市场周期（Market period）

A.The accounting period principle

B.The business entity concept

C.The stable-dollar assumption

D.The realizaton principle

A.reproduced

B.repatriated

C.repudiated

D.recovered

Bao Capital issed a 5-year, $50 million face, 6% semiannual bond when market interest rates were 7%.The market yield of the bonds was 8% at the beginning of the next year.What is the initial balance sheet liability, and what is the interest expense that the company should report for the first half of the second year of the bond’s life (the third semiannual period)”

Bao Capital issed a 5-year, $50 million face, 6% semiannual bond when market interest rates were 7%.The market yield of the bonds was 8% at the beginning of the next year.What is the initial balance sheet liability, and what is the interest expense that the company should report for the first half of the second year of the bond’s life (the third semiannual period)”

A.20%

B.15%

C.10%

D.5%

A.$9,650,700.

B.$9,683,250.

C.$9,715,850.

A.II and III

B.II only

C.I and II

D.II and IV

听力原文： The inter-bank market is important because through banks' lending and borrowing, a short-term interest rate can be determined. This interest rate indicates the marginal cost of acquiring short-term liquidity needed by banks in the money market. Thus, the lending is usually for short-term liquidity needs which is usually overnight. Some lending transactions may be arranged for a longer period of time, usually up to 3 months. The inter-bank money market is well established and active in Hong Kong, with an average daily turnover of HK $ 38 billion in late 1991. Lenders are mostly the locally incorporated banks and major borrowers are the foreign banks that do not have adequate deposit base in local currency.

28. What can be determined through inter-bank lending and borrowing？

29.How long is the usual period of short-term liquidity needed by banks？

30.Who are the major lenders in the inter-bank market？

(28)

A．A long-term interest rate.

B．A long-term loan.

C．A short-term interest rate.

D．A short-term loan.

阅读理解：

A --------------- annual bonus

B --------------- basic salary

C --------------- benefit

D --------------- commission

E --------------- head hunter

F --------------- health insurance

G --------------- housing fund

H --------------- job center

I --------------- job fair

J --------------- job offer

K --------------- labor market

L --------------- labor contract

M --------------- minimum wage

N --------------- retirement insurance

O --------------- trial period

P --------------- unemployment insurance

Q --------------- welfare

Examples: (A) 年终奖 (O) 试用期

36. () 招聘会 () 最低工资

37. () 劳动合同 () 福利

38. () 养老保险 () 住房基金

39. () 猎头 () 基本工资

40. () 劳务市场 () 失业保险

A., using the infinite period dividend discount model (DDM).

· Sales of $1,000,000.

· Earnings of $150,000.

· Total assets of $800,000.

· Equity of $400,000.

· Dividend payout ratio of 60.0%.

· Average shares outstanding of 75,000.

· Real risk free interest rate of 4.0%.

· Expected inflation rate of 3.0%.

· Expected market return of 13.0%.

· Stock Beta at 2.1.

The per share value of FishnChips stock is approximately: (Note: Carry calculations out to at least 3 decimal places.)

B.Unable to calculate stock value because ke

D.$17.91.

E.$26.86.