How does the credit exposure of a long OTC put option on XYZ stock change when the stock price decreases?()

听力原文：M: I've lost my credit card issued by your bank. What should I do, please？

W: I am sorry for that. But you have to go to that counter over there for the card business.

Q: Why does the customer come to the bank？

(15)

A．He got a credit card of his friend and come to ask how to use it.

B．He got a card and did not know whose card it is.

C．He has lost his credit card and come to ask what to do.

D．He has found a credit card and come to ask what to do.

A.The document type is determined by the transaction (For example Invoice or Credit Memo) and cannot be changed before you post the invoice

B.The document type is determined by the transaction (For example Invoice or Credit Memo) and can be changed before you post the invoice

C.The document type is determined by the transaction code (for example MIRO) and can be changed before you post the invoice

D.The document type is determined by the transaction code (for example MIRO) and cannot be changed before you post the invoice

听力原文： At the end of the total accounting period and after all transactions have been journalized and posted, the equality of the debit and credit entries is checked by preparing a trial balance. A trial balance is a schedule that lists the titles of the accounts in the general ledger and their debit or credit balances. If the trial balance is in balance, the financial statements can be prepared. If a trial balance does not agree, it implies that an error or errors have been made. The account balances, postings and the journal entries must be checked until the error is found. A trial balance does not prove that all transactions have been recorded or that the ledger is correct. The trial balance may still agree when a transaction is not journalized, a journal entry is not posted, an entry is posted twice, incorrect accounts are used in journalizing or posting, or offsetting errors are made in recording the amount of a transaction.

24. How does the accountant check the equality of the debit and credit entries？

25.What is a trial balance？

26.What is implied if a trial balance does not agree？

(24)

A．By posting all the entries.

B．By preparing a trial balance.

C．By comparing the entries on both sides.

D．By recording all the entries once more.

any flights to ... Are there any other flights When does the plane leave / arrive Which class do you prefer, economy, business or first class I’ll take the ... flight. I’d like to book a single / double room in your hotel. May I reserve a room for the weekend What’s the price of the room How much is it per night What’s the room rate for one night You may pay by credit card, check or in cash. Will you please fill out the registration form That will be fine. I’ll take it.

响。假设经济中有两种类型投资：企业投资和居民投资，而且，假设政府只对企业投资制定了投资税减免。

a．这种政策如何影响企业的投资需求曲线？如何影响居民的投资需求曲线？

b．画出这个经济可贷资金的供给和需求曲线。这个政策如何影响可贷资金需求的供给？均衡利率会发生什么变化？

c．比较原来的均衡与新均衡。这种政策如何影响总投资量？如何影响企业投资量和居民投资量？

When the government subsidizes investment, such as with an investment tax credit, the subsidy often applies to only some types of investment. This question asks you to consider the effect of such a change. Suppose there are two types of investment in the economy: business investment and Residential investment. And suppose that the government institutes an investment tax credit only for business investment.

a．How does this policy affect the demand curve for business investment？ The demand curve for residential investment？

b．Draw the economy's supply and demand for loanable funds. How does this policy affect the supply and demand for loanable funds？ What happens to the equilibrium interest rate？

c．Compare the old and the new equilibrium. How does this policy affect the total quantity of investment？ The quantity of business investment？ The quantity of residential investment？

听力原文： Banker's acceptances often arise in foreign trade. A business buying goods from abroad where it is not well known and does not have other credit arrangements will first obtain a letter of credit from its own bank. The letter will authorize the foreign seller to draw a draft on the company's bank. A draft, or bill of exchange, as it is sometimes called, is a debt instrument. It can be made payable on sight, that is, upon presentation, payable upon arrival of merchandise, or payable in a fixed number of days. A draft can be made payable in, say, 30 days after it is presented to the bank against which it is drawn. This draft can be discounted at the seller's bank so that the seller receives immediate payment.

24. What gives rise to the bankers' acceptance？

25.In how many days can a draft be made payable after it is presented to the bank against which it is drawn？

26.How can the seller receive immediate payment if the draft is made payable on a future date？

(24)

A．The money markets.

B．The banks.

C．The international trade.

D．The buying of goods in the markets.

More than how much money comes in it's a matter of how you spend it.That's where budgeting comes in.A detailed budget helps you keep tabs on your income.There are many people who are able to live comfortably on what they earn, even if their income is modest.A budget, therefore, keeps track of income and expenses.It will segregate your fixed expenses like your food, stay and insurance and your variable expenses like your travel, entertainment, etc.

