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(c) State one advantage to a business of keeping its working capital cycle as short as possible.
(2 Marks)
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2 Traditionally, the only objective of a business was to make a profit. However, some writers have suggested that this idea is simplistic and that profitability is only one objective amongst many.Required:State and explain Drucker’s eight classifications of objectives.(15 marks)
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(ii) the strategy of the business regarding its treasury policies. (3 marks)(Marks will be awarded in part (b) for the identification and discussion of relevant points and for the style. of thereport.)
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4 (a) A company may choose to finance its activities mainly by equity capital, with low borrowings (low gearing) or byrelying on high borrowings with relatively low equity capital (high gearing).Required:Explain why a highly geared company is generally more risky from an investor’s point of view than a companywith low gearing. (3 marks)
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4 (a) Explain the meaning of the term ‘working capital cycle’ for a trading company. (4 marks)
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(iii) A statement on the importance of confidentiality in the financing of the early stage working capital needsand an explanation of how this conflicts with the duty of transparency in matters of corporategovernance. (6 marks)Professional marks for layout, logical flow and persuasiveness of the statement. (4 marks)
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(b) (i) State FOUR reasons why payback period is widely used by organisations in the capital investmentappraisal process. (2 marks)
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(ii) State, giving reasons, the tax reliefs in relation to inheritance tax (IHT) and capital gains tax (CGT) whichwould be available to Alasdair if he acquires the warehouse and leases it to Gallus Co, rather than toan unconnected tenant. (4 marks)
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(ii) Explain the income tax (IT), national insurance (NIC) and capital gains tax (CGT) implications arising onthe grant to and exercise by an employee of an option to buy shares in an unapproved share optionscheme and on the subsequent sale of these shares. State clearly how these would apply in Henry’scase. (8 marks)
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(d) Explain how Gloria would be taxed in the UK on the dividends paid by Bubble Inc and the capital gains taxand inheritance tax implications of a future disposal of the shares. Clearly state, giving reasons, whether ornot the payment made to Eric is allowable for capital gains tax purposes. (9 marks)You should assume that the rates and allowances for the tax year 2005/06 apply throughout this question.
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5 (a) Carver Ltd was incorporated and began trading in August 2002. It is a close company with no associatedcompanies. It has always prepared accounts to 31 December and will continue to do so in the future.It has been decided that Carver Ltd will sell its business as a going concern to Blade Ltd, an unconnectedcompany, on 31 July 2007. Its premises and goodwill will be sold for ￡2,135,000 and ￡290,000 respectivelyand its machinery and equipment for ￡187,000. The premises, which do not constitute an industrial building,were acquired on 1 August 2002 for ￡1,808,000 and the goodwill has been generated internally by thecompany. The machinery and equipment cost ￡294,000; no one item will be sold for more than its original cost.The tax adjusted trading profit of Carver Ltd in 2007, before taking account of both capital allowances and thesale of the business assets, is expected to be ￡81,000. The balance on the plant and machinery pool for thepurposes of capital allowances as at 31 December 2006 was ￡231,500. Machinery costing ￡38,000 waspurchased on 1 March 2007. Carver Ltd is classified as a small company for the purposes of capital allowances.On 1 August 2007, the proceeds from the sale of the business will be invested in either an office building or aportfolio of UK quoted company shares, as follows:Office buildingThe office building would be acquired for ￡3,100,000; the vendor is not registered for value added tax (VAT).Carver Ltd would borrow the additional funds required from a UK bank. The building is let to a number ofcommercial tenants who are not connected with Carver Ltd and will pay rent, in total, of ￡54,000 per calendarquarter, in advance, commencing on 1 August 2007. The company’s expenditure for the period from 1 August2007 to 31 December 2007 is expected to be:￡Loan interest payable to UK bank 16,000Building maintenance costs 7,500Share portfolioShares would be purchased for the amount of the proceeds from the sale of the business with no need for furtherloan finance. It is estimated that the share portfolio would generate dividends of ￡36,000 and capital gains, afterindexation allowance, of ￡10,000 in the period from 1 August 2007 to 31 December 2007.All figures are stated exclusive of value added tax (VAT).Required:(i) Taking account of the proposed sale of the business on 31 July 2007, state with reasons the date(s) onwhich Carver Ltd must submit its corporation tax return(s) for the year ending 31 December 2007.(2 marks)
