When a non-current asset is revalued, depreciation is charged on the original amount.

The " straight-line " method of depreciation______.

A．allows an equal amount to be charged as depreciation for each year of the expected use of the asset

B．is computed by dividing the adjusted basis of a property by the estimated number of years of remaining useful life

C．assumes that the depreciation of an asset is a uniform. function of time

D．all of the above

The original issuer of a security is referred to as a borrower, and the purchaser is referred to as a lender. Most securities traded in the secondary markets belong to one of two broad classifications: bonds or stocks. Bonds are credit instruments redeemable in a given number of dollars and yielding a fixed return. Important characteristics of bonds include face (or par) value, maturity date, and coupon rate. Face values for most bonds are 5; 1 000, although some government issues have $ 10 000 face values. Face value represents the total amount of cash payable to the owner at the bond's maturity date, which can range from 1 to 30 years. Prior to maturity, yearly coupon payments equal to the coupon rate times the face value are paid. These coupons represent a profit to the bond owner. Coupon rates on newly issued bonds closely follow the level of interest rates in the economy. Once set in the initial primary market sale, however, the coupon on a given issue will not change in response to changing interest rates in the economy. Instead, the market price of the bond changes. When a bond's coupon rate is equal to the general level of interest rates prevailing in the economy, the bond's market price will be equal to its face value. When the coupon rate is higher than prevailing interest rates, the bond will sell at a premium over its face value. When the coupon rate is lower than prevailing interest rates, the bond will sell at a discount from its face value. Interest on bonds constitutes a legal obligation, and failure to pay it may result in bankruptcy.

Preferred stocks are similar to bonds in that they have stated face values (often 100) and a specified dividend payment (similar to a bond's coupon). They differ from bonds because they do not have a scheduled maturity date and because yearly dividends may remain unpaid for a few years without forcing the issuer into bankruptcy. Common stocks have no specified yearly cash payments or maturity date. These securities have an infinite life on which cash will be earned only if the issuer has satisfactory profits. Because the cash returns on bonds are the most certain, they are viewed as the least risky investment and provide the lowest expected rate of return. Preferred stocks are viewed as more risky than bonds and less risky than common stocks. Common stocks are the most risky and provide the largest expected returns.

A secondary market is where ______.

A．the original security issuers sells their securities.

B．the original lender trade securities with other people.

C．loans are borrowed and paid with interest.

D．bond and stocks are traded by the original borrowers and leaders.

"The US economy is rapidly deteriorating," says Mr. Grannis. "The odds of a recession are now very high, perhaps by the end of the year." There are already some signs that important pillars are weakening. Consumer confidence has fallen for the past two months. The housing sector, which has been buoyant, is starting to sink. Corporate profits are falling. Some analysts are especially concerned over the sharp fall of commodity prices. They believe it represents the threat of deflation, it could cause a global slowdown. "The Fed will have to act forcefully to arrest the deflationary forces," says Robert Lamorte, chairman of Behavioral Economics, a consulting firm in San Diego. But others counter that the central bank doesn't need to intervene. They argue the Fed should wait to see real data before acting. "The fundamentals are better than the stock market reflects", says Peter Kretzmer, an economist at Nations-Banc Montgomery Security. Indeed, President Clinton tried to do his part to calm the market during his trip to Moscow, citing the strong job market and balanced budget. "We believe our fundamental economic policy is sound," he said. His comments echoed statements by Peter Rubin in Washington. Some numbers do continue to reflect a strong economy. On Sep. 1, the Conference Board released its index of leading indicators. The index rose 0.4 percent, prompting the business organization to predict that the nation's output should increase at a moderate pace for the rest of 1998. The group sees little risk of recession in the near term. But what has changed is the global economy. Japan and the rest of Asia are in recession. The woes are spreading to Latin America. "I'm now convinced we are going to have a global economic recession,' says Sung Won Sohn, chief economist at Norwest Corp, a Minneapolis-based bank. But, he added, it's not certain the US will slide into a period of negative growth. He rates the risk of recession at only 10 to 15 percent. "We will be responding to the world economic situation rather than leading it "he says. Still, Fed watchers don't think the central bank will act to try to save the world. "It's inconceivable the Fed could make much difference in Asia, Russia, or Latin America," says Lyle Gramley, a former Fed governor. After the last stock market crash, in 1987, the Federal Reserve acted quickly to provide liquidity to the markets and to lower interest rates. But the economy is in better shape this time. The banking sector is stronger and the financial markets have been able to. respond to the enormous trading volume. "It is not the Fed's job to manage the stock market," says Mr. Kretzmer. But the Fed will keep a close watch on Wall Street. If the market were to shave another 1,500 points off the Dow by the end of September, "then the Fed would think about lowering interest rates," says Mr. Gramley. In his view, the Fed's main concern will be the impact of a sliding market on consumer confidence. Since 40 percent of the nation has investments in the stock market, any prolonged slide might make individuals feel less wealthy. They would cut back on vacations and "splurge" purchases. He expects the central bank to watch the next consumer confidence surveys and housing statistics closely.

