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英文版part3样题

英文版part3样题
英文版part3样题

PART 3

TABLE OF CONTENTS

Introduction page 2 Sample questions page 3- 21 Answers to sample questions page 22-37 Content specification outline page 38-40 IMA Ethical Standards page 41-43

Attachments:

Time Value of Money Tables page 44-47 Order forms for additional resources page 48-50

Institute of Certified Management Accountants

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(800) 638-4427 or (201) 474-1606

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Introduction

The Certified Management Accountant (CMA) is endorsed by the Institute of Management Accountants (IMA).

The Institute of Certified Management Accountants (ICMA) is publishing this book of sample questions with answers to help you prepare for the CMA examination. This book is intended to familiarize you with the types of questions that you will encounter on the exams. These questions are actual “retired” questions from the computer-based CMA exam. This publication should be used as a supplement to other study materials.

The book includes 55 sample questions, with a proportional representation from each of the sections within this part and at various cognitive levels. Recorded next to each question number is a topic reference to the content specification outline, which is also included in this publication. In addition, we have enclosed time value of money tables that are available to you on the computer when you take the exam. The answers to the questions, along with explanations and supporting calculations, are shown at the end of the question section. Textbook references and the relevant learning outcome statements are also included with the answer.

The ICMA publishes a book of sample questions for each of the three multiple-choice parts of the revised CMA programs. We also publish “Resource Guide for Revised CMA Exam,” which includes comprehensive textbook references for all line items on the content specification outline, exam statistics, and exam taking strategies.

In addition, those candidates who previously took and failed an exam part can order an Advanced Exam Performance report. This report follows the Examination Content Specification Outlines, which means you will know exactly what topics and subtopics you need to study. The report separately shows areas of study that need improvement based on your exam results, so that you can save time by focusing on your weakest areas and improve your score.

The CMA Program is a rigorous test of your skills and capabilities and requires dedication to be successful. We hope that these sample questions will be a valuable resource as your pursue your goal of certification. Should you have questions about the certification process, please let us know or visit our website https://www.doczj.com/doc/bd14492252.html,. Good luck on the exam!

SAMPLE QUESTIONS – PART 3

1. Topic A.1.d.

Vasil Inc. conducted a strategic self-assessment of factors contributing to market attractiveness and business strengths as follows.

Market attractiveness Weight Rating (1-5)

Overall market size 0.4 5

Annual market growth rate 0.3 4

Historical profit margin 0.2 5

Business strength Weight Rating (1-5)

Unit costs 0.5 4

Market share growth 0.4 2

Brand reputation 0.1 3

The factor ratings range from 1 (the lowest) to 5 (the highest). Which one of the following strategies would be the most beneficial for Vasil?

a. Build selectively on strengths

b. Upgrade product line.

c. Focus on attractive segments.

d. Avoid investments.

2.Topic A.1.e.

Which one of the following best describes tactical profit plans?

a. Detailed, short-term, broad responsibilities, qualitative.

b. Broad, short-term, responsibilities at all levels, quantitative.

c. Detailed, short-term, responsibilities at all levels, quantitative.

d. Broad, long-term, broad responsibilities, qualitativ

e.

3. Topic A.2.a.

Just-in-time production is also called

a. kaizen.

b. lean manufacturing.

c. activity-based management.

d. backflush costing.

4. Topic A.2.a.

Which of the following is not a correct comparison of a just-in-time system with a

traditional system?

Traditional Just-in-Time

a. Longer lead times Shorter lead times

b. Inventory is an asset Inventory is a liability

c. Some scrap tolerated Zero defects desired

d. Lot size based on immediate need Lot size based on formulas

5. Topic A.2.b.

Starr Company uses material requirements planning (MRP) and manufactures a product with the following product structure tree.

Starr has just received an order for 100 units of X, the finished product. The company has 20 units of X, 100 units of B, and 50 units of E in inventory. How many units of E must Starr purchase in order to fill the order?

a. 1,000.

b. 830.

c. 800.

d. 550.

