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Investment Management, Class Exercises #4Valuation, Portfolio Theory: SAA/TAA1. (i)An investor is considering buying 1,000 shares. She expects to receive a dividend of 16 pence per share in 1 year’s time and 20 pence after 2 years. She will sell the shares immediately after receiving the second dividend, at which time she expects to be paid £1.60 per share. She requires a return of 15% per annum on her investment. How much should she be willing to pay for the shares today?No. of shares = 1,000 D 1 = £0.16 D 2 = £0.20 P 2 = £1.60 r = 15% P 0 = ?⎪⎪⎭⎫⎝⎛+++++⨯=222210)1()1(1000,1r P r D r D P⎪⎪⎭⎫⎝⎛++⨯=220)15.1(60.1)15.1(20.015.116.0000,1P()1,500.191.209830.1512290.13913000,10=++⨯=P1 (ii) A company’s shares have just paid a dividend of 5 pence per share. Themarket expects dividends to grow annually at a rate of 3%, and requires a return on the shares of 7% per annum. At what price will the shares be trading?D 0 = 0.05 g = 3% p.a. r = 7% p.a. P 0 = ?gr D P -=10, where )1(01g D D +⨯=This is the formula for a growing perpetuity.1.287503.007.0)03.01(05.00=-+⨯=PNB we can only use this formula when r > g.1 (iii) As (ii), but dividends are expected to grow at 6% per annum for the next 3years (so the dividend at time 1 will be 5.3 pence) and then remain at that level in perpetuityD 0 = 0.05g 1 = 6% p.a. for 3 yearsg 2 = 0% from year 3, in perpetuity r = 7% p.a. P 0 = ?232210)1()1(1r r D r D r D P +++++=0 1 2 3P 0 D 1 D 2 D 3 Discounting2(1+r)3r23220)07.1(07.0)06.1(05.0)07.1()06.1(05.007.1)06.1(05.0++=P0.841659280.7430570.049070.0495330=++=P2. (i)A company’s earnings next year are estimated at $10 per share and to grow indefinitely at 7% p.a. Assume a risk free rate of 4%, a beta of 1.1 and an equity premium of 5%. The company expects always to payout 50% of earnings as dividend. What are the expected dividends and their growth rate? Calculate a DDM value for the company and estimate the PE for the company.EPS = $10 g = 7% r F = 4% β = 1.1 r m - r F = 5%Payout ratio = 50% E(D) = ?Growth rate of dividends = ? P 0 = ? P/E = ?Expected dividend = D 1 = E * payout ratio = $10 * 0.5 = $5If earnings per share grow by 7% and the company pays out a constant proportion as dividends, dividends will also grow at 7%.Using the CAPM to find r)(F M f i r r r R -+=β0.095)05.0(1.104.0=+=i RNow using the DDM to find P 020007.0095.0510=-=-=g r D PCalculating P/Egr E d E P -=1110/2007.0095.010/510=-=E P2. (ii) A company will pay a dividend of $5 at the end of this year. For 2 years after that the dividend wil1 grow 50% p.a. After a transition of 2 years its dividend growth will return to the rate of 6% forever. Given Rf =3%, E(RM) = 8%, beta = 2.0, calculate its DDM value.D 1 = $5g 1 = 50% for years 2 and 3 Transition of two years g 2 = 6% in perpetuityr F = 3% E(R M ) = 8% β = 2.0 P 0 = ?52552441331221110)1()1()1()1()1()1()1()1()1()1()1(r g r g D r g D r g D r g D r g D r D P trans trans +-+++++++++++++++=To calculate this we need r, and the values for the growth in the two transition periods.Using CAPM to find r)(F M f i r r r R -+=β13.0)03.008.0(203.0=-+=i RCalculating the transition period growth ratesTransition period 1 Growth rate = 0.5 - ((0.5-0.06)/3)= 0.353333Transition period 2 Growth rate = 0.353333 - ((0.5-0.06)/3)= 0.206667554320)1(19.47379)1(18.3715)1(15.225)1(11.25)1(5.7)1(5r g r r r r r r P +-++++++++++=188.3985P 150.99429.9713149.3377787.79681455.873600124.4247787600=+++++=P3 (i)A company has in issue 7% debt, redeemable at 95% in five years’ time. The debt is trading at £106 and the next interest payment is due in 1 year. What is the required return of the debt holders?Coupon rate = 7% of face value = 7% of £100 = £7 p.a. Price = £106Next coupon payment in one yearRedeemable at 95% in five years’ time r = ?55544332210)1()1()1()1()1(1r Fr C r C r C r C r C P +++++++++++=%72.4)1(95)1(7)1(7)1(7)1(717106£55432=+++++++++++=r r r r r rSolve for r using excel solver or IRR functions, your financial calculator or trial and error & linear interpolation. If you use the excel IRR function it finds a value of r that sets the cash flow equal to the price, so you have to input the price as a negative value.Final Spot Rate:554433221)1(1070)1(70)1(70)1(70)1(701000r r r r r +++++++++=55432)1(1070)0716.1(70)0605.1(70)0521.1(70)05.1(701000r +++++=1000 = 66.67 + 63.24 + 58.69 + 53.0 +1070/(1+r 5)51000 - 241.68 = 1070/(1 + r 5)5758.32 = 1070/(1 + r 5)5(1 + r 5)5 = 1070/758.32r 5 = (1.411)1/5 – 1 = 7.13%Final Forward Rate:=-=1)0716.1()0713.1(455,4f (1.411/1.3187)- 1 = 1.0699 - 1 = 7.00% Yield-to-maturity is a single discounting rate for a series of cash flows to equate these flows to a current price. It is the internal rate of return.Spot rates are the unique set of individual discounting rates for each period. They are used to discount each cash flow to equate to a current price. Spot rates are the theoretical rates for zero coupon bonds.Spot rates can be determined from a series of yields-to-maturity in an internally consistent method such that the cash flows from coupons and principal will be discounted individually to equate to the series of yield-to-maturity rates.Yield-to-maturity is not unique for any particular maturity, whereas spot rates and forward rates are unique.Forward rates are the implicit rates that link any