2012AU书本课后答案CH14

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理论力学课后习题答案

理论力学(盛冬发)课后习题答案c h12(总14页)--本页仅作为文档封面，使用时请直接删除即可----内页可以根据需求调整合适字体及大小--第12章动能定理一、是非题(正确的在括号内打“√”、错误的打“×”)1．圆轮纯滚动时，与地面接触点的法向约束力和滑动摩擦力均不做功。

( √ )2．理想约束的约束反力做功之和恒等于零。

( √ )3．由于质点系中的内力成对出现，所以内力的功的代数和恒等于零。

( × )4．弹簧从原长压缩10cm和拉长10cm，弹簧力做功相等。

( √ )5．质点系动能的变化与作用在质点系上的外力有关，与内力无关。

( × )6．三个质量相同的质点，从距地相同的高度上，以相同的初速度，一个向上抛出，一个水平抛出，一个向下抛出，则三质点落地时的速度相等。

( √ )7．动能定理的方程是矢量式。

( × )8．弹簧由其自然位置拉长10cm，再拉长10cm，在这两个过程中弹力做功相等。

143144( × )二、填空题1．当质点在铅垂平面内恰好转过一周时，其重力所做的功为 0 。

2．在理想约束的条件下，约束反力所做的功的代数和为零。

3．如图所示，质量为1m 的均质杆OA ，一端铰接在质量为2m 的均质圆轮的轮心，另一端放在水平面上，圆轮在地面上做纯滚动，若轮心的速度为o v ，则系统的动能=T 222014321v m v m +。

4．圆轮的一端连接弹簧，其刚度系数为k ，另一端连接一重量为P 的重物，如图所示。

初始时弹簧为自然长，当重物下降为h 时，系统的总功=W 221kh Ph -。

图图5．如图所示的曲柄连杆机构，滑块A 与滑道BC 之间的摩擦力是系统的内力，设已知摩擦力为F 且等于常数，则曲柄转一周摩擦力的功为Fr 4-。

1456．平行四边形机构如图所示，r B O A O ==21，B O A O 21//，曲柄A O 1以角速度ω转动。

曼昆微观经济学答案ch14

Firms in Competitive MarketsWHAT’S NEW IN THE THIRD EDITION:There have been no substantial changes to this chapter.LEARNING OBJECTIVES:By the end of this chapter, students should understand:what characteristics make a market competitive.how competitive firms decide how much output to produce.how competitive firms decide when to shut down production temporarily.how competitive firms decide whether to exit or enter a market.how firm behavior determines a market’s short -run and long-run supply curves.CONTEXT AND PURPOSE:Chapter 14 is the second chapter in a five-chapter sequence dealing with firm behavior and theorganization of industry. Chapter 13 developed the cost curves on which firm behavior is based. These cost curves are employed in Chapter 14 to show how a competitive firm responds to changes in market conditions. Chapters 15 through 17 will employ these cost curves to see how firms with market power (monopolistic, oligopolistic, and monopolistically competitive firms) respond to changes in market conditions. The purpose of Chapter 14 is to examine the behavior of competitive firms —firms that do not have market power. The cost curves developed in the previous chapter shed light on the decisions that lie behind the supply curve in a competitive market.FIRMS IN COMPETITIVEMARKETS14264 Chapter 14/Firms in Competitive MarketsKEY POINTS:1.Because a competitive firm is a price taker, its revenue is proportional to the amount of output itproduces. The price of the good equals both the firm’s average revenue and its marginal rev enue.2.To maximize profit, a firm chooses a quantity of output such that marginal revenue equals marginalcost. Because marginal revenue for a competitive firm equals the market price, the firm chooses quantity so that price equals marginal cost. Thus, t he firm’s marginal cost curve is its supply curve.3.In the short run when a firm cannot recover its fixed costs, the firm will choose to shut downtemporarily if the price of the good is less than average variable cost. In the long run when the firm can recover both fixed and variable costs, it will choose to exit if the price is less than average total cost.4.In a market with free entry and exit, profits are driven to zero in the long run. In this long-runequilibrium, all firms produce at the efficient scale, price equals minimum average total cost, and the number of firms adjusts to satisfy the quantity demanded at this price.5.Changes in demand have different effects over different time horizons. In the short run, an increasein demand raises prices and leads to profits, and a decrease in demand lowers prices and leads to losses. But if firms can freely enter and exit the market, then in the long run the number of firms adjusts to drive the market back to the zero-profit equilibrium.CHAPTER OUTLINE:I. What Is a Competitive Market?A. The Meaning of Competition1. Definition of competitive market: a market with many buyers and sellerstrading identical products so that each buyer and seller is a price taker.2. There are three characteristics of a competitive market (sometimes called aperfectly competitive market).a. There are many buyers and sellers.b. The goods offered by the sellers are largely the same.c. Firms can freely enter or exit the market.Chapter 14/Firms in Competitive Markets 265B. The Revenue of a Competitive Firm1. Total revenue from the sale of output is equal to price times quantity.2. Definition of average revenue: total revenue divided by the quantity sold.3. Definition of marginal revenue: the change in total revenue from anadditional unit sold.II. Profit Maximization and the Competitive Firm's Supply CurveA. A Simple Example of Profit Maximization: The Smith Dairy Farm266 Chapter 14/Firms in Competitive Markets1.In this example, profit is maximized if the farm produces 4 or 5 gallons of milk (see the fourth column).2.The profit-maximizing quantity can also be found by comparing marginal revenue and marginal cost. a. As long as marginal revenue exceeds marginal cost, increasing output will raise profit.b.If marginal revenue is less than marginal cost, the firm can increase profit by decreasing output.c.Profit-maximization occurs where marginal revenue is equal to marginal cost.B. The Marginal-Cost Curve and the Firm's Supply DecisionChapter 14/Firms in Competitive Markets 2671.Cost curves have special features that are important for our analysis. a. The marginal-cost curve is upward sloping. b. The average-total-cost curve is u-shaped.c.The marginal-cost curve crosses the average-total-cost curve at the minimum of average total cost.2. Marginal and average revenue can be shown by a horizontal line at the market price.3. To find the profit-maximizing level of output, we can follow the same rules that we discussed above.a.If marginal revenue is greater than the marginal cost, the firm can increase its profit by increasing output.b. If marginal cost is greater than marginal revenue, the firm can increase its profit by decreasing output.c. At the profit-maximizing level of output, marginal revenue is equal to marginal cost.268 Chapter 14/Firms in Competitive MarketsChapter 14/Firms in Competitive Markets 2694. If the price in the market were to change to P2, the firm would set its new levelof output by equating marginal revenue and marginal cost.5. Because the firm's marginal cost curve determines how much the firm is willingto supply at any price, it is the competitive firm's supply curve.C. The Firm's Short-Run Decision to Shut Down1. In some circumstances, a firm will decide to shut down and produce zero output.2. There is a difference between a temporary shutdown of a firm and an exit fromthe market.a. A shutdown refers to the short-run decision not to produce anythingduring a specified period of time because of current market conditions.b. Exit refers to a long-run decision to leave the market.c. One important difference is that, when a firm shuts down temporarily, itstill must pay fixed costs.3. If a firm shuts down, it will earn no revenue and will have only fixed costs (novariable costs).4. Therefore, a firm will shut down if the revenue that it would get from producingis less than its variable costs of production:Shut down if TR < VC.270 Chapter 14/Firms in Competitive Markets5.Since TR = P H Q and VC = AVC H Q , we can rewrite this condition as: Shut down if P < AVC .6.We now can tell exactly what the firm will do to maximize profit (or minimize loss).a.If the price is less than average variable cost, the firm will produce no output.b. If the price is above average variable cost, the firm will produce the level of output where marginal revenue (price) is equal to marginal cost.7.Therefore, the competitive firm's short-run supply curve is the portion of its marginal revenue curve that lies above average variable cost.8.Spilt Milk and Sunk Costs a. Definition of sunk cost: a cost that has been committed and cannot be recovered .b. Once a cost is sunk, it is no longer an opportunity cost.c.Because nothing can be done about sunk costs, you should ignore them when making decisions.Chapter 14/Firms in Competitive Markets 2719. Case Study: Near-Empty Restaurants and Off-Season Miniature Golfa. In making a decision of whether or not to open for lunch, a restaurantowner must weigh revenue with variable costs. (Much of the cost ofrunning a restaurant is somewhat fixed.)b. The same criteria would apply to a decision of whether a miniature golfcourse in a summer resort community should stay open during otherseasons. The course should only be open if revenue exceeds variablecosts.D. The Firm's Long-Run Decision to Exit or Enter a Market1. If a firm exits the market, it will earn no revenue, but it will have no costs as well.2. Therefore, a firm will exit if the revenue that it would earn from producing is lessthan its total costs:Exit if TR < TC.3. Since TR = P H Q and TC = ATC H Q, we can rewrite this condition as:Exit if P < ATC.4. A firm will enter an industry when there is profit potential, so this must meanthat a firm will enter if revenues will exceed costs:Enter if P > ATC.272 Chapter 14/Firms in Competitive Markets5.Because, in the long run, a firm will remain in a market only if P ≥ ATC , the firm's long-run supply curve will be its marginal cost curve above ATC .E.Measuring Profit in Our Graph for the Competitive Firm 1. Recall that Profit = TR - TC .2.Because TR = P H Q and TC = ATC H Q , we can rewrite this equation: Profit = (P – ATC ) H Q .3. Using this equation, we can measure the amount of profit (or loss) at the firm's profit-maximizing level of output (or loss-minimizing level of output).III. The Supply Curve in a Competitive Market A.The Short Run: Market Supply with a Fixed Number of Firms1. Example: a market with 1,000 identical firms.2. Each firm's short-run supply curve is its marginal cost curve above average variable cost.3.To get the market supply curve, we add the quantity supplied by each firm in the market at every given price.B. The Long Run: Market Supply with Entry and Exit 1. If firms in an industry are earning profit, this will attract new firms.a. The supply of the product will increase (the supply curve will shift to theright).b.The price of the product will fall and profit will decline.2.If firms in an industry are incurring losses, firms will exit.a. The supply of the product will decrease (the supply curve will shift to theleft).b. The price of the product will rise and losses will decline.3. At the end of this process of entry or exit, firms that remain in the market mustbe making zero economic profit.4. Because Profit = TR–TC, profit will only be zero when:TR = TC.5. Because TR = P H Q and TC = ATC H Q, we can rewrite this as:P = ATC.6. Therefore, the process of entry or exit ends only when price and average totalcost become equal.7. This implies that the long-run equilibrium of a competitive market must havefirms operating at their efficient scale.8. Why Do Competitive Firms Stay in Business If They Make Zero Profit?a. Profit is equal to total revenue minus total cost.b. To an economist, total cost includes all of the opportunity costs of thefirm.c. When a firm is earning zero profit, this must mean that the firm'srevenues are compensating the firm's owners for the time and moneythat they have expended to keep their businesses going.C. A Shift in Demand in the Short Run and Long Run1. Assume that the market begins in long-run equilibrium. This means that firmsare earning zero profit and price equals the minimum of average total cost.2. If the demand for the product increases, this will lead to an increase in the priceof the good.3. Firms will respond to the increase in price by producing more in the short run.4. Because price is now greater than average total cost, firms are earning profit.5. The profit will attract new firms into the industry, shifting the supply curve to theright.6. This will lower price until it falls back to the minimum of average total cost andfirms are once again earning zero economic profit.7. In the News: Entry or Overinvestment?a. Strong demand leads to high prices, high profits and then eventuallyentry of new firms.b. This is an article from The Wall Street Journal discussing how businessleaders often see entry (and therefore reduced profits) as―overinvestment.‖D. Why the Long-Run Supply Curve Might Slope Upward1. Because we assumed that all potential entrants faced the same costs as existingfirms, average total cost of each firm was unaffected by the entry of new firmsinto the industry.2. In this situation, the long-run supply of the industry will be a horizontal line atminimum average total cost.3. However, there are two possible reasons why this may not be the case.a. If a resource is limited in quantity, entry of firms will increase the priceof this resource, raising the average total cost of production.b. If firms have different costs, then it is likely that those with the lowestcosts will enter the industry first. If the demand for the product thenincreases, the firms that would enter will likely have higher costs thanthose firms already in the market.4. In this situation, the long-run supply curve of the industry will be upward sloping.5. In either case, the long-run supply curve of an industry is generally more elasticthan the short-run supply curve of the industry (due to the fact that firms canenter or exit in the long run).SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. When a competitive firm doubles the amount it sells, the price remains the same, so its totalrevenue doubles.2. The price faced by a profit-maximizing firm is equal to its marginal cost because if price wereabove marginal cost, the firm could increase profits by increasing output, while if price werebelow marginal cost, the firm could increase profits by decreasing output.A profit-maximizing firm decides to shut down in the short run when price is less than averagevariable cost. In the long run, a firm will exit a market when price is less than average total cost.3. In the long run, with free entry and ex it, the price in the market is equal to both a firm’s marginalcost and its average total cost, as Figure 1 shows. The firm chooses its quantity so that marginal cost equals price; doing so ensures that the firm is maximizing its profit. In the long run, entryinto and exit from the industry drive the price of the good to the minimum point on the average-total-cost curve.Figure 1Questions for Review1. A competitive firm is a firm in a market in which: (1) there are many buyers and many sellers inthe market; (2) the goods offered by the various sellers are largely the same; and (3) usuallyfirms can freely enter or exit the market.2. Figure 2 shows the cost curves for a typical firm. For a given price (such as P*), the level ofoutput that maximizes profit is the output where marginal cost equals price (Q*), as long as price is greater than average variable cost at that point (in the short run), or greater than averagetotal cost (in the long run).Figure 23. A firm will shut down temporarily if the revenue it would get from producing is less than thevariable costs of production. This occurs if price is less than average variable cost.4. A firm will exit a market if the revenue it would get if it stayed in business is less than its totalcost. This occurs if price is less than average total cost.5. A firm's price equals marginal cost in both the short run and the long run. In both the short runand the long run, price equals marginal revenue. The firm should increase output as long asmarginal revenue exceeds marginal cost, and reduce output if marginal revenue is less thanmarginal cost. Profits are maximized when marginal revenue equals marginal cost.6. The firm's price equals the minimum of average total cost only in the long run. In the short run,price may be greater than average total cost, in which case the firm is making profits, or pricemay be less than average total cost, in which case the firm is making losses. But the situation is different in the long run. If firms are making profits, other firms will enter the industry, whichwill lower the price of the good. If firms are making losses, they will exit the industry, which will raise the price of the good. Entry or exit continues until firms are making neither profits norlosses. At that point, price equals average total cost.7. Market supply curves are typically more elastic in the long run than in the short run. In acompetitive market, since entry or exit occurs until price equals the minimum of average totalcost, the supply curve is perfectly elastic in the long run.Problems and Applications1. A competitive market is one in which: (1) there are many buyers and many sellers in the market;(2) the goods offered by the various sellers are largely the same; and (3) usually firms can freelyenter or exit the market. Of these goods, bottled water is probably the closest to a competitive market. Tap water is a natural monopoly because there's only one seller. Cola and beer are not perfectly competitive because every brand is slightly different.2. Since a new customer is offering to pay $300 for one dose, marginal revenue between 200 and201 doses is $300. So we must find out if marginal cost is greater than or less than $300. To do this, calculate total cost for 200 doses and 201 doses, and calculate the increase in total cost.Multiplying quantity by average total cost, we find that total cost rises from $40,000 to $40,401, so marginal cost is $401. So your roommate should not make the additional dose.3. a. Remembering that price equals marginal cost when firms are maximizing profit, we knowthe marginal cost must be 30 cents, since that is the price.b. The industry is not in long-run equilibrium since price exceeds average total cost.4. Once you have ordered the dinner, its cost is sunk, so it does not represent an opportunity cost.As a result, the cost of the dinner should not influence your decision about stuffing yourself.5. Since Bob’s average total cost is $280/10 = $28, which is greate r than the price, he will exit theindustry in the long run. Since fixed cost is $30, average variable cost is ($280 - $30)/10 = $25, which is less than price, so Bob won’t shut down in the short run.6. Here’s the table showing costs, revenues, an d profits:a. The firm should produce 5 or 6 units to maximize profit.b. Marginal revenue and marginal cost are graphed in Figure 3. The curves cross at aquantity between 5 and 6 units, yielding the same answer as in part (a).c. This industry is competitive since marginal revenue is the same for each quantity. Theindustry is not in long-run equilibrium, since profit is positive.Figure 37. a. Figure 4 shows the short-run effect of declining demand for beef. The shift of theindustry demand curve from D1 to D2 reduces the quantity from Q1 to Q2 and reduces theprice from P1 to P2. This affects the firm, reducing its quantity from q1 to q2. Before thedecline in the price, the firm was making zero profits; afterwards, profits are negative, asaverage total cost exceeds price.Figure 4b. Figure 5 shows the long-run effect of declining demand for beef. Since firms were losingmoney in the short run, some firms leave the industry. This shifts the supply curve fromS1 to S3. The shift of the supply curve is just enough to increase the price back to itsoriginal level, P1. As a result, industry output falls still further, to Q3. For firms thatremain in the industry, the rise in the price to P1 returns them to their original situation,producing quantity q1 and earning zero profits.Figure 58. Figure 6 shows that although high prices cause an industry to expand, entry into the industryeventually returns prices to the point of minimum average total cost. In the figure, the industry is originally in long-run equilibrium. The industry produces output Q1, where supply curve S1intersects demand curve D1, and the price is P1. At this point the typical firm produces output q1.Since price equals average total cost at that point, the firm makes zero economic profit.Now suppose an increase in demand occurs, with the demand curve shifting to D2. This causes"high prices" in the industry, as the price rises to P2. It also causes the industry to increaseoutput to Q2. With the higher price, the typical firm increases its output from q1 to q2, and now makes positive profits, since price exceeds average total cost.However, the positive profits that firms earn encourage other firms to enter the industry. Their entry, "an expansion in an industry," leads the supply curve to shift to S3. The new equilibrium reduces the price back to P1, "bringing an end to high prices and manufacturers' prosperity,"since now firms produce q1 and earn zero profit again. The only long-lasting effect is thatindustry output is Q3, a higher level than originally.Figure 69. a. Figure 7 shows the typical firm in the industry, with average total cost ATC1, marginalcost MC1, and price P1.b. The new process reduces Hi-Tech’s marginal cost to MC2 and its average total cost toATC2, but the price remains at P1 since other firms cannot use the new process. Thus Hi-Tech earns positive profits.c. When the patent expires and other firms are free to use the technology, all firms’average-total-cost curves decline to ATC2, so the market price falls to P3 and firms earnno profits.Figure 710. The rise in the price of petroleum increases production costs for individual firms and thus shiftsthe industry supply curve up, as shown in Figure 8. The typical firm's initial marginal-cost curve is MC1 and its average-total-cost curve is ATC1. In the initial equilibrium, the industry supplycurve, S1, intersects the demand curve at price P1, which is equal to the minimum average total cost of the typical firm. Thus the typical firm earns no economic profit.The increase in the price of oil shifts the typical firm's cost curves up to MC2 and ATC2, and shifts the industry supply curve up to S2. The equilibrium price rises from P1 to P2, but the price does not increase by as much as the increase in marginal cost for the firm. As a result, price is lessthan average total cost for the firm, so profits are negative.In the long run, the negative profits lead some firms to exit the industry. As they do so, theindustry-supply curve shifts to the left. This continues until the price rises to equal the minimum point on the firm's average-total-cost curve. The long-run equilibrium occurs with supply curve S3, equilibrium price P3, industry output Q3, and firm's output q3. Thus, in the long run, profitsare zero again and there are fewer firms in the industry.Chapter 14/Firms in Competitive Markets 283Figure 811. a. Figure 9 illustrates the situation in the U.S. textile industry. With no international trade,the market is in long-run equilibrium. Supply intersects demand at quantity Q1 and price$30, with a typical firm producing output q1.Figure 9b. The effect of imports at $25 is that the market supply curve follows the old supply curveup to a price of $25, then becomes horizontal at that price. As a result, demand exceedsdomestic supply, so the country imports textiles from other countries. The typicaldomestic firm now reduces its output from q1 to q2, incurring losses, since the large fixedcosts imply that average total cost will be much higher than the price.c. In the long run, domestic firms will be unable to compete with foreign firms becausetheir costs are too high. All the domestic firms will exit the industry and other countrieswill supply enough to satisfy the entire domestic demand.12. a. Figure 10 shows the current equilibrium in the market for pretzels. The supply curve, S1,284 Chapter 14/Firms in Competitive Marketsintersects the demand curve at price P1. Each stand produces quantity q1 of pretzels, sothe total number of pretzels produced is 1,000 x q1. Stands earn zero profit, since priceequals average total cost.b. If the city government restricts the number of pretzel stands to 800, the industry-supplycurve shifts to S2. The market price rises to P2, and individual firms produce output q2.Industry output is now 800 x q2. Now the price exceeds average total cost, so each firmis making a positive profit. Without restrictions on the market, this would induce otherfirms to enter the market, but they cannot, since the government has limited the numberof licenses.c. The city could charge a license fee for the licenses. Since it is a lump-sum fee for thelicense, not based on the quantity of sales, such a tax has no effect on marginal cost, sowon't affect the firm's output. It will, however, reduce the firm's profits. As long as thefirm is left with a zero or positive profit, it will continue to operate. So the license fee thatbrings the most money to the city is to charge each firm the amount (P2 - ATC2)q2, theamount of the firm's profit.Figure 1013. a. Figure 11 illustrates the gold market (industry) and a representative gold mine (firm).The demand curve, D1, intersects the supply curve at industry quantity Q1 and price P1.Since the industry is in long-run equilibrium, the price equals the minimum point on therepresentative firm's average total cost curve, so the firm produces output q1 and makeszero profit.b. The increase in jewelry demand leads to an increase in the demand for gold, shifting thedemand curve to D2. In the short run, the price rises to P2, industry output rises to Q2,and the representative firm's output rises to q2. Since price now exceeds average totalcost, the representative firm now earns positive profits.c. Since gold mines are earning positive economic profits, over time other firms will enterthe industry. This will shift the supply curve to the right, reducing the price below P2.But it's unlikely that the price will fall all the way back to P1, since gold is in short supply.Costs for new firms are likely to be higher than for older firms, since they'll have todiscover new gold sources. So it's likely that the long-run supply curve in the goldChapter 14/Firms in Competitive Markets 285 industry is upward sloping. That means the long-run equilibrium price will be higher thanit was initially.Figure 1114. a. Figure 12 shows cost curves for a California refiner and a non-California refiner. Sincethe California refiner has access to lower-cost oil, its costs are lower.Figure 12b. In long-run equilibrium, the price is determined by the costs of non-California refiners,since California refiners cannot supply the entire market. The market price will equal theminimum average total cost of the other refiners; they will thus earn zero profits. SinceCalifornia refiners have lower costs, they will earn positive profits, equal to (P* - ATC C) xQ C.c. Yes, there is a subsidy to California refiners that is not passed on to consumers. Thesubsidy accounts for the long-run profits of the California refiners. It arises simplybecause the oil cannot be exported.。

