 To record office supplies used ($325 + $3,480 - $383).d. Unearned Fee Revenue .................................................... 3,000Fee Revenue .................................................................. 3,000 To record earned portion of fee received in advance($15,000 x 1/5).e. Insurance Expense ........................................................... 6,160Prepaid Insurance ......................................................... 6,160 To record insurance coverage that expired.f. Wages Expense ................................................................. 2,700Wages Payable .............................................................. 2,700 To record wages accrued but not yet paid.a. Unearned Fee Revenue .................................................... 5,000Fee Revenue .................................................................. 5,000 To record earned portion of fee received in advance($15,000 x 1/3).b. Wages Expense ................................................................. 7,500Wages Payable .............................................................. 7,500 To record wages accrued but not yet paid.c. Depreciation Expense—Equipment ................................ 17,251Accumulated Depreciation—Equipment..................... 17,251 To record depreciation expense for the year.d. Office Supplies Expense .................................................. 5,682Office Supplies*............................................................. 5,682 To record office supplies used ($240 + $6,102 - $660).e. Insurance Expense ........................................................... 2,700Prepaid Insurance†........................................................ 2,700 To record insurance coverage expired ($4,000 - $1,300).f. Interest Receivable ......................................................... 1,400Interest Revenue ........................................................ 1,400 To record interest earned but not yet received.g. Interest Expense ............................................................. 2,000Interest Payable........................................................... 2,000 To record interest incurred but not yet paid.a. Adjusting entry2009Dec. 31 Wages Expense (825)Wages Payable (825)To record accrued wages for one day.(5 workers x $165)b. Payday entry2010Jan. 4 Wages Expense.......................................................2,475Wages Payable (825)Cash .....................................................................3,300To record accrued and current wages.Wages expense = 5 workers x 3 days x $165Cash = 5 workers x 4 days x $165Exercise 3-5 (15 minutes)a. $ 2,000b. $ 6,607c. $11,987d. $ 1,375Proof: (a) (b) (c) (d) Supplies available – prior year-end ......... $ 350 $1,855 $ 1,576 $1,375 Supplies purchased in current year ........ 2,450 6,307 11,987 6,907 Total supplies available ............................ 2,800 8,162 13,563 8,282 Supplies available – current year-end ..... (800) (6,607) (2,056) (800) Supplies expense for current year........... $2,000 $1,555 $11,507 $7,482a.Apr. 30 Legal Fees Expense ........................................... 4,500Legal Fees Payable ..................................... 4,500 To record accrued legal fees.May 12 Legal Fees Payable ............................................ 4,500Cash ............................................................. 4,500 To pay accrued legal fees.b.Apr. 30 Interest Expense ................................................. 1,900Interest Payable .......................................... 1,900 To record accrued interest expense($5,700 x 10/30).May 20 Interest Payable .................................................. 1,900Interest Expense ................................................. 3,800Cash ............................................................. 5,700 To record payment of accrued and currentinterest expense ($5,700 x 20/30).c.Apr. 30 Salaries Expense ................................................ 4,800Salaries Payable.......................................... 4,800 To record accrued salaries($12,000 x 2/5 week).May 3 Salaries Payable ................................................. 4,800Salaries Expense ................................................ 7,200Cash ............................................................. 12,000 To record payment of accrued andcurrent salaries ($12,000 x 3/5 week).Basis*Basis Basis**Basis Dec. 31, 2007 ........$14,450 $0 2007 ..........$ 850 $15,300 Dec. 31, 2008 ........9,350 0 2008 ..........5,100 0 Dec. 31, 2009 ........4,250 0 2009 .......... 5,100 0 Dec. 31, 2010 ........0 0 2010 .......... 4,250 0$15,300 $15,300 Explanations:*Accrual asset balance equals months left in the policy x $425 per month (monthly cost is computed as $15,300 / 36 months).Months Left Balance12/31/2007 .. 34 $14,45012/31/2008 .. 22 9,35012/31/2009 .. 10 4,25012/31/2010 .. 0 0**Accrual insurance expense equals months covered in the year x $425 per month.Months Covered Expense2007 ............ 2 $ 8502008 ............12 5,1002009 ............12 5,1002010 ............10 4,250$15,300Dec. 31 Accounts Receivable ............................................. 