two spot rates. They are a unique set of rates that represent the marginal interest rate in a future period. They are directly related to spot rates, and therefore yield-to-maturity. Some would argue (expectations theory) that forward rates are the market expectations of future interest rates. Regardless, forward rates represent a break-even or rate of indifference that link two spot rates. It is important to note that forward rates link spot rates, not yield-to-maturity rates.Discussion Questions4. Identify and explain the problem with mean-variance optimization when setting strategic weights. Show what other model could be used to avoid this problem.4a) Mean-variance optimization is a one-period model and does not take into account the liabilities of the investor. - SAA is a long-term process- Some institutional investors have to manage assets that are intended to meet specific liabilities (ex: DB pension plan and insurance companies)- These are liabilities that are defined in terms other than the assets of the fund When deciding the SAA, they should relate asset distribution to liabilities (in terms of expected return, risk tolerance, liquidity, time horizon).4b). Asset-liability modelling (ALM) is one solution: you can project the Cash Flows and the values of your assets and liabilities.- You first have to model/forecast your liabilities (based on demography, salary, inflation…)- Then you have to model the distribution of returns (on stocks & bonds) - Then you calculate your surplus5. “If I assume that markets are not efficient, I should actively manage my portfolio.”Carefully discuss.i. Define market efficiencyii. If markets are efficient, it’s not possible to beat (outperform) the marketiii. Explain the difference between active and passive investment strategies - If markets are efficient → passive- If fund managers are unable to beat the market → passive- If markets are not efficient, but managers are unable to beat the market →passive- If markets are not efficient AND managers are able to take advantage of the mispricing → active- So the statement is wrong because incompleteiv. Explain active strategies: trying to outperform the benchmark by finding mispriced securities/asset classes (asset allocation, portfolio rebalancing,stock selection).6. Present three different applications of the CAPM, and illustrate eachapplication using numerical examples.i. Present the CAPM: E[Rp] = Rf + β (E[Rm] –Rf)N.B.: For each application, students can draw the graph with E[Rp] and β.ii. Share selection: compare the expected return from CAPM and the expected return from valuation models.Ex: E[Rp] from CAPM = 12%, E[Rp] from fundamental analysis = 10%→ Stock overvalued by the market = unattractive → not hold or sell.iii. Market timing: rebalance your portfolio depending on market conditions - When the market goes up, you want to hold high beta stocks (β>1) to benefit from the growth → If β>1, E[Rp] > E[Rm]- When the market goes down, you want to hold low beta stocks to limit the losses → If β<1, E[Rp] < E[Rm], and if β<0, E[Rp] is positive when E[Rm] isnegative.iv. Determine the market price of risk (E[Rm] –Rf = slope of the CAPM line = reward for risk)- The size of the market risk premium reflects investors’ degree of risk aversion (how investors feel about investing in the stock market)- If the market premium is very high (=slope very steep), investors are very risk averse and nervous about investing → high E[Rp]- Ex: Rf = 3%, β=0.5 → If E[Rm] –Rf = 16%, then E[Rp]=11%- If E[Rm] –Rf = 2%, then E[Rp]=4% (for the same beta)v. Evaluating portfolio performance: compare expected return with realized return - Expected return E[Rp] = 10%- Realized return Rp = 12%- Difference = 2% = risk-adjusted abnormal return = alpha- We will talk about performance evaluation and alpha in the last lecture.7. When setting tactical weights, explain the difference between a private viewand a signal.i. A signal is a set of information used to forecast the movement of the market in thenear future = information about the broad economy- Give examples of signals in practice- Signals can be used for both equilibrium risk premium (long-term) and private view (short-term)ii. The private view is a statement about expected returns (together with a degree of confidence) = information about future excess returns- Give the equation and explain- Give an example of contrarian view.。

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高中英语上外版 必修第二册 Unit 4 Sports 课后练习、课时练习

高中英语上外版 必修第二册 Unit 4 Sports 课后练习、课时练习

一、根据首字母填写单词(单词拼写)1. When studying a______, everybody may experience culture shock.(根据首字母单词拼写)2. Mr. Wang is so responsible that his students a________him from the bottom of their hearts. (根据首字母单词拼写)3. P________ basketball player Kobe Bryant, 41, has died in a helicopter crash in Calabasas, California.(根据首字母单词拼写)二、根据汉语意思填写单词(单词拼写)4. The local government warned them to stop illegal hunting________(立即). (根据汉语提示单词拼写)5. The exhibition is held___________(每年). (根据汉语提示单词拼写)6. If you__________(发现) any mistakes in the article, just mark them with a red pen. (根据汉语提示单词拼写)三、根据中英文提示填写单词(单词拼写)7. Thc company admitted that it had been a t______ (艰难的) year. (根据中英文提示单词拼写)8. She pronounced the word very slowly and p________ (准确地). (根据中英文提示填空)四、完成句子9. 我的贡献不大，因为有时候我没有办法用英语清楚表达自己的观点。

