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At Gotham Bikes in Tribeca, a manager W. Ben said the shop has seen an increase in its overall sales due to the bike-share program . "It's getting more people on the road" he said. James Ryan, an employee at Danny's Cycles in Gramercy also said Citi Bike is a good option for people to ease into biking in a city famed for its traffic jams and and aggressive drivers

Rentals are not a big part of the business at either Gotham Bikes or Danny's Cycles.But for Frank's Bike Shop, a small business on Grand St., the bike-share program has been bad news .Owner Frank Arroyo said his rental business has decreased by 90% since the Citi Bikes were rolled out last month. Arroyo's main rental customers are European tourists, who have since been drawn away by Citi Bikes .

However, Ben said the bike-share is good for bike sales at his shop . "People have used the bike-share and realized how great it is to bike in the city, then decide that they want something nicer for themselves," he noted.

Christian Farrell of Waterfront Bicycle Shop, on West St. just north of Christopher St., said initially he was concerned about bike-share, though, he admitted, "I was happy to see people on bikes . "

Farrell's early concerns were echoed by Andrew Crooks, owner of NYC Velo, at 64 Second Ave."It seemed like a great idea , but one that would be difficult to implement ," Crooks said of Citi Bike . He said he worried about inexperienced riders' lack of awareness of biking rules and backlashfrom non-cyclists. However, he said, it's still too early to tell if his business has been impact ed

While it's possible bike-share will cause a drop in business, Crooks allowed that the idea is a positive step forward for New York City.

56 . What is the author's chief concern about the increasing use of Citi Bikes in New York ？

A How non-cyclists will respond to it.

B Whether local bike shops will suffer.

C Whether local bike businesses will oppose it.

D How the safety of bike riders can be ensured.

57 . What happened to Gotham Bikes as a result of the bike-share program？

A It found its bike sales unaffected.

B It shifted its business to rentals.

C It saw its bike sales on the rise .

D It rented more bikes to tourists.

58 . Why is the bike-share program bad news for Frank's Bike Shop ？

A It cannot meet the demand of the bike—share program.

B Its customers have been drawn away by CitiBikes.

C) Its bike prices have to be lowered again and again.

C Its bike prices have to be lowered again and again.

59. Why did Andrew Crooks think that the bike—share program would be difficult to execute？

A inexperienced riders might break biking rules.

B Conflicts might arise among bike rental shops.

C Traffic conditions might worsen in the downtown area.

D) It has to compete with the city's bike rental shops.

60. What is the general attitude of the local bike shops towards Citi Bike？

A) Wait and see.

B) Negative.

C) Indifferent.

D) Approving.

A、secure

B、ensure

C、safeguard

D、assure

A．Universal life insurance was the best solution to the rigidity of whole life insuranc

E．It let consumers enjoy much greater flexibility by allowing premium payment amounts to be adjustabl

E．With a universal life policy, you could also withdraw from your plan without the heavy penalties and interest that whole life plans carried with them．

B．Other varieties of permanent life insurance later came on the sc

E．For example,variable life insurance emerged as a solution for consumers who wanted to take a greater risk with their investment but also gain the potential for much higher returns． Variable permanent life insurance is the best of both worlds because it combines the perks of whole life with the flexibility of universal． You can have greater control over the money you invest in your plan when you choose this option． Additionally, permanent health insurance plans all have great tax breaks, so when you combine the tax incentives of permanent life with the possible returns of investing in a variable plan, you may see your money explode in growth over tim

E．No matter which permanent life option you choose,if you think you are a candidate for coverage,you should seek out an independent financial advisor that can assist you with choosing from these options．

C．You know that investing, risk, and liquidity are not your primary motivators for purchasing life insuranc

E．The main reason is to protect your family with money for their living expenses if you di

E．The great thing about permanent life insurance is that it accomplishes this goal for your whole lifetime,and although investing is secondary, you also get the key benefit of an investment component． A permanent life insurance policy has a kind of "savings account" built right into the policy, so you have the ability to tap into or borrow against the cash value your policy has accumulated over time

D．Permanent life insurance is better than term life because term insurance only covers you for a predetermined number of years． Although term life plans carry much lower premium payments, the policies build up no cash value over tim

