题目
第1题
Unpleasant(3)on my physical appearance were nothing new. Something inside me gave in to his idea that my legs were(4), and that became the last day that I ever willingly wore(5)until I was 30 years old. For the next 15 years, I spent summer after summer(6)in long pants.
But then I met Ragen Chastain, and she(7)everything. I couldn’t believe that this woman who, like myself, weighed almost 300 pounds was so(8)and happy in her own skin. I(9)as she shared her own journey to recovery and self-love. She talked about how amazing our(10)are, simply because of the things they do every day—like breathing, (11)blood to every cell, blinking and walking.
Walking! I was suddenly(12)how foolish I’d been for so long. There’re people who are born without legs, or who lack(13)working legs, or who lose their legs, and I’d been hiding my perfectly strong, healthy, beautiful legs(14) because I had (15) someone to convince me that they weren’t good enough. The next day, I bought three pairs of shorts and a sundress and spent the entire summer letting my legs(16) the sun and feel the breeze.
The next time anyone comments on your body in a(17)way, look them straight in the eye, smile and say, “If what you see(18) you so much, feel free to practice the ancient art of looking (19)else.” That’s Ragen’s own(20) , but I don’t think she’ll mind if you use it.
(1)A.small
B.slim
C.plain
D.thick
(2)A.eat
B.talk
C.walk
D.cry
(3)A.suggestion
B.comments
C.reports
D.reflection
(4)A.unacceptable
B.unnecessary
C.unique
D.special
(5)A.shorts
B.socks
C.pants
D.T-shirts
(6)A.driving
B.roasting
C.sleeping
D.running
(7)A.believed
B.changed
C.explained
D.solved
(8)A.energetic
B.generous
C.sensitive
D.tiresome
(9)A.expected
B.laughed
C.listened
D.waited
(10)A.bodies
B.legs
C.images
D.weights
(11)A.pulling
B.putting
C.preventing
D.pumping
(12)A.afraid of
B.absorbed in
C.anxious about
D.aware of
(13)A.accidentally
B.possibly
C.properly
D.regularly
(14)A.in delight
B.in shame
C.in panic
D.in pride
(15)A.begged
B.allowed
C.refused
D.invited
(16)A.avoid
B.cover
C.kick
D.see
(17)A.different
B.negative
C.normal
D.positive
(18)A.amuses
B.bothers
C.excites
D.hurts
(19)A.anywhere
B.somewhere
C.nowhere
D.everywhere
(20)A.decision
B.creation
C.question
D.requirement
第2题
One day when I was 15 years old, I had some friends over to hang out. While we were making food in the kitchen, my brother came in. He placed his beef next to my (1) one and said, “Courtney, your beef is bigger than mine. You don’t need to (2); you’re already fat enough.” Then he walked out laughing.
Unpleasant (3) on my physical appearance were nothing new. Something inside me gave in to his idea that my legs were (4), and that became the last day that I ever willingly wore (5) until I was 30 years old. For the next 15 years, I spent summer after summer (6) in long pants.
But then I met Ragen Chastain, and she (7) everything. I couldn’t believe that this woman who, like myself, weighed almost 300 pounds was so (8) and happy in her own skin. I (9) as she shared her own journey to recovery and self-love. She talked about how amazing our (10) are, simply because of the things they do every day—like breathing, (11) blood to every cell, blinking and walking.
Walking! I was suddenly (12) how foolish I’d been for so long. There’re people who are born without legs, or who lack (13) working legs, or who lose their legs, and I’d been hiding my perfectly strong, healthy, beautiful legs (14) because I had (15) someone to convince me that they weren’t good enough. The next day, I bought three pairs of shorts and a sundress and spent the entire summer letting my legs (16) the sun and feel the breeze.
The next time anyone comments on your body in a (17) way, look them straight in the eye, smile and say, “If what you see (18) you so much, feel free to practice the ancient art of looking (19) else.” That’s Ragen’s own (20), but I don’t think she’ll mind if you use it.