I could not make a great __________ because sometimes I wasn’t able to __________ myself __________ .10. 同学们都很友好。

牛津上海版六年级英语下学期Unit3同步练习

牛津上海版六年级英语下学期Unit3同步练习

1.My father’s job is ________ make Shanghai a safe place. (to help, helping)2.Joe and Jessica ________ bore in 1976. (was, were)3.What’s wrong with you? You look ________ today. (happy, sad)4.The king always took _________ advice. (his, him)5.Five days _______, he walked there again. (later, late)6.He always gives some money _________ that poor child. (for, to)7.Li Ling wants to be a singer. She thinks it’s an interesting ________. (work, job)8.Don’t speak aloud. You ________ keep quiet in the reading room. (should, have to)9._________ your address? (What’s, Where’s)10.Sandy lives on the _______ floor of the block.. (nine, ninth)II. Fill in the blanks with the verbs in their proper forms1.Tom likes cars. He enjoys _____________ model cars of all kinds. (make)2.I _______ _________ Aunt Judy yet. (not call)3.– Do you have a computer? – No, but I ________ _______ one next week.（have）4.Mr. Smith _________ two floors above his parents. (live)5.________ Mr. Barry _________ you to his son’s birthday party?Yes, he has. He ________ me yesterday. (invite)III. Choose the best answers1.The Dragon Boat Festival is coming. Would you please tell me the story ________ this festival?A. inB. onC. withD. of2. The new king didn’t ________ Qu Yuan’s advice, so he lost the battle.A. listenB. listen toC. hearD. hear of3. Qu Y uan was born about two thousand years ________ in China.A. beforeB. afterC. laterD. ago4. Last moth he ________ his job and then he _______ anything for two days.A. lose, didn’t eatB. lost, didn’t eatC. lose, didn’t ateD. lost, didn’t ate5. Susan jumped _______ the river to save the old man.A. intoB. inC. upD. from6. We like to watch the moon _______ the night of the Mid-autumn Festival.A. onB. inC. atD. /7. _________ years ago, men lived in caves.A. Three thousandsB. Three thousandC. Three thousands ofD. Thousand of8. A teacher’s job is _________ students knowledge.A. teachB. teachesC. to teachesD. to teach9. - _________ ________ Qu Yuan born? – About two thousand years ago in China.A. When and where, isB. Where and when, wasC. Where and when, wereD. When and where, was10. Don’t swim in the river, or you will be ________ danger.A. inB. onC. atD. from1.The Dragon Boat Festival is _______ the fifth day of the fifth Lunar month. (on, in)2.December is the _________ month of a year. (twelve, twelfth)3.How ________ do you know about the Dragon Boat Festival? (many, much)4.Parents always give the children some ________. (advice, advise)5.Jack’s job is ________ sick people better. （to make, making）6.I like milk _________sugar because it’s sweet （with, without）II. Fill in the blanks with proper prepositions1.If you don’t follow the rules on the road, you will be ______ danger.2.The other day the man jumped _____ the water to save the child.3.Do you know something ________ Thanksgiving Day in the USA.4.Please write _______ my e-mail address.5.Long long ______, the Chinese people built the Great Wall.6.We will go to Beijing to visit the Forbidden City ________ the eleventh _______ September.7.The little boy likes listening ________ American country music.8.Mrs. Smith will stay ________ London ________ ten months.III. Choose the best answers.1.The spent four ________ yuan building the school libray.A. millionB. millionsC. millions ofD. million of2. What date is it today? It’s ______________.A. the fourth of MayB. the May fourthC. of May the fourthD. fourth May3. The teacher gave us_________ on how to learn English well.A. a piece of adviceB. a few adviceC. some advicesD. an advice4. Too _______ homework really makes the students feel tired.A. muchB. manyC. littleD. few5. A doctor’s job is ________ sick people better.A. makeB. to makeC. makesD. making6. How was your holiday last weekend? Good. I _______ to the mountains with my parents.A. goB. wentC. am goingD. will go7. We eat Yuan-xiao and watch lanterns ________ the Lantern Festival.A. to celebrateB. to celebratingC. celebrateD. celebratingIV. Rewrite the sentences as required1.The king lost the battle finally. （否定句）The king _______ ________ the battle finally.2.He has already gone home. （一般疑问句）Has he _______ home _______?3.I got up early yesterday morning to see the sunrise. （对划线部分提问）________ _______ you up early yesterday morning?4.I was born in 1980 in Shanghai.________ and _______ ________ you born? （对划线部分提问）6B Module 1Unit 3 Exercise 3I. Choose the word or expression which is closet in meaning to the underlined part in each1.Is there any space for me in my car?2.Jenney will leave for China next week.3.There are plenty of flowers in the flower show.4.There are more than 3 thousand books in our school library.5.His assistant often gives him some useful advice.II. Complete the sentences with the given words in their proper forms1.I like the black shoes, but I don’t like the white __________. (one)2.It’s very _______ to swim in the river. (danger)3.Would you like some _________ rice dumplings. (salt)4.Your cousin will tell the truth ___________. (late)5.I have been to many other _________ (country)6.His _______ made us very sad. (die)7.He is very hungry because he went to work ________ breakfast this morning. (with)III. Choose the best answers1. – Did you