E．Permanent life plans are also great because the cash value that you accumulate over time is not taxed until you decide to withdraw it． You can even sidestep those taxes by taking out a loan against your policy． This is great for people who make a lot of money because they can shelter their earnings in a permanent life plan when they have maxed out all of their other investment options．

E．One of the primary disadvantages of permanent life insurance is that it provides more coverage than most people may nee

D．In addition, if you have not maxed out your other investment options, then a permanent life plan might not be your best investment． The goal of permanent life insurance is to provide growth and protection for investors, but most should really seek out those characteristics in separate plans．

F．Additionally, because premiums for permanent life plans tend to be very high, you may be tempted to buy less of a death benefit than you really nee

D．For example,a permanent life insurance policy for ＄1 million for a 40-year-old woman in great health may cost her as much as ＄13,900 a year． On the other hand,that same woman could land a ＄1 million term policy for 20 years for about ＄750． That’s a massive price difference,so cost may essentially be the biggest disadvantage of permanent life insuranc

E．G． Finally, permanent health insurance plans may not be very transparent, so it may be difficult to figure out how much the policy is actually worth as an investment． Some financial experts point out that a good solution to this problem may be to buy a term policy and invest the rest of your money through other avenues． The first place to start is to ask for life insurance quotes and evaluate which option is right for you．

1 The scientists in the research laboratories of Swan Hill Company (SHC, a public listed company) recently made a very

important discovery about the process that manufactured its major product. The scientific director, Dr Sonja Rainbow,

informed the board that the breakthrough was called the ‘sink method’. She explained that the sink method would

enable SHC to produce its major product at a lower unit cost and in much higher volumes than the current process.

It would also produce lower unit environmental emissions and would substantially improve product quality compared

to its current process and indeed compared to all of the other competitors in the industry.

SHC currently has 30% of the global market with its nearest competitor having 25% and the other twelve producers

sharing the remainder. The company, based in the town of Swan Hill, has a paternalistic management approach and

has always valued its relationship with the local community. Its website says that SHC has always sought to maximise

the benefit to the workforce and community in all of its business decisions and feels a great sense of loyalty to the

Swan Hill locality which is where it started in 1900 and has been based ever since.

As the board considered the implications of the discovery of the sink method, chief executive Nelson Cobar asked

whether Sonja Rainbow was certain that SHC was the only company in the industry that had made the discovery and

she said that she was. She also said that she was certain that the competitors were ‘some years’ behind SHC in their

research.

It quickly became clear that the discovery of the sink method was so important and far reaching that it had the

potential to give SHC an unassailable competitive advantage in its industry. Chief executive Nelson Cobar told board

colleagues that they should clearly understand that the discovery had the potential to put all of SHC’s competitors out

of business and make SHC the single global supplier. He said that as the board considered the options, members

should bear in mind the seriousness of the implications upon the rest of the industry.

Mr Cobar said there were two strategic options. Option one was to press ahead with the huge investment of new plant

necessary to introduce the sink method into the factory whilst, as far as possible, keeping the nature of the sink

technology secret from competitors (the ‘secrecy option’). A patent disclosing the nature of the technology would not

be filed so as to keep the technology secret within SHC. Option two was to file a patent and then offer the use of the

discovery to competitors under a licensing arrangement where SHC would receive substantial royalties for the twentyyear

legal lifetime of the patent (the ‘licensing option’). This would also involve new investment but at a slower pace

in line with competitors. The licence contract would, Mr Cobar explained, include an ‘improvement sharing’

requirement where licensees would be required to inform. SHC of any improvements discovered that made the sink

method more efficient or effective.

The sales director, Edwin Kiama, argued strongly in favour of the secrecy option. He said that the board owed it to

SHC’s shareholders to take the option that would maximise shareholder value. He argued that business strategy was

all about gaining competitive advantage and this was a chance to do exactly that. Accordingly, he argued, the sink

method should not be licensed to competitors and should be pursued as fast as possible. The operations director said

that to gain the full benefits of the sink method with either option would require a complete refitting of the factory and

the largest capital investment that SHC had ever undertaken.