Antlers, Inc. produces a single product that sells for $150 per unit. The product is processed through the Cutting and Finishing departments. Additional data for these departments are as follows. Cutting Finishing Annual capacity (36,000 direct labor hours

available in each department) 180,000 units 135,000 units Current production rate (annualized) 108,000 units 108,000 units Fixed manufacturing overhead $1,296,000 $1,944,000 Fixed selling and administrative expense $864,000 $1,296,000 Direct materials cost per unit $45 $15

The current production rate is the budgeted rate for the entire year. Direct labor employees earn $20 per hour and the company has a “no layoff” policy in effect. What is the amount of the throughput contribution per unit as computed using the theory of constraints? a. $90.00.

b. $76.67.

c. $46.67.

d. $26.67.

7. Topic A.2.c.

Three of the basic measurements used by the Theory of Constraints (TOC) are

a.

gross margin (or gross profit), return on assets, and total sales. b.

number of constraints (or subordinates), number of non-constraints, and operating leverage c.

throughput (or throughput contribution), inventory (or investments), and operational expense. d. fixed manufacturing overhead per unit, fixed general overhead per unit, and unit gross margin (or gross profit).

8. Topic B.1.c. Samsec Inc. has four major divisions, each doing business in a different market. Market growth rates and relative competitive positions for each of these four divisions are shown below. A

relative competitive position is defined as the division’s market share relative to the market share of the next largest competitor in the industry. Business growth rate Relative competitive position Division A 13% 4%

Division B 12% 110%

Division C 5% 12%

Division D 4% 170% Which division most likely does not have the strategic potential to generate a significant level of cash? a. Division A.

b. Division B.

c. Division C.

d. Division D.

Which one of the following is not an element of the strategic marketing process?

a. Customer segmentation.

b. Market selection.

c. Value positioning.

d. Product pricing.

10. Topic B.2.a.

In marketing research, basic decisions about whether to gather information from surveys or from observing customers' behaviors are part of which stage of the research process?

a. Defining the problem and research objectives.

b. Developing the research plan.

c. Collecting the information.

d. Analyzing the information.

11. Topic B.3.b.

Under which one of the following targeting strategies, does a firm attempt to serve all customer groups with all the products they might need?

a. Single-segment concentration.

b. Market specialization.

c. Full market coverage.

d. Product specialization.

12. Topic B.1.b.

SWOT analysis is concerned primarily with which of the following two factors?

a. The internal environment and the external environment.

b. Market share and market growth.

c. Product profitability and economic resources.

d. Customers’ and competitors’ profiles.

13. Topic B.3.a.

The process of dividing all potential consumers into smaller groups of buyers with distinct needs, characteristics, or behaviors, who might require a similar product or service mix, is called

a. strategic planning.

b. market segmentation.

c. product positioning.

d. objective setting.

In marketing toothbrushes as its single product, Hollow Company uses one marketing mix, believing all toothbrush users have similar needs. Such an approach to target marketing is called

a. mass marketing.

b. niche marketing.

c. micromarketing.

d. concentrated marketing.

15. Topic B.4.a.

Many retail stores have found that it is more profitable to sell a product carrying the store’s brand name as opposed to the more well-known brands. This is an example of a

a. manufacturer’s brand.

b. national brand.

c. private bran

d.

d. co-brand.

16. Topic C.1.c.

City Development, Inc. is considering a new investment project which will involve building a large office block in Frankfurt-am-Maine. The firm's financial analysis department has estimated that the proposed investment has the following estimated rate of return distribution.

Rate of Return Probability

(5%) 30%

10% 50%

20% 20%

Calculate the expected rate of return.

a. 5.5%.

b. 7.5%.

c. 10.5%.

d. 11.7%.

17. Topic C.1.d.

Within a financial risk management context, the term Value at Risk (VAR) is defined as the

a. maximum value a company can lose.

b. maximum loss within a certain time period at a given level of confidence.

c. worst possible outcome given the distribution of outcomes.

d. most likely negative outcom

e.

Russell Inc. is evaluating four independent investment proposals. The expected returns

and standard deviations for each of these proposals are presented below.

Investment Expected Standard

Proposal Returns Deviation

I 16% 10%

II 14% 10%

III 20% 11%

IV 22% 15%

Which one of the investment proposals has the least relative level of risk?

a. Investment I.

b. Investment II.

c. Investment III.

d. Investment IV.

19. Topic C.2.a.

If a bond sells at a premium, the

a. stated coupon rate must be less than the required market rate.

b. nominal rate must be less than the yield rate.

c. bond purchase price must be more than the fair market value of the bon

d.

d. stated coupon rate must be more than the required market rat

e.