What did President Clinton try to do during his trip to Moscow?

A．To pacify the market.

B．To make a speech on American economy.

C．To intervene.

D．To cooperate with Russia to pursue sustainable development.

"The US economy is rapidly deteriorating," says Mr. Grannis. "The odds of a recession are now very high, perhaps by the end of the year." There are already some signs that important pillars are weakening. Consumer confidence has fallen for the past two months. The housing sector, which has been buoyant, is starting to sink. Corporate profits are failing. Some analysts are especially concerned over the sharp fall of commodity prices. They believe it represents the threat of deflation, it could cause a global slowdown. "The Fed will have to act forcefully to arrest the deflationary forces," says Robert Lamorte, chairman of Behavioral Economics, a consulting firm in San Diego.

But others counter that the central bank doesn't need to intervene. They argue the Fed should wait to see real data before acting. "The fundamentals are better than the stock market reflects", says Peter Kretzmer, an economist at Nations-Banc Montgomery Security. Indeed, President Clinton tried to do his part to calm the market during his trip to Moscow, citing the strong job market and balanced budget. "We believe our fundamental economic policy is sound," he said. His comments echoed statements by Peter Rubin in Washington.

Some numbers do continue to reflect a strong economy. On Sep. 1, the Conference Board released its index of leading indicators. The index rose 0. 4 percent, prompting the business organization to predict that the nation's output should increase at a moderate pace for the rest of 1998. The group sees little risk of recession in the near term.

But what bas changed is the global economy. Japan and the rest of Asia are in recession. The woes are spreading to Latin America.

"I'm now convinced we are going to have a global economic recession," says Sung Won Sohn, chief economist at Norwest Corp, a Minneapolis-based bank. But, he added, it's not certain the US will slide into a period of negative growth. He rates the risk of recession at only i0 to 15 percent. "We will be responding to the world economic situation rather than leading it," he says. Still, Fed watchers don't think the central bank will act to try to save the world. "It's inconceivable the Fed could make much difference in Asia, Russia, or Latin America," says Lyle Gramley, a former Fed governor.

After the last stock market crash, in 1987, the Federal Reserve acted quickly to provide liquidity to the markets and to lower interest rates. But the economy is in better shape this time. The banking sector is stronger and the financial markets have been able to respond to the enormous trading volume. "It is not the Fed's job to manage the stock market," says Mr. Kretzmen But the Fed will keep a close watch on Wall Street. If the market were to shave another 1,500 points off the Dow by the end of September, "then the Fed would think about lowering interest rates," says Mr. Gramley. In his view, the Fed's main concern will be the impact of a sliding market on consumer confidence. Since 40 percent of the nation bas investments in the stock market, any prolonged slide might make individuals fed less wealthy.

They would cut back on vacations and "splurge" purchases. He expects the central bank to watch the next consumer confidence surveys and housing statistics closely. (550)

What did President Clinton try to do during his trip to Moscow?

