第1题：
According to Moberg’s recovery strategy, Ahold will _____.
［A］ sell its stake to other joint venture companies
［B］ buy shares of its Scandinavian partners
［C］ choose to put money in its chain shops in Scandinavia
［D］ exercise its potential influence on partners
本题考查事实细节。倒数第二段提到，莫博格努力让自己远离争吵，将注意力集中在复兴计划上。他告诉《金融时报》（FT）说，他已经采取措施增加在斯堪的纳维亚与ICA公司合资中的股份。因此［B］项正确。
最后一段提到，阿霍德在它的预测中已经包括了足够多的资金来购买任何一家合资伙伴的股份。合资伙伴都应该运用卖出选择权（put option），从2004年4月开始出售他们的股份。［A］项显然不对，它把“买”变成了“卖”。［C］项文中未提。［D］项描述不确切，“购买股份”并不是“施加潜在的影响”。
第2题：
A. declared
B. declined
C. descended
D. reclined
第3题：
For the year just ended，N company had an earnings of$2 per share and paid a dividend of $1．2 0n 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 rati0．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—eaming ratio and prospective price-earning rati0．
C．Using N company’S current price-earning rati0，value P company’S stock price．
D．Using N company’S prospective price-earning rati0，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%-7%)=11.11
C.P company’s stock=11.89×36/20=21.4
D.P company’s stock=11.11×36×(1+7%)/20=21.40
第4题：
KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:
NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.
The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.
The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.
Required:
(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)
(b) Calculate the total value of the target company, NGN, using the following valuation methods:
(i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and
(ii) Dividend growth model. (6 marks)
(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment on
the suggestion that debt could be used to finance a cash offer for NGN. (9 marks)
第5题：
The rate of interest paid on a bank loan will depend () your firm’s standing with the bank and may be 2 per cent or 3 percent.
A、of
B、upon
C、for
D、in
第6题：
听力原文：The bank has special obligation to depositors, because it makes profits from their money as well as its own.
(4)
A．The bank makes profits only from its own money.
B．The bank makes profits from not only the deposits but also its own money.
C．The bank has special obligation to make profits.
D．The bank makes profits by having special obligations to depositors.
第7题：
Why is the British bank able to offer its customer a banker's draft drawn in dollar?
A．Its US correspondent bank prefers to make the payment.
B．It will send dollar in cash by airmail.
C．It has a dollar account with another bank in an American city where the beneficiary lives.
D．Its customer has a dollar account with it.
第8题：
Canada is the second largest country in the world． It is over 7,000 kilometres from the (11) coastc海岸) to the east．lt (12) six time zones． (13) it is 9 am in Vancouver on the west coast ,it is l:30．pm in St John's on the east coast．'
English and French (14) the two mamlanguages in Canada． About 60 percent of (15) people speak English ,and about 25 percent speak French． More (16 ) 70 percent of its popu-lation live in cities near the US border(边境)．
Ottawa is the capital． Every year millions of tourists go there to (17) museums and take part in the cultural(文化的) activities． Toronto is the largest city of the country (18) about 2.5 million people． Montreal is (19) second biggest French-speaking city in the world． The maple leaf is the nauonal symbol of Canada． The Canadian flag has a red maple leaf on a red(20) white background．
( )11．
A．west
B．east
C．south
D．north
第9题：
A bank reconciliation should be prepared periodically because ( )
A. the depositor's records and the bank's records are in agreement
B. the bank has not recorded all of its transactions
C. any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be
第10题：