20. Topic C.2.b.

During the most recent fiscal year, Dongata Industries earned net income after tax of $3,288,000. The company paid preferred share dividends of $488,000 and common share dividends of

$1,000,000. The current market price of Dongata's common shares is $56 per share and the shares are trading at a price/earnings ratio of 8. How many common shares does Dongata have outstanding?

a. 350,000.

b. 400,000.

c. 411,000.

d. 469,714.

21. Topic C.2.a.

From an investor's viewpoint, the least risky type of bond in which to invest is a (n)

a. debenture bond.

b. deep discount bond.

c. income bon

d.

d. secured bond.

Which one of the following events will most likely result in a higher price-earnings ratio for a company's common shares?

a. Investors' required rate of return on the common shares falls.

b. The rate of growth in dividends is expected to decline.

c. The economy is expected to enter a recession.

d. The dividend yield increases when the dividend per share remains unchanged.

23. Topic C.2.d.

Which one of the following is not a determinant in valuing a call option?

a. Exercise price.

b. Expiration date.

c. Forward contract price.

d. Interest rat

e.

24. Topic C.1.f.

A market analyst has estimated the equity beta of Modern Homes Inc. to be 1.4. This beta implies that the company’s

a. systematic risk is lower than that of the market portfolio.

b. systematic risk is higher than that of the market portfolio.

c. unsystematic risk is higher than that of the market portfolio.

d. total risk is higher than that of the market portfolio.

25. Topic C.1.f.

An analyst covering Guilderland Mining Co. common stock estimates the following information for next year.

Expected return on the market portfolio 12%

Expected return on Treasury securities 5%

Expected beta of Guilderland 2.2

Using the CAPM, the analyst’s estimate of next year’s risk premium for Guilderland’s stock is closest to

a. 7.0%.

b. 10.4%.

c. 15.4%.

d. 21.4%.

Hi-Tech Inc. has determined that it can minimize its weighted average cost of capital (WACC) by using a debt/equity ratio of 2/3. If the firm’s cost of debt is 9% before taxes, the cost of equity is estimated to be 12% before taxes, and the tax rate is 40%, what is the firm’s WACC?

a. 6.48%.

b. 7.92%.

c. 9.36%.

d. 10.80%.

27. Topic C.5.a.

The chief financial officer of Smith Glass Inc. follows the policy of matching the maturity of assets with the maturity of financing. The implications of this policy include all of the following, except that

a. the seasonal expansion of cash, receivables, and inventory should be financed by short-term

debt such as vendor payables and bank debt.

b. the minimum level of cash, receivables, and inventory required to stay in business can be

considered permanent, and financed with long-term debt or equity.

c. cash, receivables, and inventory should be financed with long-term debt or equity.

d. long-term assets, like plant and equipment, should be financed with long-term debt or equity.

28. Topic C.4.b.

A consultant recommends that a company hold funds for the following two reasons.

Reason #1: cash needs can fluctuate substantially throughout the year.

Reason #2: opportunities for buying at a discount may appear during the year.

The cash balances used to address the reasons given above are correctly classified as Reason #1 Reason #2

a. Speculative balances Speculative balances.

b. Speculative balances Precautionary balances.

c. Precautionary balances Speculative balances.

d. Precautionary balances Precautionary balances.

29. Topic C.4.d.

Yonder Motors sells 20,000 automobiles per year for $25,000 each. The firm’s average receivables are $30,000,000 and average inventory is $40,000,000. Yonder’s average collection period is closest to which one of the following? Assume a 365-day year.

a. 17 days.

b. 22 days.

c. 29 days.

d. 61 days.

An industry management technique designed to minimize inventory investment by having materials arrive at the time they are needed for use is known as

a. the economic order quantity model (EOQ).

b. material resource planning (MRP).

c. first-in first-out (FIFO).

d. just-in-time (JIT).

31. Topic C.5.a.

With respect to the use of commercial paper by an industrial firm, which one of the following statements is most likely to be true?

a. The commercial paper is issued through a bank.

b. The commercial paper has a maturity of 60-270 days.

c. The commercial paper is secured by the issuer’s assets.

d. The commercial paper issuer is a small company.