财务会计FA3_习题答案ch14

CHAPTER 14Long-Term Liabilities ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics QuestionsBriefExercises Exercises ProblemsConceptsfor Analysis1.Long-term liability;classification; definitions.1, 10, 14,201, 210, 111, 2, 32.Issuance of bonds; typesof bonds.2, 3, 4, 9,10, 111, 2, 3, 4,5, 6, 73, 4, 5, 6,7, 8, 9, 10,111, 2, 3, 4,5, 6, 7, 101, 3, 63.Premium and discount;amortization schedules.5, 6, 7,8, 113, 4, 6, 7,8, 104, 5, 6, 7,8, 9, 10,11, 13,14, 151, 2, 3, 4,5, 6, 7, 10,111, 2, 3, 44.Retirement and refundingof debt.12, 131112, 13,14, 152, 4, 5, 6,7, 103, 4, 55.Imputation of interest onnotes.14, 15, 16,17, 1812, 13, 14,1516, 17, 188, 96.Disclosures of long-termobligations.19, 20,21, 22919101, 3, 5*7.Troubled debtrestructuring.23, 24, 25,26, 27, 28,291620, 21, 22,23, 24, 25,2613, 14, 15*8.Impairments.24, 2627, 2812 *This material is discussed in the Appendix to the Chapter.ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE)Learning Objectives BriefExercises Exercises Problems1.Describe the formal proceduresassociated with issuing long-term debt.2.Identify various types of bond issues.1, 23.Describe the accounting valuationfor bonds at date of issuance.1, 2, 3, 4, 5,6, 7, 83, 4, 5, 6, 7, 8,9, 10, 11, 12,13, 14, 151, 2, 3, 4, 5,6, 7, 104.Apply the methods of bond discountand amortization.2, 3, 4, 5,6, 7, 8, 103, 4, 5, 6, 7, 8,9, 10, 12, 13,14, 151, 2, 3, 4, 5,6, 7, 10, 115.Describe the accounting for theextinguishment of debt.1112, 13, 14, 152, 4, 5, 6,7, 106.Explain the accounting for long-termnotes payable.12, 13, 14, 1516, 17, 188, 97.Explain the reporting of off-balance sheetfinancing arrangements.8.Indicate how to present and analyzelong-term debt.9194, 10*9.Describe the accounting for a loanimpairment.1627, 2812*10.Describe the accounting for debt restructuring.20, 21, 22,23, 24, 25,2613, 14, 15ASSIGNMENT CHARACTERISTICS TABLEItem Description Level ofDifficultyTime(minutes)E14-1Classification of liabilities.Simple15–20 E14-2Classification.Simple15–20 E14-3Entries for bond transactions.Simple15–20 E14-4Entries for bond transactions—straight-line.Simple15–20 E14-5Entries for bond transactions—effective-interest.Simple15–20 E14-6Amortization schedule—straight-line.Simple15–20 E14-7Amortization schedule—effective-interest.Simple15–20 E14-8Determine proper amounts in account balances.Moderate15–20 E14-9Entries and questions for bond transactions.Moderate20–30 E14-10Entries for bond transactions.Moderate15–20 E14-11Information related to various bond issues.Simple20–30 E14-12Entry for retirement of bond; bond issue costs.Simple15–20 E14-13Entries for retirement and issuance of bonds.Simple15–20 E14-14Entries for retirement and issuance of bonds.Simple12–16 E14-15Entries for retirement and issuance of bonds.Simple10–15 E14-16Entries for zero-interest-bearing debt.Simple15–20 E14-17Imputation of interest.Simple15–20 E14-18Imputation of interest with right.Moderate15–20 E14-19Long-term debt disclosure.Simple10–15 *E14-20Settlement of debt.Moderate15–20 *E14-21Term modification without gain—debtor’s entries.Moderate20–30 *E14-22Term modification without gain—creditor’s entries.Moderate25–30 *E14-23Term modification with gain—debtor’s entries.Moderate25–30 *E14-24Term modification with gain—creditor’s entries.Moderate20–30 *E14-25Debtor/creditor entries for settlement of troubled debt.Simple15–20 *E14-26Debtor/creditor entries for modification of troubled debt.Moderate20–25 *E14-27Impairments.Moderate15–25 *E14-28Impairments.Moderate15–25P14-1Analysis of amortization schedule and interest entries.Simple15–20 P14-2Issuance and retirement of bonds.Moderate25–30 P14-3Negative amortization.Moderate20–30 P14-4Issuance and retirement of bonds; income statementpresentation.Simple15–20 P14-5Comprehensive bond problem.Moderate50–65 P14-6Issuance of bonds between interest dates, straight-line,retirement.Moderate20–25P14-7Entries for life cycle of bonds.Moderate20–25 P14-8Entries for zero-interest-bearing note.Simple15–25 P14-9Entries for zero-interest-bearing note; payablein installments.Moderate20–25P14-10Comprehensive problem; issuance, classification,reporting.Moderate20–25P14-11Effective-interest method.Moderate40–50 *P14-12Loan impairment entries.Moderate30–40ASSIGNMENT CHARACTERISTICS TABLE (Continued)Item Description Level ofDifficultyTime(minutes)*P14-13Debtor/creditor entries for continuation of troubled debt.Moderate15–25 *P14-14Restructure of note under different circumstances.Moderate30–45 *P14-15Debtor/creditor entries for continuation of troubled debtwith new effective-interest.Complex40–50CA14-1Bond theory: balance sheet presentations, interest rate,premium.Moderate25–30CA14-2Various long-term liability conceptual issues.Moderate10–15 CA14-3Bond theory: price, presentation, and retirement.Moderate15–25 CA14-4Bond theory: amortization and gain or loss recognition.Simple20–25 CA14-5Off-balance-sheet financing.Moderate20–30 CA14-6Bond issue, ethics Moderate23–30ANSWERS TO QUESTIONS1.(a)Funds might be obtained through long-term debt from the issuance of bonds, and from thesigning of long-term notes and mortgages.(b)A bond indenture is a contractual agreement (signed by the issuer of bonds) between the bondissuer and the bondholders. The bond indenture contains covenants or restrictions for the protection of the bondholders.(c)A mortgage is a document which describes the security for a loan, indicates the conditionsunder which the mortgage becomes effective (that is, conditions of default), and describes the rights of the mortgagee under default relative to the security. The mortgage accompaniesa formal promissory note and becomes effective only upon default of the note.2.If the entire bond matures on a single date, the bonds are referred to as term bonds. Mortgagebonds are secured by real estate. Collateral trust bonds are secured by the securities of other corporations. Debenture bonds are unsecured. The interest payments for income bonds depend on the existence of operating income in the issuing company. Callable bonds may be called and retired by the issuer prior to maturity. Registered bonds are issued in the name of the owner and require surrender of the certificate and issuance of a new certificate to complete the sale. A bearer or coupon bond is not recorded in the name of the owner and may be transferred from one investor to another by mere delivery. Convertible bonds can be converted into other securities of the issuing corporation for a specified time after issuance. Commodity-backed bonds (also called asset-linked bonds) are redeemable in measures of a commodity. Deep-discount bonds (also called zero-interest bonds) are sold at a discount which provides the buyer’s total interest payoff at maturity.3.(a)Yield rate—the rate of interest actually earned by the bondholders; it is synonymous with theeffective and market rates.(b)Nominal rate—the rate set by the party issuing the bonds and expressed as a percentage ofthe par value; it is synonymous with the stated rate.(c)Stated rate—synonymous with nominal rate.(d)Market rate—synonymous with yield rate and effective rate.(e)Effective rate—synonymous with market rate and yield rate.4.(a)Maturity value—the face value of the bonds; the amount which is payable upon maturity.(b)Face value—synonymous with par value and maturity value.(c)Market value—the amount realizable upon sale.(d)Par value—synonymous with maturity and face value.5. A discount on bonds payable results when investors demand a rate of interest higher than the ratestated on the bonds. The investors are not satisfied with the nominal interest rate because they can earn a greater rate on alternative investments of equal risk. They refuse to pay par for the bonds and cannot change the nominal rate. However, by lowering the amount paid for the bonds, investors can alter the effective rate of interest.A premium on bonds payable results from the opposite conditions. That is, when investors aresatisfied with a rate of interest lower than the rate stated on the bonds, they are willing to pay more than the face value of the bonds in order to acquire them, thus reducing their effective rate of interest below the stated rate.6.Discount (premium) on bonds payable should be reported in the balance sheet as a directdeduction from (addition to) the face amount of the bond. Both are liability valuation accounts.Questions Chapter 14 (Continued)7.Bond discount and bond premium may be amortized on a straight-line basis or on an effective-interest basis. The profession recommends the effective-interest method but permits the straight-line method when the results obtained are not materially different from the effective-interest method. The straight-line method results in an even or average allocation of the total interest over the life of the notes or bonds. The effective-interest method results in an increasing or decreasing amount of interest each period. This is because interest is based on the carrying amount of the bond issuance at the beginning of each period. The straight-line method results in a constant dollar amount of interest and an increasing or decreasing rate of interest over the life of the bonds.The effective-interest method results in an increasing or decreasing dollar amount of interest anda constant rate of interest over the life of the bonds.8.The annual interest expense will decrease each period throughout the life of the bonds. Under theeffective-interest method the interest expense each period is equal to the effective or yield interest rate times the book value of the bonds at the beginning of each interest period. When bonds are sold at a premium, their book value declines to face value over their life; therefore, the interest expense declines also.9.Bond issuance costs according to APB Opinion No. 21 should be debited to a deferred chargeaccount for Unamortized Bond Issue Costs and amortized over the life of the issue, separately from but in a manner similar to that used for discount on bonds. The FASB in SFAC No. 3 takes the position that debt issue costs can be treated as either an expense of the period in which the bonds are issued or a reduction of the related debt liability.10.Treasury bonds should be shown on the balance sheet as a deduction from the bonds payable.11.The call feature of a bond issue grants the issuer the privilege of purchasing, after a certain date ata stated price, outstanding bonds for the purpose of reducing indebtedness or taking advantage oflower interest rates. The call feature does not affect the amortization of bond discount or premium;because early redemption is not a certainty, life to maturity date should be used for amortization purposes.12.It is sometimes desirable to reduce bond indebtedness in order to take advantage of lower pre-vailing interest rates. Also the company may not want to make a very large cash outlay all at once when the bonds mature.Bond indebtedness may be reduced by either issuing bonds callable after a certain date and then calling some or all of them, or by purchasing bonds on the open market and then retiring them.When a portion of bonds outstanding is going to be retired, it is necessary for the accountant to make sure any corresponding discount or premium is properly amortized.13.Gains or losses from extinguishment of debt should be aggregated and reported in income.For extinguishment of debt transactions disclosure is required of the following items:1. A description of the transactions, including the sources of any funds used to extinguish debt ifit is practicable to identify the sources.2.The income tax effect in the period of extinguishment.3.The per share amount of the aggregate gain or loss net of related tax effect.14.The entire arrangement must be evaluated and an appropriate interest rate imputed. This is doneby (1) determining the fair value of the property, goods, or services exchanged or (2) determining the market value of the note, whichever is more clearly determinable.Questions Chapter 14 (Continued)15.If a note is issued for cash, the present value is assumed to be the cash proceeds. If a note isissued for noncash consideration, the present value of the note should be measured by the fair value of the property, goods, or services or by an amount that reasonably approximates the market value of the note (whichever is more clearly determinable).16.When a debt instrument is exchanged in a bargained transaction entered into at arm’s-length, thestated interest rate is presumed to be fair unless: (1) no interest rate is stated, or (2) the stated interest rate is unreasonable, or (3) the stated face amount of the debt instrument is materially different from the current sales price for the same or similar items or from the current market value of the debt instrument.17.Imputed interest is the interest factor (a rate or amount) assumed or assigned which is differentfrom the stated interest factor. It is necessary to impute an interest rate when the stated interest rate is presumed to be unfair. The imputed interest rate is used to establish the present value of the debt instrument by discounting, at that imputed rate, all future payments on the debt instrument. In imputing interest, the objective is to approximate the rate which would have resulted if an independent borrower and an independent lender had negotiated a similar transaction under comparable terms and conditions with the option to pay the cash price upon purchase or to givea note for the amount of the purchase which bears the prevailing rate of interest to maturity. In orderto accomplish that objective, consideration must be given to (1) the credit standing of the issuer,(2) restrictive covenants, (3) collateral, (4) payment and other items pertaining to the debt, (5) theexisting prime interest rate, and (6) the prevailing rates for similar instruments of issuers with similar credit ratings.18. A fixed-rate mortgage is a note that requires payment of interest by the mortgagor at a rate thatdoes not change during the life of the note. A variable-rate mortgage is a note that features an interest rate that fluctuates with the market rate; the variable rate generally is adjusted periodically as specified in the terms of the note and is usually limited in the amount of each change in the rate up or down and in the total change that can be made in the rate.19.FASB Statement No. 47 requires disclosure at the balance sheet date of future payments forsinking fund requirements and the maturity amounts of long-term debt during each of the next five years.20.Off-balance-sheet-financing is an attempt to borrow monies in such a way that the obligations arenot recorded. Reasons for off-balance sheet financing are:1.Many believe removing debt enhances the quality of the balance sheet and permits credit to beobtained more readily and at less cost.2.Loan covenants are less likely to be violated.3.The asset side of the balance sheet is understated because fair value is not used for manyassets. As a result, not reporting certain debt transactions offsets the nonrecognition of fair values on certain assets.21.Forms of off-balance-sheet financing include (1) investments in non-consolidated subsidiaries forwhich the parent is liable for the subsidiary debt; (2) use of special purpose entities (SPEs), which are used to borrow money for special projects (resulting in take-or-pay contracts; (3) operating leases, which when structured carefully give the company the benefits of ownership without reporting the liability for the lease payments.22.In take-or-pay contracts, the outside party agrees to make specified minimum payments even if itdoes not take possession of the contracted goods or services. In through-put contracts, the outside party agrees to pay specified amounts in return for processing or transportation services rendered by the debtor, which is usually the owner of a manufacturing or transportation facility.Questions Chapter 14 (Continued)*23.Two different types of situations result with troubled debt: (1) Impairments, and (2) Restructurings.Restructurings can be further classified into:a.Settlements.b.Modification of terms.When a debtor company runs into financial difficulty, creditors may recognize an impairment ona loan extended to that company. Subsequently, the creditor may modify the terms of the loan, orsettles it on terms unfavorable to the creditor. In unusual cases, the creditor forces the debtor into bankruptcy in order to ensure the highest possible collection on the loan.*24.A loan is considered impaired when it is probable that the creditor will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan. If a loan is considered impaired, the loss due to impairment should be measured as the difference between the investment in the loan and the expected future cash flows discounted at the loan’s historical effective-interest rate. The loss is recorded on the books of the creditor. The debtor would not be aware of the entry made by the creditor and would not make an entry until settlement or ifa modification of items resulted.*25.A transfer of noncash assets (real estate, receivables, or other assets) or the issuance of the debtor’s stock can be used to settle a debt obligation in a troubled debt restructuring. In these situations, the noncash assets or equity interest given should be accounted for at their fair market value. The debtor is required to determine the excess of the carrying amount of the payable over the fair value of the assets or equity transferred (gain). Likewise, the creditor is required to determine the excess of the receivable over the fair value of those same assets or equity interests transferred (loss). The debtor recognizes a gain equal to the amount of the excess and the creditor normally would charge the excess (loss) against Allowance for Doubtful Accounts. In addition, the debtor recognizes a gain or loss on disposition of assets to the extent that the fair value of those assets differs from their carrying amount (book value).*26.(a)The creditor will grant concessions in a troubled debt situation because it appears to be the more likely way to maximize recovery of the investment.(b)The creditor might grant any one or a combination of the following concessions:1.Reduce the face amount of the debt.2.Accept noncash assets or equity interests in lieu of cash in settlement.3.Reduce the stated interest rate.4.Extend the maturity date of the face amount of the debt.5.Reduce or defer any accrued interest.(c)A loan is impaired when there is a reduction in the likelihood of collecting the interest andprincipal payments as originally scheduled. An impairment should be recorded by a creditor when it is “probable” that the payment will not be collected as scheduled. Debtors do not record impairments.*27.When a loan is restructured, the creditor should calculate the loss due to restructuring by sub-tracting the present value of the restructured cash flows from the carrying value of the loan.Interest revenue is calculated at the original effective rate applied towards the new carrying value.The debtor will record a gain only if the undiscounted restructured cash flows are less than the carrying value of the loan. If a gain is recognized, subsequent payments will be all principal. There is no interest component. If the undiscounted cash flows exceed the carrying amount, no gain is recognized, and a new imputed interest rate must be calculated in order to recognize interest expense in subsequent periods.Questions Chapter 14 (Continued)*28.“Accounting symmetry” between the entries recorded by the debtor and the creditor in a troubled debt restructuring means that there is a correspondence or agreement between the entries recorded by each party. Impairments are nonsymmetrical because, while the creditor recordsa loss, the debtor makes no entry at all. Troubled debt restructurings are nonsymmetrical becausecreditors calculate their loss using the discounted present value of future cash flows, while debtors calculate their gain using the undiscounted cash flows. The FASB chose to accept this nonsymmetric treatment rather than address debtor accounting because it feared that expansion of the scope of FASB Statement No. 114 would further delay its issuance.*29.A transaction would be recorded as a troubled debt restructuring by only the debtor if the amount for which the liability is settled is less than its carrying amount on the debtor’s books, but equal to or greater than the carrying amount on the creditor’s books. In addition to the situation created by the use of discounted versus undiscounted cash flows by creditors and debtors, this situation can occur when a debtor or creditor has been substituted for one of the parties to the original transaction.SOLUTIONS TO BRIEF EXERCISESBRIEF EXERCISE 14-1Present value of the principal$300,000 X .37689$113,067Present value of the interest payments$13,500 X 12.46221 168,240 Issue price$281,307BRIEF EXERCISE 14-2(a)Cash...................................................................................200,000Bonds Payable.....................................................200,000 (b)Interest Expense............................................................10,000Cash ($200,000 X 10% X 6/12).........................10,000 (c)Interest Expense............................................................10,000Interest Payable...................................................10,000 BRIEF EXERCISE 14-3(a)Cash ($200,000 X 98%).................................................196,000Discount on Bonds Payable......................................4,000Bonds Payable.....................................................200,000 (b)Interest Expense............................................................10,000Cash ($200,000 X 10% X 6/12).........................10,000 (c)Interest Expense............................................................10,000Interest Payable...................................................10,000 Interest Expense (800)Discount on Bonds Payable (800)($4,000 X 1/5 = $800)BRIEF EXERCISE 14-4(a)Cash ($200,000 X 103%)...............................................206,000Bonds Payable.....................................................200,000Premium on Bonds Payable............................6,000 (b)Interest Expense.............................................................10,000Cash ($200,000 X 10% X 6/12).........................10,000 (c)Interest Expense.............................................................10,000Interest Payable...................................................10,000 Premium on Bonds Payable.......................................1,200Interest Expense ($6,000 X 1/5 = $1,200).....1,200 BRIEF EXERCISE 14-5(a)Cash....................................................................................510,000Bonds Payable.....................................................500,000Interest Expense..................................................10,000($500,000 X 6% X 4/12 = $10,000)(b)Interest Expense.............................................................15,000Cash ($500,000 X 6% X 6/12 = $15,000)........15,000 (c)Interest Expense.............................................................15,000Interest Payable...................................................15,000 BRIEF EXERCISE 14-6(a)Cash....................................................................................372,816Discount on Bonds Payable.......................................27,184Bonds Payable.....................................................400,000 (b)Interest Expense.............................................................14,913Cash.........................................................................14,000Discount on Bonds Payable (913)($372,816 X 8% X 6/12 = $14,913)($400,000 X 7% X 6/12 = $14,000)BRIEF EXERCISE 14-6 (Continued)(c)Interest Expense............................................................14,949Interest Payable...................................................14,000Discount on Bonds Payable (949)($373,729 X 8% X 6/12 = $14,949)BRIEF EXERCISE 14-7(a)Cash...................................................................................429,757Bonds Payable.....................................................400,000Premium on Bonds Payable............................29,757(b)Interest Expense............................................................12,893Premium on Bonds Payable......................................1,107Cash........................................................................14,000($429,757 X 6% X 6/12 = $12,893)($400,000 X 7% X 6/12 = $14,000)(c)Interest Expense............................................................12,860Premium on Bonds Payable......................................1,140Interest Payable...................................................14,000($428,650 X 6% X 6/12 = $12,860)BRIEF EXERCISE 14-8Interest Expense........................................................................4,298Premium on Bonds Payable (369)Interest Payable...............................................................4,667 ($429,757 X 6% X 2/12 = $4,298)($400,000 X 7% X 2/12 = $4,667)BRIEF EXERCISE 14-9Current liabilities$80,000 Bond Interest PayableLong-term liabilities$2,000,000 Bonds Payable, due January 1, 2016 98,000 Less: Discount on Bonds Payable$1,902,000 BRIEF EXERCISE 14-10Bond Issue Expense..................................................................18,000 Unamortized Bond Issue Costs..................................18,000 ($180,000 X 1/10)BRIEF EXERCISE 14-11Bonds Payable............................................................................600,000Premium on Bonds Payable...................................................15,000 Unamortized Bond Issue Costs..................................5,250 Cash.....................................................................................594,000 Gain on Redemption of Bonds....................................15,750 BRIEF EXERCISE 14-12(a)Cash....................................................................................100,000Notes Payable.......................................................100,000 (b)Interest Expense.............................................................11,000Cash ($100,000 X 11% = $11,000)...................11,000 BRIEF EXERCISE 14-13(a)Cash....................................................................................31,776Discount on Notes Payable........................................18,224Notes Payable.......................................................50,000BRIEF EXERCISE 14-13 (Continued)(b)Interest Expense............................................................3,813Discount on Notes Payable.............................3,813($31,776 X 12%)BRIEF EXERCISE 14-14(a)Computer..........................................................................39,369Discount on Notes Payable........................................10,631Notes Payable......................................................50,000 (b)Interest Expense............................................................4,724Cash........................................................................2,500Discount on Notes Payable.............................2,224($39,369 X 12% = $4,724)($50,000 X 5% = $2,500)BRIEF EXERCISE 14-15 Cash...............................................................................................50,000Discount on Notes Payable....................................................18,224 Notes Payable...................................................................50,000 Unearned Revenue.........................................................18,224 [$50,000 – ($50,000 X .63552) = $18,224]*BRIEF EXERCISE 14-16Toni Braxton (Debtor): No EntryNational American Bank (Creditor):Bad Debt Expense..........................................................225,000Allowance for Doubtful Accounts....................225,000。