(1)A、small
B、slim
C、plain
D、thick
(2)A、eat
B、talk
C、walk
D、cry
(3)A、suggestion
B、comments
C、reports
D、reflection
(4)A、unacceptable
B、unnecessary
C、unique
D、special
(5)A、shorts
B、socks
C、pants
D、T-shirts
(6)A、driving
B、roasting
C、sleeping
D、running
(7)A、believed
B、changed
C、explained
D、solved
(8)A、energetic
B、generous
C、sensitive
D、tiresome
(9)A、expected
B、laughed
C、listened
D、waited
(10)A、bodies
B、legs
C、images
D、weights
(11)A、pulling
B、putting
C、preventing
D、pumping
(12)A、afraid of
B、absorbed in
C、anxious about
D、aware of
(13)A、accidentally
B、possibly
C、properly
D、regularly
(14)A、indelight
B、inshame
C、inpanic
D、inpride
(15)A、begged
B、allowed
C、refused
D、invited
(16)A、avoid
B、cover
C、kick
D、see
(17)A、different
B、negative
C、normal
D、positive
(18)A、amuses
B、bothers
C、excites
D、hurts
(19)A、anywhere
B、somewhere
C、nowhere
D、everywhere
(20)A、decision
B、creation
C、question
D、requirement
第3题
Maria Mitchell(1818-1889,the first woman astronomer(天文学家)in the United States, was born in Nantucket. Massachusetts. Her parents valued education and insisted on giving her the same quality of education that boys received.
Her father. William Mitchell, was an astronomer and teacher himself. When he built his own school, Maria became a student and also a teaching assistant to him. At home. Marias father taught her to watch the stars and other natural objects in space using his personal telescope(望远镜).
Later she went to work at the library of the Nantucket Atheneum. Over the next tweny years. she further developed her interest in reading as many books as she could.She spent her nights watching the sky closely with her father.
On October 1, 1847,Maria discovered a comet(彗星 )by merely using a two-inch telescope. Some years before, King Frederick VI of Denmark had set up prizes to each discover of a"telescopic comet". The prize was to be given to the"first discoverer"of each such comet because comets were often discovered by more than one person.
There was once a question of who should be the winner. As the story goes, francesco de Vico had discovered the same comet two days later, but had reported it to the European vor. She won the prize in 1848 and became a big name the world over. The comet was named“ Miss mitchell&39;s Comet.”
What ean be learnt about Marias parents according to the text?
A.They came from low-income families.
B.They gave Maria equal chance for education
C.They were both astronomers
D.They were both teachers.
When did Franeeseo de Vico discover the comet?A.In1818
B.In1889
C.In1848
D.In1847
What problem did Maria meet with in winning the prize?A.She named the comet on her own
B.She did not use the required telescope.
C.She did not report her discovery in time
D.She discovered the comet with her father
Whe played the most important role in Maria's great achievement?A.King FrederickⅥ
B.Francesco de Vico
C.Her father
D.Her mother
请帮忙给出每个问题的正确答案和分析,谢谢!
第4题
Zelda Haggerty was recently promoted to project manager at Verban Automation, a maker of industrial machinery. Haggerty’s first task as project manager is to analyze capital-spending proposals.
The first project under review is a proposal for a new factory. Verban wants to build the plant on land it already owns in India. Below are details included on a fact sheet regarding the factory project:
§ The initial outlay to the builder would be $85 million for the building. Verban would spend another $20 million on specialized equipment in the first year.
§ The factory would open up new markets for Verban’s products. Production should begin July 1 of the second year.
§ Verban’s tax rate is 34 percent.
§ Verban expects the factory to generate $205 million in annual sales starting in the third year, with half of that amount in the second year.
§ At the end of the sixth year, Verban expects the market value and the book value of the building to be worth $35 million, and the market value and the book value of the equipment to be worth $3.25 million.
§ Fixed operating costs are expected to be $65 million a year once the factory starts production.
§ Variable operating costs should be 40 percent of sales.
§ Verban uses straight-line depreciation.
§ New inventories are likely to boost working capital by $7.5 million in the first year of production.
§ Verban’s cost of capital for the factory project is 14.3 percent.
Verban’s chief of operations, Max Jenkins, attached a note containing some of his thoughts about the project. His comments are listed below:
§ Comment 1: “We spent $5 million up front on an exclusive, 10-year maintenance contract for all of our equipment in Asia two years ago, before an earlier project was canceled. Your budget should reflect that.”
§ Comment 2: “Some Asian clients are likely to switch over to the equipment from the new factory. They account for about $5 million a year in sales for the U.S. division. Your budget should reflect that.”
§ Comment 3: “I expect variable costs to take a one-time hit in Year 1, as we should plan for about $1.5 million in installation expense for the manufacturing equipment.”
§ Comment 4: “We bought the land allocated for this factory for $30 million in 1998. That money is long spent, so don’t worry about including it in the budget analysis.”
