Chapter12 The Impact of Information Technology on the Audit Process(审计学-英文版)

Unit 12 The Importance of Moral Intelligence in Children Key to the ExercisesText comprehensionI.C.II.1. T;2. F;3. F;4. T;5. T.IV.1. Every day we read an increasing number of news reports on tragedies and statistics about American children, which have shocked us, made us deeply worried and compelled us to look for solutions.2. Howard Gardner drastically changed (or: subverted) our traditional understanding of children's mental capability with his view that a child's intelligence should involve several dimensions, just as Daniel Goleman changed our understanding of intelligence in the emotional dimension.VocabularyI. Phrase1. alone: by itself 独自，单独2. comparably aged youths: young people of similar ages3. for fear of: in case of; because of anxiety about 以免，生怕4. authority figures: officials and experts 权威人物5. summit meetings: meetings between top leaders 峰会II.1. warrant;2. legitimate;3. survey;4. called for;5. juvenile;6. self-esteem;7. revolutionizing;8. crisis.III. Word derivationFill in the blanks with the appropriate forms of the given words.1. tragic2. statistical3. (potential)4. distressing5. reaction6. prosecution7. implementation8. transformationIV.1. C;2. C;3. D;4. B;5. C;6. D;7. C;8. D.V. Synonym / AntonymGive a synonym or an antonym of the word underlined in each sentence in the sense it is used.1. Synonym: urgentSynonym: treasured, valued2. Antonym: comedies3. Synonym: decrease, drop4. Synonym: worrying, upsetting5. Antonym: respect, esteem, reverence6. Antonym: surpluses, sufficiency7. Synonym: faulty, imperfectVI. PrefixWrite in each space one word that has the same prefix as underlined in each given word.1. television telegram2. archenemy archbishop3. pseudoscientific pseudoclassical4. sympathy symphony5. miniskirt minibus6. return reply7. cooperate coordinate8. automatic autonomousGrammar ExercisesI. Put the following nouns into plural.1. diagnoses;2. data;3. shelves;4. stimuli;5. oxen;6. formulae;7. focuses / foci;8. pianos;9. grouse; 10. indexes / indices;11. tempi; 12. radios; 13. phenomenon; 14. appendixes / appendices; 15. errata; 16. women doctors; 17. babysitters; 18. hypothese; 19. man-eaters; 20. antennas / antennae.II.1. We2. They, take, gardens3. Dilettanti, are,4. Menservants, are, luxuries5. no plural6. Buses, leave, termini, those, are, ones7. are, bases, beliefs8. no plural9. those, them10. criteria, these, menIII. Use the proper form of the verbs given to complete the sentences.1. requires2. is3. want4. ranks5. was6. have7. is8. is9. is 10. are 11. is 12. isIV. Complete the sentences, using the proper forms of the adjectives in brackets.1. foolish2. lovely; lovelier; lovelist3. most considerate; considerate; more considerate4. busy; busier; busiest5. far; farther; farthest6. pretty; prettier7. The hottest8. the flattest.V.1. go.2. visit.3. return.4. Toronto; when.5. Canada; you.6. right.7. right.8. they don’t.Translation exercisesI.1.每天新闻里发生在美国儿童身上的惨剧和相关数据有增无减，令人震惊，让人揪心，促使人们苦苦寻觅应对之策。