高教第二版(徐寿昌)有机化学课后习题答案第14章

第十四章 β－二羰基化合物一、命名下列化合物：1.CH 3CH 3C COOH COOH2.CH 3COCHCOOC 2H 5C 2H 5二、写出下列化合物加热后生成的主要产物：1.CO CO C OH 2.O=C2CH 2CH 2COOHCH 2COOH O=CCH 3CH 2CH 2CH 2COOH 3.C 2H 5CH(COOH)2C 2H 5CH 2COOH三、试用化学方法区别下列各组化合物:1.CH 3COCH(CH 3)COOC 2H 5,CH 3COC(CH 3)COOC 2H 52.CH 3COCH 2COOH,HOOCCH 2COOH解：分别加入饱和亚硫酸氢钠水溶液，3－丁酮酸生成晶体，而丙二酸不能。

四、下列各组化合物，那些是互变异构体，那些是共振杂化体？1.CO OOC 2H 5OOC 2H 5OH,2.CH 3C O O -,CH 3C OO-3.C OOH,五、完成下列缩合反应：1.2CH 3CH 2COOC 2H 51.NaOC H 2.HCH 3CH 2COCHCOOC 2H 5CH 3+C 2H 5OH 2.CH 3CH 2COOC 2H 5+COOC 2H 51.NaOC H 2.HCOCHCOOC 2H 5CH 3CH 3CH 2COCHCOOC 2H 5CH 3+3.CH 3CH 2COOC 2H 5+COOC 2H 5COOC 2H 51.NaOC H 2.HO=C O=C CHCOOC 2H 5CH 3CHCOOC 2H 5CH 34.CH 2CH 2CH 2COOC 2H 5CH 2CH 2COOC 2H 51.NaOC H 2.HCOCOOC 2H 55.COCO+HCOOC2H 51.NaOC H 2.HCHO六、完成下列反应式：1.CHO1.O 32.Zn,HCHO CH 2CH 2CHO5%NaOHOHC 2H 5C 2H 5CCH 3COCH 2H 3O +2.C H MgBr 1.2OO CH 2COOC 2H 5CCH 3HOCH 2CH 2OH,H +CH 3COCH 2COOC 2H 53.CH 3CH 3COCH 2CHCOOC 2H 5NaOH%5CHCOOC 2H 5CH 3CH 3COCHCOOC 2H 5CH 3ClCHCOOC H NaCH 3COCHCOOC 2H 5NaOC H CH 3COCH 2COOC 2H 52.CH 3COCH 2H +CH 2CHCH 2CH 2CHCH 3OHNaBH 4COOHCH 2CHCH 2CH 2COCH 3KOC(CH 3)3CH 2=CHCOCH 3CH 2CH(COOC 2H 5)2NaCH(C OOC 2H 5)2NaOC 2H 5CH 2Cl4.CH 2CCH 2CH 2COCH 3COOC 2H 5COOC 2H 5COOHO七、写出下列反历程：C 6H 5CH 22C 6H 5O+CH 2=CHCOCH 3NaOCH 3CH 3OHC 6H 5C=O C 6H 5CH 3C 6H 5CH 2CCH 2C 6H 5ONaOCH 3C 6H 5CH 2CCHC 6H 5OCH 2=CHCOCH 3C 6H 5CH 2CCHC 6H 5OCH 2CH 2COCH 3NaOCH C 6H 5H O 3C 6H 5CH CHC 6H 5COCHOCH 3CH 2CH 2H 2OC=OCH 3C 6H 5C 6H 5八、以甲醇，乙醇为原料，用丙二酸酯法合成下列化合物： 1．α－甲基丁酸CH 3OH3CH 3ClC 2H 5OH3CH 3CH 2Cl C 2H 5OOCCH 2COOC 2H 5NaOC H CH Cl C 2H 5OOCHCOOC 2H 5CH 3NaOC 2H 5CH 3CH 2ClC 2H 5OOCCCOOC 2H 5CH 3CH 2CH 312-2.H 3O+HOOCCCOOH CH 2CH 3CH 3CH 3CH 3CH 2CHCOOHCH 3CH 2OHCH 3CHO5%NaOHaqCH 3CH=CHCHO2CH 3CH 2CH 2CH 2OHPCl 3CH 3CH 2CH 2CH 2Cl COOC 2H 5CHNa COOC 2H 5CH 3CH 2CH 2CH 2ClCOOC 2H 5CHCH 2CH 2CH 2CH 3COOC 2H 51.H 2O,-OH2.H 3O+CH 3CH 2CH 2CH 2CH 2COOH3. 3－甲基己二酸CH 3CH 2ClMg,(C 2H 5)2O CH 3CH 2MgClCH 2OH 3O +CH 3CH 2CH 2OHH 3PO 4CH 3CH=CH 2Br 2BrCH 32Br2C 2H 5OOCCHCOOC 2H 5NaBr32CH 31.H 2O,-OH2.H 3O+CH 3HOOCCH 22CH 2COOH(C 2H 5OOCCHCHCH 2CH(COOC 2H 5)24. 1，4－环己烷二甲酸CH 3CH 2OH 24CH 2=CH 2Br 2BrCH 2CH 2Br2CH 2(COOC2H 5)22NaOC 2H 55．环丙烷甲酸九、以甲醇、乙醇以及无机试剂为原料，经乙酰乙酸乙酯合成下列化合物：（1） 3－乙基－2－戊酮CH 3CH 2OHPCl CH 3CH 2Cl CH 3COCH 2COOC 2H 5NaOC H CH 3COCHCOOC 2H 5Na 32C 2H 5CH 32H 5NaOC H 32CH 3COCCOOC 2H 5CH 2CH3CH 2CH 3H O +CH 3COCHCH 2CH 3CH 2CH 3（2） α－甲基丙酸PCl CH 3COCH 2COOC 2H 5NaOC H CH 3COCHCOOC 2H 5Na CH 32H 5NaOC HCH 3COCCOOC 2H 5H O +CH 3OHCH 3Cl CH 3Cl CH 3CH 3ClCH 3CH 340%CH 3CHCOOHCH 3（3） γ－戊酮酸CH3COCH2COOC2H5NaOC HCH3COCHCOOC2H5NaCH32H5HO+CH3CH2OH[O]CH3COOH2ClCH2COOHC H OH,H+ClCH2COOC2H5ClCH2COOC2H5CH2COOC2H55%CH3COCH2CH2COOH（4）2，7－辛二酮CH3COCH2COOC2H5NaOC HCH3COCHCOOC2H5NaCH3CH2OH CH2=CH2ClCH2CH2ClCl22ClCH2CH2ClCH3COCHCH2CH2CHCOCH3COOC2H5COOC2H5NaOH H O+5%CH3COCH2CH2CH2CH2COCH3（5）甲基环丁基甲酮CH3COCH2COOC2H5NaOC HCH3COCHCOOC2H5NaNaOH H O+5%CH3CH=CH22ClCH2CH=CH2HBrClCH2CH2CH2BrClCH2CH2CH2BrCH3COCHCOOC2H5CH2CH2CH2ClNaOC HCH2CH2CH2ClCH3COCCOOC2H5NaCH3COCCOOC2H5COCH3十、某酮酸经硼氢化钠还原后，依次用溴化氢，碳酸钠和氰化钾处理后，生成腈。

新概念英语第二册课后练习答案lesson14

新概念英语第二册课后练习答案lesson14第一篇：新概念英语第二册课后练习答案lesson14新概念英语第二册课后习题答案详解Lesson 14练习答案 Key to written exercises 1．关键句型练习答案A 1 I drove on to the next town after I had left a small village.2 I said good morning to him in French as soon as he had got into the car.3 I had nearly reached the town, when the young man said:‘Do you speak English?’ C 1 After she had written the letter, she went to the post office.2 After he had had dinner, he went to the cinema.3 When I had fastened my seat belt, the plane took off.4 We did not disturb him until he had finished work.5 As soon as he had left the room, I turned on the radio.6 He had been very ill before he died.D 1 regretted 2 had begun/ began 3 arrived 2．难点练习答案Except for 2 both of 3 Apart from 4 asked…ask for 5 neither of…asked 3．多项选择题答案1.b根据课文第3行I stopped and he asked me for a lift, 只有b.he wanted a freeride in the car 最符合课文内容，而其他3个选择都与课文内容不符合。