Haggerty is unimpressed with the advice she received from Jenkins and calculates cash flows and net present values using numbers from the fact sheet without taking any of the advice. She assumes all inflows and outflows take place at the end of the year.
Verban is also considering upgrading two smaller, outdated factories, projects for which the cost of capital is 14.3 percent. Both of the remodeled factories would have a three-year life and cash flows as follows:
Initial outlayYear 1Year 2Year 3
-$30 million$15 million$17 million$28 million
Verban is willing to pursue the new factory or the renovations, but not both projects. Haggerty decides which project makes the most sense and prepares models and recommendations for Verban’s executives. Haggerty is concerned that her budgeting calculations do not accurately affect inflation, so she attempts to tweak her models to reflect the 2.5 percent inflation expected annually over the next five years.
Part 2)
In the last year of the new factory project, cash flows will be closest to:
A) $95.71 million.
B) $91.74 million.
C) $90.21 million.
D) $88.00 million.
第5题
Zelda Haggerty was recently promoted to project manager at Verban Automation, a maker of industrial machinery. Haggerty’s first task as project manager is to analyze capital-spending proposals.
The first project under review is a proposal for a new factory. Verban wants to build the plant on land it already owns in India. Below are details included on a fact sheet regarding the factory project:
§ The initial outlay to the builder would be $85 million for the building. Verban would spend another $20 million on specialized equipment in the first year.
§ The factory would open up new markets for Verban’s products. Production should begin July 1 of the second year.
§ Verban’s tax rate is 34 percent.
§ Verban expects the factory to generate $205 million in annual sales starting in the third year, with half of that amount in the second year.
§ At the end of the sixth year, Verban expects the market value and the book value of the building to be worth $35 million, and the market value and the book value of the equipment to be worth $3.25 million.
§ Fixed operating costs are expected to be $65 million a year once the factory starts production.
§ Variable operating costs should be 40 percent of sales.
§ Verban uses straight-line depreciation.
§ New inventories are likely to boost working capital by $7.5 million in the first year of production.
§ Verban’s cost of capital for the factory project is 14.3 percent.
Verban’s chief of operations, Max Jenkins, attached a note containing some of his thoughts about the project. His comments are listed below:
§ Comment 1: “We spent $5 million up front on an exclusive, 10-year maintenance contract for all of our equipment in Asia two years ago, before an earlier project was canceled. Your budget should reflect that.”
§ Comment 2: “Some Asian clients are likely to switch over to the equipment from the new factory. They account for about $5 million a year in sales for the U.S. division. Your budget should reflect that.”
§ Comment 3: “I expect variable costs to take a one-time hit in Year 1, as we should plan for about $1.5 million in installation expense for the manufacturing equipment.”
§ Comment 4: “We bought the land allocated for this factory for $30 million in 1998. That money is long spent, so don’t worry about including it in the budget analysis.”
Haggerty is unimpressed with the advice she received from Jenkins and calculates cash flows and net present values using numbers from the fact sheet without taking any of the advice. She assumes all inflows and outflows take place at the end of the year.
Verban is also considering upgrading two smaller, outdated factories, projects for which the cost of capital is 14.3 percent. Both of the remodeled factories would have a three-year life and cash flows as follows:
Initial outlayYear 1Year 2Year 3
-$30 million$15 million$17 million$28 million
Verban is willing to pursue the new factory or the renovations, but not both projects. Haggerty decides which project makes the most sense and prepares models and recommendations for Verban’s executives. Haggerty is concerned that her budgeting calculations do not accurately affect inflation, so she attempts to tweak her models to reflect the 2.5 percent inflation expected annually over the next five years.
Part 4)
Jenkins advice is correct with respect to:
A) Comments 1 and 2.
B) Comment 4, but incorrect with respect to Comment 1.
C) Comments 3 and 4, but incorrect with respect to Comment 2.
D) Comment 2, but incorrect with respect to Comment 4.
第6题
Zelda Haggerty was recently promoted to project manager at Verban Automation, a maker of industrial machinery. Haggerty’s first task as project manager is to analyze capital-spending proposals.
The first project under review is a proposal for a new factory. Verban wants to build the plant on land it already owns in India. Below are details included on a fact sheet regarding the factory project:
§ The initial outlay to the builder would be $85 million for the building. Verban would spend another $20 million on specialized equipment in the first year.
§ The factory would open up new markets for Verban’s products. Production should begin July 1 of the second year.