牛津版英语初二上学期复习试卷与参考答案一、听力部分（本大题有20小题，每小题1分，共20分）1、Listen to the dialogue and answer the question.W: Hi, John! How was your math test yesterday?M: Oh, it was quite challenging. I think I did okay, but I’m not sure about the last question.Q: What did John think about the last question on the math test?A: He’s not sure about it.B: He thinks it was easy.C: He thinks it was challenging but he did well.Answer: AExplanation: In the dialogue, John says, “I think I did okay, but I’m not sure about the last question.” This indicates that he is unsure about the last question.2、Listen to the conversation and choose the best answer to the question.M: Have you finished reading the science book for our assignment?W: Not yet, I’m still on Chapter 5. It’s a bit difficult to understand.Q: What does the woman mean when she says “It’s a bit difficult to understand”?A: The book is easy for her to read.B: She has finished reading the entire book.C: The science book is too difficult for her.Answer: CExplanation: The woman says “It’s a bit difficult to understand,” which implies that the science book is challenging for her. Therefore, the correct answer is C.3、What subject have the students decided to do their project on?•A) History•B) Biology•C) MathematicsCorrect Answer: B) BiologyExplanation: In the dialogue, the male student mentions that they have decided on biology as the subject for their project because it’s his favorite and he knows a lot about it.4、Why did the female student agree to do the project on biology?•A) She loves biology too.•B) The male student is good at biology and can help her.•C) It is the easiest subject for her.Correct Answer: B) The male student is good at biology and can help her.Explanation: The female student states that although she struggles with biology, she agrees because her partner is very knowledgeable in this area and has offered to assist her with the project.Note: This is a hypothetical scenario designed for educational purposes.Actual listening materials would typically be accompanied by audio clips.5、Listen to the conversation and choose the best answer to the question you hear.Question: What is the woman’s opinion about the movie the man wants to watch?A. She thi nks it’s a great movie to watch.B. She suggests they go to the cinema instead.C. She believes the movie is too violent for children.D. She prefers to watch a different movie together.Answer: CExplanation: In the conversation, the woman says, “I think that movie is too violent for children. Maybe we should choose something else.”6、Listen to the dialogue and answer the following question.Question: Why does the man not want to go to the library today?A. He needs to finish his homework.B. He has to work late tonight.C. The library is too crowded.D. He doesn’t have enough time.Answer: AExplanation: The man explains, “I have a lot of homework to finish tonight, so I can’t go to the library today.”7、What topic did the student choose for her history project?A. The impact of technology on society.B. The history of space exploration.C. The role of music in cultural development.Answer: B.Explanation: In the dialogue, the student mentions that she chose to focus on the history of space exploration beca use she’s always been fascinated by the advancements made in getting humans into space.8、When is the deadline for submitting the project?A. Next Monday.B. Next Friday.C. This Wednesday.Answer: A.Explanation: The teacher clearly states in the conversation that the deadline for submission is next Monday, giving the student some extra days to finalize her research and presentation.9、What does the speaker suggest to do after the game?A. Go to the cinema.B. Have a rest.C. Continue playing.Answer: BExplanation: The speaker says, “Well, after the game, you all can take a break and have some snacks. It’s been a long day.” This implies that after the game, the speaker suggests taking a break, which is option B.10、How does the weather forecast for the weekend sound?A. It will be sunny and warm.B. It will be rainy and cold.C. It will be windy and cool.Answer: AExplanatio n: The speaker says, “According to the weather forecast, it will be sunny and warm this weekend. Perfect for outdoor activities!” This indicates that the forecast for the weekend is sunny and warm, which is option A.11、Conversation:M: Excuse me, could you tell me where the nearest bookstore is?W: Sure, it’s just two blocks straight ahead on the right side.Question:Where is the bookstore located?A. Three blocks down on the left.B. Two blocks straight ahead on the right.C. Right next to the post office.Answer: B. Two blocks straight ahead on the right.Explanation:The woman clearly states that the bookstore is just two blocks straight ahead on the right side.12、Conversation:W: I heard you’re planning a trip to Europe during summer break. Which coun try are you visiting first?M: Yes, I’m starting with France because I want to practice my French.Question:Which country is the man visiting first?A. GermanyB. ItalyC. FranceAnswer: C. FranceExplanation: The man mentions he is starting with France because he wants to practice his French, indicating that France is his first destination.13.Listen to the dialogue and answer the question.W: Hi, John. How was your science test yesterday?M: Oh, it was okay, but I’m not sure about my grade. How about you, Mary?W: I think I did well. I got all the questions right except for one.Question: How did John feel about his science test?A. He was confident.B. He was worried about his grade.C. He didn’t care about the test.D. He thought it was too easy.Answer: BExplanation: John said, “Oh, it was okay, but I’m not sure about my grade.” This indicates that he was worried about his grade.14.Listen to the conversation and choose the correct answer.M: Do you think we should study for the upcoming history exam?W: Absolutely! It’s important to review the material because the questions can be tricky.Question: What do the speakers think about the history exam?A. They think it will be easy.B. They think it will be difficult.C. They think it’s not necessary to study.D. They don’t know anything about the exam.Answer: BExplanation: The speaker said, “It’s important to review the material because the questions can be tricky.” This suggests that they think the exam will be difficult.15、(Conversation)M: Hey Jane, have you finished reading Chapter 7 of our history book? We have a test on it next week.W: Yes, I finished it yesterday. It’s all about the Industrial Revolution. Did you know it started in Britain around 1760?(Question)What topic does the conversation mention as being covered in Chapter 7?A. World War IIB. The RenaissanceC. The Industrial RevolutionD. The Cold WarAnswer: C. The Industrial RevolutionExplanation: The conversation clearly mentions that Chapter 7 is about the Industrial Revolution, which began in Britain around 1760.16、(Conversation)W: Hi Tom, I heard you’re going to join the school band. What instrument are you going to play?M: Well, I’ve been practicing the trumpet for a few months now, but my parents want me to play the violin like my sister. I’m not sure what to do.(Question)What dilemma is Tom facing?A. Choosing between playing football and basketballB. Selecting a science fair project topicC. Deciding whether to play the trumpet or violin in the bandD. Picking a subject to study harder for examsAnswer: C. Deciding whether to play the trumpet or violin in the band Explanation: Tom mentioned that he has been practicing the trumpet but his parents want him to play the violin. This indicates that he is unsure about which instrument to choose for the school band.17.You are listening to a conversation between two students, Sarah and Tom, discussing their weekend plans.Sarah: Hey Tom, have you d ecided what you’re going to do this weekend?Tom: Yeah, I’m thinking of going hiking. How about you, Sarah?Sarah: That sounds fun! I was actually planning to go to the beach. Do you want to join me?Tom: Sure, but I need to check the weather forecast firs t. Are you sure it’s going to be sunny?Sarah: I think so. I’ve been checking the weather app, and it says it’ll be clear all weekend.Tom: Alright, I’ll check the forecast too. Maybe we can go hiking on Saturday and the beach on Sunday.Question: What is Tom’s initial plan for this weekend?A) Go to the beachB) Go hikingC) Stay at homeD) Go shoppingAnswer: B) Go hikingExplanation: In the conversation, Tom says, “I’m thinking of going hiking,” which indicates that his initial plan is to go hiking.18.You are listening to a phone conversation between a teacher, Mr. Smith, and a student, Lisa.Mr. Smith: Hello, Lisa. This is Mr. Smith calling from the school. How are you doing today?Lisa: Hi, Mr. Smith. I’m doing well, thanks. How about you?Mr. Smith: I’m good, thanks. I wanted to discuss your recent performance in the math class. I noticed that you haven’t been attending class regularly.Lisa: I apologize for that, Mr. Smith. I’ve been dealing with some personal issues lately. I promise I’ll try to be m ore punctual from now on.Mr. Smith: I understand, Lisa. However, it’s important for you to be present in class to keep up with the material. Have you considered seeking help from a tutor?Lisa: Yes, I have. I’m going to talk to my parents about finding a tutor to help me catch up.Question: What is Mr. Smith’s concern about Lisa?A) She has been absent from classB) She is not performing well in mathC) She is dealing with personal issuesD) She needs to find a tutorAnswer: A) She has been absent from classExplanation: Mr. Smith mentions that he noticed Lisa hasn’t been attending class regularly, indicating his concern about her absence from class.19.You are listening to a conversation between two students discussing their weekend plans.A)They are planning to go hiking.B)They are planning to watch a movie.C)They are planning to go shopping.Answer: BExplanation: The conversation mentions that they will be watching a new movie that just came out, indicating their plan to go to the cinema. Therefore, the correct answer is B) They are planning to watch a movie.20.A teacher is asking students about their favorite subject in school.A)The student says, “I like science the best.”B)The student says, “Math is my favorite subject.”C)The student says, “I prefer English.”Answer: AExplanation: The student explicitly states, “I like science the best,” which means science is their favorite subject. Therefore, the correct answer is A) The student says, “I like science the best.”二、阅读理解（30分）Reading ComprehensionRead the following passage carefully and answer the questions that follow.The Internet has revolutionized the way we communicate, access information, and conduct business. With just a few clicks, we can connect with people from all over the world, gather knowledge on almost any topic, and even purchase goods without leaving our homes. However, this convenience comes with its own set of challenges, such as information overload and privacy concerns.One of the most significant benefits of the Internet is its ability to provide instant access to a vast amount of information. In the past, students had to rely on libraries and textbooks to find the information they needed forschool projects. Now, with just a few keystrokes, they can search for articles, videos, and educational resources online. This has greatly enhanced the learning experience and made research more efficient.Despite its advantages, the Internet also poses some risks. One major concern is the spread of misinformation. With so much content available online, it can be difficult to discern what is true and what is false. This can lead to confusion and misinformed decisions. Another risk is cyberbullying, which has become a growing problem among young people. Online platforms can provide a sense of anonymity, making it easier for individuals to harass or intimidate others.The following is an excerpt from an article about the impact of the Internet on education.Excerpt:“Education has been transformed by the Internet. Students can now access online courses, participate in virtual classrooms, and even earn degrees from prestigious universities without ever setting foot on campus. This has opened up new opportunities for learners who may not have had access to traditional educational institutions.”Questions:1.What is the main advantage of the Internet mentioned in the passage?A) It provides instant access to a vast amount of information.B) It allows people to communicate with others from all over the world.C) It has made libraries and textbooks obsolete.D) It eliminates the need for cyberbullying.2.According to the passage, what is one major concern regarding the Internet?A) It makes learning more inefficient.B) It increases the risk of misinformation and cyberbullying.C) It limits access to prestigious universities.D) It reduces the need for traditional educational institutions.3.Which of the following statements is supported by the excerpt?A) Online courses have become less popular due to the convenience of traditional education.B) Students can now only earn degrees from prestigious universities online.C) The Internet has made it easier for students to access and participate in education.D) The Internet has had no impact on the traditional educational system.Answers:1.A) It provides instant access to a vast amount of information.2.B) It increases the risk of misinformation and cyberbullying.3.C) The Internet has made it easier for students to access and participate in education.三、完型填空（15分）Task: Fill in the blanks with the appropriate words.If you are a beginner, it’s important to start with simple exercises. Manystudents believe that learning a language is difficult, but with practice and persistence, [1]___.The first step in learning English is to [2]. It is recommended to begin with [3]. This will help you get familiar with the pronunciation and rhythm of the language.One effective way to improve your listening skills is to [4]. Try to listen to [5]. This will not only help you understand the language better but also improve your pronunciation.1.A. becomes easyB. becomes challengingC. becomes enjoyableD. becomes frustrating2.A. taking frequent breaksB. setting realistic goalsC. memorizing vocabularyD. avoiding mistakes3.A. grammar rulesB. simple sentencesC. advanced conversationsD. professional literature4.A. reading out loudB. writing essaysC. watching moviesD. practicing grammar5.A. English songsB. technical manualsC. news broadcastsD. children’s storiesAnswer:1.C. becomes enjoyable2.B. setting realistic goals3.B. simple sentences4.C. watching movies5.A. English songs四、语法填空题（本大题有10小题，每小题1分，共10分）1、The teacher told us that we would have a vacation next week. However, it turned out that the vacation was canceled.答案：However解析：根据句意，这里需要一个表示转折关系的词。