1,980Fees Earned ..................................................... 1,980 To record earned but unbilled fees (30% x $6,600).31 Unearned Fees ........................................................ 4,620Fees Earned ..................................................... 4,620 To record earned fees collected in advance(70% x $6,600).31 Depreciation Expense—Computers ..................... 1,650Accumulated Depreciation-Computers ........ 1,650 To record depreciation on computers.31 Depreciation Expense—Office Furniture ............. . 1,925A ccumulated Depreciation—Office Furniture ... 1,925To record depreciation on office furniture.31 Salaries Expense .................................................... 2,695Salaries Payable.............................................. 2,695 To record accrued salaries.31 Insurance Expense.................................................. 1,430Prepaid Insurance ........................................... 1,430 To record expired prepaid insurance.31 Rent Expense (700)Rent Payable (700)To record accrued rent expense.31 Office Supplies Expense (528)Office Supplies (528)To record use of office supplies.31 Advertising Expense (500)Advertising Payable (500)To record accrued advertising expense.31 Utilities Expense (77)Utilities Payable (77)To record incurred and unpaid utility costs.a. $ 6,039 / $ 52,970 = 11.4%b. $100,890 / $ 471,430 = 21.4%c. $106,880 / $ 301,920 = 35.4%d. $ 67,140 / $1,721,520 = 3.9%e. $ 84,780 / $ 513,800 = 16.5%Analysis and Interpretation: Company c has the highest profitability according to the profit margin ratio. Company c earns 35.4 cents in net income for every one dollar of net sales earned.Exercise 3-10A (30 minutes)a.Dec. 1 Supplies Expense ................................................... 2,000Cash ................................................................. 2,000 Purchased supplies.b.Dec. 2 Insurance Expense ................................................. 1,540Cash ................................................................. 1,540 Paid insurance premiums.c.Dec. 15 Cash ......................................................................... 13,000Remodeling Fees Earned ............................... 13,000 Received fees for work to be done.d.Dec. 28 Cash ......................................................................... 3,700Remodeling Fees Earned ............................... 3,700 Received fees for work to be done.e.Dec. 31 Supplies .................................................................. 1,840Supplies Expense ........................................... 1,840 Adjust expenses for unused supplies.f.Dec. 31 Prepaid Insurance .................................................. 1,200Insurance Expense ......................................... 1,200 Adjust expenses for unexpired coverage($1,540 - $340).g.Dec. 31 Remodeling Fees Earned ..................................... 11,130Unearned Remodeling Fees .......................... 11,130 Adjusted revenues for unfinished projects($13,000 + 3,700 - $5,570).a. Initial credit recorded in the Unearned Fees accountJuly 1 Cash ....................................................................... 2,800Unearned Fees .............................................. 2,800 Received fees for work to be done for Solana.6 Cash ....................................................................... 8,100Unearned Fees .............................................. 8,100 Received fees for work to be done for Haru.12 Unearned Fees ...................................................... 2,800Fees Earned ................................................... 2,800 Completed work for Solana.18 Cash ....................................................................... 7,300Unearned Fees .............................................. 7,300 Received fees for work to be done for Jordan.27 Unearned Fees ...................................................... 8,100Fees Earned ................................................... 8,100 Completed work for customer Haru.31 No adjusting entries required.b. Initial credit recorded in the Fees Earned accountJuly 1 Cash ....................................................................... 2,800Fees Earned ................................................... 2,800 Received fees for work to be done for Solana.6 Cash ....................................................................... 8,100Fees Earned ................................................... 8,100 Received fees for work to be done for Haru.12 No entry required.18 Cash ....................................................................... 7,300Fees Earned ................................................... 7,300 Received fees for work to be done for Jordan.27 No entry required.31 Fees Earned .......................................................... 7,300Unearned Fees .............................................. 