pass the exam? Yes, but I can’t pass it ________ teacher’s help.A. withB. underC. withoutD. to2. I’m sorry, ________ I can’t help you with your homework. You’d better do it yourself.A. andB. butC. orD. then3. __________ apples do you need and ________ cheese does your mother need?A. How much, how manyB. How many, how manyC. How many, how muchD. How much, how much4. Would you like to have some more bread? _________, I’ve had enoughA. SorryB. Yes, pleaseC. No, I wouldn’tD. No, thanks5. He doesn’t like coke. He’d rather ________ some water.A. drinkB. drinksC. to drinkD. to drink6. Write _______ e-mail to your foreign friend about the Dragon Boat Festival.A. aB. anC. theD. /IV. Rewrite the sentences as required1.Chris did some shopping last week. （否定句）Chris _______ _______ some shopping last week.2.The secretary often gives her boss the report. （意思不变）The secretary often _________ the report ________ her boss.3.Qu Yuan died millions of years ago. （意思不变）Qu Yuan has ________ ________ for million of years.4.Ben would like to know the history of Shanghai. （意思不变）Ben _________ ________ know the history of Shanghai.5.I like sweet rice dumplings with bean. （对划线部分提问）________ _________ ________ sweet rice dumplings do you like.6B Module 1Unit 3 Exercise 4I. Choose the word or expression which is closest in meaning to the underlined part in each1.There are more than fifty students in my class.2.Qu Yuan was not happy at that time.3.I don’t like rice dumplings with no meat.4.The new king didn’t listen to him.5.I want to have some pudding.6.I will post a Christmas card to my friend.II. Complete the sentences with the given words in their proper forms1.Look, the boy is in _________. (dangerous)2.Several days ________, she found her lost child. (late)3.Please write your _________ on my note book. (advise)4.Some students are not ________ enough while doing their homework, so it takes them a lot oftime. (carefully)5.I don’t like the fish soup, because it is too _______. (salt)6.Look at the photo, the _______ girl from the left is our monitor. (two)III. Choose the best answers1.How many ________ do you want?A. riceB. tomatoesC. piece of breadD. potato2. Would you like one of the moon cakes? ________. It’s delicious.A. Yes, pleaseB. No, pleaseC. No, I don’tD. Yes, I would3. There isn’t _______ water in the glass. Could you get ______ for me?A. any, someB. some, someC. any, anyD. some, any4. We will visit Hong Kong Disneyland __________.A. on the twenty-five of JulyB. in 25 JulyC. on 25 JulyD. at the twenty-fifty of July5. I would rather ________ at home today.A. stayB. to stayC. stayingD. to staying6. Where is the cake I made this morning? – We ________ it, Mom. Can you make us another one?A. have eatenB. will eatC. were eatingD. eat7. I am going to write some articles and _______ them to magazines and newspapers.A. sendB. takeC. bringD. giveIV. Rewrite the sentences as required1.Kitty and Ben went shopping after finishing their homework. （否定句）Kitty and Ben _______ ________ shopping after finishing their homework.2.He’d like to have some noodles for dinner. （一般疑问句）________ he like to have ________ noodles for dinner?3.I like eating noodles with beef and tomatoes. （对划线部分提问）________ ________ of noodles do you like eating?4.He gets up early every morning to read English half an hour. （对划线部分提问）_________ _________ he get up early every morning?。

八年级英语时文阅读~Week 7--情感世界~有答案

八年级英语时文阅读~Week 7--情感世界~有答案

WEEK 7 情感世界（2）一、完形填空（共20小题；共35分）ABeing a mother is simply the greatest success of my life. It has taken me on a trip that can always surprise and educate me! I feel that my children bring 1 joy, as well as worry and care.They are wonders to me every day. Each minute of every day 2 with different activities, feelings and a lot of comedy. From playing sports 3 resting on the sofa, each of my children fills every second with laughter, 4 and discussion. They are kind-hearted and well-mannered. They have quick minds and they always 5 or answer special questions. I feel happy that I can live with these lovely children.Living in such big and happy 6 , it is important that our children understand humility(谦卑). They should know how their parents have 7 hard to support the family. They should also have a responsibility to work hard, be 8 to others, and never take anything for granted.My mother and father always asked me and my brother and sister to have 9 , and I hope that I can do the same for my 10 . I hope that I, together with their father, encourage them to dream big and try their best to do what they should do.1. A. much B. many C. little D. few2. A. is filled B. filled C. dealt D. is dealt3. A. between B. to C. and D. but4. A. housework B. homework C. music D. chores5. A. know B. wonder C. hope D. ask6. A. class B. team C. home D. family7. A. studied B. walked C. worked D. played8. A. serious B. kind C. cute D. new9. A. dreams B. jobs C. ideas D. books10. A. parents B. children C. friends D. brothersBA group of people asked a group of 4-to-8-year-old children this question, "What does love mean?" The answers were surprising. The children would answer like they did below.Rebecca-age 8"When my grandmother hurt her knees(膝盖), she couldn't bend(弯腰) over and paint her toenails(脚指甲) any more. So my grandfather would do it for her all the time, even when his hands hurt too. That's