1 Bailey’s is a large toy manufacturer based in a traditional industrial region. Established in the 1970s, it has faced many changes in the market and survived. This has been due in part to employing a largely unskilled low paid staff,and maintaining its main advantage, that of low production costs based on low pay. Most of the production involves repetitive and boring work with little challenge and opportunity for innovation. Although many of the employees havebeen with the company for some time, there has been a high level of employee turnover.However, an unhappy atmosphere has been apparent for some time. There has been a number of instances ofarguments between the staff, friction between different departments, disturbance, low morale, poor production and general unrest, made worse recently by a decline in business which may lead to staff reduction and redundancy. Poor pay is leading to family problems that are affecting the commitment and motivation of the employees.The business was recently sold to the new owner, Rebecca Stonewall. She is concerned that the negative atmosphere she has found will harm the prospects of the business and is determined to address the issues that have become apparent.She has therefore decided that it is time to take account of opinions and views of the employees in an attempt both to identify the problems and to resolve them. She has appointed external counsellors since she thinks that a programme of individual counselling might be appropriate and is also of the opinion that some form. of different or improved approach to motivation might be the answer to the problems at Bailey’s.Required:(a) Define the role that the external counsellor must fulfil at Bailey’s. (3 marks)
1 Bailey’s is a large toy manufacturer based in a traditional industrial region. Established in the 1970s, it has faced many changes in the market and survived. This has been due in part to employing a largely unskilled low paid staff,and maintaining its main advantage, that of low production costs based on low pay. Most of the production involves repetitive and boring work with little challenge and opportunity for innovation. Although many of the employees have
been with the company for some time, there has been a high level of employee turnover.
However, an unhappy atmosphere has been apparent for some time. There has been a number of instances ofarguments between the staff, friction between different departments, disturbance, low morale, poor production and general unrest, made worse recently by a decline in business which may lead to staff reduction and redundancy. Poor pay is leading to family problems that are affecting the commitment and motivation of the employees.
The business was recently sold to the new owner, Rebecca Stonewall. She is concerned that the negative atmosphere she has found will harm the prospects of the business and is determined to address the issues that have become apparent.
She has therefore decided that it is time to take account of opinions and views of the employees in an attempt both to identify the problems and to resolve them. She has appointed external counsellors since she thinks that a programme of individual counselling might be appropriate and is also of the opinion that some form. of different or improved approach to motivation might be the answer to the problems at Bailey’s.
Required:
(a) Define the role that the external counsellor must fulfil at Bailey’s. (3 marks)
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3 Clyde Williams is facing a dilemma. He has successfully built up a small family-owned company, Concrete SolutionsLtd, manufacturing a range of concrete based products used in making roads, pavements and walkways. Theproduction technology is very low tech and uses simple wooden moulds into which the concrete is poured. As aconsequence he is able to use low skilled and low cost labour, which would find it difficult to find alternativeemployment in a region with high unemployment levels. The company has employed many of its workforce since itscreation in 1996. The company’s products are heavy, bulky and costly to transport. This means its market is limitedto a 30-mile area around the small rural town where the manufacturing facility is located. Its customers are a mix ofprivate sector building firms and public sector local councils responsible for maintaining roads and pavements. By itsnature much of the demand is seasonal and very price sensitive.A large international civil engineering company has recently approached Clyde with an opportunity to become asupplier of concrete blocks used in a sophisticated system for preventing coast and riverbank erosion. The processinvolves interlocking blocks being placed on a durable textile base. Recent trends in global warming and pressure inmany countries to build in areas liable to flooding have created a growing international market for the patented erosionprevention system. Clyde has the opportunity to become the sole UK supplier of the blocks and to be one of a smallnumber of suppliers able to export the blocks to Europe. To do it he will need to invest a significant amount in CAM(computer aided manufacturing) technology with a linked investment in the workforce skills needed to operate thenew technology. The net result will be a small increase in the size of the labour force but redundancy for a significantnumber of its existing workers either unwilling or unable to adapt to the demands of the new technology. Successfulentry into this new market will reduce his reliance on the seasonal low margin concrete products he currently producesand significantly improve profitability.One further complication exists. Concrete Solutions is located in a quiet residential area of its home town. Clyde isunder constant pressure from the local residents and their council representatives to reduce the amount of noise anddust created in the production process. Any move into making the new blocks will increase the pollution problemsthe residents face. There is a possibility of moving the whole manufacturing process to a site on a new industrial estatebeing built by the council in a rival town. However closure of the existing site would lead to a loss of jobs in the currentlocation. Clyde has asked for your help in resolving his dilemma.Required:(a) Using models where appropriate, advise Clyde on whether he should choose to take advantage of theopportunity offered by the international company. (12 marks)