7,300 Adjusted to reflect unearned fees for unfinishedjob for Jordan.c. Under the first method (and using entries from a)Unearned Fees = $2,800 + $8,100 - $2,800 + $7,300 - $8,100 = $7,300 Fees Earned = $2,800 + $8,100 = $10,900Unearned Fees = $7,300Fees Earned = $2,800 + $8,100 + $7,300 - $7,300 = $10,9001. I 5. G 9. H2. D 6. C 10. E3. F 7. I 11. H4. B 8. A 12. BProblem 3-2A (35 minutes)Part 1Adjustment (a)Dec. 31 Office Supplies Expense ................................ 12,325Office Supplies ......................................... 12,325 To record cost of supplies used($2,900 + $11,977 - $2,552).Adjustment (b)31 Insurance Expense .......................................... 12,280Prepaid Insurance .................................... 12,280B 290 ($10,440/36 mo.) 9 2,610C 770 ($ 9,240 /12 mo.) 5 3,850Total $12,280Adjustment (c)31 Salaries Expense ............................................. 3,660Salaries Payable....................................... 3,660 To record accrued but unpaid wages(2 days x $1,830).Adjustment (d)Dec. 31 Depreciation Expense—Building ................... 18,875Accumulated Depreciation—Building ... 18,875 To record annual depreciation expense[($800,000 -$45,000) / 40 years = $18,875]Adjustment (e)31 Rent Receivable ............................................ 3,000Rent Earned ........................................... 3,000 To record earned but unpaid Dec. rent.Adjustment (f)31 Unearned Rent .............................................. 5,436Rent Earned ........................................... 5,436 To record the amount of rent earned forNovember and December (2 x $2,718).Part 2Cash Payment for (c)Jan. 6 Salaries Payable ........................................... 3,660Salaries Expense* ........................................ 5,490Cash ....................................................... 9,150 To record payment of accrued andcurrent salaries. *(3 days x $1,830)Cash Payment for (e)15Cash ............................................................... 6,000Rent Receivable .................................... 3,000Rent Earned ........................................... 3,000 To record past due rent for two months.Part 2Adjustment (a)Dec. 31 Insurance Expense ...............................................3,000Prepaid Insurance ...........................................3,000 To record the insurance expired.Adjustment (b)31 Teaching Supplies Expense ................................9,000Teaching Supplies ..........................................9,000 To record supplies used ($11,000 - $2,000).Adjustment (c)31 Depreciation Expense—Equipment ....................10,000Accumulated Depreciation—Equipment ............10,000 To record equipment depreciation.Adjustment (d)31 Depreciation Expense—Profess. Library ...........5,000A ccumul. Depreciation—Profess. Library.........5,000To record professional library depreciation.Adjustment (e)31 Unearned Training Fees .......................................5,000Training Fees Earned .....................................5,000 To record 2 months’ training fees earnedthat were collected in advance.Adjustment (f)31 Accounts Receivable ............................................4,000Tuition Fees Earned........................................4,000 To record tuition earned($1,600 x 2 1/2 months).Adjustment (g)31 Salaries Expense (480)Salaries Payable (480)To record accrued salaries(2 days x $120 x 2 employees).Adjustment (h)31 Rent Expense ........................................................2,178Prepaid Rent ....................................................2,178 To record expiration of prepaid rent.Part 3WELLS TEACHING INSTITUTEAdjusted Trial BalanceDecember 31, 2009Debit Credit Cash .......................................................................... $ 28,064Accounts receivable ................................................ 4,000Teaching supplies ................................................... 2,000Prepaid insurance .................................................... 13,000Prepaid rent 0Professional library ................................................. 33,000 Accumulated depreciation—Professional library ... $ 15,000 Equipment ................................................................ 75,800 Accumulated depreciation—Equipment ................ 25,000 Accounts payable .................................................... 39,500 Salaries payable . (480)Unearned training fees ............................................ 7,500 T. Wells, Capital ....................................................... 71,000 T. Wells, Withdrawals .............................................. 44,000Tuition fees earned .................................................. 115,000 Training fees earned ................................................ 46,000 Depreciation expense—Professional library ........ 5,000 Depreciation expense—Equipment ....................... 10,000Salaries expense ..................................................... 52,480Insurance expense................................................... 3,000Rent expense ............................................................ 26,136Teaching supplies expense .................................... 