新编语言学教程Chapter 12答案Applied Linguistics1. Define the following terms briefly.(1)applied linguistics: the study of language and linguistics in relation to practicalissues, e.g. speech therapy, language teaching, testing, and translation.More often than not nowadays, it is used in the narrow sense, and refers tolanguage teaching in particular.(2)grammar-translation method: a method of foreign or second languageteaching which makes use of translation and grammar study as the mainteaching and learning activities.(3) audiolingual method: the teaching of a second language through imitation,repetition, and reinforcement. It emphasizes the teaching of speaking andlistening before reading and writing and the use of mother tongue in theclassroom is not allowed.(4)communicative language teaching: an approach to foreign or second languageteaching which emphasizes that the goal of language learning is toachieve communicative competence.(5)testing: the use of tests, or the study of the theory and practice of their use,development, evaluation, etc.(6)achievement test: a test which measures how much of a language someone haslearned with reference to a particular course of study or program of instruction.(7)validity: (in testing) the degree to which a test measures what it is supposedto measure, or can be used successfully for the purposes for which it is intended.A number of different statistical procedures can be applied to a testto estimate its validity. Such procedures generally seek to determine what thetest measures, and how well it does so.(8)reliability: (in testing) a measure of the degree to which a test gives consistentresults; a test is said to be reliable if it gives the same results when it isgiven on different occasions or when it is taken by different people.(9)proficiency test: a test which measures how much of a language someone haslearned without considering the syllabus, duration and manner of learning.(10) subjective test: a test which is scored according to the personal judgment ofthe marker, such as essay writing or translation.(11) objective test: a test that can be marked without the use of the examiner’spersonal judgment.(12) language aptitude test: a test which measures a person’s aptitude for secondor foreign language learning and it can be used to identify those learners who are most likely to succeed.(13) diagnostic test: a test which is designed to show what skills or knowledge alearner knows and doesn’t know. For example, a diagnostic pronunciationtest may be used to measure the learner’s pronunciation of English sounds.It would show which sounds a student is and is not able to pronounce. Diagnostictests may be used to find out how much a learner knows or to measure how successful an instruction program has been.(14) backwash effect: Tests strongly affect what actually occurs in the classroomand the effect of tests on classroom L2 teaching and learning is known as thebackwash effect.2. The advantages of grammar-translation method:(1)As the grammars described in this method contain very detailed descriptionsof the correct construction of phrases and sentences of a language, accuracyis stressed and improved.(2)Students’ ability to read and write is encouraged and improved since themethod focuses on the written work.(3)This method is less demanding than some other approaches for a teacherwhose oral proficiency may not be adequate.(4)This method is popular with people who would like to study English independently,especially the adult learners who want to learn grammar rules anduse them to approach new materials by themselves.The disadvantages of grammar-translation method:(1)It emphasizes language at the sentence level regardless of context, so the organizationof language above the sentence level is not so carefully studied.(2)As the focus is on written work, oral fluency and spontaneity is not so welldeveloped and common everyday language is not taught enough.(3)The basic techniques in this method are rote learning of the rules and vocabulary,and grammar rules are taught deductively as general statements tobe applied in particular exercises in translation, so the learners may find itboring to learn.(4)With the emphasis on grammar, students typically know a lot about the languagebut are unable to actually use it. As a result, their use of the new languageoften tends to be literal or unnatural.3.Changes required would include:(1)Change in teacher’s role. The teacher can no longer be the source of knowledgeand trut h about the language. The teacher’s role has more to do withinitiating activities.(2)Change in learner’s role. The learner can no longer be passive. The learnermust actively participate in the activities.(3)Change of materials. These should, as far as possible, preserve the features ofauthentic instances of language use.(4)Change of techniques. These should emphasize the tasks (not drills) to beperformed and identify the skills being practiced.(5)Change in attitude. If the above are to be achieved then we are involved inchanging our attitudes towards teaching and learning in general.4.Achievement tests are based on a particular language syllabus, or part of a syllabus,or chapters in a textbook that learners are known to have studied and theyaim to know how well learners know what they have been taught. For example,the Chinese MET test, which is based on the Middle School English Syllabus andtaken by students leaving Senior Middle School, and Mid-Term tests, designed forUniversity English Majors based on just a few chapters from a textbook.5.The validity of a test relates to what the test claims to measure and how well itdoes so. If we know that a test is valid, then we know what we can confidently sayabout a person who passes or fails it. The two most important aspects of validityare content validity and construct validity. If a test has content validity it meansthat the test questions cover a fair sample of the language structures and skillsthat the test claims to be measuring. If a test has construct validity, it shows that itmeasures only what it claims to measure and nothing else.6.A test is said to be reliable if it gives the same results when it is given on differentoccasions or when it is taken by different people. There are two aspects to reliability:test reliability and scorer reliability. Test reliability refers to how consistent scoresare on a test. If, for example, there are two versions of a particular test and the sameperson takes them on consecutive days and his scores are almost the same on eachversion, then such a test has test reliability. A test has scorer reliability if there is ahigh level of agreement between different people marking the same test paper.。

第十二的英文怎么读_第十二的单词是什么你知道序数词的第十二它的英文翻译成什么吗?它的音标又是什么?以下是店铺给大家带来第十二的英文读音，以供参阅。

第十二的英文单词与读音第十二的英文单词：twelfth第十二的英文读音：英[twelfθ] 美 [twɛlfθ]第十二的词组习语twelfth grade1.十二年级twelfth century1.十二世纪December twelfth1.十二月十二日第十二的英文例句1. The first British attempt to colonize Ireland was in the twelfth century.英国最早尝试在爱尔兰开拓殖民地是在12世纪。

2. She is entitled to a twelfth of the cash.她有权获得这笔钱的1/12。

3. For her twelfth birthday, she asked for a chemistry set.她要一个化学箱作她12岁生日的礼物.4. December is the twelfth month of the year.12月是一年中的第12个月.5. As usual there will be the local and regional elections on June the twelfth.照例，6月12日将会进行地方及区域选举。

6. The tower, incidentally, dates from the twelfth century.那座塔，顺便提一下，可以追溯到12世纪。

7. They are going to play " Twelfth Night " next week.下周,他们将演出 " 第十二夜 ".8. During the twelfth century there is little to report.关于12世纪的情况,我们可谈的很少.9. Today is the twelfth. Why?今天是十二号. 怎么?10. It's November the twelfth.今天是十一月十二日.11. I had scarcely passed my twelfth birthday when I entered the inhospitable regions of examinations.我跨进那冷淡无情的考区时才十二周岁.12. Let's hope it's a bright sunny day on the twelfth! With much love.希望12日那天,是一个明朗的晴天! 顺致热情的问候.13. Twelfth: Life buoy . Feel free to come when you need to talk.第十二件: 救生圈(救生圈形的糖果)当你需要谈一谈时,随时可以来.14. There are two experiments is to be tested in twelfth chapter.本文第十二章中对可能测试的实验,有相关描述.15. As 2010 begins, Uranus is still in Pisces and your twelfth house.由于2010年开始, 天王星在双鱼座仍是和你的第12宫.第十二的双语例句1. Agassi was playing well above his world ranking of 12.阿加西的比赛表现大大超出了他在世界上第12位的排名。