3 Joe Lawson is founder and Managing Director of Lawson Engineering, a medium sized, privately owned familybusiness specialising in the design and manufacture of precision engineering products. Its customers are majorindustrial customers in the aerospace, automotive and chemical industries, many of which are globally recognisedcompanies. Lawson prides itself on the long-term relationships it has built up with these high profile customers. Thestrength of these relationships is built on Lawson’s worldwide reputation for engineering excellence, which hastangible recognition in its gaining prestigious international awards for product and process innovation and qualityperformance. Lawson Engineering is a company name well known in its chosen international markets. Its reputationhas been enhanced by the awarding of a significant number of worldwide patents for the highly innovative productsit has designed. This in turn reflects the commitment to recruiting highly skilled engineers, facilitating positive staffdevelopment and investing in significant research and development.Its products command premium prices and are key to the superior performance of its customers’ products. LawsonEngineering has also established long-term relationships with its main suppliers, particularly those making the exoticmaterials built into their advanced products. Such relationships are crucial in research and development projects,some of which take a number of years to come to fruition. Joe Lawson epitomises the ‘can do’ philosophy of thecompany, always willing to take on the complex engineering challenges presented by his demanding customers.Lawson Engineering now faces problems caused by its own success. Its current location, premises and facilities areinadequate to allow the continued growth of the company. Joe is faced with the need to fund a new, expensive,purpose-built facility on a new industrial estate. Although successful against a number of performance criteria, LawsonEngineering’s performance against traditional financial measures has been relatively modest and unlikely to impressthe financial backers Joe wants to provide the necessary long-term capital.Joe has become aware of the increasing attention paid to the intangible resources of a firm in a business. Heunderstands that you, as a strategy consultant, can advise him on the best way to show that his business should bejudged on the complete range of assets it possesses.Required:(a) Using models where appropriate, provide Joe with a resource analysis showing why the company’s intangibleresources and related capabilities should be taken into account when assessing Lawson Engineering’s casefor financial support. (12 marks)
2 Helen Bradshaw, a recent graduate with a degree in catering management, has spotted a market opportunity duringher first job with a large supermarket chain. She knows there is a growing market for distinctive, quality cakes in thebakery sections of the supermarket chains, as well as in supplying independent individual premium cake shops, andalso for catering wholesalers supplying restaurants and hotels.Helen is very determined to set up her own business under the brand name of ‘Helen’s cakes’, and has bought someequipment – industrial food mixers, ovens, cake moulds – and also rented a small industrial unit to make the cakes.Helen has created three sets of recipes – one for the premium cake shop market, one for the supermarkets and onefor the catering wholesalers but is uncertain which market to enter first. Each channel of distribution offers a differentset of challenges. The premium cake shop market consists of a large number of independent cake shops spreadthrough the region, each looking for daily deliveries, a wide product range and low volumes. The supermarkets aredemanding good quality, competitive prices and early development of a product range under their own brand name.The catering wholesalers require large volumes, medium quality and low prices.Helen has learnt that you are a consultant specialising in start-up enterprises and is looking to you for advice.Required:(a) Acting as a consultant, prepare a short report for Helen advising her on the advantages and disadvantageseach channel offers and the implications for a successful start-up. (12 marks)
6 Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980. The amount dueaccording to the payables ledger account of Alta in Ordan’s records was only $230.Comparison of the statement and the ledger account revealed the following differences:1 A cheque sent by Ordan for $270 has not been allowed for in Alta’s statement.2 Alta has not allowed for goods returned by Ordan $180.3 Ordan made a contra entry, reducing the amount due to Alta by $3,200, for a balance due from Alta in Ordan’sreceivables ledger. No such entry has been made in Alta’s records.What difference remains between the two companies’ records after adjusting for these items?A $460B $640C $6,500D $100