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(b) Prepare a reasoned explanation of how any capital gains tax arising in the UK on the sale of the paintingscan be minimised. (2 marks)
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Nowadays a private business usually obtains its working capital through a commercial bank.A．RightB．WrongC．Doesn't say
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KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.Required:(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)(b) Calculate the total value of the target company, NGN, using the following valuation methods:(i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and(ii) Dividend growth model. (6 marks)(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment onthe suggestion that debt could be used to finance a cash offer for NGN. (9 marks)
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PV Co is evaluating an investment proposal to manufacture Product W33, which has performed well in test marketing trials conducted recently by the company’s research and development division. The following information relating to this investment proposal has now been prepared.Initial investment $2 millionSelling price (current price terms) $20 per unitExpected selling price inflation 3% per yearVariable operating costs (current price terms) $8 per unitFixed operating costs (current price terms) $170,000 per yearExpected operating cost inflation 4% per yearThe research and development division has prepared the following demand forecast as a result of its test marketing trials. The forecast reflects expected technological change and its effect on the anticipated life-cycle of Product W33.It is expected that all units of Product W33 produced will be sold, in line with the company’s policy of keeping no inventory of finished goods. No terminal value or machinery scrap value is expected at the end of four years, when production of Product W33 is planned to end. For investment appraisal purposes, PV Co uses a nominal (money) discount rate of 10% per year and a target return on capital employed of 30% per year. Ignore taxation.Required:(a) Identify and explain the key stages in the capital investment decision-making process, and the role ofinvestment appraisal in this process. (7 marks)(b) Calculate the following values for the investment proposal:(i) net present value;(ii) internal rate of return;(iii) return on capital employed (accounting rate of return) based on average investment; and(iv) discounted payback period. (13 marks)(c) Discuss your findings in each section of (b) above and advise whether the investment proposal is financially acceptable. (5 marks)
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The official statistics on productivity growth ________.[A] exclude the usual rebound in a business cycle[B] fall short of businessmen’s anticipation[C] meet the expectation of business people[D] fail to reflect the true state of economy
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Name one major advantage of transporting gas under refrigeration．A.It increases its volumeB.It reduces its volumeC.It has less product per volumeD.None of the above
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One of its tasks is to get business information and （） new business opportunities for its members.AfindingBto findCfindsDfind
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One of its tasks is to get business information and （） new business opportunities for its members.A、findingB、to findC、findsD、find
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The project manager is developing a project schedule. The project manager negotiated with all the execution organizations， and the task times are as short as possible. After manipulating the schedule， the project completion date is still beyond the date requested by the business owners of the project. The project manager believes that the content agreed on for the project is appropriate， and concludes that this schedule should be taken to the business owners and renegotiated. Which one of the following tools will help the project manager justify the revised schedule？（）A、Data flow modelB、The project critical pathC、Resource loading chartD、WBS （Work Breakdown Structure）
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单选题One of its tasks is to get business information and （） new business opportunities for its members.A
findingB
to findC
findsD
find
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单选题According to the passage, Virgin Group ______.A
has moved its business to movie industryB
took advantage of movie Some Like It Hot to make an advertC
probably runs common trainsD
will be happy to see a scene taking place in one of the effluent-smelling vestibule areas of a Virgin Pendolino
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问答题题目要求： In this part of the test, you are asked to give a short talk on a business topic. You have to choose one of the topics from the three below and then talk for about one minute. You have one minute to prepare your ideas.Practice 1 (The candidate chooses one topic and speaks about it for one minute.) A How to negotiate successfully when we are in business? B In business, what important role does the communication take? C What kinds of skills shall the technical writers have?