32. Topic C.5.b.

The Red Company has a revolving line of credit of $300,000 with a one-year maturity. The terms call for a 6% interest rate and a ?% commitment fee on the unused portion of the line of credit. The average loan balance during the year was $100,000. The annual cost of this financing arrangement is

a. $6,000.

b. $6,500.

c. $7,000.

d. $7,500.

33. Topic C.5.b.

Maple Motors buys axles in order to produce automobiles. Maple carries an average credit balance of $25,000,000 with its axle supplier. The axle supplier provides credit terms of 1/10 net 25. The nominal annual cost of Maple not taking the trade discount is closest to which one of the following? Assume a 360-day year.

a. 14.4%.

b. 14.5%.

c. 24.0%.

d. 24.2%.

Romashka, Inc. plans on introducing a new product. The marketing manager forecasts a unit selling price of $500. The variable cost per unit is estimated to be $100 per unit. In addition, there is a total of $110,000 fixed indirect manufacturing cost and $150,000 in fixed operating costs associated with these units.

What quantity will the company have to sell to break even?

a. 220 units.

b. 275 units.

c. 520 units.

d. 650 units.

35. Topic D.3.b.

Associated Supply, Inc. is considering introducing a new product that will require a $250,000 investment of capital. The necessary funds would be raised through a bank loan at an interest rate of 8%. The fixed operating costs associated with the product would be $122,500 while the contribution margin percentage would be 42%. Assuming a selling price of $15 per unit, determine the number of units (rounded to the nearest whole unit), Associated would have to sell to generate earnings before interest and taxes (EBIT) of 32% of the amount of capital invested in the new product.

a. 35,318 units.

b. 32,143 units.

c. 25,575 units.

d. 23,276 units.

Following are the operating results of the two segments of Parklin Corporation.

Segment A Segment B Total Sales $10,000 $15,000 $25,000

Variable costs of goods sold 4,000 8,500 12,500

Fixed costs of goods sold 1,500 2,500 4,000

Gross

margin 4,500 4,000 8,500

administrative

2,000 3,000 5,000

and

selling

Variable

Fixed selling and administrative 1,500 1,500 3,000

Operating income (loss) $ 1,000 $ (500) $ 500

Fixed costs of goods sold are allocated to each segment based on the number of employees. Fixed selling and administrative expenses are allocated equally. If Segment B is eliminated, $1,500 of fixed costs of goods sold would be eliminated. Assuming Segment B is closed, the effect on operating income would be

a. an increase of $500.

b. an increase of $2,000.

c. a decrease of $2,000.

d. a decrease of $2,500.

37. Topic D.5.c.

Pazer Inc. produces portable televisions. Pazer’s product manager proposes to increase the cost structure by adding voice-activated volume/channel controls to the television, and also adding three additional repair personnel to deal with products returned due to defects. Are these costs value-added or nonvalue-added?

Cost of Voice-activated Controls Cost of Additional Repair Personnel

a. Value-added Value-added

b. Value-added Nonvalue-added

c. Nonvalue-added Value-added

d. Nonvalue-added Nonvalue-added

38. Topic D.5.c.

Systematic evaluation of the trade-offs between product functionality and product cost while still satisfying customer needs is the definition of

a. activity-based management.

b. theory of constraints.

c. total quality management.

d. value engineering.

Stroylux Inc. is in the process of making an investment decision. It has identified the following alternative investment opportunities: real estate, stocks, bonds, or mutual funds. After determination of the investment alternatives, Stroylux will go thorough all of the following logical steps of the decision analysis model, except

a. obtaining information about the investment alternatives.

b. evaluating the investment alternatives.

c. selecting an alternative which best fits the investment criteria.

d. defining the problem of high unused cash balanc

e.

40. Topic D.2.a.

In the decision making process, differential cost is a(n)

a. sunk cost of alternative courses of action.

b. fixed cost of alternative courses of action.

c. opportunity cost of alternative courses of action.

d. cost that changes among alternative courses of action.

41. Topic D.1.a.

Okna Inc. has been experiencing sales difficulties over the last two years. Management has identified the problem: poor customer service and lack of internal coordination among the marketing department, the production department, and the finance department. In making a decision to solve the problem, management took the following logical steps (not necessarily in this order):

1.Concluded that extensive training would improve performance and efficiency of all the

involved departments; replacing the head of the marketing department will increase

profitability only; and investing in information technology will improve customer

satisfaction, but will not solve communication problems.