9,000 Advertising expense ................................................ 8,000Utilities expense....................................................... 6,000 _______ Totals ........................................................................ $319,480 $319,480Part 4WELLS TEACHING INSTITUTEIncome StatementFor Year Ended December 31, 2009RevenuesTuition fees earned ............................................ $115,000Training fees earned .......................................... 46,000Total revenues .................................................... $161,000 ExpensesDepreciation expense—Professional library ... 5,000Depreciation expense—Equipment .................. 10,000Salaries expense ................................................ 52,480Insurance expense ............................................. 3,000Rent expense ...................................................... 26,136Teaching supplies expense ............................... 9,000Advertising expense .......................................... 8,000Utilities expense ................................................. 6,000Total expenses ................................................... 119,616 Net income ............................................................ $ 41,384WELLS TEACHING INSTITUTEStatement of Owner’s EquityFor Year Ended December 31, 2009T. Wells, Capital, December 31, 2008 ................................. $ 71,000 Plus: Net income .................................................................. 41,384112,384 Less: Withdrawals by owner ............................................... 44,000 T. Wells, Capital, December 31, 2009 ................................. $ 68,384Problem 3-3A (Concluded)WELLS TEACHING INSTITUTEBalance SheetDecember 31, 2009AssetsCash ................................................................................. $ 28,064 Accounts receivable ...................................................... 4,000 Teaching supplies .......................................................... 2,000 Prepaid insurance .......................................................... 13,000 Professional library ........................................................ $33,000 Accumulated depreciation—Professional library ....... (15,000) 18,000 Equipment ....................................................................... 75,800 Accumulated depreciation—Equipment ...................... (25,000) 50,800 Total assets ..................................................................... $115,864LiabilitiesAccounts payable ........................................................... $ 39,500 Salaries payable . (480)Unearned training fees .................................................. 7,500 Total liabilities ................................................................ 47,480EquityT. Wells, Capital .............................................................. 68,384 Total liabilities and equity ............................................. $115,864Problem 3-4A (45 minutes) —Part 1Cash ......................................... $ 86,000 $ 86,000 Accounts receivable ........... 15,000 (a) 4,000 19,000Office supplies ...................... 17,800 (b) 8,800 9,000Prepaid insurance ................ 6,040 (c) 2,080 3,960Office equipment .................. 87,000 87,000 Accumulated depreciation—Office equipment ........... $ 24,000 (d) 2,000 $ 26,000 Accounts payable ................ 9,100 (e) 14,900 24,000 Interest payable ..................... (f) 2,500 2,500 Salaries payable ................... (g) 15,000 15,000 Unearned consulting fees .20,000 (h) 7,000 13,000 Long-term notes payable .. 54,000 54,000 K. Jenkins, Capital ............... 46,000 46,000 K. Jenkins, Withdrawals .... 10,000 10,000Consulting feesearned .................................... 165,000 (a)(h)4,0007,000 176,000Depreciation expense—Office equipment ................ (d) 2,000 2,000Salaries expense .................. 67,990 (g) 15,000 82,990Interest expense ................... 1,270 (f) 2,500 3,770 Insurance expense .............. (c) 2,080 2,080Rent expense ........................ 14,540 14,540Office supplies expense .... (b) 8,800 8,800 Advertising expense ........... 12,460 _______ (e) 14,900 ______ 27,360 _______ Totals ........................................ $318,100 $318,100 $56,280 $56,280 $356,500 $356,500 Adjustment description(a) Earned but uncollected revenues.(b) Cost of office supplies used.(c) Cost of expired insurance coverage.(d) Depreciation expense on office equipment.(e) Incurred but unpaid advertising expense.(f) Incurred but unpaid interest expense.(g) Incurred but unpaid salaries expense.(h) Earned revenues previously received in advance.。
Chapter 13 Management of Transaction Exposure(国际财务管理,英文版)
Spot exchange rate
S($/£) = $1.25/£
360-day forward rate U.S. discount rate British discount rate
F360($/£) = i$ = i£ =
$1.20/£ 7.10% 11.56%
McGraw-Hill/Irwin
McGraw-Hill/Irwin
13-2
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Chapter Outline (continued)
Hedging Through Invoice Currency Hedging via Lead and Lag Exposure Netting Should the Firm Hedge? What Risk Management Products do Firms Use?