2012练习册答案

KeysTest 7Part I Vocabulary and Structure1. D2. B3. C4. B5. D6. A7. D8. C9. B 10. A 11. D 12. C 13. B 14. A 15. A 16. B 17. B 18. D 19. A 20. BPart II Listening ComprehensionSection A 1-8 ACDCAADB 9-12 DDBA 13-15 ACDSection B 16-18 AAD 19-22 BDCA23-25 BDASection C 26. summed 27. mystery 28. senses 29. tasted30. similarly 31. harmless 32. masses 33. completely34. Your body will replace the dead cells with healthy ones.35. Serious damage can be done without the victim being aware at the time that damage has occurred36. Or a child can be born weak or liable to serious illness as a result of radiation absorbed by its grandparents.Part III Reading Comprehension (Reading in Depth)Section A 1—5 B E F G I 6—10 K N A J DSection B1—5 B A C B D 1—5 C C A B CPart IV Cloze1）D 2）B 3）A 4）C 5）B 6）C7）B 8）D 9）A 10）B 11）A 12）D13）C 14）A 15）B 16）C 17 ）A 18）C19）A 20）DPart V Translation1 No sooner had I lit the candle than / Hardly had I lit the candle when2 instead of cutting the costs of production3 would he break his promise / commitment to pay back the money4 should not be addicted to computer games. / should not indulge themselves in computer games / should not abandon themselves to computer games.5 were most impressed with / by his efficiencyTest 8Part I Vocabulary and Structure1. B2. D3. A4. C5. C6. A7. B8.D9. A 10. B 11. D 12. B 13. D 14. C 15. C 16. B 17. A 18. C 19. A 20. APart II Listening ComprehensionSection A 1-8 DCBBBDBD 9-12 CBDA 13-15 CBASection B 16-18 BBB 19-22 AABC 23-25CAASection C 26. headquarters 27. priceless 28. valuable antique 29. Consequently30. status 31. threat 32. journalist 33. accused34. He claimed that art treasure were being illegally exported to London on a regular basis,35. They will severely damage London’s credibility as a centre of the world’s art trade.36. If passed in Britain, the EU laws would make London a much less attractive place to purchase art treasures.Part III Reading Comprehension (Reading in Depth)Section A 1—5 H J A G B 6—10 D N I M KSection B 1—5 A D C B B 1—5 C A B D APart IV Cloze1） D 2）B 3） A 4） C 5） A 6）B7）D 8）C 9） B 10） D 11）B 12）D13）A 14）C 15）A 16） D 17 ） A 18）A19）C 20）APart V Translation1 only to be told that she couldn’t come by then2 nothing (should) be touched until the police arrived3 have they undergone / endured tremendous hardship in the travel4 the more concern we should draw to its safety5 despite repeated assurances that it is safeTest 9Part I Vocabulary and Structure1.B2.D3.C4.B5.D6.D7.B8.A9.D 10.D 11.A 12.C 13.D 14.C 15.B 16.B 17.A 18.B 19.B 20.A Part II Listening ComprehensionSection A 1-8 DADCBBCC 9-12 CCDA 13-15BDDSection B 16-18 CAA 19-22 DCAA23-25 AADSection C 26.confusing 27. achieve 28. nervous29.confidence 30.range 31.equipped32. audio 33. socially34. Most schools offer General English courses which are either part time—usually 15 hours per week—or full time, which can be as much as 40 hours.35. General English course also give students the chance to discover new parts of Britain.36. Wherever they go in Britain, they are assured high quality courses.Part III Reading Comprehension (Reading in Depth)Section A 1—5 B O I E M 6—10 K H A G CSection B 1—5 C C D A B 1—5 B C D C APart IV Cloze1） C 2） D 3） B 4）B 5） A 6）D7） C 8） A 9） B 10）A 11） D 12）A13）B 14） D 15） C 16） D 17 ）A 18）D19） B 20） APart V Translation1 decided not to punish those students who had been late for class2 which made the others jealous3 falling export rates would have an impact on the economy4 this dispute (should) be resolved / settled as soon as possible5 forgetting to call in advance to cancel the dateTest 10Part I Vocabulary and Structure1. A2. B3. B4. C5. A6. C7. B8. D9. B 10. B 11. C 12. D 13. D 14. A 15. A 16. D 17. A 18. B 19. C 20. BPart II Listening ComprehensionSection A 1-8 CBCDA ADB 9-12 BDAD 13-15 BCDSection B 16-18 ABA 19-22 BBAA 23-25 BADSection C 26.awake 27. quiet 28. hillside 29. pot30. boiled 31. share 32. fragrant 33. grinding34. For only a little money, they could meet friends, play chess, talk, and discuss the news of the day.35. Coffeehouses became popular in America, when settlers from Europe brought the idea with them.36. In all the ways coffee is served, it has become an international drink.Part III Reading Comprehension (Reading in Depth)Section A 1—5 C I A K N 6—10 G E L H DSection B 1—5 C A B B D 1—5 C A D C DPart IV Cloze1） D 2） C 3）C 4）B 5） A 6）B7） D 8） A 9）B 10） C 11） D 12）B13） A 14） D 15）C 16）B 17 ）C 18）D19） A 20） BPart V Translation1 He might have thought his speech convincing2 derives pleasure from helping others3 how much you will be charged for your services4 he is not so much a photographer than a painter / he is more of a painter than a photographer5 largely due to the poor managementTest 11Part I Vocabulary and Structure1.A2.B3.B4.D5.C6.B7.A8.A9.D 10.B 11.A 12.D 13.B 14.A 15.C 16.A 17.C 18.C 19.C 20.D Part II Listening ComprehensionSection A 1-8 CCBADBDC 9-12 CBCD 13-15 DBASection B 16-18 ACA 19-22 BDDA 23-25 BBCSection C 26. rough 27. otherwise 28. hanging29.leaving 30. weight 341. stiff32.elastic 33. slightly34. This is enough to save the ship from breaking into pieces.35. The boy had a bag of nuts beside him, and every time the ship was lifted by a wave and the joint opened.36. The boy then took it out and put the next one in a s the joint opened again.Part III Reading Comprehension (Reading in Depth)Section A 1—5 F G A M N 6—10 B L C J DSection B 1—5 C A A A C 1—5 A C B A APart IV Cloze1） C 2）B 3） B 4） D 5） C 6）B7） A 8）B 9） D 10） C 11） B 12）A13）C 14） D 15） B 16） A 17 ） A 18）C19） B 20） DPart V Translation1.Having been damaged in the earthquake2.should we give up pursuing knowledge /should we abandon the pursuit of knowledge3.Being asked to give a performance4.hoping that we could reach the airport on time / in hopes that we could arrive at the airport ontime5.become aware of its serious consequencesTest 12Part I Reading Comprehension （Skimming and Scanning）1-7 B C C D B C A8 apply to them and their kids9 go to bed hungry10 80 percentPart III Reading Comprehension (Reading in Depth)Section A 1—5 C D B O K 6—10 F I L A GSection B 1—5 C A C D C 1—5 D B A C CPart IV Cloze1） C 2） D 3） A 4） B 5） A 6）D7） B 8） C 9） C 10）A 11）D 12）B13） A 14）C 15） D 16）B 17 ）B 18）A19） C 20）DPart V Translation1 would not have broken into my house2 did he begin to realize his mistakes3 completely lost in it4 being invited to attend the opening ceremony5 the less likely it is to do so。

Solution_国际财务管理_切奥尔尤恩_课后习题答案_第十四章

CHAPTER 14 INTEREST RATE AND CURRENCY SWAPSSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Describe the difference between a swap broker and a swap dealer.Answer: A swap broker arranges a swap between two counterparties for a fee without taking a risk position in the swap. A swap dealer is a market maker of swaps and assumes a risk position in matching opposite sides of a swap and in assuring that each counterparty fulfills its contractual obligation to the other.2. What is the necessary condition for a fixed-for-floating interest rate swap to be possible?Answer: For a fixed-for-floating interest rate swap to be possible it is necessary for a quality spread differential to exist. In general, the default-risk premium of the fixed-rate debt will be larger than the default-risk premium of the floating-rate debt.3. Discuss the basic motivations for a counterparty to enter into a currency swap.Answer: One basic reason for a counterparty to enter into a currency swap is to exploit the comparative advantage of the other in obtaining debt financing at a lower interest rate than could be obtained on its own. A second basic reason is to lock in long-term exchange rates in the repayment of debt service obligations denominated in a foreign currency.4. How does the theory of comparative advantage relate to the currency swap market?Answer: Name recognition is extremely important in the international bond market. Without it, even a creditworthy corporation will find itself paying a higher interest rate for foreign denominated funds than a local borrower of equivalent creditworthiness. Consequently, two firms of equivalent creditworthiness can each exploit their, respective, name recognition by borrowing in their local capital market at a favorable rate and then re-lending at the same rate to the other.5. Discuss the risks confronting an interest rate and currency swap dealer.Answer: An interest rate and currency swap dealer confronts many different types of risk. Interest rate risk refers to the risk of interest rates changing unfavorably before the swap dealer can lay off on an opposing counterparty the unplaced side of a swap with another counterparty. Basis risk refers to the floating rates of two counterparties being pegged to two different indices. In this situation, since the indexes are not perfectly positively correlated, the swap bank may not always receive enough floating rate funds from one counterparty to pass through to satisfy the other side, while still covering its desired spread, or avoiding a loss. Exchange-rate risk refers to the risk the swap bank faces from fluctuating exchange rates during the time it takes the bank to lay off a swap it undertakes on an opposing counterparty before exchange rates change. Additionally, the dealer confronts credit risk from one counterparty defaulting and its having to fulfill the defaulting party’s obligation to the other counterparty. Mismatch risk refers to the difficulty of the dealer finding an exact opposite match for a swap it has agreed to take. Sovereign risk refers to a country imposing exchange restrictions on a currency involved in a swap making it costly, or impossible, for a counterparty to honor its swap obligations to the dealer. In this event, provisions exist for the early termination of a swap, which means a loss of revenue to the swap bank.6. Briefly discuss some variants of the basic interest rate and currency swaps diagramed in the chapter.Answer: Instead of the basic fixed-for-floating interest rate swap, there are also zero-coupon-for-floating rate swaps where the fixed rate payer makes only one zero-coupon payment at maturity on the notional value. There are also floating-for-floating rate swaps where each side is tied to a different floating rate index or a different frequency of the same index. Currency swaps need not be fixed-for-fixed; fixed-for-floating and floating-for-floating rate currency swaps are frequently arranged. Moreover, both currency and interest rate swaps can be amortizing as well as non-amortizing.7. If the cost advantage of interest rate swaps would likely be arbitraged away in competitive markets, what other explanations exist to explain the rapid development of the interest rate swap market?Answer: All types of debt instruments are not always available to all borrowers. Interest rate swaps can assist in market completeness. That is, a borrower may use a swap to get out of one type of financing and to obtain a more desirable type of credit that is more suitable for its asset maturity structure.8. Suppose Morgan Guaranty, Ltd. is quoting swap rates as follows: 7.75 - 8.10 percent annually against six-month dollar LIBOR for dollars and 11.25 - 11.65 percent annually against six-month dollar LIBOR for British pound sterling. At what rates will Morgan Guaranty enter into a $/£ currency swap?Answer: Morgan Guaranty will pay annual fixed-rate dollar payments of 7.75 percent against receiving six-month dollar LIBOR flat, or it will receive fixed-rate annual dollar payments at 8.10 percent against paying six-month dollar LIBOR flat. Morgan Guaranty will make annual fixed-rate £ payments at 11.25 percent against receiving six-month dollar LIBOR flat, or it will receive annual fixed-rate £ payments at 11.65 percent against paying six-month dollar LIBOR flat. Thus, Morgan Guaranty will enter into a currency swap in which it would pay annual fixed-rate dollar payments of 7.75 percent in return for receiving semi-annual fixed-rate £ payments at 11.65 percent, or it will receive annual fixed-rate dollar payments at 8.10 percent against paying annual fixed-rate £ payments at 11.25 percent.9. A U.S. company needs to raise €50,000,000. It plans to raise this money by issuing dollar-denominated bonds and using a currency swap to convert the dollars to euros. The company expects interest rates in both the United States and the euro zone to fall.a. Should the swap be structured with interest paid at a fixed or a floating rate?b. Should the swap be structured with interest received at a fixed or a floating rate?CFA Guideline Answer:a. The U.S. company would pay the interest rate in euros. Because it expects that the interest rate in the euro zone will fall in the future, it should choose a swap with a floating rate on the interest paid in euros to let the interest rate on its debt float down.b. The U.S. company would receive the interest rate in dollars. Because it expects that the interest rate in the United States will fall in the future, it should choose a swap with a fixed rate on the interest received in dollars to prevent the interest rate it receives from going down.*10. Assume a currency swap in which two counterparties of comparable credit risk each borrow at the best rate available, yet the nominal rate of one counterparty is higher than the other. After the initial principal exchange, is the counterparty that is required to make interest payments at the higher nominal rate at a financial disadvantage to the other in the swap agreement? Explain your thinking.Answer: Superficially, it may appear that the counterparty paying the higher nominal rate is at a disadvantage since it has borrowed at a lower rate. However, if the forward rate is an unbiased predictor of the expected spot rate and if IRP holds, then the currency with the higher nominal rate is expected to depreciate versus the other. In this case, the counterparty making the interest payments at the higher nominal rate is in effect making interest payments at the lower interest rate because the payment currency is depreciating in value versus the borrowing currency.PROBLEMS1. Alpha and Beta Companies can borrow for a five-year term at the following rates:Alpha BetaMoody’s credit rating Aa BaaFixed-rate borrowing cost 10.5% 12.0%Floating-rate borrowing cost LIBOR LIBOR + 1%a. Calculate the quality spread differential (QSD).b. Develop an interest rate swap in which both Alpha and Beta have an equal cost savings in their borrowing costs. Assume Alpha desires floating-rate debt and Beta desires fixed-rate debt. No swap bank is involved in this transaction.Solution:a. The QSD = (12.0% - 10.5%) minus (LIBOR + 1% - LIBOR) = .5%.b. Alpha needs to issue fixed-rate debt at 10.5% and Beta needs to issue floating rate-debt at LIBOR + 1%. Alpha needs to pay LIBOR to Beta. Beta needs to pay 10.75% to Alpha. If this is done, Alpha’s floating-rate all-in-cost is: 10.5% + LIBOR - 10.75% = LIBOR - .25%, a .25% savings over issuing floating-rate debt on its own. Beta’s fixed-rate all-in-cost is: LIBOR+ 1% + 10.75% - LIBOR = 11.75%, a .25% savings over issuing fixed-rate debt.2. Do problem 1 over again, this time assuming more realistically that a swap bank is involved as an intermediary. Assume the swap bank is quoting five-year dollar interest rate swaps at 10.7% - 10.8% against LIBOR flat.Solution: Alpha will issue fixed-rate debt at 10.5% and Beta will issue floating rate-debt at LIBOR + 1%. Alpha will receive 10.7% from the swap bank and pay it LIBOR. Beta will pay 10.8% to the swap bank and receive from it LIBOR. If this is done, Alpha’s floating-rate all-in-cost is: 10.5% + LIBOR - 10.7% = LIBOR - .20%, a .20% savings over issuing floating-rate debt on its own. Beta’s fixed-rate all-in-cost is: LIBOR+ 1% + 10.8% - LIBOR = 11.8%, a .20% savings over issuing fixed-rate debt.3. Company A is a AAA-rated firm desiring to issue five-year FRNs. It finds that it can issue FRNs at six-month LIBOR + .125 percent or at three-month LIBOR + .125 percent. Given its asset structure, three-month LIBOR is the preferred index. Company B is an A-rated firm that also desires to issue five-year FRNs. It finds it can issue at six-month LIBOR + 1.0 percent or at three-month LIBOR + .625 percent. Given its asset structure, six-month LIBOR is the preferred index. Assume a notional principal of $15,000,000. Determine the QSD and set up a floating-for-floating rate swap where the swap bank receives .125 percent and the two counterparties share the remaining savings equally.Solution: The quality spread differential is [(Six-month LIBOR + 1.0 percent) minus (Six-month LIBOR + .125 percent) =] .875 percent minus [(Three-month LIBOR + .625 percent) minus (Three-month LIBOR + .125 percent) =] .50 percent, which equals .375 percent. If the swap bank receives .125 percent, each counterparty is to save .125 percent. To affect the swap, Company A would issue FRNs indexed to six-month LIBOR and Company B would issue FRNs indexed three-month LIBOR. Company B might make semi-annual payments of six-month LIBOR + .125 percent to the swap bank, which would pass all of it through to Company A. Company A, in turn, might make quarterly payments of three-month LIBOR to the swap bank, which would pass through three-month LIBOR - .125 percent to Company B. On an annualized basis, Company B will remit to the swap bank six-month LIBOR + .125 percent and pay three-month LIBOR + .625 percent on its FRNs. It will receive three-month LIBOR - .125 percent from the swap bank. This arrangement results in an all-in cost of six-month LIBOR + .825 percent, which is a rate .125 percent below the FRNs indexed to six-month LIBOR + 1.0 percent Company B could issue on its own. Company A will remit three-month LIBOR to the swap bank and pay six-month LIBOR + .125 percent on its FRNs. It will receive six-month LIBOR + .125 percent from the swap bank. This arrangement results in an all-in cost of three-month LIBOR for Company A, which is .125 percent less than the FRNs indexed to three-month LIBOR + .125 percent it could issue on its own. The arrangements with the two counterparties net the swap bank .125 percent per annum, received quarterly.*4. A corporation enters into a five-year interest rate swap with a swap bank in which it agrees to pay the swap bank a fixed rate of 9.75 percent annually on a notional amount of €15,000,000 and receive LIBOR. As of the second reset date, determine the price of the swap from the corporation’s viewpoint assuming that the fixed-rate side of the swap has increased to 10.25 percent.Solution: On the reset date, the present value of the future floating-rate payments the corporation will receive from the swap bank based on the notional value will be €15,000,000. The present value of a hypothetical bond issue of €15,000,000 with three remaining 9.75 percent coupon payments at the newfixed-rate of 10.25 percent is €14,814,304. This sum represents the present value of the remaining payments the swap bank will receive from the corporation. Thus, the swap bank should be willing to buy and the corporation should be willing to sell the swap for €15,000,000 - €14,814,304 = €185,696.5. Karla Ferris, a fixed income manager at Mangus Capital Management, expects the current positively sloped U.S. Treasury yield curve to shift parallel upward.Ferris owns two $1,000,000 corporate bonds maturing on June 15, 1999, one with a variable rate based on 6-month U.S. dollar LIBOR and one with a fixed rate. Both yield 50 basis points over comparable U.S. Treasury market rates, have very similar credit quality, and pay interest semi-annually.Ferris wished to execute a swap to take advantage of her expectation of a yield curve shift and believes that any difference in credit spread between LIBOR and U.S. Treasury market rates will remain constant.a. Describe a six-month U.S. dollar LIBOR-based swap that would allow Ferris to take advantage of her expectation. Discuss, assuming Ferris’ expectation is correct, the change in the swap’s value and how that change would affect the value of her portfolio. [No calculations required to answer part a.] Instead of the swap described in part a, Ferris would use the following alternative derivative strategy to achieve the same result.b. Explain, assuming Ferris’ expectation is correct, how the following strategy achieves the same result in response to the yield curve shift. [No calculations required to answer part b.]Date Nominal Eurodollar Futures Contract ValueSettlement12-15-97 $1,000,00003-15-98 1,000,00006-15-98 1,000,00009-15-98 1,000,00012-15-98 1,000,00003-15-99 1,000,000c. Discuss one reason why these two derivative strategies provide the same result.CFA Guideline Answera.The Swap Value and its Effect on Ferris’ PortfolioBecause Karla Ferris believes interest rates will rise, she will want to swap her $1,000,000 fixed-rate corporate bond interest to receive six-month U.S. dollar LIBOR. She will continue to hold her variable-rate six-month U.S. dollar LIBOR rate bond because its payments will increase as interest rates rise. Because the credit risk between the U.S. dollar LIBOR and the U.S. Treasury market is expected to remain constant, Ferris can use the U.S. dollar LIBOR market to take advantage of her interest rate expectation without affecting her credit risk exposure.To execute this swap, she would enter into a two-year term, semi-annual settle, $1,000,000 nominal principal, pay fixed-receive floating U.S. dollar LIBOR swap. If rates rise, the swap’s mark-to-market value will increase because the U.S. dollar LIBOR Ferris receives will be higher than the LIBOR rates from which the swap was priced. If Ferris were to enter into the same swap after interest rates rise, she would pay a higher fixed rate to receive LIBOR rates. This higher fixed rate would be calculated as the present value of now higher forward LIBOR rates. Because Ferris would be paying a stated fixed rate that is lower than this new higher-present-value fixed rate, she could sell her swap at a premium. This premium is called the “replacement cost” value of the swap.b. Eurodollar Futures StrategyThe appropriate futures hedge is to short a combination of Eurodollar futures contracts with different settlement dates to match the coupon payments and principal. This futures hedge accomplishes the same objective as the pay fixed-receive floating swap described in Part a. By discussing how the yield-curve shift affects the value of the futures hedge, the candidate can show an understanding of how Eurodollar futures contracts can be used instead of a pay fixed-receive floating swap.If rates rise, the mark-to-market values of the Eurodollar contracts decrease; their yields must increase to equal the new higher forward and spot LIBOR rates. Because Ferris must short or sell the Eurodollar contracts to duplicate the pay fixed-receive variable swap in Part a, she gains as the Eurodollar futures contracts decline in value and the futures hedge increases in value. As the contracts expire, or if Ferris sells the remaining contracts prior to maturity, she will recognize a gain that increases her return. With higher interest rates, the value of the fixed-rate bond will decrease. If the hedge ratios are appropriate, the value of the portfolio, however, will remain unchanged because of the increased value of the hedge, which offsets the fixed-rate bond’s decrease.c. Why the Derivative Strategies Achieve the Same ResultArbitrage market forces make these two strategies provide the same result to Ferris. The two strategies are different mechanisms for different market participants to hedge against increasing rates. Some money managers prefer swaps; others, Eurodollar futures contracts. Each institutional marketparticipant has different preferences and choices in hedging interest rate risk. The key is that market makers moving into and out of these two markets ensure that the markets are similarly priced and provide similar returns. As an example of such an arbitrage, consider what would happen if forward market LIBOR rates were lower than swap market LIBOR rates. An arbitrageur would, under such circumstances, sell the futures/forwards contracts and enter into a received fixed-pay variable swap. This arbitrageur could now receive the higher fixed rate of the swap market and pay the lower fixed rate of the futures market. He or she would pocket the differences between the two rates (without risk and without having to make any [net] investment.) This arbitrage could not last.As more and more market makers sold Eurodollar futures contracts, the selling pressure would cause their prices to fall and yields to rise, which would cause the present value cost of selling the Eurodollar contracts also to increase. Similarly, as more and more market makers offer to receive fixed rates in the swap market, market makers would have to lower their fixed rates to attract customers so they could lock in the lower hedge cost in the Eurodollar futures market. Thus, Eurodollar forward contract yields would rise and/or swap market receive-fixed rates would fall until the two rates converge. At this point, the arbitrage opportunity would no longer exist and the swap and forwards/futures markets would be in equilibrium.6. Rone Company asks Paula Scott, a treasury analyst, to recommend a flexible way to manage the company’s financial risks.Two years ago, Rone issued a $25 million (U.S.$), five-year floating rate note (FRN). The FRN pays an annual coupon equal to one-year LIBOR plus 75 basis points. The FRN is non-callable and will be repaid at par at maturity.Scott expects interest rates to increase and she recognizes that Rone could protect itself against the increase by using a pay-fixed swap. However, Rone’s Board of Directors prohibits both short sales of securities and swap transactions. Scott decides to replicate a pay-fixed swap using a combination of capital market instruments.a. Identify the instruments needed by Scott to replicate a pay-fixed swap and describe the required transactions.b. Explain how the transactions in Part a are equivalent to using a pay-fixed swap.CFA Guideline Answera. The instruments needed by Scott are a fixed-coupon bond and a floating rate note (FRN).The transactions required are to:· issue a fixed-coupon bond with a maturity of three years and a notional amount of $25 million, and· buy a $25 million FRN of the same maturity that pays one-year LIBOR plus 75 bps.b. At the outset, Rone will issue the bond and buy the FRN, resulting in a zero net cash flow at initiation. At the end of the third year, Rone will repay the fixed-coupon bond and will be repaid the FRN, resulting in a zero net cash flow at maturity. The net cash flow associated with each of the three annual coupon payments will be the difference between the inflow (to Rone) on the FRN and the outflow (to Rone) on the bond. Movements in interest rates during the three-year period will determine whether the net cash flow associated with the coupons is positive or negative to Rone. Thus, the bond transactions are financially equivalent to a plain vanilla pay-fixed interest rate swap.7. A company based in the United Kingdom has an Italian subsidiary. The subsidiary generates €25,000,000 a year, received in equivalent semiannual installments of €12,500,000. The British company wishes to convert the euro cash flows to pounds twice a year. It plans to engage in a currency swap in order to lock in the exchange rate at which it can convert the euros to pounds. The current exchange rate is €1.5/£. The fixed rate on a plain vaninilla currency swap in pounds is 7.5 percent per year, and the fixed rate on a plain vanilla currency swap in euros is 6.5 percent per year.a. Determine the notional principals in euros and pounds for a swap with semiannual payments that will help achieve the objective.b. Determine the semiannual cash flows from this swap.CFA Guideline Answera. The semiannual cash flow must be converted into pounds is €25,000,000/2 = €12,500,000. In order to create a swap to convert €12,500,000, the equivalent notional principals are · Euro notional principal = €12,500,000/(0.065/2) = €384,615,385· Pound notional principal = €384,615,385/€1.5/£ = £256,410,257b. The cash flows from the swap will now be· Company makes swap payment = €384,615,385(0.065/2) = €12,500,000· Company receives swap payment = £256,410,257(0.075/2) = £9,615,385The company has effectively converted euro cash receipts to pounds.8. Ashton Bishop is the debt manager for World Telephone, which needs €3.33 billion Euro financing for its operations. Bishop is considering the choice between issuance of debt denominated in: ∙ Euros (€), or∙ U.S. dollars, accompanied by a combined interest rate and currency swap.a. Explain one risk World would assume by entering into the combined interest rate and currency swap.Bishop believes that issuing the U.S.-dollar debt and entering into the swap can lower World’s cost of debt by 45 basis points. Immediately after selling the debt issue, World would swap the U.S. dollar payments for Euro payments throughout the maturity of the debt. She assumes a constant currency exchange rate throughout the tenor of the swap.Exhibit 1 gives details for the two alternative debt issues. Exhibit 2 provides current information about spot currency exchange rates and the 3-year tenor Euro/U.S. Dollar currency and interest rate swap.Exhibit 1World Telephone Debt DetailsCharacteristic Euro Currency Debt U.S. Dollar Currency DebtPar value €3.33 billion $3 billionTerm to maturity 3 years 3 yearsFixed interest rate 6.25% 7.75%Interest payment Annual AnnualExhibit 2Currency Exchange Rate and Swap InformationSpot currency exchange rate $0.90 per Euro ($0.90/€1.00)3-year tenor Euro/U.S. Dollarfixed interest rates 5.80% Euro/7.30% U.S. Dollarb. Show the notional principal and interest payment cash flows of the combined interest rate and currency swap.Note: Your response should show both the correct currency ($ or €) and amount for each cash flow. Answer problem b in the template provided.Template for problem bc. State whether or not World would reduce its borrowing cost by issuing the debt denominated in U.S. dollars, accompanied by the combined interest rate and currency swap. Justify your response with one reason.CFA Guideline Answera. World would assume both counterparty risk and currency risk. Counterparty risk is the risk that Bishop’s counterparty will default on payment of principal or interest cash flows in the swap.Currency risk is the currency exposure risk associated with all cash flows. If the US$ appreciates (Euro depreciates), there would be a loss on funding of the coupon payments; however, if the US$ depreciates, then the dollars will be worth less at the swap’s maturity.b.0 YearYear32 Year1 YearWorld paysNotional$3 billion €3.33 billion PrincipalInterest payment €193.14 million1€193.14 million €193.14 million World receives$3.33 billion €3 billion NotionalPrincipalInterest payment $219 million2$219 million $219 million1 € 193.14 million = € 3.33 billion x 5.8%2 $219 million = $3 billion x 7.3%c. World would not reduce its borrowing cost, because what Bishop saves in the Euro market, she loses in the dollar market. The interest rate on the Euro pay side of her swap is 5.80 percent, lower than the 6.25 percent she would pay on her Euro debt issue, an interest savings of 45 bps. But Bishop is only receiving 7.30 percent in U.S. dollars to pay on her 7.75 percent U.S. debt interest payment, an interest shortfall of 45 bps. Given a constant currency exchange rate, this 45 bps shortfall exactly offsets the savings from paying 5.80 percent versus the 6.25 percent. Thus there is no interest cost savings by sellingthe U.S. dollar debt issue and entering into the swap arrangement.MINI CASE: THE CENTRALIA CORPORATION’S CURRENCY SWAPThe Centralia Corporation is a U.S. manufacturer of small kitchen electrical appliances. It has decided to construct a wholly owned manufacturing facility in Zaragoza, Spain, to manufacture microwave ovens for sale in the European Union. The plant is expected to cost €5,500,000, and to take about one year to complete. The plant is to be financed over its economic life of eight years. The borrowing capacity created by this capital expenditure is $2,900,000; the remainder of the plant will be equity financed. Centralia is not well known in the Spanish or international bond market; consequently, it would have to pay 7 percent per annum to borrow euros, whereas the normal borrowing rate in the euro zone for well-known firms of equivalent risk is 6 percent. Alternatively, Centralia can borrow dollars in the U.S. at a rate of 8 percent.Study Questions1. Suppose a Spanish MNC has a mirror-image situation and needs $2,900,000 to finance a capital expenditure of one of its U.S. subsidiaries. It finds that it must pay a 9 percent fixed rate in the United States for dollars, whereas it can borrow euros at 6 percent. The exchange rate has been forecast to be $1.33/€1.00 in one year. Set up a currency swap that will benefit each counterparty.*2. Suppose that one year after the inception of the currency swap between Centralia and the Spanish MNC, the U.S. dollar fixed-rate has fallen from 8 to 6 percent and the euro zone fixed-rate for euros has fallen from 6 to 5.50 percent. In both dollars and euros, determine the market value of the swap if the exchange rate is $1.3343/€1.00.Suggested Solution to The Centralia Corporation’s Currency Swap1. The Spanish MNC should issue €2,180,500 of 6 percent fixed-rate debt and Centralia should issue $2,900,000 of fixed-rate 8 percent debt, since each counterparty has a relative comparative advantage in their home market. They will exchange principal sums in one year. The contractual exchange rate for the initial exchange is $2,900,000/€2,180,500, or $1.33/€1.00. Annually the counterparties will swap debt service: the Spanish MNC will pay Centralia $232,000 (= $2,900,000 x .08) and Centralia will pay the Spanish MNC €130,830 (= €2,180,500 x .06). The contractual exchange rate of the first seven annual debt service exchanges is $232,000/€130,830, or $1.7733/€1.00. At maturity, Centralia and the Spanish MNC will re-exchange the principal sums and the final debt service payments. The contractual exchange rate of the final currency exchange is $3,132,000/€2,311,330 = ($2,900,000 + $232,000)/(€2,180,500 + €130,830), or $1.3551/€1.00.*2. The market value of the dollar debt is the present value of a seven-year annuity of $232,000 and a lump sum of $2,900,000 discounted at 6 percent. This present value is $3,223,778. Similarly, the market value of the euro debt is the present value of a seven-year annuity of €130,830 and a lump sum of €2,180,500 discounted at 5.50 percent. This present value is €2,242,459. The dollar value of the swap is $3,223,778 - €2,242,459 x 1.3343 = $231,665. The euro value of the swap is €2,242,459 - $3,223,778/1.3343 = -€173,623.。