love."Samantha-age 6"Love is when someone hurts you, and you get so mad but you don't shout at her because you know it would hurt her feelings."Terry-age 4"Love is what makes you smile when you're tired."Bethany-age 4"I let my big sister pick on (捉弄) me because my Mum says she only picks on me because she loves me. So I pick on my baby sister because I love her."Lauren-age 4"I know my older sister loves me because she gives me all her old clothes and has to go out and buy new clothes."Elaine-age 5"Love is when Mummy gives Daddy the best piece of chicken."Clear-age 5"My Mummy loves me more than anybody. You don't see anyone else kissing me to sleep at night."Jessica-age 8"You really shouldn't say 'I love you' unless you mean it. But if you mean it, you should say it a lot. People forget."11. The passage mainly tells us about .A. what "life" means to childrenB. what "family" means to childrenC. what "friend" means to childrenD. what "love" means to children12. Who told us the love between Mum and Dad?A. Clear.B. Elaine.C. Rebecca.D. Lauren.13. Which of the following is NOT true according to the passage?A. Rebecca's grandmother ever couldn't bend over.B. Bethany is willing to be picked on by any other person.C. If Samantha becomes angry, she will not shout at others.D. Lauren prefers to wear her sister's old clothes.14. What does Jessica mean about love?A. Too much love is no love.B. You should say love more often.C. You mean what you think.D. Say love more often if you have it.15. What is love according to Terry?A. Love is the care between husband and wife.B. Love is a rest when you are tired.C. Love is what cheers you up when you are tired.D. Love is a kiss from parents.CKen and Anthony were childhood friends. They went to elementary and high school together. They went to college in different states, and then they lost touch(联系). They didn't see each other until they were about forty.One morning Ken was reading the newspaper with his morning coffee. Inside the newspaper he found the message for a story reading at a nearby bookstore. He was surprised to find that the writer was his friend Anthony. Ken decided to see how his old pal was.When Anthony was introduced in the bookstore, Ken hardly knew him. Anthony was very fat, and he had little hair. When Anthony was in high school, he was very handsome(潇洒的). Ken felt sorry for his look, but he was proud of his talent. Anthony's story was quite good.When the reading was over, Ken stood in line with the others waiting for Anthony to sign books. When it was Ken's turn, Anthony saw him, stood up and hugged his long lost friend. After finished signing books, the two men had a cup of coffee at a nearby cafe.So many years passed since the two saw each other, but both men had a lot in common. Both men were interested in story books. Both men married Mexican women. Both men had sons. Ken and Anthony decided not to lose touch again.16. The two childhood friends didn't see each other for about years.A. tenB. twentyC. thirtyD. forty17. How did Ken find the message for a story reading at a nearby bookstore?A. By watching TV.B. By listening to the radio.C. By reading a newspaper.D. By surfing the Internet.18. How did Ken feel when he saw Anthony in the bookstore?A. He felt sorry but proud.B. He felt sorry and sad.C. He felt bored but excited.D. He felt relaxed and proud.19. Which of the following is true?A. Anthony didn't get on well with Ken.B. Ken looked the same as before.C. Seeing Ken, Anthony felt excited.D. Anthony signed Ken's book at first.20. From the last paragraph, we can guess that .A. it's difficult for the two friends to meet againB. the two friends will soon live in the same cityC. Anthony will help Ken to write story booksD. the two friends will meet or write to each other二、阅读理解（共5小题；共10分）My daughter and I were driving from Los Angeles to Dallas. We were running out of gas somewhere in New Mexico and thought we'd see a gas station soon enough to fill up.But that didn't happen and we realized we were not going to make it to the next town. So my daughter made up a sign that read "Low on gas. Can you help me?" and held it outside her window in the hopes that a driver would see it and stop.An hour later, a driver was driving along ahead of us. He seemed to have seen the sign and slowed down to pull over. We pulled over right behind him. He was friendly and would like to help us. At first he thought we didn't have enough money to buy gas, so he wanted to give us some money to buy us gas at the next town Roswell that was about 10 miles away!When we told him that we didn't have enough gas to get to Roswell, he said his house was about 10 minutes away, so if we could give him 20 minutes, he would head back there and get a can(罐) of gas for us.Sure enough, he was back with the can and quickly filled our tank(油箱). He refused to take payment for the gas, saying, "Everyone should be a man who can help another in need." Tears flowed(涌出), so did our thanks.21. What was the matter with the writer and her daughter on their way to Dallas?A. Something was wrong with the car.B. Something was wrong with the daughter.C. They were running out of money.D. They were running out of gas.22. What did the daughter do to draw others' attention?A. She made up a sign with some words.B. She shouted to other drivers.C. She walked to a gas station to get some gas.D. She called the police for help.23. What did the old man want to do at first to help them?A. To give them some gas.B. To call the police for help.C. To give them some money.D. To fix the car for them.24. It would take the old man minutes to take some gas back to the writer.A. 10B. 20C. 30D. 4025. How did the writer and her daughter feel in the end?A. Worried.B. Surprised.C. Scared.D. Moved.