CHAPTER 12Responsibility Accounting and Total QualityANSWERS TO REVIEW QUESTIONS12-1 A responsibility-accounting system fosters goal congruence by establishing the performance criteria by which each manager will be evaluated. Development of performance measures and standards for those measures can help to ensure that managers are striving toward goals that support the organization's overall objectives. 12-2 Goal congruence results when the managers of subunits throughout an organization strive to achieve objectives that are consistent with the goals set by top management. In order for the organization to be successful, the managers and employees throughout the organization must be striving toward consistent goals.12-3 Several benefits of decentralization are as follows:(a) The managers of an organization's subunits have specialized information andskills that enable them to manage their departments most effectively.(b) Allowing managers autonomy in decision making provides managerial trainingfor future higher-level managers.(c) Managers with some decision-making authority usually exhibit greater motivationthan those who merely execute the decisions of others.(d) Delegating some decisions to lower-level managers provides time relief to upper-level managers.(e) Delegating decision making to the lowest level possible enables an organizationto give a timely response to opportunities and problems.Several costs of decentralization are as follows:(a) Managers in a decentralized organization may have a narrow focus on their ownunits' performance.(b) Managers may tend to ignore the consequences of their actions on theorganization's other subunits.(c) In a decentralized organization, some tasks or services may be duplicatedunnecessarily.12-4 (a) Cost center: A responsibility center, the manager of which is accountable for the subunit's costs. (An example is a production department in a manufacturing firm.)(b) Revenue center: A responsibility center, the manager of which is accountable forthe subunit's revenue. (An example is a sales district in a wholesaling firm.)(c) Profit center: A responsibility center, the manager of which is accountable for thesubunit's profit. (An example is a particular restaurant in a fast-food chain.)(d) Investment center: A responsibility center, the manager of which is accountablefor the subunit's profit and the capital invested to generate that profit. (Anexample is a commuter airline division of an airline company.)12-5 It would be appropriate to change a particular hotel from a profit center to an investment center if the manager of the hotel is given the authority to make significant investment decisions affecting the hotel's resources.12-6 Flexible budgeting allows a performance report to be constructed in a meaningful way. The performance report should compare actual expenses incurred with the expenses that should have been incurred, given the actual level of activity. The expenses that should have been incurred given the actual level of activity can be obtained from the flexible budget.12-7 Under activity-based responsibility accounting, management's attention is directed toward activities, rather than being focused primarily on cost, revenue, and profit measures of subunit performance. Activity-based responsibility accounting uses the database generated by an activity-based costing system coupled with nonfinancial measures of operational performance for key activities. Such an approach can help management eliminate non-value-added activities and improve the cost effectiveness of activities that do add value to the organization's product or service. 12-8 Attention to the following two factors may yield positive behavioral effects from a responsibility-accounting system.(a) When properly used, a responsibility-accounting system does not emphasizeblame. The emphasis should be on providing the individual who is in the bestposition to explain a particular event or financial result with information to help inunderstanding reasons behind the event or financial result.(b) Distinguishing between controllable and uncontrollable costs or revenues helpsthe individuals who are evaluated under a responsibility-accounting system tofeel as though they are evaluated on the basis of events and results over whichthey have some control or influence.12-9 Rarely does a single individual completely control a result in an organization. Most results are caused by the joint efforts of several people and the joint impact of several events. Nevertheless, there is usually a person who is in the best position to explain a result or who is in the best position to influence the result. In this sense, performance reports based on controllability really are based on a manager's ability to influence results.12-10 (a) Cost pool: A collection of costs to be assigned to a set of cost objects. (An example of a cost pool is all costs related to material handling in a manufacturingfirm.)(b) Cost object: A responsibility center, product, or service to which a cost isassigned. (The various production departments in a manufacturing firm provideexamples of cost objects. For example, the material-handling cost pool may beallocated across the various production departments that use material-handlingservices.)12-11 Cost allocation (or distribution): The process of assigning costs in a cost pool to the appropriate cost objects. (An example of cost allocation would be the assignment of the costs in the material-handling cost pool to the production departments that use material-handling services. For example, the material-handling costs might be allocated to production departments on the basis of the weight of the materials handled for each department.)12-12 An example of a common resource in an organization is a computer department. The resource includes the computer itself, the software, and the computer specialists who run the computer system and assist its users. The opportunity costs associated with one person using the computer resource include the possibility that another user will be precluded from or delayed in using the computer resource. Allocating the cost of the computer services department to the users makes the users aware of the opportunity cost of using the computer.12-13 A computer system has a limited capacity at any one time. Allocating the cost of using the service to the user makes the user aware that his or her use of the system may preclude someone else from using it. Thus, the user is made aware of the potential opportunity cost associated with his or her use.12-14 A cost allocation base is a measure of activity, physical characteristic, or economic characteristic associated with the responsibility centers, which are the cost objects in the allocation process. One sensible allocation base for assigning advertising costs to the various components of a large theme park is the number of people patronizing the park's various components. Presumably, the number of people attending a certain part of the theme park is an indication of how popular that part of the park is. Notice that in most cases the sales revenue generated by the various components of the theme park is not a viable allocation base, since most theme parks have a single admission fee for the entire park.12-15 Marketing costs are distributed to the hotel's departments on the basis of budgeted sales dollars so that the behavior of one department does not affect the costs allocated to the other departments. If, on the other hand, the marketing costs had been budgeted on the basis of actual sales dollars, then the costs allocated to each department would have been affected when only one department's actual sales revenue changed.12-16 A segmented income statement shows the segment margin for each major segment of the enterprise.12-17 Many managerial accountants believe that it is misleading to allocate common costs to an organization's segments. Since these costs are not traceable to the activities of segments, they can be allocated to segments only on the basis of a highly arbitrary allocation base.12-18 It is important in responsibility accounting to distinguish between segments and segment managers, because some costs that are traceable to a segment may be completely beyond the influence of the segment manager. Proper evaluation of the segment as an investment of the company's resources requires that these costs be included with costs associated with the segment. However, in evaluations of the manager's performance, these costs should be excluded, since the manager has no control over them.12-19 Three key features of a segmented income statement are as follows: contribution format, identification of controllable versus uncontrollable expenses, and segmented reporting, which shows income statements for the company as a whole and for each of its major segments.12-20 A common cost for one segment can be a traceable cost for another segment. For example, the salary of the general manager of a hotel is traceable to that segment of the entire hotel company. However, the salary of the hotel's general manager is a common cost for each of the departments in that hotel, such as the food and beverage department and the hospitality department.12-21 Customer profitability analysis refers to using the concepts of activity-based costing to determine how serving particular customers causes activities to be performed and costs to be incurred. Examples of activities that can be differentially demanded by customers include order frequency, order size, special packaging or handling, customized parts or engineering, and special machine setups. Such activities can make some customers more profitable than others.12-22 Four types of quality costs are as follows:(a) Prevention costs: the costs of preventing defects.(b) Appraisal costs: the costs of determining whether defects exist.(c) Internal failure costs: the costs of repairing defects found prior to product sale.(d) External failure costs: the costs incurred when defective products have beensold.12-23 Observable quality costs can be measured and reported, often on the basis of information in the accounting records. For example, the cost of inspectors' salaries is an observable quality cost. Hidden quality costs cannot easily be measured, reported, or even estimated. For example, the opportunity cost associated with lost sales after a defective product is sold is a hidden quality cost to the company.12-24 A product's quality of design is how well it is conceived or designed for its intended use. The product's quality of conformance refers to the extent to which a product meets the specifications of its design.12-25 A product's grade is the extent of its capability in performing its intended purpose, viewed in relation to other products with the same functional use. An example in the service industry is airline travel. Airplane seats may be coach class or first class; the difference lies in seat size, comfort, and service. Either class will take you from Los Angeles to Chicago, but not with the same degree of comfort.12-26 "An ounce of prevention is worth a pound of cure" can be interpreted in terms of resources expended on various categories of quality costs. A dollar spent on prevention may save many dollars of appraisal, internal failure, or external failure costs.12-27 A cause and effect diagram shows by means of connected lines all the possible causes of a particular type of defect in a product or service.SOLUTIONS TO EXERCISESEXERCISE 12-28 (10 MINUTES)The type of responsibility center most appropriate for each of the following organizational subunits is indicated below.(1) Movie theater: Cost center or profit center.(2) Radio station: Profit center.(3) Claims department: Cost center.(4) Ticket sales division of an airline: Revenue center.(5) Bottling plant: Cost center.(6) Orange juice factory: Profit center.(7) College of engineering at a university: Profit center.(By designating the college of engineering as a profit center, this subunit isencouraged to generate research grants and manage its operations mosteffectively. The term "profit center" is used in a slightly different way here. Nosubunit in a university really makes a profit. However, treating the college ofengineering like a profit center means that this subunit's management will haveconsiderable authority in managing the subunit's revenues and expenses.)(8) European division of a multinational manufacturing company: Investmentcenter.(9) Outpatient clinic in a profit-oriented hospital: Profit center.(10) Mayor's office of a city: Cost center.EXERCISE 12-29 (10 MINUTES)The appropriate responsibility-accounting treatment for each of the scenarios is the following:(1) Since the cost of idle time incurred in Department B was due to the breakdown ofimproperly maintained machinery in Department A, the costs of the idle time should be charged to Department A.