§ Verban’s tax rate is 34 percent.
§ Verban expects the factory to generate $205 million in annual sales starting in the third year, with half of that amount in the second year.
§ At the end of the sixth year, Verban expects the market value and the book value of the building to be worth $35 million, and the market value and the book value of the equipment to be worth $3.25 million.
§ Fixed operating costs are expected to be $65 million a year once the factory starts production.
§ Variable operating costs should be 40 percent of sales.
§ Verban uses straight-line depreciation.
§ New inventories are likely to boost working capital by $7.5 million in the first year of production.
§ Verban’s cost of capital for the factory project is 14.3 percent.
Verban’s chief of operations, Max Jenkins, attached a note containing some of his thoughts about the project. His comments are listed below:
§ Comment 1: “We spent $5 million up front on an exclusive, 10-year maintenance contract for all of our equipment in Asia two years ago, before an earlier project was canceled. Your budget should reflect that.”
§ Comment 2: “Some Asian clients are likely to switch over to the equipment from the new factory. They account for about $5 million a year in sales for the U.S. division. Your budget should reflect that.”
§ Comment 3: “I expect variable costs to take a one-time hit in Year 1, as we should plan for about $1.5 million in installation expense for the manufacturing equipment.”
§ Comment 4: “We bought the land allocated for this factory for $30 million in 1998. That money is long spent, so don’t worry about including it in the budget analysis.”
Haggerty is unimpressed with the advice she received from Jenkins and calculates cash flows and net present values using numbers from the fact sheet without taking any of the advice. She assumes all inflows and outflows take place at the end of the year.
Verban is also considering upgrading two smaller, outdated factories, projects for which the cost of capital is 14.3 percent. Both of the remodeled factories would have a three-year life and cash flows as follows:
Initial outlayYear 1Year 2Year 3
-$30 million$15 million$17 million$28 million
Verban is willing to pursue the new factory or the renovations, but not both projects. Haggerty decides which project makes the most sense and prepares models and recommendations for Verban’s executives. Haggerty is concerned that her budgeting calculations do not accurately affect inflation, so she attempts to tweak her models to reflect the 2.5 percent inflation expected annually over the next five years.
Part 1)
If Haggerty decides to properly allocate the maintenance, land-purchase, and equipment-installation expenses Jenkins claimed were connected with the new factory project, which of the followingnumbers on the capital-budgeting model will be least likely to change?
A) The accept/reject recommendation.
B) The initial outlay.
C) Year 4 depreciation.
D) Working capital.
第7题
Zelda Haggerty was recently promoted to project manager at Verban Automation, a maker of industrial machinery. Haggerty’s first task as project manager is to analyze capital-spending proposals.
The first project under review is a proposal for a new factory. Verban wants to build the plant on land it already owns in India. Below are details included on a fact sheet regarding the factory project:
§ The initial outlay to the builder would be $85 million for the building. Verban would spend another $20 million on specialized equipment in the first year.
§ The factory would open up new markets for Verban’s products. Production should begin July 1 of the second year.
§ Verban’s tax rate is 34 percent.
§ Verban expects the factory to generate $205 million in annual sales starting in the third year, with half of that amount in the second year.
§ At the end of the sixth year, Verban expects the market value and the book value of the building to be worth $35 million, and the market value and the book value of the equipment to be worth $3.25 million.
§ Fixed operating costs are expected to be $65 million a year once the factory starts production.
§ Variable operating costs should be 40 percent of sales.
§ Verban uses straight-line depreciation.
§ New inventories are likely to boost working capital by $7.5 million in the first year of production.
§ Verban’s cost of capital for the factory project is 14.3 percent.
Verban’s chief of operations, Max Jenkins, attached a note containing some of his thoughts about the project. His comments are listed below:
§ Comment 1: “We spent $5 million up front on an exclusive, 10-year maintenance contract for all of our equipment in Asia two years ago, before an earlier project was canceled. Your budget should reflect that.”
§ Comment 2: “Some Asian clients are likely to switch over to the equipment from the new factory. They account for about $5 million a year in sales for the U.S. division. Your budget should reflect that.”
§ Comment 3: “I expect variable costs to take a one-time hit in Year 1, as we should plan for about $1.5 million in installation expense for the manufacturing equipment.”
§ Comment 4: “We bought the land allocated for this factory for $30 million in 1998. That money is long spent, so don’t worry about including it in the budget analysis.”