三、阅读与表达(问答式(含翻译))（共5小题；共10分）When you are sad, you need to find ways to deal with (处理) your sadness. When you learn how to deal with your sadness, you'll find your own happiness.Accept(接受) your sadness.①It's not a bad thing to feel sad. Try to face what is making you feel sad. And don't believe it will just go away on its own.Speak about your sadness. It's nice to talk to friends or family about your feelings. You may not need him or her to say a word; just having someone to listen to you is sometimes enough.Put your sadness into written words. Write down how you are feeling every day and why you think you are feeling this way. Write down how you deal with your sadness and which ways work. Take part in activities. Read a good book, listen to music, exercise or take a walk outside. ②These can help you feel comfortable and forget your sadness.See a doctor. If your sadness starts to interfere with (干扰) your everyday life seriously, you should ask your doctor for help.根据短文内容，完成下列小题。

江西省南昌市英语小学四年级上学期试题及解答参考(2024-2025学年)

江西省南昌市英语小学四年级上学期试题及解答参考(2024-2025学年)

2024-2025学年江西省南昌市英语小学四年级上学期复习试题及解答参考一、听力部分（本大题有12小题，每小题2分，共24分）1、What is the weather like today?A. It is sunny.B. It is rainy.C. It is windy.Answer: BExplanation: The question asks about the weather today. In the dialogue or text, it is mentioned that it is rainy today, so the correct answer is B.2、Where does Tom usually go after school?A. He goes to the library.B. He goes to the park.C. He goes to the movie theater.Answer: AExplanation: The question inquires about Tom’s usual activity after school. According to the given dialogue or text, it is mentioned that Tom goes to the library after school, so the correct answer is A.3.Listen to the dialogue and choose the correct answer.A. What is the boy doing?B. What does the girl like to do in the afternoon?C. Where is the boy going after school?Answer: BExplanation: The dialogue is about a boy and a girl discussing their plans after school. The girl mentions that she likes to play soccer in the afternoon, so the correct answer is B.4.Listen to the conversation and fill in the blanks with the missing words.A: Hi, Tom! Are you ready for your science project?B: (3) ______, I’m still working on it.A: Don’t worry, we have plenty of time. What’s your topic?B: (4) ______, I’m doing a project on renewable energy.Answer: 3. Yes, 4. MyExplanation: The first blank is filled with “Yes” because Tom is confirming that he is ready for his science project. The second blank is filled with “My” because Tom is talking about his own science project on renewable energy.5.Listen to the dialogue between two students and answer the question.A. What are they discussing?B. What book does the boy like?C. What subject is their favorite?Answer: B. What book does the boy like?Explanation: The boy mentions that he enjoys reading adventure books, whichindicates that he likes a particular type of book.6.Listen to the conversation between a teacher and a student about their weekend plans and answer the question.A. Where will the student go for a trip?B. What is the student’s favorite sport?C. How many books did the student read over the weekend?Answer: A. Where will the student go for a trip?Explanation: The student talks about going on a camping trip during the weekend, which is where they will go for a trip.7.Listen to the dialogue and choose the correct answer.A) The boy wants to go to the park.B) The girl wants to go to the zoo.C) They both want to go to the beach.Answer: BExplanation: The boy says, “I think we should go to the zoo today.” This indicates that he wants to go to the zoo, so the correct answer is B.8.Listen to the story and answer the question.What does the story tell us about the cat?A)The cat is very independent.B)The cat is very friendly.C)The cat is very shy.Answer: AExplanation: The story describes how the cat always explores new places byitself and doesn’t like to stay a t home. This suggests that the cat is very independent, making answer A the correct choice.9、What does Sarah want to drink?•A) Orange juice•B) Apple juice•C) WaterAnswer: A) Orange juiceExplanation: In the conversation, Sarah mentions she is thirsty and would like some orange juice when asked what she would like to drink.10、Where are they going after school?•A) To the park•B) To the library•C) To the supermarketAnswer: B) To the libraryExplanation: The dialogue indicates that after discussing their thirst, they decide to go to the library to study and read books together.Note: The above questions assume a hypothetical conversation has been played regarding Sarah’s preferences and plans. The actual audio content should be referenced for accurate responses.Would you like me to create a mock audio script for these questions so we can proceed with a more detailed exercise?11.Listen to the conversation and choose the correct answer.A. The boy is reading a book.B. The girl is playing the piano.C. They are watching a movie together.Answer: BExplanation: The conversation mentions that the girl is playing the piano, which indicates the correct answer.12.Listen to the question and answer the following.Question: What is the weather like today?A. It’s sunny.B. It’s raining.C. It’s windy.Answer: BExplanation: The answer to the question “What is the weather like today?” is given as “It’s raining,” which is the correct choice based on the information provided in the listening passage.