题目内容
（请给出正确答案）
A. reasonable quality
B. ordinary stocks and shares
C. principles of equality
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更多“ A corporation can also obtain…”相关的问题
(iii) Explain the potential corporation tax (CT) implications of Tay Limited transferring work to Trent Limited,
and suggest how these can be minimised or eliminated. (3 marks)
(iii) State the value added tax (VAT) and stamp duty (SD) issues arising as a result of inserting Bold plc as
a holding company and identify any planning actions that can be taken to defer or minimise these tax
costs. (4 marks)
You should assume that the corporation tax rates for the financial year 2005 and the income tax rates
and allowances for the tax year 2005/06 apply throughout this question.
The current share price of Lane Co is $3·60 per share and future share price growth is expected to be 5% per year.
The before-tax cost of debt of these loan notes is 10% and corporation tax is 30%. What is the current market value of a Lane Co convertible loan note？
A.$82·71
B.$73·47
C.$67·26
D.$94·20
A non-critical path activity is completed in half the time. Then,
A.The critical path is also reduced.
B.The slack in the path containing this activity will increase.
C.The total cost for this activity has decreased.
D.Manpower from this activity can be assigned to other activities.
E.All of the above.
e been in () since 1923 and can boast having vast and wide experience in all lines we handle. Our Bankers are Bank of China, and the Hong Kong and Shanghai Banking Corporation of Hong Kong, from whom you will be able to () all the information you may require in regard to our business integrity and financial ().We shall be () if you let us know your trade terms, etc. and forward samples and other helpful literature with a view to getting into business in near future. We hope this letter will be a forerunner to many years of profitable business to both parties and look forward to the () of hearing from you.
77 Since risk is associated with most projects, the best course of action is to:
A. cover all project risks by buying appropriate insurance
B. ignore the risks, since nothing can be done about them and move forward with the project in an expeditious manner.
C. avoid projects with clear and present risks
D. eliminate all known risks prior to the execution phase of the project
E. identify various risks and implement actions to mitigate their potential impact
Land, water, mineral deposits, and trees are good examples of natural resources. For example, Exxon Corporation, the world's largest oil company, makes use of a wide variety of natural resources. It must obviously have vast quantities of crude oil to process each year. But Exxon also needs the land where the oil is located, as well as land for its refineries and pipelines.
The people who work for a company represent the second factor of production, labor. Sometimes called human resources, labor is the mental and physical capabilities of people. Exxon employs over 150,000 people worldwide. Carrying out the business of such a huge company requires labor force with a wide variety of skills ranging from managers to geologists to truck drivers.
Obtaining and using material resources and labor requires capital, the funds needed to operate an enterprise. Capital is needed to start any business. Capital is also needed to keep the business operating and growing. Exxon's annual drilling costs alone run into the billions of dollars.
Finally, many economic systems need entrepreneurs to function. Entrepreneurs are those people who accept the opportunities and risks involved in creating and operating businesses. They are the people who start new businesses and who make the decisions that allow small businesses to grow into larger ones. Exxon Corporation started as an
entrepreneurial venture. Although it did not acquire its current name until 1973, its roots can be traced to 1862 when John D. Rockefeller and Murice B. Clark decided to establish a petroleum-refining firm.
26. Factors of production refer to ().
A. natural resources and capital
B. labor and entrepreneurs
C. both A and B
27. The labor force needed in Exxon Corporation are ().
A. people who have a variety of skills
B. only geologists and truck drivers
C. managers to run the company
28. Exxon's annual drilling costs alone run into the billions of dollars. 'run into' here means ().
A. divide
B. reach
C. meet
29. The funds needed to operate an enterprise are referred to as ().
A. capital
B. resources
C. labor
30. They are the people () start new business and make the decisions.
A. which
B. whom
C. who
Section B – TWO questions ONLY to be attempted
The finance division of GoSlo Motor Corporation has made a number of loans to customers with a current pool value of $200 million. The loans have an average term to maturity of four years. The loans generate a steady income to the business of 10·5% per annum. The company will use 95% of the loan’s pool as collateral for a collateralised loan obligation structured as follows:
– 80% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 140 basis points.
– 10% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 11%.
– 10% of the collateral value to support a tranche as subordinated certificates (unrated).
In order to minimise interest rate risk, the company has decided to enter into a fixed for variable rate swap on the A-rated floating rate notes exchanging LIBOR for 8·5%.
Service charges of $240,000 per annum will be charged for administering the income receivable from the loans.
You may ignore prepayment risk.
Required:
(a) Calculate the expected returns of the investments in each of the three tranches described above. Estimate the sensitivity of the subordinated certificates to a reduction of 1% in the returns generated by the pool. (10 marks)
(b) Explain the purpose and the methods of credit enhancement that can be employed on a securitisation such as this scheme. (4 marks)
(c) Discuss the risks inherent to the investors in a scheme such as this. (6 marks)
First, the person must recognize that there is a problem. For example, Sam' s bicycle is bro ken. Sam must【24】that there is a problem with his bicycle. Next the person must【25】the problem. Sam can repair his bicycle, he must know why it does not work. Now the person must look for【26】that will make the problem clearer and lead to possible solutions. Suppose Sam decides that his bike does not work because there is something wrong with the brakes. At this time he can look in his bicycle repair book and【27】his friends at the bike shop. After【28】.the problem, the person should have several suggestions for a possible solution. In the end, one suggestion seems to be the solution【29】the problem. Sam, for example, suddenly sees there is a piece of chewing gum(口香糖) stack to a brake. What he will do is to clean the brake. Finally the solution is【30】. Sam does it and finds his bicycle works perfectly. In short he has solved the problem.
(56)
A．serious
B．usual
C．similar
D．common