(2) If the machinery had been properly maintained, it would be more appropriate not tocharge the cost due to idle time in Department B back to Department A. This cost should be considered a normal cost of operating in a sequential production environment. The managers of Department B should anticipate such normal machine breakdowns and plan their production scheduling to accommodate such events.EXERCISE 12-30 (10 MINUTES)The Maintenance Department should not be charged for the excess wages of the skilled employees who are temporarily assigned to the Maintenance Department. Modifications should be made in the responsibility-accounting system as follows: (1) the Maintenance Department should be charged with only the normal wages for maintenance employees, $12 per hour. (2) The additional $10 per hour ($22 –$12) should be charged to a top management level account, since the decision to keep these employees on the payroll was made by top management.EXERCISE 12-31 (10 MINUTES)By designating this department as a profit center, the corporation has given the managers of the department an opportunity to manage their operation just like a full-fledged business. These managers have specialized knowledge and skills that make them experts in the area of logistics and distribution. They are in the best position to read the needs of other units to whom they provide logistics services, and are also in the best position to make cost-benefit trade-offs that arise in the provision of logistical services. By treating this service department as a profit center, the organization has given its managers an incentive to control costs and also provide a quality service that meets the needs of its customers.A profit center such as this might not be free to sell its services outside the company. Moreover, the creation of this profit center suggests the need for an internal pricing structure for services supplied to other subunits.McGraw-Hill/Irwin 2002 The McGraw-Hill Companies, Inc.12-8 Solutions ManualEXERCISE 12-32 (50 MINUTES)P ERFORMANCE R EPORTS FOR M ARCH : S ELECTED S UBUNITS OF A LOHA H OTELS AND R ESORTS (IN THOUSANDS )Flexible Budget* Actual Results* Variance †March Year to Date** March Year to Date** March Year to Date**Food and Beverage DepartmentBanquets & Catering .............. $ 650 $ 1,910 $ 658 $ 1,923 $ 8 F $ 13 FRestaurants ............................ 1,800 5,550 1,794 5,534 6 U 16 U.................................... (3,233) (1,069) (3,242) 4 U 9 U $ 4,227 $ 1,383 $ 4,215 $2 U $12 UKitchen staff wages................ $ (253) $ (86) $ (255) $1 U $ 2 UFood ........................................ (2,110) (690) (2,111) — 1 UPaper products ....................... (375) (122) (370) 3 F 5 FVariable overhead .................. (225) (78) (232) 3 U 7 UFixed overhead ....................... (270) (93) (274) 3 U 4 UTotal expense ......................... $ (1,065) $ (3,233) $(1,069) $ (3,242) $4 U $ 9 U*Numbers without parentheses denote profit; numbers with parentheses denote expenses.†F denotes favorable variance; U denotes unfavorable variance. **Year-to-date column equals year-to-date column for February in Exhibit 12-4 in the text plus March amount. For example, $1,910 equals $1,260 plus $650.EXERCISE 12-33 (30 MINUTES)1. Allocation of costs:Division DepartmentandAllocation Base Liberal Arts SciencesBusiness AdministrationTotalCostAllocatedAdmissions (enrollment)$36,000(1,000/2,500)$28,800(800/2,500)$25,200(700/2,500)$90,000Registrar (credit hours)$56,250(30,000/80,000)$52,500(28,000/80,000)$41,250(22,000/80,000)$150,000Computer Services (courses requiring computer) $64,000(12/60)$128,000(24/60)$128,000(24/60)$320,000The Admissions Department costs are allocated on the basis of enrollment. The more students enrolled in a division, the more admissions there are to process.The Registrar's costs are allocated on the basis of credit hours. The greater the number of credit hours, the more course registrations there are to process.The Computer Services Department's costs are allocated on the basis of the number of courses requiring computer work. The greater the number of computer-intensive courses, the greater will be the demands placed on the Computer Services Department.2. The number of courses would probably be a better allocation base for the Registrar'scosts. Costs in this department are driven by processing course registrations, not credit hours. A four-credit course does not require any more registration effort than a three-credit course.The estimated amount of computer time required would probably be a better allocation base for the Computer Services Department. Two different courses requiring computer work could place vastly different demands on the Computer Services Department.EXERCISE 12-34 (40 MINUTES)S EGMENTED I NCOME S TATEMENTS:C OUNTYWIDE C ABLE S ERVICES,I NC.Countywide Segments of CompanyCableServices Metro Suburban Outlying Service revenue ...................... $2,200,000 $1,000,000 $ 800,000 $ 400,000 Variable expenses ................... 450,000 200,000 150,000 100,000 Segment contribution margin $1,750,000 $ 800,000 $ 650,000 $ 300,000 Less: Fixed expensescontrollable by segmentmanager ................................ 870,000 400,000 320,000 150,000 Profit margin controllable bysegment manager ................. $ 880,000 $ 400,000 $330,000 $ 150,000 Less: Fixed expenses,traceable to segment, butcontrollable by others .......... 520,000 230,000 200,000 90,000 Profit margin traceable tosegment ................................ $ 360,000 $ 170,000 $130,000 $ 60,000 Less: Common fixed expenses 95,000Income before taxes ............... $ 265,000Less: Income tax expense ...... 145,000Net income ............................... $ 120,000EXERCISE 12-35 (5 MINUTES)1. appraisal cost2. external failure cost3. internal failure cost4. prevention costEXERCISE 12-36 (20 MINUTES)S AN M ATEO C IRCUITRYQ UALITY C OST R EPORTCurrent Month's Costs PercentageofTotalPrevention costs:Training of quality-control inspectors....................................... $21,000 22.2 Total ....................................................................................... $21,000Appraisal costs:Inspection of purchased electrical components ...................... $12,000 12.7 Tests of instruments ................................................................... 30,000 31.7 Total ....................................................................................... $42,000Internal failure costs:Costs of rework ........................................................................... $ 9,000 9.5 Costs of defective parts that cannot be salvaged .................... 6,100 6.5 Total ....................................................................................... $15,100External failure costs:Replacement of instruments already sold ................................ $16,500 17.4 Total ....................................................................................... $16,500 _____ Total quality costs ......................................................................... $94,600 100.00 EXERCISE 12-37 (10 MINUTES)Observable quality costs in the airline industry:∙Cost of repairing damaged luggage.∙Cost of providing lodging for passengers stranded when a flight is cancelled due to equipment malfunction.∙Cost of cleaning a passenger's clothing when a flight attendant spills food or beverages on the passenger.McGraw-Hill/Irwin© 2002 The McGraw-Hill Companies, Inc.EXERCISE 12-37 (CONTINUED)Hidden quality costs in the airline industry:∙Cost of lost flight bookings when passengers judge in-flight service to be substandard.∙Cost of lost flight bookings when potential passengers are unable to get through to the airline's reservations service.∙Cost of lost flight bookings when passengers react to cancelled or late flights.EXERCISE 12-38 (30 MINUTES)Answers will vary widely, depending on the company chosen. Some examples are as follows:Marriott Hotels: Company-owned hotel, profit centerMcDonald’s Corporation: Company-owned resaurant, profit centerNationsBank: Regional division of company, investment centerPizza Hut: Kitchen in an individual restaurant, cost centerRamada Inn: National reservations center, revenue centerXerox Corporation: Individual manufacturing department or work center, cost centerSOLUTIONS TO PROBLEMSPROBLEM 12-39 (30 MINUTES)A wide range of possible responses is possible for this problem. The organization chart and companion chart showing responsibility accounting designations should be similar to the charts given for Aloha Hotels and Resorts in Exhibits 12-1 and 12-2, respectively. The letter to stockholders should specify the responsibilities of the managers shown in the charts. Refer to the discussion of Exhibits 12-1 and 12-2 in the text. The charts in Exhibits 12-1 and 12-2 are repeated here for convenience.McGraw-Hill/Irwin 2002 The McGraw-Hill Companies, Inc.PROBLEM 12-39 (CONTINUED)PROBLEM 12-39 (CONTINUED)MANAGER RESPONSIBILITY CENTERMcGraw-Hill/Irwin 2002 The McGraw-Hill Companies, Inc.PROBLEM 12-40 (40 MINUTES)Once again, a wide range of responses is possible, depending on the organization designed in the preceding problem. The format for the performance reports is given in Exhibit 12-4 for Aloha Hotels and Resorts. This exhibit is repeated here for convenience.PERFORMANCE REPORTS FOR FEBRUARY:SELECTED SUBUNITS OF ALOHA HOTELS AND RESORTS(IN THOUSANDS)Flexible Budget* Actual Results* Variance†Year Year Yearto to to$(1,030) $(2,168) $(1,025) $(2,173) $ 5 F $ 5 U * Numbers without parentheses denote profit; numbers with parentheses denote expenses.† F denotes favorable variance; U denotes unfavorable variance.PROBLEM 12-41 (35 MINUTES)MemorandumDate: TodayTo: Sandy Beach, General Manager of Waikiki Sands HotelFrom: I.M. StudentSubject: Responsibility CentersThe Waikiki Sands Hotel is a profit center as specified by the corporation's top management. The hotel's general manager does not have the authority to make significant investment decisions, so an investment-center designation would be inappropriate for the hotel. The Grounds and Maintenance Department and the Housekeeping and Custodial Department should be cost centers, since these departments do not generate revenue. The Food and Beverage Department should be a profit center, since the department's manager can influence both the costs incurred in the department and the revenue generated. The Food and Beverage Director can determine the menu, set meal prices, and make entertainment decisions, all of which significantly influence the department's revenue.The Hospitality Department also should be a profit center. The Director of Hospitality has significant influence in setting room rates and making decorating decisions, which affect the department's revenue. The Director also makes hiring and salary decisions for the department's staff, which significantly affect departmental expenses. The Hospitality Department's three subunits (Front Desk, Bell Staff, and Guest Services) should be cost centers, since they do not generate revenue. The managers of these subunits can significantly influence the costs incurred in their units through hiring and salary recommendations, staff scheduling, and use of materials and equipment.McGraw-Hill/Irwin 2002 The McGraw-Hill Companies, Inc.PROBLEM 12-42 (60 MINUTES)1. Performance Report for August: Selected Subunits of Rocky Mountain General HospitalFlexible Budget Actual Results Variance*Year Year Yearto to to$16,200 $129,600 $16,550 $ 135,600 $ 350 U $ 6,000 U *F denotes favorable variance; U denotes unfavorable variance.2. Arrows are included on the performance report to show the cost relationships.PROBLEM 12-42 (CONTINUED)3. A variety of responses are reasonable for this question. Since the data given in theproblem do not include the individual variances over several months, it is not possible to condition the investigation on trends. The largest variances in the performance report are the most likely to warrant an investigation. The following variances for August would likely catch the attention of the hospital administrator:General Medicine Division .......................................................................... $6,000 F Administrative Division ............................................................................... 3,500 U Nursing Department ..................................................................................... 5,000 U Maintenance Department ............................................................................ 7,000 F Food servers' wages .................................................................................... 1,000 U The $1,000 variance for food servers' wages is smaller than some of the variances not listed above. However, it is a relatively large variance for only one cost item in the subunit. In contrast, the $1,600 variance for the kitchen is for an entire subunit of the hospital.McGraw-Hill/Irwin 2002 The McGraw-Hill Companies, Inc.PROBLEM 12-43 (45 MINUTES) 1.CostPool Division AllocationBasePercentageof TotalCostsDistributedFacilities General Medicine .......... 15,000 sq. ft. 37.5% $ 71,250 Surgical ......................... 8,000 sq. ft. 20.0% 38,000Medical Support ............ 9,000 sq. ft. 22.5% 42,750Administrative ............... 8,000 sq. ft. 20.0% 38,000Total ............................... 40,000 sq. ft. 100.0% $190,000 Utilities General Medicine .......... 135,000 cu. ft. 33.75% $ 8,100 Surgical ......................... 100,000 cu. ft. 25.00% 6,000Medical Support ............ 90,000 cu. ft. 22.50% 5,400Administrative ............... 75,000 cu. ft. 18.75% 4,500Total ............................... 400,000 cu. ft. 100.00% $ 24,000 General General Medicine ....... 30 empl. 30.00% $ 66,000 administration Surgical ......................... 20 empl. 20.00% 44,000 Medical Support ............ 20 empl. 20.00% 44,000Administrative ............... 30 empl. 30.00% 66,000Total ............................... 100 empl. 100.00% $220,000 Community General Medicine .......... $2,000,000 50.00% $ 20,000 outreach Surgical ......................... 1,250,000 31.25% 12,500 Medical Support ............ 750,000 18.75% 7,500Administrative ............... ———Total ............................... $4,000,000 100.00% $ 40,000 2. An alternative allocation base for community outreach costs is the number of hoursspent by each division's personnel in community outreach activities. This base would be more reflective of the actual contribution of each division to the program.3. The reason for allocating utility costs to the divisions is so that each division's costreflects the total cost of running the division. Since none of the divisions can operate without electricity, heat, water, and so forth, these costs should be reflected in divisional cost reports. By allocating such costs, division managers are made aware of these costs and are able to reflect the costs when pricing services and seeking third-party reimbursements, such as those from insurance companies.。