二、选择题（本大题有12小题，每小题2分，共24分）1、Choose the correct verb to complete the sentence:The cat_____on the mat.A) sitB) sitsC) sittingD) satAnswer: B) sitsExplanation: The correct answer is “sits” because it matches the singular subject “cat” and describes a general truth or state, which requires the present simple tense.2、Select the word that has a different sound for the underlined part: Shall we pla(y) after sch(o)ol?A) pl(a)yB) sch(o)olAnswer: B) sch(o)olExplanation: In “play,” the letter ‘y’ at the end makes a /i/ sound (as in “ee”), whereas in “school,” the ‘o’ is part of a combination that makes a different sound, more like /u:/ (as in “oo”). Therefore, the pronunciation of the underlined parts differs between the two words.3、Choose the correct word to complete the sentence.Tom is a very good at playing the piano.A. playerB. playersC. playingD. players’Answer: AExplanation: The correct answer is “player” because we are talking about Tom as an individual who plays the piano, not about multiple players. “Players”is the plural form, which doesn’t fit the context. “Playing” is the gerun d form and “players’” is an incorrect possessive form.4、Select the sentence that is grammatically correct.A. She has to go to school, she has to work in the afternoon.B. She has to go to school and she has to work in the afternoon.C. She has to go to school and she has to works in the afternoon.D. She has to go to school, and she has to works in the afternoon.Answer: BExplanation: The correct sentence is “She has to go to school and she has to work in the afternoon.” This is because the conjunction “and” is used to connect two independent clauses, and “work” is the correct verb form to use here since it is a single action, not a plural one. The other options contain grammatical errors such as missing conjunctions or incorrect verb forms.5、Choose the correct form of the verb to complete the sentence:The cat_______on the roof.A) sitB) sitsC) sittingD) satAnswer: B) sitsExplanation: The sentence requires a simple present tense form of the verb “to sit” because it describes a habitual action that can be true in generalsituations. Since “the cat” is a third-person singular subject, we add an ‘s’ to the base form of the verb.6、Select the appropriate preposition to fill in the blank:The book is______the table.A) inB) onC) atD) underAnswer: B) onExplanation: The preposition “on” is used to indicate that something is resting upon the surface of another object. In this case, it suggests that the book is placed on top of the table’s surface, not inside it (which would require “in”) or at a general location near the table (which could use “at”). “Under” would suggest the book is below the table, which is not the case here.7.Choose the correct word to complete the sentence.The cat is sleeping on the __________.A. chairB. tableC. floorAnswer: C. floorExplanation: The correct answer is “floor” because it is the most common place where a cat might sleep, especially if it’s on the ground. “Chair” and“table” are less likely options for a cat to sleep on.8.Select the correct plural form of the word “box”.The teacher has__________boxes on her desk.A. boxB. boxesC. boxsAnswer: B. boxesExplanation: The correct plural form of “box” is “boxes.” The option “boxs” is incorrect because it has an extra “s” at the end, which is not necessary. “Box” is the singular form and is not appropriate in this context.9、Which of the following sentences is in the correct past tense form?A)I goed to the store yesterday.B)She seed the movie last week.C)They playd soccer after school.D)We had dinner at six o’clock.Answer: D) We had dinner at six o’clock.Explanation: The correct past tense forms of the verbs in options A, B, and C are “went,” “saw,” and “played,” respectively. Option D uses the correct past tense form “had.”10、Identify the sentence that correctly uses a preposition:A)The book is on the table.B)The cat climb up the tree.C)She live near from the park.D)He ran fast then stopped quick.Answer: A) The book is on the table.Explanation: In option A, “on” is used correctly as a preposition to show the location of the book. Options B and C contain verbs that should be in their base form when used with “the” (climbs, lives), and option D should use “and” instead of “then” between independent clauses, and “quickly” instead of “quick” as it’s an adverb describing how he stopped.11.Which sentence uses the correct past tense form of the verb “do”?A. She does her homework every day.B. She did her homework yesterday.C. She do her homework last night.Answer: BE xplanation: The correct past tense form of the verb “do” is “did.” Therefore, “She did her homework yesterday” is the correct sentence.12.Choose the word that completes the sentence correctly.I___________a book about space last week.A. readB. readsC. readedAnswer: AExplanation: The correct past tense form of the verb “read” is “read,” not “readed.” Therefore, “I read a book about space last week” is the correct sentence.