Given the following variables: spot price is $55, exercise price is $75, time period is one year, risk-free rate is 5 %, and put option’s price is $20; if the call option is selling for $10, how much

Which among the following is NOT Americas newspaper or journal?

A．Newsweek.

B．Times.

C．Time.

D．Washington Post.

Which of the following is NOT mentioned as a way to measure the time?

A．Counting the beating of one' s own heart

B．Making use of candles, sand and water

C．Observing shadows cast by the sun

D．Keeping slaves busy day and night

According to the advertisement which of the following is NOT TRUE?

A．You can tell the company about the pay you require.

B．You can have another part-time job as well.

C．You can get the job without your recent photo.

The following sentences a-f are taken from the Discussion Section of a research article. The first and the last sentences are given, but the rest sentences are in a scrambled order. Put them in the correct order. The first sentence: The purpose of the study was to investigate whether Students in Higher Education on an EAP writing course would benefit from computer assisted instruction. a. Another reason for the success of the materials may be that it allows students to spend more time on the course than is normally the case in a classroom based programme. b. It also seems to be the case that the individually directed nature of the on-line materials helps the students to focus on their own specific needs as well as allow them to access their materials in their own time. c. The findings clearly suggest that they do. d. The students who took part in the computer assisted element of the writing course outperformed those who followed the traditional course in every aspect as shown by their performance on the University of Hertfordshire Writing test. e. They showed particular strengths in the task achievement element of the assessment, suggesting that the computer assisted materials really help the students to understand and focus on the purpose of their writing. f. This supports and adds to the findings of Jones & Smith (1997) and Harris (2002), who showed similar results for an on-line grammar course. The Last sentence: This study has taken a step in the direction of justifying the inclusion of web-based materials in EAP writing courses for post-graduates on English language preparation course.

A、cdebaf

B、fdcabe

C、dbcbef

D、edbafc

Herd Co is based in a country whose currency is the dollar ($). The company expects to receive €1,500,000 in six months’ time from Find Co, a foreign customer. The finance director of Herd Co is concerned that the euro (€) may depreciate against the dollar before the foreign customer makes payment and she is looking at hedging the receipt.

Herd Co has in issue loan notes with a total nominal value of $4 million which can be redeemed in 10 years’ time. The interest paid on the loan notes is at a variable rate linked to LIBOR. The finance director of Herd Co believes that interest rates may increase in the near future.

The spot exchange rate is €1·543 per $1. The domestic short-term interest rate is 2% per year, while the foreign short-term interest rate is 5% per year.

What is the six-month forward exchange rate predicted by interest rate parity？

A.€1·499 per $1

B.€1·520 per $1

C.€1·566 per $1

D.€1·588 per $1

As regards the interest rate risk faced by Herd Co, which of the following statements is correct？A.In exchange for a premium, Herd Co could hedge its interest rate risk by buying interest rate options

B.Buying a floor will give Herd Co a hedge against interest rate increases

C.Herd Co can hedge its interest rate risk by buying interest rate futures now in order to sell them at a future date

D.Taking out a variable rate overdraft will allow Herd Co to hedge the interest rate risk through matching

Which of the following hedging methods will NOT be suitable for hedging the euro receipt？A.Forward exchange contract

B.Money market hedge

C.Currency futures

D.Currency swap

Which of the following statements support the finance director’s belief that the euro will depreciate against the dollar？

(1) The dollar inflation rate is greater than the euro inflation rate

(2) The dollar nominal interest rate is less than the euro nominal interest rate

A.1 only

B.2 only

C.Both 1 and 2

D.Neither 1 nor 2

As regards the euro receipt, what is the primary nature of the risk faced by Herd Co？A.Transaction risk

B.Economic risk

C.Translation risk

D.Business risk

The passage implies which of the following?

A．The time of day when food is consumed affects its nutritive value.

B．Different foods can be combined to increase total nutrition value.

C．It can be detrimental to your health to eat breakfast foods later in the day.

D．When food is eaten has no bearing on its nutritive effects.

The passage implies which of the following?

A．The time of day when food is consumed affects its nutritive value.

B．Different foods can be combined to increase total nutrition value.

C．It can be detrimental to your health to eat breakfast foods later in the day.

D．When food is eaten has no bearing on its nutritive effects.

Part A

Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D. (40 points)

Of all the areas of learning the most important is the development of attitudes, emotional reactions as well as logical thought processes affect the behavior. of most people. "The burnt child fears the fire" is one instance; another is the rise of despots like Hitler. Both these examples also point up the fact that attitudes come from experience. In the one case the experience was direct and impressive; in the other it was indirect and cumulative. The Nazis were influenced largely by the speeches they heard and the books they read.