You will have no exposure to the dollar-pound exchange rate.
McGraw-Hill/Irwin
13-10
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Options Market Hedge
Chapter Outline
Forward Market Hedge Money Market Hedge Options Market Hedge Cross-Hedging Minor Currency Exposure Hedging Contingent Exposure Hedging Recurrent Exposure with Swap Contracts
NFPA30-2008-Chinese
Definition and Classification of Liquids ......................................... 30–20 液体的定义和分类
应用
1.4 Retroactivity ..................................... 30–13 4.1
.................................... 30–28
每个控制区液体超过分类允许的最大量
9.9 Construction Requirements .................
30–29
建筑要求
9.10 Fire Protection
................................. 30–29
通风
9.15 Exhausted Enclosures. (Reserved)
30–32
........ 30–30
应急控制系统（保留）
排气的
9.16
（保留）
Explosion Control ............................. 30–30
爆炸控制
9.17 Separation from Incompatible Materials
等价
1.6 Symbols, Units, and Formulas
.......... 30–20
第四章定义说明 .............. 30–14
4.3 Classification of Liquids ...................... 30–20
符号、单位和公式
1.7 Code Adoption Requirements. (Reserved) ....................................... 30–14
Chapter1
1 pc 3.26 ly
1.2 A quick tour of the cosmos
To understand the universe, we must understand the relative scales of planets, stars, galaxies and the universe as a whole. We will journey from a campus scene to the limits of the cosmos in 12 steps. In each step we will widen our view by a factor of 100. That is, each successive picture will show a region of the universe that is 100 times wider than the preceding picture.
THE UNITED NATIONS DECLARES 2009 THE INTERNATIONAL YEAR OF ASTRONOMY 联合国宣布 2009年为国际天文年！ 纪念伽利略400年前 首次使用望远镜观测太空。
Astronomy
The Solar System and Beyond
Michael A. Seeds Joseph R. Grundy Observatory Franklin and Marshall College
Fig. 1-4 Field of view enlarged 100 times from the previous image (NASA). This step in our journey shows our entire planet. The earth is 12,756 km in diameter and rotates on its axis once a day.
公司理财(罗斯)第13章(英文)
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
13-3
What Sort of Financing Decisions?
Typical financing decisions include:
How much debt and equity to sell When (or if) to pay dividends When to sell debt and equity
Strong Form
Security prices reflect all information—public and private.