三、完型填空（10分）Third Grade English Midterm Exam - Section III: Fill in the BlanksRead the passage carefully, then fill in each blank with the correct form of the words provided below. There might be some words that need to be changed to fit grammatically into the sentence.Words Bank:1.happy2.play3.run4.friend5.sunnyPassage:It was a (1)______ day, and Timmy felt very (2)______ because he was going to the park with his (3)______. At the park, they decided to (4)______ tag, which is a fun game where one person (5)______ after others who then have to avoid being caught.Answers:1.______2.______3.______4.______5.______Now let’s fill in the blanks with the appropriate words to complete the passage correctly.Here is the completed passage with the correct forms of the words from the word bank:Completed Passage:It was a (sunny) day, and Timmy felt very (happy) because he was going to the park with his (friend). At the park, they decided to (play) tag, which is a fun game where one person (run) after others who then have to avoid being caught.Answers:1.sunny2.happy3.friend4.play5.run四、阅读理解（26分）Reading ComprehensionRead the following passage and answer the questions that follow.The story of Cinderella is a classic fairy tale that has been told and retold for generations. It is the story of a young girl named Cinderella, who is kind, hardworking, and loved by her animal friends. Cinderella lives with her wicked stepmother and two evil stepsisters. They treat her poorly and make her do allthe housework. Cinderella dreams of a better life and wishes to attend the royal ball.One day, a fairy godmother appears to Cinderella and grants her three wishes. The first wish is for a beautiful gown, the second wish is for a pair of glass slippers, and the third wish is for a carriage to take her to the royal ball. With her new dress, slippers, and carriage, Cinderella goes to the ball, where she meets the handsome prince. They dance the night away, and Cinderella is the belle of the ball.However, as the clock strikes midnight, Cinderella must leave the ball. She runs home, leaving behind one of her glass slippers. The prince uses this slipper to find Cinderella, as it is the perfect fit for his foot. When they meet, Cinderella and the prince fall in love, and they live happily ever after.Questions:1.What is the main character in the story of Cinderella?a) The wicked stepmotherb) The fairy godmotherc) Cinderellad) The prince2.What do Cinderella’s animal friends represent in the story?a) They represent Cinderella’s loyaltyb) They represent Cinderella’s kindnessc) They represen t Cinderella’s intelligenced) They represent Cinderella’s beauty3.How does Cinderella get to the royal ball?a) She walks thereb) Her animal friends take herc) The fairy godmother grants her a carriaged) The prince takes her thereAnswers:1.c) Cinderella2.b) They represent Cinderella’s kindness3.c) The fairy godmother grants her a carriage五、写作题（16分）Title: A Day with My Magical Pet, SparkleMy magical pet is named Sparkle. She is a small, fluffy cat with rainbow fur that changes colors depending on her mood. When she’s happy, her fur turns bright pink, and when she’s excited, it becomes a vibrant blue. Sparkle can talk, and she has the ability to fly by flapping her tiny, invisible wings. She also has a magic tail that can grant wishes once a day.One sunny morning, I woke up to find Sparkle sitting on my pillow, purring softly. “Good morning, friend!” she said cheerfully. “Today, we’re going to have a picnic in the clouds.” I was so excited! We flew high above the city until we reached a fluffy cloud that looked like a giant cotton candy. Sparkle waved her paw, and suddenly, a beautiful table appeared on the cloud, completewith sandwiches shaped like stars and moons, and a pitcher of sparkling lemonade.We played hide-and-seek among the clouds, laughing as we chased each other through the sky. Sparkle used her wish-granting tail to make a rainbow slide that spiraled down from our cloud picnic spot to a beautiful garden below. After sliding down the rainbow, we spent the afternoon exploring the garden, where flowers sang songs and butterflies danced around us.As the sun began to set, we flew back home, exhausted but happy after our magical adventure. Before bedtime, Sparkle used her last wish for the day to give me a book of fairy tales that only magical pets know. It was the perfect end to a perfect day with my best friend, Sparkle.Analysis:This example submission meets the requirements of the writing prompt by:1.Describing the magical pet (Sparkle) and its unique characteristics.2.Detailing a day spent with the pet, including imaginative activities such as flying, having a picnic in the clouds, and playing games.ing descriptive language to bring the story to life, making it engaging and vivid for the reader.The writing demonstrates creativity, proper use of vocabulary, and sentence structure appropriate for a fourth-grade level. The story includes a beginning, middle, and end, which helps to structure the narrative logically. This example should inspire students to think creatively while also practicing their writing skills.。