2012年英语教材答案汇总(修正改)

目录一语音知识讲解与练习................................................................................. 错误！未定义书签。

二情景对话常用句式及范例......................................................................... 错误！未定义书签。

三词法讲解与练习......................................................................................... 错误！未定义书签。

四语法讲解与练习......................................................................................... 错误！未定义书签。

五英汉翻译技巧讲解与练习 (151)第二部分解题指导与能力训练……………………………错误！未定义书签。

一词汇与语法知识解题指导与能力训练......................................................... 错误！未定义书签。

二完型填空解题指导与能力训练..................................................................... 错误！未定义书签。

三阅读理解解题指导与能力训练..................................................................... 错误！未定义书签。

四汉译英解题指导与能力训练......................................................................... 错误！未定义书签。

有机化学第二版-徐寿昌-课后答案

徐寿昌编《有机化学》第二版习题参考答案第二章烷烃1、用系统命名法命名下列化合物（1）2，3，3，4-四甲基戊烷（2）3-甲基-4-异丙基庚烷（3）3，3，-二甲基戊烷（4）2，6-二甲基-3，6-二乙基辛烷（5）2，5-二甲基庚烷（6）2-甲基-3-乙基己烷（7）2，2，4-三甲基戊烷（8）2-甲基-3-乙基庚烷2、试写出下列化合物的结构式(1) (CH3)3CC(CH2)2CH2CH3(2) (CH3)2CHCH(CH3)CH2CH2CH2CH3(3) (CH3)3CCH2CH(CH3)2(4) (CH3)2CHCH2C(CH3)(C2H5)CH2CH2CH3（5）(CH3)2CHCH(C2H5)CH2CH2CH3(6)CH3CH2CH(C2H5)2(7) (CH3)2CHCH(CH3)CH2CH3(8)CH3CH(CH3)CH2CH(C2H5)C(CH3)33、略4、下列各化合物的系统命名对吗？如有错，指出错在哪里？试正确命名之。

均有错，正确命名如下：（1）3-甲基戊烷（2）2，4-二甲基己烷（3）3-甲基十一烷（4）4-异丙基辛烷（5）4，4-二甲基辛烷（6）2，2，4-三甲基己烷5、（3）＞（2）＞（5）＞(1) ＞(4)6、略7、用纽曼投影式写出1，2-二溴乙烷最稳定及最不稳定的构象，并写出该构象的名称。

交叉式最稳定重叠式最不稳定8、构象异构（1），（3）构造异构（4），（5）等同）2），（6）9、分子量为72的烷烃是戊烷及其异构体(1) C(CH3)4(2) CH3CH2CH2CH2CH3 (3) CH3CH(CH3)CH2CH3(4) 同(1)10、分子量为86的烷烃是己烷及其异构体(1)(CH3)2CHCH(CH3)CH3(2) CH3CH2CH2CH2CH2CH3 , (CH3)3CCH2CH3(3)CH3CH2CH(CH3)CH2CH3(4)CH3CH2CH2CH(CH3)214、(4)＞（2）＞（3）＞(1)第三章烯烃1、略2、（1）CH 2=CH — （2）CH 3CH=CH — （3）CH 2=CHCH 2— CH 2CH CH 3MeH H i-PrEt Men-PrMe Me Et i-Prn-Pr (4)(5)(6)(7)3、（1）2-乙基-1-戊烯 (2) 反-3,4-二甲基-3-庚烯 (或(E)-3,4-二甲基-3-庚烯 (3) (E)-2,4-二甲基-3-氯-3-己烯 (4) (Z)-1-氟-2-氯-2-溴-1-碘乙烯(5) 反-5-甲基-2-庚烯或 (E)-5-甲基-2-庚烯 (6) 反-3,4-二甲基-5-乙基-3-庚烯 (7) (E) -3-甲基-4-异丙基-3-庚烯 (8) 反-3,4-二甲基-3-辛烯 4、略 5、略 6、CH 3CH 2CHCH 2CH 3CH 3CH 2CCHCH 3CH 3OH BrCH 3CH 2CCHCH 3CH 3Cl ClCH 3CH 2C CHCH 3CH 3OH OHCH 3CH 2CH CHCH 3CH 3OHCH 3CH 2COCH 3CH 3CHOCH 3CH 2CH CHCH 3CH 3Br(1)(2)(3)(4)(5)(6)(7)7、活性中间体分别为：CH 3CH 2+ CH 3CH +CH 3 (CH 3)3C + 稳定性: CH 3CH 2+ ＞ CH 3CH +CH 3 ＞ (CH 3)3C + 反应速度: 异丁烯＞丙烯＞乙烯8、略9、（1）CH 3CH 2CH=CH 2 (2)CH 3CH 2C(CH 3)=CHCH 3 (有顺、反两种) （3）CH 3CH=CHCH 2CH=C(CH 3)2 (有、反两种)用KMnO 4氧化的产物: (1) CH 3CH 2COOH+CO 2+H 2O (2)CH 3CH 2COCH 3+CH 3COOH (3) CH 3COOH+HOOCCH 2COOH+CH 3COCH 310、（1）HBr ，无过氧化物（2）HBr ，有过氧化物（3）①H 2SO 4 ，②H 2O （4）B 2H 6/NaOH-H 2O 2 （5）① Cl 2，500℃ ② Cl 2，AlCl 3（6）① NH 3，O 2 ② 聚合，引发剂（7）① Cl 2，500℃，② Cl 2，H 2O ③ NaOH 11、烯烃的结构式为：（CH 3）2C=CHCH 3 。

物流专业英语(第5版)Ch14 课后练习答案[4页]

Ch14 第14章智慧物流第1课I Phrases translationII Fill in the importance of visibility across the supply chain.略III．Answer the following questions.略第2课I Phrases translationII Fill in the blank and put the sentence into Chinese1.human brain人工智能的独特之处在于它能够比人脑更熟练地完成更具挑战的任务。

2.predictive demand在预测需求和网络规划领域，人工智能大大提升了企业的效率。

3.material shortages通过先进的机器学习和自然语言处理，该系统可以理解在线对话要表达的情感，并识别潜在的物料短缺、获取问题和供应商现状。

4.classifying the damage type人工智能提供的视觉检查正在以前所未有的速度识别“货物受损状况，对受损进行分类，并确定适当的应对措施”。

5.safety and efficiency虽然自动驾驶卡车辆可能仍需要更多的时间，但高科技驾驶辅助正在进入物流行业，这提高了安全性和效率。

ne-assist；assisted braking features随着高速公路自动驾驶仪、车道辅助和辅助制动功能的出现，道路运输将发生重大改变，预计这些功能将引领真正的自动驾驶的发展。

III．Answer the following questions.略第3课I Phrases translationII Fill in the blank and put the sentence into Chinese1.DepositingASRS是计算机控制的系统，用于从指定的存储位置自动存放、保管和查找托盘。