Haggerty is unimpressed with the advice she received from Jenkins and calculates cash flows and net present values using numbers from the fact sheet without taking any of the advice. She assumes all inflows and outflows take place at the end of the year.
Verban is also considering upgrading two smaller, outdated factories, projects for which the cost of capital is 14.3 percent. Both of the remodeled factories would have a three-year life and cash flows as follows:
Initial outlayYear 1Year 2Year 3
-$30 million$15 million$17 million$28 million
Verban is willing to pursue the new factory or the renovations, but not both projects. Haggerty decides which project makes the most sense and prepares models and recommendations for Verban’s executives. Haggerty is concerned that her budgeting calculations do not accurately affect inflation, so she attempts to tweak her models to reflect the 2.5 percent inflation expected annually over the next five years.
Part 3)
Which of the following statements about the effect of inflation on the capital-budgeting process is mostaccurate?
Statement 1: Inflation is reflected in the WACC, but future cash flows should still be adjusted when calculating the NPV.
Statement 2: Inflation will cause the WACC to decrease.
Statement 3: Inflation tends to exert upward pressure on the NPV.
Statement 4: Because the IRR does not depend on the WACC, inflation has no effect on it.
A) Statement 1 only.
B) Statements 2 and 3.
C) Statements 3 and 4.
D) Statements 1 and 2.
第8题
Zelda Haggerty was recently promoted to project manager at Verban Automation, a maker of industrial machinery. Haggerty’s first task as project manager is to analyze capital-spending proposals.
The first project under review is a proposal for a new factory. Verban wants to build the plant on land it already owns in India. Below are details included on a fact sheet regarding the factory project:
§ The initial outlay to the builder would be $85 million for the building. Verban would spend another $20 million on specialized equipment in the first year.
§ The factory would open up new markets for Verban’s products. Production should begin July 1 of the second year.
§ Verban’s tax rate is 34 percent.
§ Verban expects the factory to generate $205 million in annual sales starting in the third year, with half of that amount in the second year.
§ At the end of the sixth year, Verban expects the market value and the book value of the building to be worth $35 million, and the market value and the book value of the equipment to be worth $3.25 million.
§ Fixed operating costs are expected to be $65 million a year once the factory starts production.
§ Variable operating costs should be 40 percent of sales.
§ Verban uses straight-line depreciation.
§ New inventories are likely to boost working capital by $7.5 million in the first year of production.
§ Verban’s cost of capital for the factory project is 14.3 percent.
Verban’s chief of operations, Max Jenkins, attached a note containing some of his thoughts about the project. His comments are listed below:
§ Comment 1: “We spent $5 million up front on an exclusive, 10-year maintenance contract for all of our equipment in Asia two years ago, before an earlier project was canceled. Your budget should reflect that.”
§ Comment 2: “Some Asian clients are likely to switch over to the equipment from the new factory. They account for about $5 million a year in sales for the U.S. division. Your budget should reflect that.”
§ Comment 3: “I expect variable costs to take a one-time hit in Year 1, as we should plan for about $1.5 million in installation expense for the manufacturing equipment.”
§ Comment 4: “We bought the land allocated for this factory for $30 million in 1998. That money is long spent, so don’t worry about including it in the budget analysis.”
Haggerty is unimpressed with the advice she received from Jenkins and calculates cash flows and net present values using numbers from the fact sheet without taking any of the advice. She assumes all inflows and outflows take place at the end of the year.
Verban is also considering upgrading two smaller, outdated factories, projects for which the cost of capital is 14.3 percent. Both of the remodeled factories would have a three-year life and cash flows as follows:
Initial outlayYear 1Year 2Year 3
-$30 million$15 million$17 million$28 million
Verban is willing to pursue the new factory or the renovations, but not both projects. Haggerty decides which project makes the most sense and prepares models and recommendations for Verban’s executives. Haggerty is concerned that her budgeting calculations do not accurately affect inflation, so she attempts to tweak her models to reflect the 2.5 percent inflation expected annually over the next five years.
Part 6)
Haggerty is using the replacement-chain method, depending only on data from the new factory fact sheet and the cash-flow estimate for the remodeling projects. Which strategy should Haggerty recommend, and what is the difference between that project’s NPV and that of the other project?
Project NPV difference
A) New Factory $1.09 million
B) Remodeling $3.69 million
C) New Factory $1.24 million
D) Remodeling $11.20 million
第9题
A.would spent
B.would spend
C.Spent
D.was going to spent
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