The financial director, Sean Nyngan, advised the board that pressing ahead with investment under the secrecy option

was not without risks. First, he said, he would have to finance the investment, probably initially through debt, and

second, there were risks associated with any large investment. He also informed the board that the licensing option

would, over many years, involve the inflow of ‘massive’ funds in royalty payments from competitors using the SHC’s

patented sink method. By pursuing the licensing option, Sean Nyngan said that they could retain their market

leadership in the short term without incurring risk, whilst increasing their industry dominance in the future through

careful investment of the royalty payments.

The non-executive chairman, Alison Manilla, said that she was looking at the issue from an ethical perspective. She

asked whether SHC had the right, even if it had the ability, to put competitors out of business.

Required:

(a) Assess the secrecy option using Tucker’s model for decision-making. (10 marks)

On 1 October 20X4, Flash Co acquired an item of plant under a five-year lease agreement. The plant had a cash purchase cost of $25m. The agreement had an implicit finance cost of 10% per annum and required an immediate deposit of $2m and annual rentals of $6m paid on 30 September each year for five years.

What is the current liability for the leased plant in Flash Co’s statement of financial position as at 30 September 20X5？

A、$19,300,000

B、$4,070,000

C、$5,000,000

D、$3,850,000

Task 1

Directions: This task is the same as Task 1. The 5 questions or unfinished statements are numbered 1 to 5

Flying Blue is a frequent flier rewards program offered by Air France and KLM Royal Dutch Airlines. Flying Blue members enjoy the ability to earn and spend air mile points on flights and services offered by Air France, KLM, and its various airline partners.

Flying Blue also offers other ways to spend your points with select travel and transportation companies for things such as car and hotel rentals (租借). Award miles can be used to purchase discounts, gifts and free flights.

Flying Blue offers several different levels of membership dependent on how often you fly and how many air mile points you have accumulated The levels are in the order of Ivory (象牙), Silver, Gold, and Platinum (白金). As one increases in membership level, one will receive increased benefits such as first class promotion on flights and extra baggage allowances. Members also are allowed entrance into SkyTeam VIP rooms.

Members must fly on a paid flight at least once every twenty months or their miles will no longer count. The Flying Blue reward program is a great way for frequent fliers and travelers to get a little bit more out of their Airline travels. As the first membership level, Ivory is your gateway to enjoying all that Flying Blue has to offer. With Ivory membership, you can start earning and spending Miles on a large number of flights and services. There are so many reasons to join the Flying Blue program--and it all starts with Ivory.

Flying Blue is a rewards program specially intended for ______.

A.first class travelers

B.business executives

C.frequent passengers

D.VIP members

Flying Blue members have the right to use their award miles to ______.A.get free tickets

B.visit local scenic spots

C.shop in the supermarkets

D.go through the VIP passage

To make their miles count, members must ______.A.pay their membership fees regularly

B.fly overseas at least once every year

C.take a domestic flight with Air France once a month

D.pay for their flight at least once within twenty months

Which of the following statements is TRUE according to the passage？A.All the members enjoy equal benefits.

B.Ivory is the starting membership level.

C.Fliers can choose any membership level.

D.VIP rooms are only for the Platinum level.

The title of the passage could be ______.A.Introduction to Flying Blue

B.Flying with Air France and KLM

C.Accumulation of Air Mile Points

D.Levels of Flying Blue Membership

请帮忙给出每个问题的正确答案和分析，谢谢！

(iii) Tyre has entered into two new long lease property agreements for two major retail outlets. Annual rentals are paid

under these agreements. Tyre has had to pay a premium to enter into these agreements because of the outlets’

location. Tyre feels that the premiums paid are justifiable because of the increase in revenue that will occur

because of the outlets’ location. Tyre has analysed the leases and has decided that one is a finance lease and

one is an operating lease but the company is unsure as to how to treat this premium. (5 marks)

Required:

Advise the directors of Tyre on how to treat the above items in the financial statements for the year ended

31 May 2006.

(The mark allocation is shown against each of the above items)

A.Option A

B.Option B

C.Option C

D.Option D

A.Option 3x

B.Option 7x

C.Option 3a

D.Option 7a