A．To pacify the market.

B．To make a speech on American economy.

C．To intervene.

D．To cooperate with Russian to pursue sustainable development.

When Steve McDougal says "It's not a financial hardship, but it is an incremental amount of money that's not required," she means that ______.

A．Green tag costs a lot of money.

B．Green tag costs an extra amount of money.

C．Green tag's is cost-effective.

D．The cost on green tags is far less than the companies pay to purchase renewable power from suppliers.

We can infer from Dr. Myers and Dr. Worm’s paper that ________.

[A] the stock of large predators in some old fisheries has reduced by 90%

[B] there are only half as many fisheries as there were 15 years ago

[C] the catch sizes in new fisheries are only 20% of the original amount

[D] the number of larger predators dropped faster in new fisheries than in the old

It can be inferred from the text that by year 2050 ______

A．the species of plants and animals will shrink to one third of the original amount.

B．the climate will become unsuitable for residence.

C．migrate birds may be in danger because of changes in climate.

D．most animals will change their habitats to a large extent.

·You will hear five short pieces． ·For each piece decide how much is the total amount the speaker is talking about． ·Write one letter(A-H)next to the number of the piece． ·You will hear the five pieces twice． 13.______ 14.______ 15.______ 16.______ 17.______ 第(13)题答案是

A.60 pounds

B.17 pounds

C.8.6 pounds

D.3 pounds

E.40 pounds

F.35 pounds

G.2.42 pounds

H.1.45 pounds

Questions are based on the following passage.

Salt is as necessary to life as water. In many areas of Africa people once drank the urine (尿）

of animals because they had no other source of salt. Without salt, human beings die.

The human body demands that the amount of salt in the blood always stay the same. When the body does not get enough salt, it protects itself by letting less salt leave the body in urine and sweat. But it carmot reduce this output to zero. Some salt is always escaping. On a complete saltless diet, like that of some people in Africa, the body steadily loses small amounts of salt through the kidneys (肾) and sweat glands (腺）It then tries to adjust to this loss by speeding its secretion (分泌) of water. (78) In this way, the body attempts to keep the amount of salt in the blood at the necessary level. The result is a slow drying up of body and,inally,death. The person dies of thirst.

In cases where there is little or no water to drink, the body tries to do the opposite thing. Again, it must keep the salt level in the blood constant. Because it has little water, it attempts to stop water from leaving the body and to increase its secretion of salt. But, as with the escaping salt, it cannot be completely successful. Some water still leaves and the person eventually dies of thirst. In short, the body's normal needs for salt and for water are both parts of the same important need to keep the salt level in the blood constant.

Some African people once drank animal urine __________ 查看材料

A.when they were going to die

B.because they were thirsty

C.because there was little salt

D.because they were short of water

Salt is as necessary to life as water. In many areas of Africa people once drank the urine (尿) of animals because they had no other source of salt. Without salt, human beings die.

The human body demands that the amount of salt in the blood always stay the same.When the body does not get enough salt, it protects itself by letting less salt leave the body in urine and sweat. But it cannot reduce this output to zero. Some salt is always escaping. On a completely saltless diet, like that of some people in Africa, the body steadily loses small amounts of salt through the kidneys (肾) and sweat glands (腺). It then tries to ad-just to this loss by speeding up its secretion (分泌) of water. In this way, the body attempts to keep the amount of salt in the blood at the necessary level. The result is a slow drying up of body and, finally, death. The person dies of thirst.

In cases where there is little or no water to drink, the body tries to do the opposite thing. Again, it must keep the salt level in the blood constant. Because it has little water, it attempts to stop water from leaving the body and to increase its secretion of salt. But, as with the escaping salt, it cannot be completely successful. Some water still leaves and the person eventually dies of thirst. In short, the body's normal needs for salt and for water are both parts of the same important need to keep the salt level in the blood constant.

Some African people once drank animal urine______.

A．when they were going to die

B．because they were thirsty

C．because there was little salt

D．because they were short of water