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问答题Practice 5 ‘Mini presentation’—about 6 minutes In this part of the test you are asked to give a short talk on a business topic. You have to choose one of the topics from the three below and then talk for about one minute. You have one minute to prepare your ideas. A WHAT IS IMPORTANT WHEN…? Selecting a secretary for the general manager ● Qualifications ● Related work experience B WHAT IS IMPORTANT WHEN…? Cancelling a business meeting ● Making an apology ● Reasons for cancellation C WHAT IS IMPORTANT WHEN…? Motivating staff ● Bonuses offered ● Pleasant working environment
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问答题Passage 14Questions 8—12 ● Read the article below about GE. ● Choose the best sentence from the opposite page to fill each of the gaps. ● For each gap (8—12), mark one letter (A—G) on your Answer Sheet. ● Do not use any letter more than once. ● There is an example at the beginning, (0).A slipping crown For decades America’s General Electric (GE) has worn its AAA credit rating as a badge of pride. The company has also used it to mint money in its financial-services business, GE Capital. No longer (0)______. That added insult to the injury that GE has already suffered. Last year the outfit generated a profit of $8.6 billion or almost 48％ of GE’s total earnings. By exploiting its AAA rating, GE Capital was able to raise capital cheaply and then deploy it to fund everything from commercial-property and home loans to credit-card lending and insurance. (8)______. Announcing its decision to downgrade the business, SP predicted rising credit losses in coming months in several areas of GE Capital’s portfolio. Although GE’s demotion from AAA was bad news, it triggered a rise in the firm’s shares, which had recently been trading at about the same price as one of the light bulbs that the company makes. (9)______. They may also have taken comfort from the agency’s conclusion that GE’s industrial businesses should continue to pump oodles of cash, in spite of the global downturn. Yet some financial analysts are still fretting that GE Capital’s portfolio may contain more nasty surprises. (10)______. They also wonder out loud whether Moody’s, another rating agency, will take a more pessimistic view of GE’s prospects when it finishes a review of the AAA rating that it still assigns to the firm. Next week GE plans to hold an in-depth briefing on the state of the assets in GE Capital’s portfolio, which will help to dispel the cloud still hanging over the business. It has also been telling anyone who will listen that it doesn’t expect this week’s downgrade to have a significant impact on its business, though it does plan to keep shrinking GE Capital’s activities so that the unit represents no more than 30％ of total profit. (11)______. GE is sitting on $48 billion of cash and has already raised over 90％ of its long-term debt needs for this year—no mean feat in a dire credit market. The company also plans to slash its dividend from the second half of 2009, which it reckons to conserve an additional $9 billion a year on an ongoing basis. (12)______.. In his annual letter to shareholders published recently, Mr. Immelt admitted that GE’S reputation had been “tarnished”. A. This has made some of the company’s small investors apoplectic; they have grown used to juicy dividend payments. B. Jeff Immelt, GE’s CEO, has said that the overall company will continue to manage itself like a AAA-rated firm, notably by keeping plenty of liquidity to hand. C. Resolving lingering doubts over GE Capital quickly will be essential if one of America’s most iconic companies is to regain its shine. D. They point out that the business does not mark many of its assets to their market price—a practice that has blown huge holes in the finances of many big banks. E. No doubt investors were relieved that SP didn’t make an even deeper cut in the company’s rating. F. But the chaos triggered by the credit crunch has taken the shine off GE’s cash machine, which has seen some of its property and other loans turn sour. G. SP stripped the company and its financial arm of their top-notch ratings, downgrading them to AA-plus.
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问答题题目要求: In this part of the test, you are asked to give a short talk on a business topic. You have to choose one of the topics from the two below and then talk for about one minute. You have one minute to prepare your ideas.Practice 1 A: What is important when...? Attending an interview ●Punctuality ●Manner ●Appearance B: What is important when...? Working in a team ●Having a team leader ●Deciding people’s responsibilities ●Sharing information
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单选题Online retailer Dressmart _______.A
proved right to do too much in a short time periodB
carried out the plan of doing its business at home firstC
made great profits by expanding its business abroadD
contracted its business from abroad before complete failure
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