McGraw-Hill/Irwin Corporate Finance, 7/e © 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
McGraw-Hill/Irwin Corporate Finance, 7/e
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
13-6
Reaction of Stock Price to New Information in Efficient and Inefficient Markets
Days before (-) and after (+) announcement
© 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
13-8
13.3 The Different Types of Efficiency(p354)
【合同】美国合同法第二次重述第1部分中英文
【关键字】合同CONTENT目录(共十六章385条)Chapter 1 MEANING OF TERMS第一章合同条款的含义Chapter 2 FORMA TION OF CONTRATCTS------PARTIES AND CAPACITY第二章合同的订立——当事人及其缔约能力Chapter 3 FORMA TION OF CONTRACTS---MUTUAL ASSENT第三章合同的订立——意思表示一致CHAPTER 4 FORMA TION OF CONTRACTS—CONSIDERA TION第四章合同的订立——约因CHAPTER 5 THE STATUTE OF FRAUDS第五章防止欺诈条例CHAPTER 6 MISTAKE第六章错误CHAPTER 7 MISREPRESENTATION, DURESS AND UNDUE INFLUENCE第七章虚假的意思表示，胁迫以及不当影响CHAPTER 8 UNENFORCEABILITY ON GROUNDS OF PUBLIC POLICY第八章合同因公共政策而不可执行CHAPTER 9 THE SCOPE OF CONTRACTUAL OBLIGA TIONS第九章合同义务的范围CHAPTER 10 PERFORMANCE AND NON-PERFORMANCE第十章合同的履行与不履行CHAPTER 11 IMPRACTICABILITY OF PERFORMANCE ANDFRUSTRATION OF PURPOSE第十一章履行不能和履行目的落空CHAPTER 12 DISCHARGE BY ASSET OR ALTERATION第十二章双方合意或变更合同以解除合同义务CHAPTER 13 JOINT AND SEVERAL PROMISORS AND PROMISEES第十三章连带允诺人和受允诺人CHAPTER 14 CONTRACT BENEFICIARIES第十四章合同受益人CHAPTER 15 ASSGINEMNT AND DELEGATON第十五章合同权利的转让与合同义务的转托CHAPTER 16.REMEDIES第十六章违约救济Chapter 1 MEANING OF TERMS第一章合同条款的含义§1. CONTRACT DEFINED 合同定义A contract is a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.合同指的是一个允诺或一组允诺，如果违反此允诺，则法律给与救济；如果其履行了允诺，则法律以某种方式将其视为一项义务。
鲁教版（五四学制）-学年八年级上册英语期末检测（1） （含听力音频听力原文答案）
鲁教版英语八年级上册同步练习期末检测（1）（满分120分）一、听力部分（共25小题；1-20小题每题1分；21-25小题每题2分；满分30分）(一) 听句子，选择适当的应答语。
每个句子读两遍。
1. A. It’s fantastic. B. Yes, I know. C. It’s about some magic things.2. A. For ten years old. B. Ten years ago. C. No, I haven’t.3. A. Yes, he has. B. Yes, twice. C. I’ve been to the Palace Museum.4. A. They are endangered. B. They are cute. C. They can live up to 20 years.5. A. Yes, he has. B. Three times. C. Sichuan.(二) 听五段对话，选择正确答案。
每段对话读两遍。
6. Where is Mary probably now?A. In the classroomB. In the libraryC. In the teacher’s office.7. When did people first get to the top of Mount Qomolangma?A. In 1960.B. In 1953.C. Tenzing Norgay and Edmund Hillary.8. How long has the man been away from his hometown?A. For twenty years.B. For twelve years.C. For two years.9. What kind of food did Danny try during the trip?A. Chinese food.B. Indian food.C. Russian food.10. What does the woman think of the first half of the book Robinson Crusoe?A. Fantastic.B. Boring.C. Simple.(三) 听两段长对话，选择正确答案。
Corporate finance (6)
• Ex-Dividend Date
• Date that determines when stockholder is entitled to
dividend payment
• Record Date
• Person who owns stock on this date receives dividend
by number of outstanding shares
• Calculate Value of Dividends Per Share
• Account for increased dividend growth rate per share • Caused by declining number of shares as shares are
FIGURE 16.3 DIVIDEND POLICY SURVEY 2004
16-8
16-2 INFORMATION CONTENT OF DIVIDEND AND REPURCHASES
• Payout Decision
• Managers are reluctant to make dividend
repurchased
16-17
16-3 DIVIDENDS OR REPURCHASES? PAYOUT CONTROVERSY
16-18
16-3 DIVIDENDS OR REPURCHASES? PAYOUT CONTROVERSY
Change EPS/price at t = 0 as %
• Payout Decision
• To avoid risk of reduction in payout, managers
九年级英语 Chapter 6(Food for thought)Gramm