The classroom teacher in the elementary school is in a strategic position to influence attitudes. This is true partly because children acquire attitudes from those adults whose words are highly regarded by them.

Another reason it is true is that pupils often devote their time to a subject in school that has only been touched upon at home or has possibly never occurred to them before. To a child who had previously acquired, little knowledge of Mexico his teacher's method of handling such a unit would greatly affect his attitude toward Mexicans.

The media through which the teacher can develop wholesome attitudes are innumerable. Social studies (with special reference to races, creeds and nationalities), science matters of health and safety, the very atmosphere of the classroom.., these are a few of the fertile fields for the inculcation of proper emotional reactions.

However, when children go to school with undesirable attitudes, it is unwise for the teacher to attempt to change their feelings by cajoling or scolding them. She can achieve the proper effect by helping them obtain constructive experiences.

To illustrate, first-grade pupils afraid of policemen will probably alter their attitudes after a classroom chat with the neighborhood officer in which he explains how he protects them. In the same way, a class of older children can develop attitudes through discussion, research, outside reading and all-day trips.

Finally, a teacher must constantly evaluate her own attitudes, because her influence can be negative if she has personal prejudices. This is especially true in respect to controversial issues and questions on which children should be encouraged to reach their own decision as a result of objective analysis of all the facts.

Notes:

point up (=emphasize)强调，突出

touch upon 触及到

creed 信条，教义

inculcation 谆谆教诲

cajoling 哄骗

Which of the following best describes the organization of the first paragraph of the text?

A．An assertion is made and two examples are given to illustrate it.

B．A controversy is stated and two opposite points of view are presented.

C．A widely accepted definition is presented and two men are described.

D．An idea is stated and two results of recent research are summarized.

•Read the following extract from an article about a British businessman and the questions on the opposite page.

•For each question 15-20, mark one letter (A, B, C or D) on your Answer Sheet for the answer you choose.

Gordon Kent is the kind of tough English northerner who runs things his own way. Contrary to what is normal in big corporations today, his company has no remuneration committee, it is short on part-time directors and it has no qualms about employing family members. Mr Kent is chairman and chief executive of the engineering fu'm William Kent, which has been a family business since the middle of the last century. Until a week ago none of this would have made the headlines. But a rival engineering company has changed this with its ~58 million hostile takeover bid, putting Kent's management style. in the spotlight. Kent is a fighter: "All my career, I've battled. I've had to battle with customers and suppliers and management."

This will certainly not be his first fight. In 1980, when borrowing money was costing more than 20 per cent, his father was in favour of closing the business. Gordon was not; he forced his father off the board of directors and saved the company. He says, "A difference of views arose. I said the company could either be run by me, or by him, but I couldn't stay there and implement his policy. There was a board meeting and he was persuaded to withdraw."

He says his toughest battle was not taking on his father, but forcing his 160-strong workforce to accept automation at the factory in 1982. "I was really in a difficult position then. The management were against me, the men were against me. The change meant they would have to work a lot harder. I got them all together, and I just said, 'We've got to make this work - it's all our livelihoods at stake.' I was determined to make this business work to save the British steel foundry industry." He won that battle too. Rationalisations, cost-cutting, and a string of 14 acquisitions followed, and the lossmaking family business became a recognised leader in the steel castings industry.

Kent makes running William Kent sound like a military operation, and there is something in his clipped language which is irresistibly reminiscent of the army. His management style. is unashamedly autocratic. "I have a very loyal team, and, yes, they have to work hard but they relish it," he says. But unusually for a publicly quoted company, his loyal staff include his wife, Alison, a lawyer who works as a consultant for the company. "I'm not frightened of having to justify this," he says. The shareholders are getting a good deal out of his wife, he reckons, as the company would probably have to pay double for the same services from any other consultant.

Kent robustly defends his own pay and the generous terms of his contract. He reckons he is worth it. "There is a ￡5 million 'key man' insurance policy on me, and some of our banking arrangements are dependent on me staying with the company. So the outside world reckons I'm fairly important - that isn't just my opinion."

He describes himself as being like the captain of a ship, and he has a firm belief in experience rather than management theory. "You've got to learn your management skills by practical experience; otherwise you confuse delegating with passing the buck and you don't know when people are talking rubbish. I have the strength to fight off this takeover bid. For me it's war. I am autocratic, because that's how you win. When you cut out all the emotion, it's down to money. William Kent is worth much more than this most inferior rival company has suggested. And I know I will be able to convince the shareholders of this."

Why is Kent's company in the news?

A．He has problems with management.

B．Another company wants to gain control of it.

C．He is looking for new advisers to help run it.

D．There have been complaints about his management style.