5 The directors of Blaina Packaging Co (BPC), a well-established manufacturer of cardboard boxes, are currentlyconsidering whether to enter the cardboard tube market. Cardboard tubes are purchased by customers whoseproducts are wound around tubes of various sizes ranging from large tubes on which carpets are wound, to smalltubes around which films and paper products are wound. The cardboard tubes are usually purchased in very largequantities by customers. On average, the cardboard tubes comprise between 1% and 2% of the total cost of thecustomers’ finished product.The directors have gathered the following information:(1) The cardboard tubes are manufactured on machines which vary in size and speed. The lowest cost machine ispriced at $30,000 and requires only one operative for its operation. A one-day training course is required in orderthat an unskilled person can then operate such a machine in an efficient and effective manner.(2) The cardboard tubes are made from specially formulated paper which, at times during recent years, has been inshort supply.(3) At present, four major manufacturers of cardboard tubes have an aggregate market share of 80%. The currentmarket leader has a 26% market share. The market shares of the other three major manufacturers, one of whichis JOL Co, are equal in size. The product ranges offered by the four major manufacturers are similar in terms ofsize and quality. The market has grown by 2% per annum during recent years.(4) A recent report on the activities of a foreign-based multinational company revealed that consideration was beinggiven to expanding operations in their packaging division overseas. The division possesses large-scale automatedmachinery for the manufacture of cardboard tubes of any size.(5) Another company, Plastic Tubes Co (PTC) produces a narrow, but increasing, range of plastic tubes which arecapable of housing small products such as film and paper-based products. At present, these tubes are on average30% more expensive than the equivalent sized cardboard tubes sold in the marketplace.Required:(a) Using Porter’s five forces model, assess the attractiveness of the option to enter the market for cardboardtubes as a performance improvement strategy for BPC. (10 marks)
4 You are a senior manager in Becker Co, a firm of Chartered Certified Accountants offering audit and assuranceservices mainly to large, privately owned companies. The firm has suffered from increased competition, due to twonew firms of accountants setting up in the same town. Several audit clients have moved to the new firms, leading toloss of revenue, and an over staffed audit department. Bob McEnroe, one of the partners of Becker Co, has askedyou to consider how the firm could react to this situation. Several possibilities have been raised for your consideration:1. Murray Co, a manufacturer of electronic equipment, is one of Becker Co’s audit clients. You are aware that thecompany has recently designed a new product, which market research indicates is likely to be very successful.The development of the product has been a huge drain on cash resources. The managing director of Murray Cohas written to the audit engagement partner to see if Becker Co would be interested in making an investmentin the new product. It has been suggested that Becker Co could provide finance for the completion of thedevelopment and the marketing of the product. The finance would be in the form. of convertible debentures.Alternatively, a joint venture company in which control is shared between Murray Co and Becker Co could beestablished to manufacture, market and distribute the new product.2. Becker Co is considering expanding the provision of non-audit services. Ingrid Sharapova, a senior manager inBecker Co, has suggested that the firm could offer a recruitment advisory service to clients, specialising in therecruitment of finance professionals. Becker Co would charge a fee for this service based on the salary of theemployee recruited. Ingrid Sharapova worked as a recruitment consultant for a year before deciding to train asan accountant.3. Several audit clients are experiencing staff shortages, and it has been suggested that temporary staff assignmentscould be offered. It is envisaged that a number of audit managers or seniors could be seconded to clients forperiods not exceeding six months, after which time they would return to Becker Co.Required:Identify and explain the ethical and practice management implications in respect of:(a) A business arrangement with Murray Co. (7 marks)
Passage OneValencia is in the east part of Spain. It has a port on the sea, two miles away from the coast. It is the capital of a province that is also named Valencia.The city is the market centre for what is produced by the land around the city. Most of the city's money is made from farming. It is also a busy business city with ships, railways, clothes and machine factories.Valencia has an old part with white buildings, coloured roofs, and narrow streets. The modern part has long, wide streets and new buildings. Valencia is well known for its parks and gardens. It has many old churches and museums. The University in the centre of the city was built in the 13(上标)th century.The city of valencia has been known since the 2(上标)nd century. In the 8(上标)th century it was the capital of Spain. There is also an important city in Venzuela(委内瑞拉)named Valencia.36. The main income of the city of Valencia is from its______.A. marketsB. businessC. factoriesD. farming