轧东卡州北占业市传业学校Chapter 6 Food forthought词汇与句型1. increase vt. & vi. 增加, 增大, 增多(指“形状、大小、数量、程度等的增大〞)n. 增加, 增大, 增多e.g. Her family increased.她家的人口增加了Increase in population made emigration necessary.人口的增加使向外移民成为必要。
习惯用语：increase with 随...而增长同义词：rise, go up反义词：decrease 〔强调数目的逐渐减少。
〕reduce 可以表示尺寸、数量、程度或强度的减少，词义引伸之后，可以表示地位、处境、状况的降低。
e.g. The workmen want to decrease the number of working hours and increase pay.工人要求减少工作时间而增加工资。
He won't reduce the rent of our house. 他不肯减少我们住房的租金。
2. bit n.少量, 少许, 小片, 小块e.g. There's been a bit of trouble at the office. 办公室里出了点儿麻烦事。
The floor is covered in bits of paper. 板上全都是碎纸片。
习惯用语：bit by bit 一点儿一点儿地, 逐渐地e.g. As the mist cleared, the house came into sight bit by bit.随着雾散天晴, 房舍逐渐呈现在眼前。
同义词： little by little逐渐地, 一点一点地 gradually逐渐地, 逐步地step by step 一步步地, 逐步地, 逐渐地e.g. By little and little the wolf eat the sheep. 狼吃羊，一只一只进肚肠。
_Chapter_Three_The_friendly_robin_第三章_友好的知更鸟
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6
Compensation A damaged asset is treated as a part or insurance disposal. monies When an asset is destroyed a form of rollover relief is available if a replacement asset is purchased within 12 months.
Restoration = enhancement
If an asset is completely destroyed, there is a ‘full’ disposal and compensation monies are wholly charged to CGT. If the compensation receipts are reinvested in a replacement asset within 12 months, a form of ‘roll over’ relief is available. If only part of the proceeds are used, the gain immediately chargeable can be limited to the amount not used. The ‘replacement’ asset need not be the same as the original. It can be any asset provided it is within the charge to CGT.
2
3
Year end Losses are offset against gains. Brought computation forward capital losses can be restricted to preserve any annual exemption.
Section Topic 4 5 Part disposals Transfers between husband and wife
Transfers of assets between spouses are on a no gain/no loss basis. Recipient spouse is treated as if they bought the asset at the transfer date for a price equal to cost. The above rules apply to civil partners as well.
Current gains CY capital losses Capital losses b/fwd
Less AE Taxable gain
Tips: remember the procedures.
Total X (X)1 X (X)2 X (10,900) X
* Use up sufficient b/fwd loss to bring total gains down to ₤10,900. * Unused annual exemptions cannot be carried forward.
Compensation = proceeds
ቤተ መጻሕፍቲ ባይዱ
Asset destroyed
Asset damaged
Full disposal
Part disposal A: compensation received A A + B B: unrestored value of asset
R/O(roll over relief) if replaced < 12m
Section Topic 1
Summary
Introduction Chargeable gains arise when there is a chargeable disposal of a chargeable asset by a chargeable person. CGT payable by individuals An individual is entitled to an annual exemption each tax year. CGT is calculated at a flat rate of 18%.
Summary A/A + B is used to determine the cost when there is a part disposal. Transfers between husbands and wives or members of a civil partnership are made at no gain/no loss.
Part disposals
When only part of an asset is sold, the original cost of the whole asset needs to be split up. The gain on the part disposed of is calculated as follows: £ Proceeds of part disposal A Less: selling costs (X) Net proceeds X Less: Original cost of whole asset × A A+B (C) Chargeable gain X A= MV of the part disposed of (i.e. gross proceeds) B= MV of the remainder of the asset (you will be given)