2.flexibility；continuous这种输送系统提供了独特的灵活性，将肉类仓库内的自动化系统整合成连续的流量。

市场营销学(第二版)试题集Ch14 促销策略

第十四章促销策略（一）单项选择题（在下列每小题中，选择一个最合适的答案）1、促销工作的核心是。

A．出售商品B．沟通信息C．建立良好关系D．寻找顾客2、促销的目的是引发刺激消费者产生。

A．购买行为B．购买兴趣C．购买决定D．购买倾向3、对单位价值高、性能复杂、需要做示范的产品，通常采用策略。

A．广告B．公共关系C．推式D．拉式4、公共关系是一项的促销方式。

A．一次性B．偶然C．短期D．长期5、销售促进是一种的促销方式。

A．常规性B．辅助性C．经常性D．连续性6、人员推销的缺点主要表现为。

A．成本低，顾客量大B．成本高，顾客量大C．成本低，顾客有限D．成本高，顾客有限7、企业广告又称。

A．商品广告B．商誉广告C．广告主广告D．媒介广告8、在产品生命周期的投入期，消费品的促销目标主要是宣传介绍产品，刺激购买欲望的产生，因而主要应采用促销方式。

A．广告B．人员推销C．价格折扣D．销售促进9、收集推销人员的资料是考评推销人员的。

A．核心工作B．中心工作C．最重要工作D．基础性工作10、人员推销活动的主体是。

A．推销市场B．推销品C．推销人员D．推销条件11、公关活动的主体是。

A．一定的组织B．顾客C．政府官员D．推销员12、公共关系目标是使企业。

A．出售商品B．盈利C．广结良缘D．占领市场13、一般日常生活用品，适合于选择做广告。

A．人员B．专业杂志C．电视D．公共关系14、公共关系。

A．是一种短期促销战略B．直接推销产品C．树立企业形象D．需要大量的费用15、开展公共关系工作的基础和起点是。

A．公共关系调查B．公共关系计划C．公共关系实施D．公共关系策略选择16、在广告本身效果的测定中，价值序列法是一种。

A．事前测定法B．事中测定法C．事后测定法D．事外测定法17、一般说来，人员推销有上门推销、柜台推销和三种形式。

A．宣传推销B．会议推销C．协作推销D．节假日推销18、在人员推销中，常采用的“刺激－反应”策略也就是策略。

部编版小学一年级上学期语文期中综合复习课后练习单〔有答案〕

部编版小学一年级上学期语文期中综合复习课后练习单〔有答案〕班级：_____________ 姓名：_____________看拼音写词语1. 看拼音，写词语。

xiǎo cǎo hónɡhuāhónɡhuo nǐmen bǎi huātāmen hónɡmùhónɡyún lǜcǎo huǒhuā2. 读拼音，写汉字。

1．我爱喝kěkǒu kě乐。

2．tián lǐ长出很多hé苗。

3．小chónɡzi飞进le dà象的ěr朵。

3. 读拼音，写词语。

gǔjīn qiūliáng táo lǐxīyángtáo zi héfēng xìyǔniǎo yǔhuāxiāng4. 读拼音，写汉字。

mén kǒu guǎng dàfēi zǒu kāi huìběi jīng dàmén5. 拼一拼，写一写。

kěshìkāi kǒu nǚér dōng xīsān yuèyuèér ěr mùkāi tóu笔画填空6. 填一填。

（1）“到”字共有____画，第六笔是______笔顺是：____________ （2）“那”字共有____画，第五笔是______。

笔顺是：____________ （3）“色”共有____画，第四笔是______，笔顺是____________（4）“外”是____结构，共____画，第二笔是_____。

7. 按要求填一填。

（1）“虫”共有_________________画，第五笔是_________________。

（2）“云”的第三笔是_________________，可以组词为_________________、_________________。

第十四章课后习题答案-推荐下载

什么相对论的一些重要结论常使人感到困惑呢？这主要是源于它的基本观念与人们的“常识”不符，但这里所说的“常识”均是人们在宏观低速物理环境中所感受的，而“常识”又往往成为我们接受相对论的障碍.在相对论的一
系列结论中，同时性的相对性是一个关键性概念，相对论中一系列时空特征都与这一基本概念有关.在学习中有人会问：既然相对论告诉我们动尺缩
而计算无需严格，例如经常认为 Δp p 、 Δr r 等，此外 ΔxΔp h 或

h 4π

或 Ek
是最基本的不确定关系式，由此还可演变出诸多不确定关系式，
计算时也都只需用估算方法.由于近代物理的基本概念远远超出了经典物理
的框架，因此学好近代物理，首先要在思维和观念上不受已在经典物理中
相差较大，对于动能相同的两种粒子来说，往往会出现一种粒子可用非相对论，而另一种粒子必须用相对论处理. (2) 量子物理的适用范围
由于微观粒子具有波粒二象性，大部分情况下只有用量子理论才能解释其
行为，因此对原子、电子、质子等微观粒子必须用量子理论解释，而对分
子系统来说，其中常温及高温下的气体可用经典理论，但对低温下的气体以及固体和液体则应用量子理论. 2.对相对论中几个重要结论的思考在相对论中时间和空间联系在一起构成了一个统一体，它们均与运动有关.为
粒子在空间某个位置出现的概率上，或一个物理行为发生的概率上，实际
上凡是在涉及原子过程的所有实验中，没有一个实验能够揭示原子过程发
生的准确时间和位置，对于原子过程只能给出概率性的描述，因此微观粒
子是一种概率波，既承认其粒子性又同时体现其波动性，这样微观粒子的
波粒二象性就在概率论基础上被统一起来，认识到这一点对用波函数模的
短，那么，在两个作相对运动的惯性之中究竟哪个尺子缩短了？其实考虑

管理会计第14版（charles查尔斯）英文影印版课后答案

管理会计第14版（charles查尔斯）英⽂影印版课后答案COVERAGE OF LEARNING OBJECTIVESManagerial Accounting and the Business Organization1-A1 (10-15 min.)Because the accountant's duties are often not sharply defined, some of these answers could be challenged:1. Attention directing and problem solving. Budgeting involves makingdecisions about planned activities -- hence, aiding problem solving.Budgets also direct attention to areas of opportunity or concern --hence, directing attention. Reporting against the budget also has ascorekeeping dimension.2. Problem solving. Helps a manager assess the impact of a decision.3. Scorekeeping. Reports on the results of an operation. Could also beattention direction if scrap is an area that might require management decisions.4. Attention directing. Focuses attention on areas that need attention.5. Attention directing. Helps managers learn about the informationcontained in a performance report.6. Scorekeeping. The statement merely reports what has happened.7. Problem solving. The cost comparison is apparently useful becausethe manager wishes to decide between two alternatives. Thus, it aids problem solving.8. Attention directing. Variances point out areas where results differfrom expectations. Interpreting them directs attention to possiblecauses of the differences.9. Problem solving. Aids a decision about where the parts should bemade.10. Scorekeeping. Determining a depreciation schedule is simply anexercise in preparing financial statements to report the results ofactivities.1. Budgeted Actual DeviationsAmounts Amounts or Variances Room rental $ 140 $ 140 $ 0Food 800 1,008 208UEntertainment 600 600 0Decorations 220 190 30FTotal $1,760 $1,938 $178U2. Because of the management by exception rule, room rental andentertainment require no explanation. The actual expenditure forfood exceeded the budget by $208. Of this $208, $150 is explained by attendance of 15 persons more than budgeted (at a budget of $10 per person) and $58 is explained by expenditures above $10 per person.Actual expenditures for decorations were $30 less than the budget. If all desired decorations were purchased, the decorations committee should be commended for their savings.1-A3 (10 min.)All of the situations raise possibilities for violation of the integrity standard. In addition, the manager in each situation must address an additional ethical standard:1. The General Mills manager must respect the confidentiality standard.He or she should not disclose any information about the new cereal.2. Roberto must address his level of competence for the assignment. Ifhis supervisor knows his level of expertise and wants an analysisfrom a “layperson” point of view, he should do it. However, if thesupervisor expects an expert analysis, Roberto must admit his lackof competence.3. The objectivity standard should cause Helen to decline to omit theinformation from her budget. It is relevant information, and itsomission may mislead readers of the budget.Because the accountant’s duties are often not sharply defined, some of these answers could be challenged:1. Scorekeeping. Records events.2. Scorekeeping. Simply recording of what has happened.3. Problem solving. Helps a manager decide between alternatives.4. Attention directing. Directs attention to the use of overtime labor.5. Problem solving. Provides information to managers for decidingbetween alternatives.6. Attention directing. Directs attention to why nursing costs increased.7. Attention directing. Directs attention to areas where actual resultsdiffered from the budget.8. Problem solving. Helps the vice-president to decide which course ofaction is best.9. Scorekeeping. Records costs in the department to which theybelong.10. Scorekeeping. Records actual overtime costs.11. Attention directing. Directs attention to stores with either high or lowratios of advertising expenses to sales.12. Attention directing. Directs attention to causes of returns of the drug.13. Attention directing or problem solving, depending on the use of theschedule. If it is to identify areas of high fuel usage it is attentiondirecting. If it is to plan for purchases of fuel, it is problem solving. 14. Problem solving. Provides information for deciding between twoalternative courses of action.15. Scorekeeping. Records items needed for financial statements.1 & 2. Budget Actual VarianceSales $75,000 $74,860 $ 140UCosts:Fireworks $35,000 $39,500 $4,500ULabor 15,000 13,000 2,000FOther 8,000 8,020 20UProfit $17,000 $14,340 $2,660U3. The cost of fireworks was $4,500 ÷ $35,000 = 13% over budget. Didfireworks suppliers raise their prices? Did competition cause retailprices to be lower than expected? There should be someexplanation for the extra cost of fireworks. Also, the labor cost was$2,000 ÷ $15,000 =13% below budget. It would be useful to discover why this cost was saved. Both sales and other costs were very close to budget.1-B3 (10 - 15 min.)1. Treasurer. Analysts affect the company's ability to raise capital,which is the responsibility of the treasurer.2. Controller. Advising managers aids operating decisions.3. Controller. Advice on cost analysis aids managers' operatingdecisions.4. Controller. Divisional financial statements report on operations.Financial statements are generally produced by the controller'sdepartment.5. Treasurer. Financing the business is the responsibility of thetreasurer.6. Controller. Tax returns are part of the accounting process overseenby the controller.7. Treasurer. Insurance, as with other risk management activities, isusually the responsibility of the treasurer.8. Treasurer. Allowing credit is a financial decision.1-1 Decision makers within and outside an organization use accounting information for three broad purposes:1. Internal reporting to managers for planning and controllingoperations.2. Internal reporting to managers for special decision-making and long-range planning.3. External reporting to stockholders, government, and other interestedparties.1-2 The emphasis of financial accounting has traditionally been on the historical data presented in the external reports. Management accounting emphasizes planning and control purposes.1-3 The branch of accounting described in the quotation is management accounting.1-4 Scorekeeping is the recording of data for a later evaluation of performance. Attention directing is the reporting and interpretation of information for the purpose of focusing on inefficiencies of operation or opportunities for improvement. Problem solving presents a concise analysis of alternative courses of action.1-5 GAAP applies to publicly issued annual financial reports. Internal accounting reports are not restricted by GAAP.1-6 Yes, but it covers more than that. The Foreign Corrupt Practices Act applies to all publicly-held companies and covers the quality of internal accounting control as well as bribes and other matters.1-7 Users cannot easily observe the quality of accounting information. Thus, they rely on the integrity of accountants to be sure the information is accurate. Information that is unreliable is worthless, so if accountants do not have a reputation for integrity, the information they produce will not have value.1-8 Three examples of service organizations are banks, insurance companies, and public accounting firms. Such organizations tend to be labor intensive, have outputs that are difficult to define and measure, and have both inputs andoutputs that are difficult or impossible to store.1-9 Two considerations are cost-benefit balance and behavioral effects. Cost-benefit balance refers to how well an accounting system helps achieve management's goals in relation to the cost of the system. The behavioral consideration specifies that an accounting system should be judged by how it will affect the behavior (that is, decisions) of managers.1-10 Yes. The act of recording events has become as much a part of operating activities as the act of selling or buying. For example, cash receipts and disbursements must be traced, and receivables and payables must be recorded, or else gross confusion would ensue.1-11 A budget is a prediction and guide; a performance report is a tabulation of actual results compared with the budget; and a variance reconciles the differences between budget and actual.1-12 No. Management by exception means that management spends more effort on those areas that seem to be out of control and less on areas that are functioning as planned. This method is an efficient way for managers to decide where to put their time and effort.1-13 No. There is no perfect system of automatic control, nor does accounting control anything. Accounting is a tool used by managers in their control of operations.1-14 Information that is relevant for decisions about a product depends on the product's life-cycle stage. Therefore, to prepare and interpret information, accountants should be aware of the current stage of a product's life cycle.1-15 The six functions are: (1) research and development – generation and experimentation with new ideas; (2) product and service process design – detailed design and engineering of products; (3) production – use of resources to produce a product or service; (4) marketing - informing customers of the value and features of products or services; (5) distribution – delivering products or services to customers; and (6) customer service –support provided to customers.1-16 No. Not all of the functions are of equal importance to the success of a company. Measurement and reporting should focus on those functions that enable a company to gain and maintain a competitive edge.1-17 Line managers are directly responsible for the production and sale of goods or services. Staff managers have an advisory function – they support line managers.1-18 Management accountants are the information specialists, even in non-hierarchical companies. However, in such companies they are more directly involved with managers and are often parts of cross-functional teams.1- 19 A treasurer is concerned mainly with the company's financial matters, the controller with operating matters. In large organizations, there are sufficient activities associated with both financial and operating matters to justify two separate positions. In a small organization the same person might be both treasurer and controller.1-20 The four parts of the CMA examination are: (1) economics, finance, and management, (2) financial accounting and reporting, (3) management reporting, analysis, and behavioral issues, and (4) decision analysis and information systems.1-21 This is not true. About one-third of CEOs come from finance or accounting backgrounds. Accounting is excellent preparation for top management positions because accountants are often exposed to many parts of the company early in their careers.1-22 Changes in technology are affecting how accountants operate. They must be able to account for e-commerce transactions efficiently and safely, they often must integrate their accounting systems into ERP systems, and an increasing number are beginning to use XBRL to communicate information electronically.1-23 The essence of the just-in-time philosophy is the elimination of waste, accomplished by reducing the time products spend in the production process and trying to eliminate the time spent in processes that do not add value to the product.1-24 Moving tools and products that are in process from one location to another in a plant is an activity that does not add value to the product. So changing the plant layout to eliminate wasted movement and time improves production efficiency.1-25 The four major responsibilities are: (1) competence - develop knowledge; know and obey laws, regulations, and technical standards;and perform appropriate analyses, (2) confidentiality - refrain from disclosing or using confidential information, (3) integrity -avoid conflicts of interest, refuse gifts that might influence actions, recognize limitations, and avoid activities that might discredit the profession, and (4) objectivity - communicate information fairly, objectively, and completely, within confidentiality constraints.1-26 Standards do not always provide the needed guidance. Sometimes an action borders on being unethical, but it is not clearly an ethical violation. Other times two ethical standards conflict. In situations such as these, accountants must make ethical judgments.Typical activities associated with the treasurer function include:Provision of capitalInvestor relationsShort-term financingBanking and custodyCredits and collectionsInvestmentsRisk managementTypical activities associated with the controller function include:Planning for controlReporting and interpretingEvaluating and consultingTax administrationGovernment reportingProtection of assetsEconomic appraisal1-28 (5-10 min.)Activities 2, 4, 5, and 6 are primarily associated with marketing decisions. The management accountant would assist in these decisions as follows: Boeing Company’s pricing decision requires cost data relevant to the new method of distributing spare parts. /doc/0eb5703deefdc8d376ee329d.html will need to know the costs of the advertising program as well as the additional costs of other value chain functions resulting from increased sales. TexMex Foods will need to know the incremental revenues and incremental costs associated with the special order. Target Stores needs to know the impact on both revenues and costs of closing one of its stores.Activities 1, 7, and 8 are primarily associated with production decisions. The management accountant would assist in these decisions as follows. Porsche Motor Company needs an analysis of the costs associated with purchasing the part compared to the costs of making the part. Dell will need to know the costs of the training program and the savings associated with increased efficiencies in the setup and changeover activities. General Motors needs to know the costs and salvage values of the replacement equipment, the proceeds of the sale of the old equipment, and the operating savings associated with the use of the new equipment.1-30 (5 min.)1. Management 4. Management 7. Financial2. Management 5. Management3. Financial 6. Financial1. Performance ReportBudget Actual Variance Explanation Revenues $220,000 $228,000 $8,000 F Additional salesfrom newproducts* Advertising cost 15,000 16,500 (1,500) U New advertisingNet $6,500 F* From the New Products Report, seven new products were added. This exceeded the plan to add six.2.Factors that may not have been considered include:a.The costs of new products may have exceeded their price.b.Customer satisfaction with new products may not have been partof the new products report./doc/0eb5703deefdc8d376ee329d.html petitors’ reactions to the Starbucks store’s actions may not have been anticipated.d.External uncontrollable factors such as increases in operatingcosts, adverse weather, changes in the overall economy, newcompetitors entering the market, or key employee turnover mayhave decreased efficiency.1-32 (5 min.)1. Line, support 3. Staff, marketing 5. Staff, support2. Staff, support 4. Line, marketing 6. Line, productionMicrosoft is a company that most students will know and have some understanding of what functions its managers perform. Nevertheless, this may not be an easy exercise for those who have little knowledge of how companies operate.Research & development – Because software companies must continually come out with new products and upgrades to their current products this is a critical function for Microsoft. More than one-fourth of Microsoft’s operating expenses are devoted to R&D.Design of products, services, or processes – For Microsoft the design and R&D process probably overlap considerably. Product design is critical; process design is probably not. One essential part of design is beta testing – that is, field testing of new software. This quality-control step is essential to prevent customer dissatisfaction with new products.Production – Microsoft produces disks and CD-ROMs and the manuals and packaging to go with them. However, they are increasingly delivering software over the Internet, which takes an initial process design and then few resources. It is not likely a major focus for Microsoft.Marketing – Microsoft spends more on sales and marketing than on any other operating expense. Increasing competition in software sales makes marketing essential to the company’s future. This function includes advertising and direct marketing activities, but it also includes activities of the company’s sales force. Distribution – This function is becoming simpler for Microsoft as it delivers more and more software over the Internet. Although the company must stay abreast of competitors in delivery methods, this is not likely to create a major competitive advantage or disadvantage for Microsoft.Customer service – Customer service is important, but Microsoft tries to minimize its costs in this area by product design –making things work right without needing deep computer expertise. Still, poor customer service can severely impact a company, so Microsoft must attend to it.Support functions – Most of the time these are not a major focus. There is one exception recently for Microsoft. Legal support has been front and center. The very future of the company was based on court judgments for which good legal support was essential.The management accountant's major purpose is to provide information that helps line managers in making decisions regarding the planning and controlling of operations. The accountant supplies information for scorekeeping, attention directing, and problem solving. In turn, managers use this and other information for routine and non-routine decisions and for evaluating subordinates and the performance of sub-parts of the organization. Management accountants must walk a delicate line between (1) making sure that managers are properly using the pertinent information and (2) making sure that the managers, not the accountants, are doing the actual managing.Other costs of a poor ethical environment include legal costs and costs due to high employee turnover. Other benefits of a good ethical environment include low employee turnover, low loss from internal theft, and improved customer satisfaction resulting from better quality and service (that result from a more productive work environment).1-36(5 min.)There are numerous examples.“You understand how important it is to record this sale before year end, don’t you?”“Doing it this way is common for all companies in our business, so don’t worry!”“Trust me, the inventory is at the warehouse.”This problem can form the basis of an introductory discussion of the entire field of management accounting.1. The focus of management accounting is on helping internal users tomake better decisions, whereas the focus of financial accounting ison helping external users to make better decisions. Managementaccounting helps in making a host of decisions, including pricing,product choices, investments in equipment, making or buying goods and services, and manager rewards.2. Generally accepted accounting standards or principles affect bothinternal and external accounting. However, change in internalaccounting is not inhibited by generally accepted principles. Forexample, if an organization wants to account for assets on the basisof replacement costs for internal purposes, no outside agency canprohibit such accounting. Of course, this means that organizationsmay have to keep more than one set of records. There is nothingimmoral or unethical about having multiple sets of books, but theyareexpensive. Accounting data are commodities, just like butter or eggs.Innovations in internal accounting systems must meet the samecost-benefit tests that other commodities endure. That is, theirperceived increases in benefits must exceed their perceivedincreases in costs. Ultimately, benefits are measured by whetherbetter decisions are forthcoming in the form of increased net profitsor cost savings.3. Budgets, the formal expressions of management plans, are a majorfeature of management accounting, whereas they are not asprominent in financial accounting. Budgets are major devices forcompelling and disciplining management planning.4. An important use of management accounting information is theevaluation of performance, which often takes the form of comparisonof actual results against budgets, providing incentives and feedback to improve future decisions.5.Accounting systems have an enormous influence on the behavior ofindividuals affected by them. Management accounting is moreconcerned with the likely behavioral effects of various accountingalternatives that may be adopted than is financial accounting.1-38(10 min.)The main point of this question is that cost information is crucial for decisions regarding which products and services should be emphasized or de-emphasized. The incentives to measure costs precisely are far greater when flat fees are being received instead of reimbursements of costs.Note, too, that nonprofit organizations and profit-seeking organizations have similar desires regarding management accounting. Accountability is now in fashion for many purposes, including justification of prices, cost control, and response to criticisms by investors (whether they be donors, taxpayers, or others).When somebody's money is at stake, accounting systems get much love and attention. In a survey of 550 hospitals, hospital financial executives said that improved cost accounting systems "are crucial to responding to changes in hospital payment mechanisms and that better cost information is essential for more profitable and efficient operations." Hospitals will increasingly identify costs by product (type of case), not just by departments.1-39 (10 min.)Paperwork and systems often seem to become ends in themselves. However, the rationale that should underlie systems design is the cost-benefit philosophy or approach that is implied in the quotation. The aim is to get the managers and their subordinates collectively to make better decisions under one system versus another system -- for a given level of costs. Marks & Spencer should look at each of the management accounting reports it produces with an eye toward how it helps managers make better decisions. Does it provide needed scorekeeping? Does it direct attention to aspects of operations that might need altering? Does it provide information for specific management decisions? These types of questions will help identify the benefit of the information in the report.Then the company must consider the cost – not just the cost of collecting the data and preparing the reports, but the cost of educating managers to use the information and the cost of the time to read, digest, and act on the information. Too much information may be costly because it makes it time-consuming (and thus costly) to sift through the reams of information to find the few items that are important. And one cost may be the loss of important information because the total volume of information makes it too difficult to ferret out the important items.1-40(10 min.) Financial information is important in all companies. But how managers get and use financial information can differ depending on the culture and philosophies of the company.Top executives of a company often represent a functional area that is critical to the comparative economic advantage of the company. If technology is crucial, engineers generally hold important executive positions. If marketing differentiates the company from others, marketing executive s usually dominate. But regardless of the source of a company’s competitive advantage, its success will eventually be measured in economic terms. They must attend to financial aspects to thrive and often even to survive.Management accountants must work with the dominant managers in any organization. The modern trend toward use of cross-functional teams places management accountants at the center of the action regardless of what type of managers and executives dominate. Most companies realize that there is a financial dimension to almost every major decision, so they want the financial experts, management accountants, involved in the decisions. But to be accepted as an important part of these teams, the management accountants must know how to help managers in various functional areas. In General Mills, if accountants can’t talk the language of marketing, they will not have great influence. In ArvinMeritor, if they do not understand the information needs of engineers they will not provide value.1-41(10-15 min.)1. Boeing's competitive environment and manufacturing processeschanged greatly during the 1990s. An accounting system that served them well in their old environment would notnecessarily be optimal in the 2000s. Boeing's management probably thought that changes in the accounting system were necessary to produce the kind of information necessary to remain competitive.2. A cost-benefit criterion was probably used. Boeing's management maynot have quantified the costs and the benefits, but they certainlyassessed whether the new system would help decisions enough towarrant the cost of the system.Many of the benefits of a better accounting system are hard to measure.They affect many strategic decisions of an organization. Withoutaccurate product costs, management will find it difficult to assess the consequences of their decisions. An accurate accounting system will help to price airplanes and other products competitively.3. More accurate product costs will usually result in better managementdecisions. But if the cost of the accounting system that produces the more accurate costs is too high, it may be best to forego the increased accuracy. The benefit of better decisions must exceed the added cost of the system for a change to be desirable.。