The reason why the market for large CDs has been active since 1961 may be that the yield is usually higher than Treasury bills.A．RightB．WrongC．Doesn't say
Bryce’s Department Store ___ its furniture department about a year ago. A、enlargedB、was enlargedC、has enlargedD、has been enlarged
East London has traditional ly been an area which has attracted immigrants.The chance to find jobs in London has led to immigrants from many different parts of the world living there.Also, because it was the home of London s docks, it was easy for people to get there by ship.One famous bui lding in Brick Lane has been a church, a synagogue and is now a mosque Nowadays this part of London, which is known as the East End.is home to people from many different parts of the world.including Africa, Asia and the Caribbean.This means that there are many shops and restaurants selling ethnic food.In the past the East End was one of the poorest parts of London, but now it is becoming more fashionable and house prices are rising rapidly.This is because many people want to live near to where they work in the centre of the city.Also improved transport links to both other parts of London and to other countries via the Channel Tunnel train station and Dock lands Airport have attracted more people to the area.21.East London has()A.has never been a home for immigrantsB.has recently become a home for immigrantsC.has always been a home for immigrants22.Immigrants are attracted by()A.low house pricesB.jobsC.ethnic food23.London s docks were()A.easy to reach by planeB.mainly in East LondonC.a good place to find work24.East London()A.is a cheap place to liveB.has never been a cheap place to live inC.ued to be a cheap place to live in25.House prices are rising rapidly because()A.it has good transport links and more people want to live there near the center of LondonB.there are lots of jobs in East LondonC.there are lots of good shops and restaurants
Your firm has been recommended to us by DINOSOUR TOY CO,LTD()we have done business for many fears. A、whichB、with whomC、whomD、with which
What is said about Apple Inc.with its tablet devices like iPads?A．It doubled its sale of e-readers during the Christmas season.B．It controls 73 percent of the tablet device market.C．It charges customers less in credit card transaction fees.D．It has long been selling its traditional personal computers
Wal-Mart has been criticized by some groups for its .（ ）[A] low service quality[B] employees' low salary[C] high pressure on the other companies[D] discrimination against women
If the goods shipped are perishable，low cost goods，live animals，deck cargo，etc．，the freight and all related charges shall be paid ______．A.At the time of shipmentB.On vessel's arrivalC.At the time of sailingD.At the time the voyage has been accomplished
The Open University,one of the great successes of modern Britain,is facing a crisis.On the surface,this centres on the embattled vice-chancellor.Peter Horrocks,whom the staff want to resign.The UCU（University and College Union）branch at the university has passed a motion of no confidence in him.and says he no longer commands the respect of staff.The immediate cause was a remark for which he has been forced to apologise,to the effect that some academics had been allowed"to get away with not teaching for decades",but this came in a context of brutal budget cuts he has proposed.More profoundly.the crisis exposes a huge disagreement about what actually constitutes teaching,and why it is a worthwhile activity.Is it a way to produce exam resulis and certificates of employability,or is the purpose to share whaiever makes a subject worth studying for itself,and to inculcate the skills that will enable students to glimpse and pursue that vision?But the deeper crisis reaches far beyond the vice-chancellor's inadequacies.Some of the challenges facing the university are simply a result of the huge changes in society and technology since it was founded in 1969.In the early days,staff agonised over whether to include colour in their television programmes,since many viewers might still own black and white sets.In those days,too.there was a very large pool of middle-aged people who had been denied tertiary education,and for whom this really was the university of the seconcl chance.But the pool of second chancers has now largely gone the way of black and white televisions.Those are difficulties that would face the university under any administration.So would the widespread competition in the field of distance learning.But with all that said,it is central government that is largely responsible for the difficulties of the OU.The government's conception of higher education as a marketplace where students can shop for qualifications is profoundly destructive to all universities,and the OU is only the most exposed and vulnerable.The introduction,and then the tripling,of tuition fees has wrecked its financial model,so that student numbers have dropped by a third since 2010.The only thing to fall as fast has been the university's rating for student satisfaction,from lst t0 47th.So much for the conception of universities as selling to"customers",rather than teaching students.The university is an institution that enriches the lives of those who attend it.It is on that basis that the government should still recognise,and support,the ideal that everyone deserves access to the benefits of a real university,whatever their past,and whenever they decide they need it.The most profound threat to the OU isA.its poor administration.B.its vulnerable financial model.C.extensive competition in distance learning,D.marketization of higher education.