本文是为您准备的《高中英语作文：The Impact of Information Explosion》请大家参考!In an era of information explosion, people can easily be distracted by irrelevant information. It is particularly well-known that a wealth of information creates a poverty of attention.在这个信息膨胀的时代，人们很容易受到不相干的信息的困扰，众所周知，过于丰富的信息反而导致注意力的缺失。

Admittedly, a consideration amount of information expands our horizon and gives us convenience. Just with a simple click, we can get a plenty of information from the Internet. We are so skilled at searching information online. Nevertheless, we seem at sea of information invariably when we open webpages for which the information is too abundant and much of them turn out to be useless. How can we avoid being lost in a wealth of information?可以肯定的是，一定量的信息可以开阔我们的眼界，给予方便。

只是简单地敲击按键，我们就能从络上获得大量的信息。

我们是如此的熟悉搜索络信息。

尽管如此，当我们打开页浏览这大量的信息时候，我们好像处在信息大海之中，而这些内容很多都是无用的。

Corporate Finance, 3e (Berk/DeMarzo)Chapter 12 Estimating the Cost of CapitalThe Equity Cost of CapitalUse the following information to answer the question(s) below.Assume that the risk-free rate of interest is 3% and you estimate the market's expected return to be 9%.1) Which firm has the most total riskA) EenieB) MeenieC) MineyD) MoeAnswer: CExplanation: C) Total risk is measured using volatility and Miney has the highest volatility, hence the most total risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical2) Which firm has the least market riskA) EenieB) MeenieC) MineyD) MoeAnswer: AExplanation: A) Market risk is measured using beta and Eenie has the lowest beta, hence the lowest market risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical3) Which firm has the highest cost of equity capitalA) EenieB) MeenieC) MineyD) MoeAnswer: DExplanation: D) Cost of capital is measured using the CAPM and is a linear function of beta. Therefore the firm with the highest beta (Moe) has the highest cost of equity capital.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical4) The equity cost of capital for "Miney" is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r Miney = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical5) The equity cost of capital for "Meenie" is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r Meenie = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical6) The risk premium for "Meenie" is closest to:A) %B) %C) %D) %Answer: AExplanation: A) risk premium Meenie = (9% - 3%) = % Diff: 2Section: The Equity Cost of CapitalSkill: AnalyticalThe Market PortfolioUse the following information to answer the question(s) below.Suppose all possible investment opportunities in the world are limited to the four stocks list in the table below:1) The weight on Taggart Transcontinental stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analytical2) The weight on Wyatt Oil stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: AExplanation: A)Section: The Market PortfolioSkill: Analytical3) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Nielson Motors is closest to:A) $6,000B) $7,715C) $9,000D) $10,500Answer: DExplanation: D)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $10,500 Diff: 2Section: The Market PortfolioSkill: Analytical4) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Taggart Transcontinental is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $6,000Diff: 2Section: The Market PortfolioSkill: Analytical5) Suppose that you have invested $30,000 invested in the market portfolio. Then the amount that you have invested in Wyatt Oil is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: AExplanation: A)Amount WO = Weight WO × Amount Market= .15 × $30,000 = $4,500Diff: 2Section: The Market PortfolioSkill: Analytical6) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Rearden Metal that you hold is closest to:A) 450 sharesB) 700 sharesC) 1,400 sharesD) 2,300 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares RM = = = sharesDiff: 2Section: The Market PortfolioSkill: Analytical7) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Wyatt Oil that you hold is closest to:A) 150 sharesB) 300 sharesC) 350 sharesD) 450 sharesAnswer: AExplanation: A)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares WO = = = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Wyatt Oil that you hold is closest to:A) 90 sharesB) 460 sharesC) 615 sharesD) 770 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$= = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Rearden Metal that you hold is closest to:A) 780 sharesB) 925 sharesC) 1,730 sharesD) 2,075 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$= = 2, sharesDiff: 2Section: The Market PortfolioSkill: Analytical10) Suppose that you have invested $100,000 invested in the market portfolio and that the stock price of Taggart Transcontinental suddenly drops to $ per share.Which of the following trades would you need to make in order to maintain your investment in the market portfolio:1. Buy approximately 1,140 shares of Taggart Transcontinental2. Sell approximately 256 shares of Rearden Metal3. Sell approximately 57 shares of Wyatt Oil4. Sell approximately 148 shares of Nielson MotorsA) 1 onlyB) 2 onlyC) 2, 3, and 4 onlyD) 1, 2, 3, and 4E) None of the aboveAnswer: EExplanation: E) There is no need to rebalance your portfolio. As an investor, you still hold the market portfolio and therefore there are no trades needed. Diff: 3Section: The Market PortfolioSkill: AnalyticalUse the following information to answer the question(s) below.Suppose that Merck (MRK) stock is trading for $ per share with billion shares outstanding while Boeing (BA) has million shares outstanding and a market capitalization of $ billion. Assume that you hold the market portfolio.11) Boeing's stock price is closest to:A) $B) $C) $D) $Answer: CExplanation: C) Price BA = = = $Diff: 1Section: The Market PortfolioSkill: Analytical12) Merck's market capitalization is closest to:A) $ billionB) $ billionC) $ billionD) $ billionAnswer: BExplanation: B) Market Cap = Price × shares outstanding = $ × 2,110 = $77,437 millionDiff: 1Section: The Market PortfolioSkill: Analytical13) If you hold 1,000 shares of Merck, then the number of shares of Boeing that you hold is closest to:A) 240 sharesB) 330 sharesC) 510 sharesD) 780 sharesAnswer: BExplanation: B) Shares BA== = sharesDiff: 3Section: The Market PortfolioSkill: Analytical14) Which of the following statements is FALSEA) All investors should demand the same efficient portfolio of securities in the same proportions.B) The Capital Asset Pricing Model (CAPM) allows corporate executives to identify the efficient portfolio (of risky assets) by using knowledge of the expected return of each security.C) If investors hold the efficient portfolio, then the cost of capital for any investment project is equal to its required return calculated using its beta with the efficient portfolio.D) The CAPM identifies the market portfolio as the efficient portfolio. Answer: BDiff: 1Section: The Market PortfolioSkill: Conceptual15) Which of the following statements is FALSEA) If investors have homogeneous expectations, then each investor will identify the same portfolio as having the highest Sharpe ratio in the economy.B) Homogeneous expectations are when all investors have the same estimates concerning future investments and returns.C) There are many investors in the world, and each must have identical estimates of the volatilities, correlations, and expected returns of the available securities.D) The combined portfolio of risky securities of all investors must equal the efficient portfolio.Answer: CDiff: 1Section: The Market PortfolioSkill: Conceptual16) Which of the following statements is FALSEA) If some security were not part of the efficient portfolio, then every investor would want to own it, and demand for this security would increase causing its expected return to fall until it is no longer an attractive investment.B) The efficient portfolio, the portfolio that all investors should hold, must be the same portfolio as the market portfolio of all risky securities.C) Because every security is owned by someone, the sum of all investors' portfolios must equal the portfolio of all risky securities available in the market.D) If all investors demand the efficient portfolio, and since the supply of securities is the market portfolio, then two portfolios must coincide. Answer: ADiff: 2Section: The Market PortfolioSkill: Conceptual17) Which of the following statements is FALSEA) The market portfolio contains more of the smallest stocks and less of the larger stocks.B) For the market portfolio, the investment in each security is proportional to its market capitalization.C) Because the market portfolio is defined as the total supply of securities, the proportions should correspond exactly to the proportion of the total market that each security represents.D) Market capitalization is the total market value of the outstanding shares of a firm.Answer: ADiff: 1Section: The Market PortfolioSkill: Conceptual18) Which of the following statements is FALSEA) A value-weighted portfolio is an equal-ownership portfolio: We hold an equal fraction of the total number of shares outstanding of each security in the portfolio.B) When buying a value-weighted portfolio, we end up purchasing the same percentage of shares of each firm.C) To maintain a value-weighted portfolio, we do not need to trade securities and rebalance the portfolio unless the number of shares outstanding of some security changes.D) In a value weighted portfolio the fraction of money invested in any security corresponds to its share of the total number of shares outstanding of all securitiesin the portfolio.Answer: DDiff: 1Section: The Market PortfolioSkill: Conceptual19) Which of the following statements is FALSEA) The most familiar stock index in the United States is the Dow Jones Industrial Average (DJIA).B) A portfolio in which each security is held in proportion to its market capitalization is called a price-weighted portfolio.C) The Dow Jones Industrial Average (DJIA) consists of a portfolio of 30 large industrial stocks.D) The Dow Jones Industrial Average (DJIA) is a price-weighted portfolio. Answer: BExplanation: B) A portfolio in which each security is held in proportion to its market capitalization is called a value-weighted portfolio.Diff: 2Section: The Market PortfolioSkill: Conceptual20) Which of the following statements is FALSEA) Because very little trading is required to maintain it, an equal-weighted portfolio is called a passive portfolio.B) If the number of shares in a value weighted portfolio does not change, but only the prices change, the portfolio