简明法语教程上14课课后答案

P148 X.
1. Quelle heure est-il, s’il vous plaît?
2. Il est neuf heures vingt-cinq. 3. Est-ce que tu vas au bureau cet après-
midi? 4. Oui, j’y vais tout de suite. 5. Paul est en retard aujourd’hui, parce que
P147 VII.
1. A quelle heure allez-vous chez Pierre? 2. Qui va venir? 3. Qu’est-ce que Marie va faire? 4. Oùtravaille votre père? 5. Qui est en retard? 6. Que fait le directeur pour être à l’heure
sa montre retarde de dix minutes.
6. Tous les matins, il va à l’école en voiture.
7. Le bruit est trop fort ici. Si tu veux parler, tu dois crier.
8. Ils ont beaucoup de travail et ils rentrent très tard à la maison tous les jours.
P148 IX.
1. Deux heures et quart 2. Une heure et demie 3. Trois quarts d’heure 4. Sept heures moins cinq 5. Huit heures quarante-cinq 6. Vingt et une heures cinquante-quatre

教材课后练习答案1-14

Keys to the ExercisesUnit 1 Fundamentals of Writing Business LettersI. Arrange the followings in the proper form as they should be set out in a letter in blocked format.1.China National Light Industrial Products Import & Export Corporation, Shanghai Branch123 Jiefang Road, Shanghai, ChinaFax Number: 86-22-67891236E-mail address: linda@mail. zlnet. com. CnMarch 18, 2008H. G. Wilkinson Company, Limited456 Lombart StreetLagos NigeriaDear Sirs,Re: Sewing MachinesWe thank you for your letter of March 6 enquiring for the captioned goods.The enclosed booklet contains details of all our Sewing Machines and will enable you to make a suitableselection.We look forward to receiving your specific enquiry with keen interest.Yours faithfullyII. Address an envelope in English.Shanghai Machinery Equipment Corp.2008 Huangpu Road, Shanghai200006, P.R.ChinaJeff TompsonMayflower Corp.15, Washington StreetLos Angeles, CA91992USAUnit 2 Establishing Business RelationsI. Translate the following terms and phrases into English.the chamber of commerce / the latest catalogue/ price list/ financial standing/ under separate cover/ business scope / to establish business relationship with.../ upon receipt of..../ the Commercial Counselor’s Office/ to enjoy excellent reputationII. Choose the best answer.1-5 BCAAC 6-10 BDBCBIII. Translate the following sentences into English.1. Your letter of 2nd Sept. has been received and we are pleased to inform you that the goods you need fall within our business scope.2. We, a state-owned enterprise dealing in chemical products, take the liberty to write to you in the hope of establishing business relationship with you.3. We take pleasure in introducing ourselves to you and hope that we may have an opportunity of cooperating with you to expand the business.4. We, specializing in Chinese cotton products, hope to establish business relationship with you.5. We are informed of you name and address by Smith Corp., New York and learn that your are in the market for steel.6. We are willing to establish business relationship with you on the basis of equality and mutual benefits.7. Through the courtesy of Messrs. Freeman Co., we learn that you are the leading importer of electronic products in your area and hope to establish business relationship with you.8. To give you a general idea of our machines now available for export, we enclosea copy of catalogue and pricelist for your reference.9. We take the liberty to write to you in the hope of establishing business relationship with you.10. We, specializing in Chinese crafts, are willing to establish business with you in this line.Iv. Translate the letter into English.Dear Sir or Madam,Through the courtesy of our Commercial Counselor’s Office of the Embassy in your country, we take the liberty to introduce ourselves as exporters of silk piece goods, which have been exported to Japan and Europe. We specialize in the above business. Learning that your company are the leading importer of silk piece goods, we are desirous of establishing direct business relationship with you.We shall be grateful if you will let us know whether you are interested in the above suggestion.Look forward to your favourable news.Yours sincerely,(Signature)V. 略Unit 3 EnquiriesI. Translate the following terms and phrases.prompt shipment discriminating buyer superb workmanship to be in a position to do sth. for your reference to accept an order to invite one’s attention to …by separate post forwarding agent busy season brisk demand Trade Directory quotation sheet terms and conditions general inquiry discount competitive price illustrated catalogue retailers wholesalers delivery date交货期specific inquiry具体询盘II. Multiple choices.1-5：DBCDD 6-10：BABBCIII. Translate the following sentences into English.1. Please quote as requested in our enquiry sheet your lowest prices and state the earliest delivery date.2. If your quotation is competitive, we are ready to place orders for Men's Shirts.3. If you are interested in our electronic products, please let us know with a specific enquiry and indicate the quantity you require.4. If your quality is good and the price is suitable for our market, we would consider signing a long-term contract with you. .5. If you think this offer is acceptable to you, please cable us immediately for our confirmation.6. We shall be very glad to place our order with you if your quotation is competitive and deliverydate acceptable.7. As soon as we receive your specific enquiry, we will cable you our quotation.8. We find your offer interesting and shall give you our definite reply in a few days.9. We would appreciate your letting us know what discount you can allow if we give you a long-term regular order?10. This is our latest price list. You will find our price is very competitive.11. We can reconsider our price if your order is big enough.12. We shall make you our most favorable quotations CFR Lagos upon receipt of your specific enquiry.13. As the price we quoted is quite reasonable, and we trust it will be acceptable to you.14. We are interested in your color pens in the sample book. We should be glad if you would send us your quotations.15. As we are in the market for garden tools, we should be pleased to have your catalogue with price list for our consideration.16. To give you more information about our company, we enclose our latest brochure for your reference.17. Seeing your advertisement in a newspaper, we ask you to send us your latest pricelist, together with an illustrated catalogue.18. We look forward to receiving your reply within this week as the matter is urgent.19. Please quote as requested in our inquiry sheet your lowest prices and state the earliest delivery date.20. If you are in a position to supply the goods as per the attached enquiry at very competitive prices, we trust large orders will be obtained.21. Your ad in October 19’s China Daily interests us and we would appreciate your sending us samples together with price list.22. Please quote us your lowest price CFR Toronto for the following items, inclusive of our 5% commission.IV. Translate the following letter into English.Dear Sirs,We are glad to learn from your letter of March 20 that, as exporters of Chinese Silk garments, you intend to establish direct business connections with us, which happens to be our desire.At present, we are interested in silk blouses and please let us have your firm offers of CIF London together with your terms of payment and state whether you should be able to make delivery within one month after receiving our order.In order to acquaint us with the material and workmanship of your products, we shall be pleased if you could send us your catalogues, sample books and all necessary information on the above goods.Should your price be found competitive and delivery date acceptable, we intend to place a substantial order.Your early reply will be highly appreciated.Yours faithfully,V. Situational training.Dear Sirs,We are glad to receive your letter of Sept.15 with pleasure.At present, we are interested in importing Men’s shirts 3,000 dozen at CIF New York. We would like you to send us your catalogues, price list giving the details we ask for, and also samples of the material used.When quoting, please state the earliest delivery date, your terms of payment and discount you would allow on regular purchases.We are looking forward to your early reply.Yours faithfully,Unit 4 OffersI. Translate the following terms and phrases.firm offer non-firm offer with regard to spare components as perUsance L/C in due course subject to a t seller’s option to effect shipment proforma invoice quotation sheet brisk demand term of validity stock favorable price in reply to to place an order for sth commission order for goods subject toII. Multiple choices.1-5:DBABC 6-10：BACDB 11-15：DBACAIII. Translate the following sentences into English.1. At your request, we are making an offer for 500 pieces of “Flying Pigeon” Bicycles as follows.2. This offer is firm, subject to your reply reaching us by the end of this month.3. If you find our offer acceptable, please cable us for confirmation. There is no question about getting the necessary import license.4. We are pleased to offer you a firm offer CIF Lagos for “Forever “Brand Bicycles5. As to the captioned the goods, we are sending you, under cover, a proforma invoice No. 88 in duplicate. Please note that our offer remains good until June 10.6. This offer will keep valid till the end of this month.7. We can make you offer for various kinds of Chinese canned fruits at the most attractive prices.8. The price of our pen is US$6.00 per dozen CFR Vancouver.9. We are making you an offer at your request as follows, subject to our final confirmation.10. The above offer is a free offer. /The above offer is without engagement.IV. Write letters according to the information given in the following situations.(1)Dear Sirs,Thank you for your enquiry of September 28, 2011 and we are glad to learn that you are interested in our Cotton Bed Sheets.We are making you an offer, subject to your early reply reaching us within 7 days, as follows: Article: ART, No. BS-12 Cotton Bed sheetsPrice: USD136 per dozen CIF New YorkPacking: each carton of 12 dozenShipment: to be effected not later than the end of OctoberPayment: by confirmed, irrevocable L/C, payable by draft at sight.We are looking forward to your early order.Yours faithfully,(2)回复询盘Dear sirs,Thank you for your enquiry for Mountain Bikes. As requested, we are offering you 1000 sets Mountain Bikes , Art. No. KH120. as follows, subject to your reply receipt by us before the end of this month.Commodity: Mountain BikesArticle. No.: KH120Quantity: 1000 setsPrice: GBP 55/set CIF LondonShipment：In DecemberPayment: By irrevocable L/C at sightPacking: In cartonsWe trust the above will be acceptable to you , and hope to receive your order soon.yours faithfully,V. Translate the following letter into English.Dear Sirs,Re.: Silk BlousesWe acknowledge receipt of your letter dated 10th this month, from which we note that you wish to have our firm offer for both silk blouses CIF London.We are making you an offer for 3000 dozen Silk Blouses at ￡45.00 CIF London for shipment in April, 2010. Payment is to be made by a confirmed L/C in our favor payable by draft at sight. This offer is firm, subject to your reply reaching us on or before February 25, our time.Please note that we have quoted you our most favorable price and are unable to entertain any counteroffer.For your information, recently there is a large demand for the above goods, such a growing demand can only result in increased price. However, you may benefit from the advancing market if you send us your immediate acceptance.Yours faithfully,VI. Situational training:Dear Sirs,Thank you for your enquiry of Dec. 19. We are now making you an offer, subject to your reply reaching us within 10 days, as follows:3,000 dozen men's shirts at US$98.00 per piece CIF New York inclusive of 2% discount, for shipment during March/April. Payment is to be made by confirmed Letter of credit payable by draft at sight.We have offered our most keenest price, therefore, any counter-offer will not entertained. Enclosed is our latest catalogues. We trust the above offer will be acceptable to you.Awaiting your favorable reply with keen interest.Yours faithfully,Unit 5 Counter-offerI. Translate the following terms and phrases.at one's earliest convenience make a concession to sb usual terms Japanese make on the high side price gap accept the counter-offerthe bottom price the ceiling price before long be out of linemargin of profit subject article at your endII. Fill in the blanks with proper words or expressions.1. found, high2. in3. List, reference4. Close, near5. without6. Feel7. cannot8. In, position, contact9.Reply, information/reference10.place attention11.Quote，basis12. subject，reaching13. do，make14. regret，accept/entertain15. declining, reduce16. position offer17. market, appreciate18.attention insteadIII. Translate the following sentences into English.1. If you can make a reduction of 3% in your quotation, we will accept the offer without delay.2. We very much regret that your offer is 5% higher than those from the American suppliers.3. As the market of Wool is declining, there is no possibility of business unless you can reduce your price by 5%.4. We regret to inform you that our customers here find your price too high.5. As our price is quite reasonable, it has been accepted by other customers at your end .6. As for Men’s shirts, we look forward to doing business with you at a figure close to our quoted price.7. Your counteroffer is not in line with the prevailing market.8. We are sorry the difference between our price and your counteroffer is too wide.9. Much as we would like to come to terms with you，we cannot entertain your counteroffer.10. The price we quoted is quite reasonable, which has been accepted by the other buyers at your end.IV. Translate the following letters into English.(1)Dear sirs,Thank you for your offer of June 26 and samples of Dinner Sets you kindly send us.While we are appreciating the good quality of your Dinner Sets, we regret that your price appears to be on the high side. To accept the price you quoted would leave us no margin of profit in our sales, since the other suppliers are offering lower prices for Dinner Sets of same quality.Therefore we suggest you reduce the quoted price to USD 25/set, otherwise there is no possibility of business.We look forward to your confirmation.Yours faithfully,(2)Dear Sirs,We confirm having received your letter of May 9, asking us to make a 10% reduction in our price for T-shirts.Much to our regret, we find it intolerable to comply with your request because our price is quite reasonable if you take the quality into consideration. However, in order to develop our market in your place, we have decided to accept your counter-offer as an exceptional case.We hope we can conclude business before long and await your prompt reply.Yours truly,Unit 6 Conclusion of BusinessI. Translate the following terms and phrases.to conclude a transaction for our file to bridge the gap the relative L/C counter-signature trial order to put the deal through in duplicatewith the view of doing sth. to draw your attention to subsequent amendment thanks to conclusion of a deal subsequent to to turn outII. Fill in the blanks with proper words or expressions.1. to2. with, for3. from4. result5. in6. to, in7. in, with, in8. in9. to10. in11. to12. of, toIII. Translate the following sentences into English.1. We shall book a trial order with you, provided you will give us a 5% commission.2. We have booked your Order No.168 for bed sheets and pillow-cases and are sending our Sales Confirmation No. BP-200 in duplicate.3. Your order is receiving our immediate attention and you can depend on us to effect delivery well within your time limit.4. We enclose a trial order. If the quality is up to our expectation, we shall send further order in the near future. Your prompt attention to this will be appreciated.5. We wish to refer to the recent exchange of cables and are pleases to confirm having concluded with you a transaction of 50 tons of canned crabmeat.6. We are pleased to have transacted the initial business with your firm and look forward to the further expansion of trade to our mutual benefit.7. We have succeeded in putting through the deal of five hundred tons of canned mushroom.8. The price you quoted being found workable, we have cabled you our acceptance.9. We have cabled our confirmation of your order and you are requested to open the L/C as soon as possible.10. Please accept our offer and confirm the above-mentioned terms immediately.IV. Translate the letters into English.(1)Dear Sirs,Thank you for your letter of 4th August. We are pleased to accept your counter offer for Men’s Shirts. But please note that it is only because we hope to obtain yo ur future substantial orders that we accept your requirements.We are enclosing our Sales Confirmation in duplicate, please countersign and return one copy for our file as soon as possible.Yours faithfully,(2)Dear Sirs,We have booked your order No. 264 for coffee mug and are sending you herewith our Sales Confirmation No. 09/128 in duplicate. Please countersign and return one copy to us for our file.It is understood that a letter of credit in our favor covering the above-mentioned goods will be established immediately. We wish to point out that the stipulations in the relevant credit should strictly conform to the terms stated in our Sales Confirmation in order to avoid subsequent amendments. You may rest assured that we shall effect shipment with the least possible delay upon receipt of the credit.We appreciate your co-operation and look forward to receiving your further orders.Yours sincerely,V. Write a letter covering the following particulars.Dear Sirs,We have received your letter of May 10, offering us “Jinling” brand shampoo and bath foam/ body lotion. We find your price workable and take pleasure in ordering 2000 cases of shampoo and 1500 cases of bath foam.Please send us your confirmation of the order the soonest possible and we will open relevant L/C upon receipt of your S/C.We look forward to further cooperation between our two companies in the future.Yours faithfully,Unit 7 Sales PromotionI. Translate these phrases into English.moderate in price superior in quality excellent in craftsmanship novel in designsbeautiful in pattern elegant in style matching in colors skillful in workmanshipII. Fill in the blanks with appropriate words.(1)enjoying a high reputation(2)taking the liberty of(3)take; advantage of(4)excellent value for money(5)given; understand(6)captioned(7)any; of(8)Upon receipt of(9)find a good market(10)acquaintIII. Translate this letter into Chinese.敬启者：感谢贵方4月3日来信关于对我方生产对女式皮鞋的询盘。