The Open University,one of the great successes of modern Britain,is facing a crisis.On the surface,this centres on the embattled vice-chancellor.Peter Horrocks,whom the staff want to resign.The UCU(University and College Union)branch at the university has passed a motion of no confidence in him.and says he no longer commands the respect of staff.The immediate cause was a remark for which he has been forced to apologise,to the effect that some academics had been allowed"to get away with not teaching for decades",but this came in a context of brutal budget cuts he has proposed.More profoundly.the crisis exposes a huge disagreement about what actually constitutes teaching,and why it is a worthwhile activity.Is it a way to produce exam resulis and certificates of employability,or is the purpose to share whaiever makes a subject worth studying for itself,and to inculcate the skills that will enable students to glimpse and pursue that vision?But the deeper crisis reaches far beyond the vice-chancellor's inadequacies.Some of the challenges facing the university are simply a result of the huge changes in society and technology since it was founded in 1969.In the early days,staff agonised over whether to include colour in their television programmes,since many viewers might still own black and white sets.In those days,too.there was a very large pool of middle-aged people who had been denied tertiary education,and for whom this really was the university of the seconcl chance.But the pool of second chancers has now largely gone the way of black and white televisions.Those are difficulties that would face the university under any administration.So would the widespread competition in the field of distance learning.But with all that said,it is central government that is largely responsible for the difficulties of the OU.The government's conception of higher education as a marketplace where students can shop for qualifications is profoundly destructive to all universities,and the OU is only the most exposed and vulnerable.The introduction,and then the tripling,of tuition fees has wrecked its financial model,so that student numbers have dropped by a third since 2010.The only thing to fall as fast has been the university's rating for student satisfaction,from lst t0 47th.So much for the conception of universities as selling to"customers",rather than teaching students.The university is an institution that enriches the lives of those who attend it.It is on that basis that the government should still recognise,and support,the ideal that everyone deserves access to the benefits of a real university,whatever their past,and whenever they decide they need it.Peter Horrocks has come under criticism directly due to his《》（）A.improper statement.B.planned brutal budget cuts.C.short-sighted teaching vision.D.infeasible managerial practices.
The Open University,one of the great successes of modern Britain,is facing a crisis.On the surface,this centres on the embattled vice-chancellor.Peter Horrocks,whom the staff want to resign.The UCU（University and College Union）branch at the university has passed a motion of no confidence in him.and says he no longer commands the respect of staff.The immediate cause was a remark for which he has been forced to apologise,to the effect that some academics had been allowed"to get away with not teaching for decades",but this came in a context of brutal budget cuts he has proposed.More profoundly.the crisis exposes a huge disagreement about what actually constitutes teaching,and why it is a worthwhile activity.Is it a way to produce exam resulis and certificates of employability,or is the purpose to share whaiever makes a subject worth studying for itself,and to inculcate the skills that will enable students to glimpse and pursue that vision?But the deeper crisis reaches far beyond the vice-chancellor's inadequacies.Some of the challenges facing the university are simply a result of the huge changes in society and technology since it was founded in 1969.In the early days,staff agonised over whether to include colour in their television programmes,since many viewers might still own black and white sets.In those days,too.there was a very large pool of middle-aged people who had been denied tertiary education,and for whom this really was the university of the seconcl chance.But the pool of second chancers has now largely gone the way of black and white televisions.Those are difficulties that would face the university under any administration.So would the widespread competition in the field of distance learning.But with all that said,it is central government that is largely responsible for the difficulties of the OU.The government's conception of higher education as a marketplace where students can shop for qualifications is profoundly destructive to all universities,and the OU is only the most exposed and vulnerable.The introduction,and then the tripling,of tuition fees has wrecked its financial model,so that student numbers have dropped by a third since 2010.The only thing to fall as fast has been the university's rating for student satisfaction,from lst t0 47th.So much for the conception of universities as selling to"customers",rather than teaching students.The university is an institution that enriches the lives of those who attend it.It is on that basis that the government should still recognise,and support,the ideal that everyone deserves access to the benefits of a real university,whatever their past,and whenever they decide they need it.Which of the following is true according io Paragraph 2?A.The OU's crisis has little to do with the vice-chancellor.B.The OU is faced with huge socio-technical challenges.C.The OU's television programmes have lost their market.D.The role positioning involving the OU has shifted.