2.Identified three possible ways to solve the problem: extensive personnel training in the

involved departments; replacing the head of the marketing department; or investing in IT.

3.Agreed upon key performance indicators, such as customer satisfaction, customer retention,

and product and customer profitability to assess the effectiveness of the proposed solution.

4.Decided to conduct extensive training for marketing department personnel and limited

communication training for production and finance departments.

What is the correct sequence of these logical decision-making steps?

a. 1,2,3,4.

b. 2,1,3,4.

c. 3,1,2,4.

d. 2,3,1,4.

42. Topic D.3.a.

Specialty Cakes Inc. produces two types of cakes, a round cake and a heart-shaped cake. Total fixed costs for the firm are $92,000. Variable costs and sales data for these cakes are presented below.

Round Cake Heart-shape Cake Selling price per unit $12 $20

Variable cost per unit $8 $15

Budgeted sales (units) 10,000 15,000

How many cakes will be required to reach the breakeven point?

a. 8,000 round cakes and 12,000 heart-shaped cakes.

b. 9,000 round cakes and 11,000 heart-shaped cakes.

c. 10,000 round cakes and 10,000 heart-shaped cakes.

d. 23,000 round cakes and 18,400 heart-shaped cakes.

43. Topic D.4.a.

McCann Company can manufacture one of two special orders with their existing capacity. Special Order A is for 100,000 units and Special Order B is for 200,000 units. Cost and revenue data per unit are as follows.

Per Unit

Special order A B

price $.7000

$.4500

Sales

materials .4550 .2775

Direct

labor

Direct

Variable .1100 .0993

Fixed .0300 .0089

overhead

Manufacturing

Variable .0430 .0330

Fixed .0370 .0523 Variable marketing costs, already

incurred to obtain the order .0900 .0912 Fixed marketing and administrative costs .0950 .0878

Based on the above information, which one of the following statements correctly identifies the effect on pretax profit if the optimal decision is made?

a. $200 increase if Special Order A is taken.

b. $9,200 increase if Special Order A is taken.

c. $13,430 increase if Special Order A is taken.

d. $8,040 increase if Special Order B is taken.

Finn Products, a start-up company, wants to use cost-based pricing for its only product, a unique new video game. Finn expects to sell 10,000 units in the upcoming year. Variable costs will be $65 per unit and annual fixed operating costs (including depreciation) amount to $80,000. Finn’s balance sheet is as follows.

Assets Liabilities & Equity Current assets $100,000 Accounts payable $ 25,000

Plant & equipment 425,000 Debt 200,000

Equity 300,000

If Finn wants to earn a 20% return on equity, at what price should it sell the new product?

a. $75.00.

b. $78.60.

c. $79.00.

d. $81.00.

45. Topic E.1.d.

The Chief Financial Officer of Pauley Inc. has requested an evaluation of a proposed acquisition of a new machine at a purchase price of $60,000, and with installation costs of $10,000. A $3,000 increase in working capital will be required. The machine will have a useful life of four years after which it can be sold for $10,000. The estimated annual incremental operating revenues and cash operating expenses are $150,000 and $100,000, respectively, for each of the four years. Pauley's effective income tax rate is 40% and the cost of capital is 12%. Pauley uses straight-line depreciation for both financial reporting and income tax purposes.

Pauley's estimated after-tax cash flow in the fourth year, at which time the equipment will be sold, will be

a. $34,000.

b. $45,000.

c. $46,000.

d. $49,000.

The management of Pelican Inc. is evaluating a proposed acquisition of a new machine at a purchase price of $180,000, and with installation costs of $10,000. A $9,000 increase in working capital will be required. The machine will have a useful life of four years after which it can be sold for $30,000. The estimated annual incremental operating revenues and cash operating expenses are $450,000 and $300,000, respectively, for each of the four years. Pelican’s effective income tax rate is 40% and the cost of capital is 12%. Pelican uses straight-line depreciation for both financial reporting and income tax purposes.

If the project is accepted, the estimated incremental after-tax operating cash flows at the end of the first year will be

a. $ 99,000.

b. $105,000.

c. $108,000.

d. $150,000.