Adequate insurance for you and your family is an essential part of investing.Life, health and property insurance protect you and your loved ones from unforeseen mishaps.It is also wise to make a will so that your assets can be handled smoothly.

Good personal finance management involves investing, managing risk, insurance, understanding and handling debt and credit, knowing the value of time and money and ensuring that your retirement is taken care of.While planning you make an assessment of your present situation in relation to your goals.Managing personal finances becomes a hassle when you get into debt.Debt is what you owe, and can be good and bad.If you have borrowed money to buy property, it is an investment and the money you pay against interest on the loan is tax deductible.But running up debts like overdue credit cards is not good.This is why budgeting is very important so that you know exactly where your money is going.It is very easy to lose track of what you spend without a budget.

There are multiple ways to invest and save for the future.The crux of the matter is to keep in mind your sources of income and account for your expenses, while keeping a budget that is feasible.Periodical review keeps you in control of your personal finance.

1.The word "modest" in Para.1 probably means "____________"？

A.Honest

B.Mild

C.Average.

D.Large

2.How many ways of finance management does the author mainly mention？()

A.3

B.4

C.5

D.2

3.What's the essential part of investing for a family？()

A.Sources of income

B.Various expenses

C.Adequate insurance

D.Detailed budget

4.How does the author think of debt？()

A.It's completely bad

B.It's both good and bad

C.It's wonderful

D.It's not mentioned

5.What does this passage mainly talk about？()

A.How to manage money

B.How to spend money

C.How to invest money

D.How to loan money

budgeting comes in.A detailed budget helps you keep tabs on your income.There are many people who are able to live comfortably on what they earn, even if their income is modest.A budget, therefore, keeps track of income and expenses.It will segregate your fixed expenses like your food, stay and insurance and your variable expenses like your travel, entertainment, etc.

Adequate insurance for you and your family is an essential part of investing.Life, health and property insurance protect you and your loved ones from unforeseen mishaps.It is also wise to make a will so that your assets can be handled smoothly.

Good personal finance management involves investing, managing risk, insurance, understanding and handling debt and credit, knowing the value of time and money and ensuring that your retirement is taken care of.While planning you make an assessment of your present situation in relation to your goals.Managing personal finances becomes a hassle when you get into debt.Debt is what you owe, and can be good and bad.If you have borrowed money to buy property, it is an investment and the money you pay against interest on the loan is tax deductible.But running up debts like overdue credit cards is not good.This is why budgeting is very important so that you know exactly where your money is going.It is very easy to lose track of what you spend without a budget.

There are multiple ways to invest and save for the future.The crux of the matter is to keep in mind your sources of income and account for your expenses, while keeping a budget that is feasible.Periodical review keeps you in control of your personal finance.

1.The word "modest" in Para.1 probably means "____________"？

2.How many ways of finance management does the author mainly mention？

A.3

B.4

C.5

D.2

3.What's the essential part of investing for a family？

A.Sources of income

B.Various expenses

C.Adequate insurance

D.Detailed budget

4.How does the author think of debt？

A.It's completely bad

B.It's both good and bad

C.It's wonderful

D.It's not mentioned

5.What does this passage mainly talk about？

A.How to manage money

B.How to spend money

C.How to invest money

D.How to loan money

The following financial information relates to HGR Co:

Statement of financial position at the current date (extracts)

The finance director has completed a review of accounts receivable management and has proposed staff training and operating procedure improvements, which he believes will reduce accounts receivable days to the average sector value of 53 days. This reduction would take six months to achieve from the current date, with an equal reduction in each month. He has also proposed changes to inventory management methods, which he hopes will reduce inventory days by two days per month each month over a three-month period from the current date. He does not expect any change in the current level of accounts payable.

HGR Co has an overdraft limit of $4,000,000. Overdraft interest is payable at an annual rate of 6·17% per year, with payments being made each month based on the opening balance at the start of that month. Credit sales for the year to the current date were $49,275,000 and cost of sales was $37,230,000. These levels of credit sales and cost of sales are expected to be maintained in the coming year. Assume that there are 365 working days in each year.

Required:

(a) Discuss the working capital financing strategy of HGR Co. (7 marks)

(b) For HGR Co, calculate:

(i) the bank balance in three months’ time if no action is taken; and

(ii) the bank balance in three months’ time if the finance director’s proposals are implemented.

Comment on the forecast cash flow position of HGR Co and recommend a suitable course of action.

(10 marks)

(c) Discuss how risks arising from granting credit to foreign customers can be managed and reduced.

(8 marks)