第1题：
(c) On the assumption that the administrators of Noland’s estate will sell quoted shares in order to fund the
inheritance tax due as a result of his death, calculate the value of the quoted shares that will be available to
transfer to Avril. You should include brief notes of your treatment of the house and the shares in Kurb Ltd.
(9 marks)
Note: you should assume that the tax rates and allowances for the tax year 2006/07 apply throughout this
question.
(c) Value of quoted shares that can be transferred to Avril
The value of shares to be transferred to Avril will be equal to ￡370,000 less the inheritance tax due by the estate.
IHT is payable on transfers in the seven years prior to Noland’s death and on the death estate.
The only chargeable gift in the seven years prior to Noland’s death is the transfer to the discretionary trust. No tax is due in
respect of this gift as it is covered by the nil rate band.
第2题：
A. revive
B. renovate
C. replace
D. remove
第3题：
Mrs. Wilson, a Cree Indian in her sixties, was looking for a home to rent. She heard that one was available in an ideal location, close to the Calgary core.
Mrs. Wilson and her daughters went to look at the house. Sure enough, there was a For Rent sign in the window. A woman next door told them that the owner was Antonio Pompei, who owned a bakery farther up the street.
Mrs. Wilson has great difficulty walking for she is almost blind, so she waited in the car while her daughters went along to the bakery. The daughters met Mr. Pompei, who agreed to rent the house. However, the daughters wanted to see the inside of the house before they agreed to rent it. One of the bakery employees went with them to the house, where he met Mrs. Wilson.
All three women liked the house and returned to the bakery to tell Mr. Pompei that they would rent it.
When Mr. Pompei saw Mrs. Wilson, he quickly walked out of the bakery. He had not realized Mrs. Wilson was Indian. Her daughters look more like their father, who is of a different ethnic(种族) origin. The next day, Mrs. Wilson and her daughters returned to the bakery in an attempt to rent the house. Because of her blindness, Mr. Wilson was helped out of the car and guided into the bakery by one of her daughters. Mr. Pompei told the women that the house was already rented.
The Wilsons suspected discrimination. As soon as they got home, Mrs. Wilson phoned Mr. Pompei, without identifying herself, Mr. Pompei lost his temper.
Mrs. Wilson complained to the Human Rights Commission. Their examination discovered that the tenants who did rent the house had not even seen it at the time when Mrs. Wilson visited it. They applied to rent it a full week after Mrs. Wilson had applied.
(1)According to the passage, Mrs. Wilson was _____________.
A、to rent the house for her daughters
B、to rent the house for someone else
C、to rent the house for her family
D、to sublet (转租) the house
(2)According to the passage, we are certain that Mr. Wilson was _____________.
A、an Indian
B、not an Indian
C、an Asian
D、from India
(3)Mrs. Wilson found Mr. Pompei’s discrimination by _____________.
A、complaining to the Human Rights Commission
B、making the bakery owner angry
C、making an unidentifiable phone call
D、pretending to be a woman of wealth
(4)In the end Mrs. Wilson couldn’t rent the house simply because _____________.
A、she was of Indian origin
B、she needed assistance while walking
C、the owner of the house asked for more money
D、she was almost blind
(5)Which of the following statement is NOT TRUE?
A、Mr. Wilson had at least two daughters.
B、The house had been rented to someone else a week before.
C、Mrs. Wilson was almost blind.
D、Mr. Pompei was practicing racial discrimination.
第4题：
第5题：
The policeman came up to the lonely house with the door _______， _______ there for a while and then entered it. A. open； to stand B. opening； stood C. open； stood D. opened； standing
第6题：
The grain output is ______this year than that of last year.
A. higher 5 percent
B. 5 percent more higher
C. more 5 percent higher
D. 5 percent higher
13．答案为D 今年比去年粮食产量增加5%。比较时句型为主语+谓语十倍数(分数)十形容词(副词)比较级+than...。
第7题：
A.Build
B. built
C.builds
D. was building
第8题：
I bought a new house last year, but I_________ my old house yet, so at the moment I have two houses.
A． didn't sell
B． have not sold
C． had not sold
D． don't sell
第9题：
第10题：
For the year just ended, N company had an earnings of$ 2 per share and paid a dividend of $ 1. 2 on its stock. The growth rate in net income and dividend are both expected to be a constant 7 percent per year, indefinitely. N company has a Beta of 0. 8, the risk - free interest rate is 6 percent, and the market risk premium is 8 percent.
P Company is very similar to N company in growth rate, risk and dividend. payout ratio. It had 20 million shares outstanding and an earnings of $ 36 million for the year just ended. The earnings will increase to $ 38. 5 million the next year.
Requirement :
A. Calculate the expected rate of return on N company 's equity.
B. Calculate N Company 's current price-earning ratio and prospective price - earning ratio.
C. Using N company 's current price-earning ratio, value P company 's stock price.
D. Using N company 's prospective price - earning ratio, value P company 's stock price.
A. The expected rate of return on N company's equity =6% +0. 8*8% =12.4%
B. Current price -earning ratio = (1. 2/2) * (1 +7% )/ (12.4% -7% ) =11. 89
Prospective price - earning ratio = (1. 2/2) / (12. 4% - 70% ) =11. 11
C. P company's stock = 11. 89* 36/20 = 21. 4
D. P company's stock = 11. 11* 38. 5/20 = 21. 39