47. Topic E.1.c.

Mobile Home Manufacturing Inc. is evaluating a proposed acquisition of a new machine at a purchase price of $380,000 and installation charges that will amount to $20,000. A $15,000 increase in working capital will be required. The machine will have a useful life of four years after which it can be sold for $50,000. The estimated annual incremental operating revenues and cash operating expenses are $750,000 and $500,000, respectively, for each of the four years. Mobile Home’s tax rate is 40% and the cost of capital is 12%. Mobile Home uses straight-line depreciation for both financial reporting and income tax purposes.

If Mobile Home accepts the project the initial investment will be

a. $350,000.

b. $365,000.

c. $385,000.

d. $415,000.

A company is considering the purchase of a new machine to replace a five-year old machine and has gathered the following information.

new

$50,000

the

machine

Purchase

price

of

Installation cost of the new machine 4,000

Market value (selling price) of the old machine 5,000

Book value of the old machine 2,000

Increase in net working capital if new machine is installed 1,000

Effective income tax rate 40%

If the company replaces the old machine with the new machine, what is the cash flow in period 0?

a. ($49,000).

b. ($51,200).

c. ($51,800).

d. ($53,000).

49. Topic E.2.a.

Wilkinson Inc., which has a cost of capital of 12%, invested in a project with an internal rate of return (IRR) of 14%. The project is expected to have a useful life of four years and it will produce net cash inflows as follows.

Year Net Cash Inflows

1 $1,000

2 2,000

3 4,000

4 4,000

The initial cost of this project amounted to

a. $7,483.

b. $9,647.

c. $11,000.

d. $12,540.

Gibber Corporation has an opportunity to sell a newly developed product in the United States for a period of five years. The product license would be purchased from NewGroup Company. Gibber would be responsible for all distribution and product promotion costs. NewGroup has the option to renew the agreement, with modifications, at the end of the initial five-year term. Gibber has developed the following estimated revenues and costs that would be associated with the new product.

required $

equipment

120,000

new

Cost

of

capital

required 200,000

Additional

working

Salvage value of equipment in year 5 20,000

Annual revenues and costs

revenues 400,000

Sales

Costs of goods sold 250,000

Out-of-pocket operating cost 70,000

The working capital required to support the new product would be released for investment elsewhere if the product licensing agreement is not renewed.

Using the net present value method of analysis, and ignoring income tax, the net present value of this product agreement assuming Gibber has a 20% cost of capital would be

a. $7,720.

b. ($64,064).

c. ($72,680).

d. ($127,320).

51. Topic E.2.a.

Bennet Inc. uses the net present value method to evaluate capital projects. Bennet's required rate of return is 10%. Bennet is considering two mutually exclusive projects for its manufacturing business. Both projects require an initial outlay of $120,000 and are expected to have a useful life of four years. The projected after-tax cash flows associated with these projects are as follows.

Year Project X Project Y

1 $40,000 $10,000

2 40,000 20,000

3 40,000 60,000

4 40,000 80,000

Total $160,000 $170,000

Assuming adequate funds are available, which of the following project options would you recommend that Bennet's management undertake?

a. Project X only.

b. Project Y only.

c. Projects X and Y.

d. Neither project.

Brown and Company uses the internal rate of return (IRR) method to evaluate capital projects. Brown in considering four independent projects with the following IRRs.

Projects IRR

10%

I

II

12%

14%

III

15%

IV

Brown's cost of capital is 13%. Which one of the following project options should Brown accept based on IRR?

a. Projects I and II only.

b. Projects III and IV only.

c. Project IV only.

d. Projects I, II, III, and IV.

53. Topic E.4.c.

Woods Inc. is considering four independent investment proposals. Woods has $3 million available for investment during the present period. The investment outlay for each project and its projected net present value (NPV) is presented below.

Project Investment Cost NPV

I $ 500,000 $ 40,000

II 900,000 120,000

III 1,200,000 180,000

IV 1,600,000 150,000

Which of the following project options should be recommended to Woods' management?

a. Projects I, II, and III only.

b. Projects I, II, and IV only.

c. Projects II, III, and IV only.

d. Projects III and IV only.

微积分期末测试题及复习资料

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