will remain value weighted.C) The CAPM says that individual investors should hold the market portfolio, a value-weighted portfolio of all risky securities in the market.D) A price weighted portfolio holds an equal number of shares of each stock, independent of their size.Answer: AExplanation: A) Because very little trading is required to maintain it, a value-weighted portfolio is called a passive portfolio.Diff: 3Section: The Market PortfolioSkill: Conceptual21) Which of the following statements is FALSEA) A market index reports the value of a particular portfolio of securities.B) The S&P 500 is the standard portfolio used to represent "the market" when using the CAPM in practice.C) Even though the S&P 500 includes only 500 of the more than 7,000 individual . Stocks in existence, it represents more than 70% of the . stock market in terms of market capitalization.D) The S&P 500 is an equal-weighted portfolio of 500 of the largest . stocks. Answer: DExplanation: D) The S&P 500 is a value-weighted portfolio of 500 of the largest .stocks.Diff: 2Section: The Market PortfolioSkill: Conceptual22) Which of the following statements is FALSEA) The S&P 500 and the Wilshire 5000 indexes are both well-diversified indexes that roughly correspond to the market of . stocks.B) Practitioners commonly use the S&P 500 as the market portfolio in the CAPM with the belief that this index is the market portfolio.C) Standard & Poor's Depository Receipts (SPDR, nicknamed "spider") trade on the American Stock Exchange and represent ownership in the S&P 500.D) The S&P 500 was the first widely publicized value weighted index and it has become a benchmark for professional investors.Answer: BDiff: 2Section: The Market PortfolioSkill: Conceptual23) In practice which market index is most widely used as a proxy for the market portfolio in the CAPMA) Dow Jones Industrial AverageB) Wilshire 5000C) S&P 500D) . Treasury BillAnswer: CDiff: 1Section: The Market PortfolioSkill: Conceptual24) In practice which market index would best be used as a proxy for the market portfolio in the CAPMA) S&P 500B) Dow Jones Industrial AverageC) . Treasury BillD) Wilshire 5000Answer: DDiff: 1Section: The Market PortfolioSkill: ConceptualUse the table for the question(s) below.Consider the following stock price and shares outstanding data:25) The market capitalization for Wal-Mart is closest to:A) $415 BillionB) $276 BillionC) $479 BillionD) $200 BillionAnswer: DExplanation: D)Diff: 1Section: The Market Portfolio Skill: Analytical26) The total market capitalization for all four stocks is closest to:A) $479 BillionB) $415 BillionC) $2,100 BillionD) $200 BillionAnswer: BExplanation: B)Section: The Market PortfolioSkill: Analytical27) If you are interested in creating a value-weighted portfolio of these four stocks, then the percentage amount that you would invest in Lowes is closest to:A) 25%B) 11%C) %D) 12%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The number of shares of Wal-Mart that you would hold in your portfolio is closest to: A) 710 B) 1390 C) 1000 D) 870 Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =Diff: 2Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The percentage of the shares outstanding of Boeing that you would hold in your portfolio is closest to: A) .000018% B) .000020% C) .000024% D) .000031% Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =percentage shares outstanding = 190/0 = .000024% Diff: 2Section: The Market Portfolio Skill: Analytical30) Assume that you have $250,000 to invest and you are interested in creating a value-weighted portfolio of these four stocks. How many shares of each of the fourstocks will you hold What percentage of the shares outstanding of each stock will you holdAnswer:Stock Name Price perShareSharesOutstanding(Billions)MarketCapitalization(Billions)Percentof TotalNumber ofSharesLowes$ $ %368Wal-Mart$ $ %1,002Intel$ $ %1,387Boeing$ $ %190Total$% of Shares%Number of shares =In a value weighted portfolio, the percentage of shares of every stock will be the same.Diff: 3Section: The Market PortfolioSkill: AnalyticalBeta EstimationUse the following information to answer the question(s) below.Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn Beta2007%%%%% 2008%%%.40%% 2009%%%%%1) Wyatt Oil's average historical return is closest to:A) %B) %C) %D) %Answer: AExplanation: A) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical2) The Market's average historical return is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical3) Wyatt Oil's average historical excess return is closest to:A) %B) %C) %D) %Answer: CExplanation: C) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical4) The Market's average historical excess return is closest to:A) %B) %C) %D) %Answer: DExplanation: D) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical5) Wyatt Oil's excess return for 2009 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta Estimation Skill: Analytical6) The Market's excess return for 2008 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta EstimationSkill: Analytical7) Using the average historical excess returns for both Wyatt Oil and the Market portfolio, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B) excess return average = excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO= = = .8375Diff: 3Section: Beta EstimationSkill: Analytical8) Using the average historical excess returns for both Wyatt Oil and the Market portfolio estimate of Wyatt Oil's Beta. When using this beta, the alpha for Wyatt oil in 2007 is closest to:A) %B) %C) %D) +%Answer: CExplanation: C) excess return average =excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = = = .8375α = actual return - expected return for CAPM = % - [3% + .8375(6% - 3%)] = %Diff: 3Section: Beta EstimationSkill: Analytical9) Using just the return data for 2009, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%%2008%%%%%2009%%%%% Average%%%%%βWO = = = .8651Diff: 2Section: Beta EstimationSkill: Analytical10) Using just the return data for 2008, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: A Explanation: A)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = - = .8525Diff: 2Section: Beta EstimationSkill: Analytical11) Which of the following statements is FALSEA) Beta is the expected percent change in the excess return of the security for a 1% change in the excess return of the market portfolio.B) Beta represents the amount by which risks that affect the overall market are amplified for a given stock or investment.C) It is common practice to estimate beta based on the historical correlation and volatilities.D) Beta measures the diversifiable risk of a security, as opposed to its market risk, and is the appropriate measure of the risk of a security for an investor holding the market portfolio.Answer: DExplanation: D) Beta measures the nondiversifiable risk of a security.Diff: 1Section: Beta EstimationSkill: Conceptual12) Which of the following statements is FALSEA) One difficulty when trying to estimate beta for a security is that beta depends on the correlation and volatilities of the security's and market's returns in the future.B) It is common practice to estimate beta based on the expectations of future correlations and volatilities.C) One difficulty when trying to estimate beta for a security is that beta depends on investors expectations of the correlation and volatilities of the security's and market's returns.D) Securities that tend to move less than the market have betas below 1.Answer: BExplanation: B) Beta is measured using past information.Diff: 1Section: Beta EstimationSkill: Conceptual13) Which of the following statements is FALSEA) Securities that tend to move more than the market have betas higher than 0.B) Securities whose returns tend to move in tandem with the market on average have a beta of 1.C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns versus the market excess return.D) The statistical technique that identifies the bets-fitting line through a set of points is called linear regression.Answer: ADiff: 2Section: Beta EstimationSkill: ConceptualUse the equation for the question(s) below.Consider the following linear regression model:(R i - r f) = a i + b i(R Mkt - r f) + e i14) The b i in the regressionA) measures the sensitivity of the security to market risk.B) measures the historical performance of the security relative to the expected return predicted by the SML.C) measures the deviation from the best fitting line and is zero on average.D) measures the diversifiable risk in returns.Answer: ADiff: 2Section: Beta EstimationSkill: Conceptual15) The a i in the regressionA) measures the sensitivity of the security to market risk.B) measures the deviation from the best fitting line and is zero on average.C) measures the diversifiable risk in returns.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: DDiff: 2Section: Beta EstimationSkill: Conceptual16) The e i in the regressionA) measures the market risk in returns.B) measures the deviation from the best fitting line and is zero on average.C) measures the sensitivity of the security to market risk.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: BDiff: 2Section: Beta EstimationSkill: ConceptualThe Debt Cost of CapitalUse the following information to answer the question(s) below.Consider the following information regarding corporate bonds:1) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The corresponding risk-free rate is 3% and the market risk premium is 5%. Assuming a normal economy, the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = r rf + β(r m - r rf) = 3% + (5%) = %Diff: 1Section: The Debt Cost of CapitalSkill: Analytical2) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming a normal economy the expected return on Wyatt Oil'sdebt is closest to:A) %B) %C) %D) %Answer: DExplanation: D) r d = ytm - prob(default) × loss rate = 7% - %(70%) = % Diff: 2Section: The Debt Cost of CapitalSkill: Analytical3) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming the economy is in recession, then the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = ytm - prob(default) × loss rate = 7% - %(70%) = %Diff: 2Section: The Debt Cost of CapitalSkill: Analytical4) Rearden Metal has a bond issue outstanding with ten years to maturity, a yield to maturity of %, and a B rating. The corresponding risk-free rate is 3% and the market risk premium is 6%. Assuming a normal economy, the expected return on Rearden Metal's debt is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r d = r rf + β(r m - r rf) = 3% + (6%) = %Diff: 1Section: The Debt Cost of Capital。