新现西课后答案第十四课

新现西课后答案第十四课十二课Unidad12I.请听录音，在空白处填入正确的字母或音节(Escuche la grabación y complete las palabras con las letras o sílabas correspondientes).an tes pa san can tan en te en tre cen tropin tan hin chas tin ta on ce pon te mon toa sun to un tar a túns al t al m al p ar a tar m arp iel m iel El che s er per cha co merm il til de hábil vi vir a brir po drirOl ga quita sol mol de or questa nor te mor derúl timo Seúl ul terior ur dir sur este tur noda ta tar de tien da ten der til de tim breto do do ta tur no du chapa ta ba ta ta pa tra ba pe so be sopre so bre cha dátil Titi caca din tel to dodo ta to ma do ma Tur quía du que tru chama dru gada cás cara gar gan ta ca mello ga lleta co mago ma com padre go losina cre ma gre mio san grecre ces cu na gu la cru z gru taII.请听有关课文内容的句子录音，并在铃声响后补齐下列语段中缺失的相关信息(Escuche la grabación de las oraciones concernientes al contenido del texto. Al oír el timbrazo,proceda a completar las siguientes secuencias con las informaciones que faltan).1.Ma Wen trabaja en el Ministerio de Relaciones Exteriores.2.Ma Wen estápreparándose para ir a Bolivia como funcionario de la embajadachina acreditada en la Paz.3.El amigo de Ma Wen se alegra de queéste teng a oportunidad de trabajar en unpaís hispanohablante porque va a conocer en forma directa la cultura y las costumbres de uno de ellos4.El amigo de Ma Wen desea que le toque la misma suerte cuando termine sucarrera.5.El amigo de Ma Wen se siente alegre y triste al mismo tiempo.6.Ma Wen cree que las despedidas siempre son penosas.7.Ma Wen promete a su amigo que le va a escribir tan pronto como llegue a la Paz.8.Su compa?ero espera que Ma Wen cumpla su promesa.9.Ma Wen le mandaráa su amigo algunas postales típicas de Bolivia para queconozca paisajes y gente de Bolivia.10.Han Li le pregunta a Zhao Qing si están anunciando la salida de su avión.11.Zhao Qing dice que están anunciando la salida de otro vuelo y no sabe quépasacon el suyo.12.Unos amigos de Zhao Qing lo esperan en Caracas a las doce de la noche.13.Han Li cree que Zhao Qing no tiene que preocuparse porque sus amigos lo van aesperar.14.Zhao Qing teme que si no llega el avión a la hora anunciada,sus amigos vayan air a sus asuntos y nadie lo reciba en el aeropuerto.15.Han Li le pregunta a Zhao Qing si tiene direcciones y números de teléfono de susamigos.16.Pero para Zhao Qing,siempre es mejor que sus amigos lo reciban y lo ayuden ainstalarse.17.Han Li,para animar a su amigo,le dice que no va a perderse en Caracas porquetiene la ventaja de hablar espa?ol.III.请将括号中的动词变为适当的时态和人称(Ponga los verbos entre paréntesis en tiempos y personas correspondientes).1.–Tu hijo va a la universidad el a?o que viene,?verdad?–Sí.Espero que pueda entrar en la Universidad Qinghua.–Dile que le deseamos mucha suerte.–Gracias.2.–Escuchen:están anunciando el retraso de varios vuelos.–?Ojaláque el nuestro no estéentre ellos.–Ojalá,pero quizátengamos que salir ma?ana./doc/cb10904822.html, prof esora García empieza su clase diciendo:--Deseo que algún día tengáis oportunidad de viajar a un país hispanohablante.–Ojaláse cumpla su deseo–dijo Adela--,porque no se imagina usted las ganas que tenemos de conocer en forma directa la cultura de la lengua que estudiamos.–La cultura,dijo la profesora,pero también la gente y las costumbres.Os voy a pedir,por eso,que prestéis mucha atencióna las clases y a los libros que os voy a dar para que los leáis.4.–Quiero que practiques tu espa?ol conmigo.No soy profesor,pero soy hablantenativo.–?No lo puedo creer!?No eres chino?Pues lo pareces.–Mis abuelos son chinos pero yo soy peruano.–Entonces,espero que hables un poco de chino.–Para que veas cuánto lo hablo,te digo que estoy en Beijing para estudiar chino.Si todo va bien,quizáa fin de a?o,ya pueda hablar contigo en la lengua de mis abuelos.5.–Ojaláalguien me pueda ayudar a instalarme en esa ciudad desconocida.–No te preocupes.V oy a mandar un email a mi primo que vive allípara que vaya al aeropuerto a re cogerte y luego te ayudea encontrar una buena residencia6.Este sábado es el cumplea?os de mi abuela.Ella quiere que yo me encargue deorganizar una fiesta para celebrarlo.Espero que vengan todos los parientes,pero temo que no lleguen a venir dos de mis tíos,porque están preparando un viaje de negocios.7.–?Por quéno tomamos un taxi?--?Un taxi para que nos lleve a la estación?Podemos ir caminando.Estácerca.–Es que estoy muy cansada,pero como no quiero que os molestéis,estábien, vamos caminando.8.–Dicen que tu sobrina trabaja en el Ministerio de Relaciones Exteriores.–?Quéva!Ella todavía estudia en la universidad.Tal vez,cuando se gradúe,vayaa trabajar allí.9.–Hija mía,prométeme que volverás a verme dentro de poco.–Y te prometo más:te voy a traer las mejores películas yjuegos electrónicos para que te diviertas.–Ojalácumplas tu promesa.10.–?Sabes la dirección y el número de teléfono del médico?–No.Pregúntaselo a Felipe.Quizáél lo sepa.IV.请用所给的各组词汇造句，注意在必要时添加所需的连接词和其他小品词（Forme oraciones con los vocablos dados en cada grupo,insertando la conjunción y otras partículas exigidas en caso necesario）.（录音）1.Deseo iniciar una nueva carreraDeseo que túinicies una nueva carrera2.Mi amigo me manda postales del país para que yo conozca algo de sus paisajes.3.Los estudiantes esperan tener más oportunidades para practicar su espa?ol.4.Quiero instalarme pronto en esta ciudad desconocidaQuiero que ustedes se instalen pronto en esta ciudad desconocida5.Los estudiantes desean poder visitar a sus padres con más frecuenciaLos padres desean que los estudiantes,sus hijos puedan visitarlos con más frecuencia/doc/cb10904822.html, profesora quiere informarnos sobre algo importanteLa profesora quiere que la informemos sobre la actualidad7.Llévanos a tu pueblo para que conozcamos a tus padres8.Vamos a viajar a Ecuador para conocer en forma directa sus costumbres.9.Esperamos divertirnos mucho en la fiestaEsperamos que os divirtáis mucho en la fiesta10.Para entender la explicación del profesor,tienes q ue poner más atenciónPara que los demás te entiendan,tienes que mejorar tu pronunciación.V.请选择适当的词语完成句子（Completa las oraciones con la opción más apropiada）.conocer/saber1.?Sabes que Elena ya estátrabajando en el Ministerio de Relaciones Exteriores?2.No sédónde queda la Embajada de Bolivia.Voy a ver si por Internet puedoencontrar su dirección.3.Por supuesto,es un negocio que túconoces mejor que yo.4.No sabemos cómo instalarnos en esta ciudad desconocida5.?Conoces el camino?Entonces,indícanoslo.6.?Quién sabe encender y apagar el nuevo ordenador?7.?Acaso no conoces a mi amigo Román?él acaba de graduarse en la universi-dad?8.Acabamos de llegar a la ciudad.Todavía no conocemos nada de ella.ir/irse1.Me voy ahora mismo.Tengo una cena de despedida con algunos amigos.2.?Sabe usted adónde va este autobús?3.Quiero ir a verte pero estos días estoy muy ocupada.Ojalápueda hacerlo estatarde.4.No te vayas todavía.Tengo algo importante que decirte.5.No nos hagas esperar más.En unos minutos vamos alaeropuerto a recibir a unaamiga que viene de Caracas.6.Acércate.Te voy a decir una cosa:Es muy tarde,ya tenemos que irnos.?No vesque los due?os de casa están cansados.7.No te olvides de dejarnos tu teléfono antes de irte.8.?Dices que quieres ir a Argentina?Dime cuándo te vas.contar pasar terminar(de)1.Antes de ir a La Paz,pienso pasar por Lima para ver a una profesora mía quevive ahí.2.Espera un momento,Berta.Tan pronto como termine la carta,te acompa?o a latienda.3.Imagínense ustedes:?me piden que termine de limpiar una casa tan grande enmedia hora!4.Mi amigo estátan contento que no deja de contarme todo lo que le ocurre en susnegocios.5.Cuenta bien los libros.A ver si están todos.6.No pases el día así,esperando que alguien te ayude.Tienes que aprender a hacerlas cosas túsolo.7.Cuando termine el curso,vamos a hacer un viaje de vacaciones.8.Mira,cómo pasa el tiempo.Ayer,estudiantes;hoy padres de familia.9.Sentaos.Os voy a contar una cosa muy divertida.10.Susana,pásame una revista.Pienso leer algo mientrasespero a Marta.VI.请用适当的介词或冠词填空(Rellene los espacios en blanco con las preposiciones o artículos convenientes).1.Gema,me alegro de que pronto te gradúes en la facultad de alemán.2.De vez en cuando tenemos la oportunidades de viajar a algun os paíseslatinoamericanos.3.Siento no poder ayudarte.Estoy preparándome para un viaje largo.4.Si disponemos de algún tiempo iremos a veros sin falta.5.–Creo que acabas de recibir un paquete de libros?–?Cómo lo sabes?Es verdad,mira,aquíestán.?Tienes interés en verlos?–Por supuesto.Muéstramelos,por favor.6.–Escucha,vuelven a anunciar un retraso de nuestro vuelo.–Ojaláesta vez no pase de unos minutos.7.–?Piensas estar mucho tiempo en Venezuela?–Sí,dos a?os.En ese tiempo voy a conocer bien el país.8.–?Vas con frecuencia a la Biblioteca Nacional?–Por suerte,sí.Tengo la ventaja de vivir muy cerca.9.–?Quéte pasa??Por quéandas tan preocupado?–?Cómo no voy a estar preocupado!Voy a viajar ma?ana y mi padre estáenfermo.–?Cómo!?Te olvidas que soy médico?Puedo ir conigo ahora mismo a verlo. 10.A pesar de su avanzada edad,mi abuela sigue siendo una activa practicante dedeportes.VII.下面的句子是一段打乱了顺序的对话，请先笔头将其恢复原状，然后口头在课堂上演示(Los parlamentos de los siguientes diálogostienen el orden alterado.Trate de re ordenarlos según el sentido,primero por escrito y luego en forma oral,en clase)..1.Diálogo Uno:–Buenos días,se?or,?en quépuedo servirle?–Buenos días,?puede usted decirme a quéhora llega el vuelo932?–Según el horario,la llegada es a las10:30,pero va a h aber un retraso de media hora.–?Quépena!No sési puedo esperar tanto.En todo caso,dígame?por dónde salen los pasajeros?–Los de vuelos nacionales,por la puerta B.Por la C,los internacionales.–Gracias.Ah,otra cosa:?dónde se toma el autobús para el centro de la ciudad?–En el sótano(地下一层).Allíestátambién la estación de metro y de taxis.–Muchas gracias.–De nada.2.Diálogo Dos:–?Quéestán anunciando?Con tanto ruido,no oigo nada.–El retraso de la salida de varios vuelos.–?Estáincluido el nuestro?–No,por aho ra.Pero con este tiempo quién sabe lo que puede pasar.–Ojaláno se retrase nuestro vuelo.Túsabes,varios amigos nos van a esperar en el aeropuerto de Bogotá.Si no llega a tiempo el avión...–Entiendo tu preocupación.Quién tiene paciencia para esperar tanto.–Nadie,todos son personas muy ocupadas.A la media hora,se irán cada uno a sus asuntos.–?Y quévamos a hacer,solos,en una ciudad desconocida?–Descuida.En todo aeropuerto hay todo tipo de servicios.VIII.请用适当的夺格人称代词填空(Rellene los espacios en blanco con pronombres personales en ablativo).1..–Abuela,también tenemos un regalo para ti.?Quieres que te lo entreguemos ahoramismo?–Sí,gracias,ustedes siempre piensan en mí.–?Puedes hacer algo por nosotros??Sí?Levántate y acércate,que te vamos a dar un beso.2.A nosotros,la película nos parece una maravilla.Creo que a vosotros os va a gustar.3.–?A quién le hablas??A mío aél?–A ti.4.Si me dices que no puedes venir conmigo,yo te digo que sin ti no voy a ningunaparte.5.Quizáeste sea un asunto importante para vos otros,pero no para ellos.6.?Por quéte vas sin despedirte de mí?7.Mira,se nos acerca una azafata.Parece que desea hablar contigo.8.–Creo que me envidias.–?Envidiarte a ti??Vaya ocurrencia!(亏你想得出来！)9.Mamá,descuida.Ya somos mayores y sabemos cuidarnos a nosotras mismas.10.No quiero que eso nos ocurra ni a usted,ni a mí,ni a ellos,ni a nadie.IX.将直接引用语改为间接引用语(Ponga las oraciones de estilo directo en indirecto).1.El profesor nos dice que ojalátengamos buenas oportunidades de practicarnuestro espa?ol.2.E l amigo uruguayo me pregunta cuántos estudiantes van a graduarse en mifacultad este a?o./doc/cb10904822.html, madre les dice a sus hijos si quieren ir con ella al aeropuerto a recibir a su tía.4.Mi prima nos promete a todos que vamos a divertirnos mucho en la fiesta.5.Todos mis amigos me dicen que se alegran de que yo vayaa trabajar al Ministeriode Relaciones Exteriores.6.Antes de empezar la clase,el profesor nos dice que la semana que viene va a tenerunos días de vacaciones.7.Josefina le dice a Vanesa que le habla del tema para que no olvide su promesa./doc/cb10904822.html, recepcionista les dice a los turistas que el suyo es un hotel peque?o y que no puede recibirlos porque no disponen de muchas habitaciones,y que lo siente.9.Mi tío me pregunta cómo me imagino el país adonde voya trabajar.10.Aquellos pasajeros pregunta a todo el mundo en quémostrador van a sacar latarjeta de embarque para el vuelo2659.X.听写(Dictado).（录音）Lucía tiene veinticinco a?os.Es azafata y le gusta mucho sutrabajo porque, según dice,cuando vuela se siente una persona libre.Cuando termina el vuelo y llega a otra ciudad,lejos de su casa,no se siente sola,porque entiende la lengua que habla la gente,Además en su día libre sale con sus compa?er as a divertirse.Por eso le gustaser azafata.Hoy Lucía vuela a Caracas.El avión sale a las nueve de la noche pero ella llega al aeropuerto a las cinco,pues tiene que preparar el viaje.A las ocho en punto,se anuncia la salida y los pasajeros empiezan a subir a bordo(上飞机).A las ocho y media,cuando ella estáen la puerta del avión,llega una ni?a de cinco a?os,acompa?ada de un empleado(职工)del aeropuerto.Este le dice a Lucía que la ni?a viaja sola y que necesita /doc/cb10904822.html, azafata la lleva hasta su asiento y le dice que no se preocupe,que le va a gustar el vuelo.No estoy preocupada,dice la ni?a, pienso que al volar me voy a sentir libre y que al llegar a Caracas voy a conocer un nuevo lugar.XI.请听录音后，复述短文(Escuche primero la grabación de l siguiente texto y luego haga una versión resumida en forma oral).Soy uno de los doscientos estudiantes de la Facultad de Espa?ol de una universidad de Beijing.Vivimos en la residencia estudiantil,pues venimos de diversas ciudades del país.Sabemos que el espa?ol es una lengua importante,no solo porque se habla en más de veinte países sino también porque tiene una rica y variada base cultural.Por eso, nuestro interés en el estudio es muy grande.Los mejores alumnos tienen la oportunidad de ir a estudiar un a?o en universidades de Espa?a o de América Latina. Al graduarnos,podemos ir a trabajar en el Ministerio de Relaciones Exteriores como diplomáticos.Y notienen que esperar mucho para que los manden a alguna embajada china acreditada en un países hispanoha blante.También podemos ir a trabajar en la agencia de noticias,en la televisión,en Radio Internacional,que tienen oficinas acreditadas en muchos países de habla hispana.A míme gusta ser profesor.Pienso que es algo muy interesante ver cómo los alumnos van aprendiendo una lengua extranjera desde el comienzo.XII.作业(Trabajos de casa).3.将下列句子译为西班牙语：1.Me parece que a ellos les gusta vivir en una ciudad de poca gente.2.No podemos ir contigo a la fiesta.Esperamos que te diviertas.3.“Dígame,por favor,?hay que pasar por Madrid para llegara Barcelona?”“Es un vuelo directo,se?or.Nuestro avión no pasa por Madrid.”4.Tal vez el tren llegue con retraso.Mientras tanto,vamos a comer.5.Son las once.Creo que la fiesta ya va a terminar pronto.6.Ojaláno le vuelva a ocu rrir a nadie una cosa tan triste.7.Te decimos esto para que sepas que no puedes olvidar tu promesa.8.Están anunciando el embarque de nuestro avión.9.“Páseme esa botella de agua por favor.”10.Luis tiene muchos amigos que son gente de negocios,peroél no sabe nada de esos asuntos.。