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.Which of the following is NOT true about Paris, according to the passage?A.Merger of NYSE with Euronext makes it the biggest financial center in Europe.B.The excessive regulation and high taxes have affected its financial development.C.Paris has many advantages that may help in its future financial development.D.Paris offers good quality of life as well as good transport links.
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.According to Paragraph 1,traders mostly trade derivatives in .A.New YorkB.LondonC.ChicagoD.Frankfurt
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.All of the following are advantages of Switzerland’s financial centers EXCEPT .A.low taxationB.broad domestic marketC.fame for discretionD.stable political environment
共用题干The Industrial Age and EmploymentThe industrial age has been the only period of human history in which most people's work has taken the form of jobs.The industrial age may now be coming to an end,and some of the changes in work patterns which it brought about may have to be reversed.This seems a daunting（大胆的）thought. But, in fact, it could offer the prospect of a better future for work.Universal employment,as its history shows,has not meant economic freedom.Employment became widespread when the enclosures of the 17th and 18th centuries made many people dependent on paid work by depriving（剥夺）them of the use of the land,and thus of the means to provide a living for themselves.Then the factory system destroyed the cottage industries and removed work from people's homes.Later,as transport improved, first by rail and then by road, people commuted（乘车往返）longer distances to their places of employment until,eventually,many people's work lost all connection with their home lives and the places in which they lived.Meanwhile,employment put women at a disadvantage.In pre-industrial times,men and women had shared the productive work of the household and village community.Now it became customary(惯例的）for the husband to go out to paid employment, leaving the unpaid work of the home and family to his wife.Tax and benefit regulations still assume this norm today,and restrict more flexible sharing of work roles between the sexes.It was not only women whose work status suffered.As employment became the dominant form of work,young people and old people were excluded-a problem now,asmore teenagers become frustrated at school and more retired people want to live active lives. All this may now have to change.The time has certainly come to switch some efforts and resources away from the utopian（乌托邦的）goal of creating jobs for all, to the urgent practical task of helping many people to manage without full-time jobs.The established work patterns may be changed with the closing of the industrial age.A:Right B:Wrong C:Not mentioned
Which of the following best states the author’s attitude toward the information that scholars have gathered about Proust’s writing in 1909？( ) A.The author is disappointed that no new documents have come to light since Fallois’speculations. B.The author is dissatisfied because there are too many gaps and inconsistencies in the drafts. C.The author is confident that Fallois’s 1954 guess has been proved largely correct，but regrets that still more detailed documentation concerning Proust’s transition from the essay to the novel has not emerged. D.The author is satisfied that the facts of Proust’s life in 1909 have been thoroughly established，but believes such documents as drafts and correspondence are only of limited value in a critical assessment of Proust’s writing.
ABC Company is an old-established firm（）many year’s experience（）the trade.A、has，ofB、with，inC、have，inD、with，of
A company has a business application that provides its users with many different reports： receivables reports， payables reports， revenue projects， and so on.The company has just purchased some new， state-of-the-art，wireless printers， and a programmer has been assigned the task of enhancing all of the reports to use not only the company’s old printers， but the new wireless printers as well.When the programmer starts looking into the application， the programmer discovers that because of the design of the application， it is necessary to make changes to each report to support the new printers. Which two design concepts most likely explain the situation？（）A、InheritanceB、Low cohesionC、Tight couplingD、High cohesionE、Loose couplingF、Object immutablility
单选题Faced with these massive changes, the government keeps its own counsel; although generally benevolent, it has always been ______ regime.Aan altruisticBan indifferentCa reticentDa sanguineEan unpredictable
单选题Which of the following is the best version of sentences 10 and 11 (reproduced below) ?It is easy to see why this disease has been dismissed and ignored. Its because of it’s vagueness and mystery.AThis disease has been dismissed and ignored because of its vagueness and mystery.BIt is easy to see why this disease has been dismissed and ignored. It’s because of the vagueness and the mystery.CVagueness and mystery dismiss and ignore this disease.DWhy this disease has been dismissed and ignored is because of its vagueness and mystery.EIt is easy for you to see why this disease has been dismissed and ignored. It is because of the vagueness and mystery.
单选题A newly developed plastic, prized by engineers for its low weight and its durability , has been developed.Alow cost Bflexibility Clong life Dversatility