2023年12月四级考试阅读原文在2023年12月的四级考试中，阅读理解部分包含三篇文章，以下是其原文和相应的题目。

文章一：Title: 电子书与纸质书的比较With the increasing popularity of e-books, there has been much discussion about their advantages and disadvantages compared to traditional printed books. While e-books offer convenient access and the ability to search and alter text, some argue that there is something missing in their reading experience.Traditional printed books allow readers to flip through pages, annotate, and feel the weight and texture of the book, which some claim enhances the reading experience. On the other hand, e-books offer portability, ease of storage, and the ability to change font size and background color, which can be beneficial for individuals with vision problems.A recent study found that while most people prefer the feel of a printed book, a significant minority prefers the convenience of e-books. This highlights the fact that personal preference plays a significant role in choosing between the two formats.问答题：1.What are some of the advantages of e-books?⏹答案：E-books offer convenient access, the ability to search and alter text, andportability. They are also easy to store.1.Why do some people prefer printed books to e-books?⏹答案：Some people prefer printed books because they enjoy flipping throughpages, annotating, and feeling the weight and texture of the book, which they claim enhances the reading experience.1.How can individuals with vision problems benefit from e-books?⏹答案：Individuals with vision problems can benefit from e-books by changingthe font size and background color to improve readability.文章二：Title: The impact of social media on mental healthSocial media has become a ubiquitous part of modern life, with nearly everyone using platforms such as Facebook, Twitter, and Instagram. While social media has brought many benefits, there is growing concern about its impact on mental health.One of the main concerns is the pressure social media places on individuals to portray a perfect life that often does not exist. This can lead to feelings ofinadequacy, anxiety, and depression among users as they compare their lives to others'.In addition, social media fosters a culture of narcissism, where people are constantly preoccupied with their own image and validation from others. This can lead to a lack of empathy and a focus on self-gratification rather than meaningful relationships.However, some argue that social media can also be a tool for connecting and supporting individuals facing mental health challenges. Platforms allow individuals to share their experiences, seek help, and build communities around shared interests or illnesses.问答题：1.What are some potential negative impacts of social media on mental health?⏹答案：Social media can lead to feelings of inadequacy, anxiety, depression,narcissism, a lack of empathy, and a focus on self-gratification rather than meaningful relationships.1.How can social media be a positive tool for individuals facing mental healthchallenges?⏹答案：Social media can allow individuals facing mental health challenges toconnect and seek support by sharing their experiences, seeking help, and building communities around shared interests or illnesses.文章三：Title: The importance of sleep for memory retentionSleep is essential for maintaining physical and mental well-being, and recent research has shown that it is particularly crucial for memory retention. Sleep deprivation can lead to memory impairment and negative effects on cognitive function.During sleep, the brain undergoes a process of consolidation where it reviews and strengthens memories, making them more accessible during wakeful hours. Sleep also plays a role in integrating new information into existing knowledge networks.Studies have shown that individuals who do not get enough sleep struggle with memory retention and cognitive tasks compared to those who sleep well. The quality of sleep is also important; disrupted or shallow sleep can interfere with memory consolidation.In conclusion, sleep is essential for optimal cognitive function and memory retention. To ensure healthy brain function, it is important to prioritize sleep and aim for a consistent sleep schedule.。

上海会考英语试题及答案一、听力理解（共20分）1. 根据所听对话，选择正确答案。

A) Mike is going to the library.B) Mike is going to the bookstore.C) Mike is going to the cinema.[答案] B2. 根据所听短文，回答以下问题。

What is the main idea of the passage?[答案] The main idea of the passage is about the importance of environmental protection.二、语法填空（共20分）根据所给句子，填入合适的词或短语。

3. The teacher asked us _______ (prepare) for the exam. [答案] to prepare4. She is _______ (good) at playing the piano than her brother.[答案] better三、阅读理解（共30分）阅读以下短文，回答5-7题。

The Internet has changed the way we live and work. Itprovides us with a wealth of information and makes communication easier than ever before. Nowadays, people can shop online, work remotely, and even get an education without leaving their homes.5. What is the main topic of the passage?A) The history of the Internet.B) The impact of the Internet.C) The future of the Internet.[答案] B6. What does the author think about the Internet?A) It is a waste of time.B) It is very helpful.C) It is too complicated.[答案] B7. What can people do with the Internet according to the passage?A) Go to school.B) Shop online.C) Both A and B.[答案] C四、完形填空（共15分）阅读短文，从每题所给的选项中选择最佳选项填入空白处。