单选题Charlie’s Chainsaw Company has reason to believe that one of its models of saw is defective. A recall of all of the saws would cost more than $5 million, and would probably result in a loss in market share over the next quarter because of bad publicity

题目

单选题

Charlie’s Chainsaw Company has reason to believe that one of its models of saw is defective. A recall of all of the saws would cost more than $5 million, and would probably result in a loss in market share over the next quarter because of bad publicity. Still, a recall is the right economic decision.　 Which of the following, if true, most supports the conclusion above?

Defective chainsaws can seriously injure or even kill the people who use them.

Charlie’s chief rival has recalled two of its products within the past year.

Product recalls often result in a perception by customers that a given product is permanently defective, even after the defect has been remedied.

The stocks of publicly traded companies that announce product recalls often drop upon the announcement, but they generally return to the pre-announcement level within 12 months.

Three years ago a rival company went out of business because of large punitive damages awarded to a plaintiff who had been injured by a defective chainsaw.

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相似问题和答案

第1题：

More students than one ______ there.

A. has been

B. have been

C. had been

D. would have been

正确答案：B

第2题：

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)

the suggestion that debt could be used to finance a cash offer for NGN. (9 marks)

正确答案：
(b)(i)Price/earningsratiomethodEarningspershareofNGN=80cpersharePrice/earningsratioofKFPCo=8SharepriceofNGN=80x8=640cor$6·40NumberofordinarysharesofNGN=5/0·5=10millionsharesValueofNGN=6·40x10m=$64millionHowever,itcanbearguedthatareductionintheappliedprice/earningsratioisneededasNGNisunlistedandthereforeitssharesaremoredifficulttobuyandsellthanthoseofalistedcompanysuchasKFPCo.Ifwereducetheappliedprice/earningsratioby10%(othersimilarpercentagereductionswouldbeacceptable),itbecomes7·2timesandthevalueofNGNwouldbe(80/100)x7·2x10m=$57·6million(ii)DividendgrowthmodelDividendpershareofNGN=80cx0·45=36cpershareSincethepayoutratiohasbeenmaintainedforseveralyears,recentearningsgrowthisthesameasrecentdividendgrowth,i.e.4·5%.Assumingthatthisdividendgrowthcontinuesinthefuture,thefuturedividendgrowthratewillbe4·5%.Sharepricefromdividendgrowthmodel=(36x1·045)/(0·12–0·045)=502cor$5·02ValueofNGN=5·02x10m=$50·2million(c)Adiscussionofcapitalstructurecouldstartfromrecognisingthatequityismoreexpensivethandebtbecauseoftherelativeriskofthetwosourcesoffinance.Equityisriskierthandebtandsoequityismoreexpensivethandebt.Thisdoesnotdependonthetaxefficiencyofdebt,sincewecanassumethatnotaxesexist.Wecanalsoassumethatasacompanygearsup,itreplacesequitywithdebt.Thismeansthatthecompany’scapitalbaseremainsconstantanditsweightedaveragecostofcapital(WACC)isnotaffectedbyincreasinginvestment.Thetraditionalviewofcapitalstructureassumesanon-linearrelationshipbetweenthecostofequityandfinancialrisk.Asacompanygearsup,thereisinitiallyverylittleincreaseinthecostofequityandtheWACCdecreasesbecausethecostofdebtislessthanthecostofequity.Apointisreached,however,wherethecostofequityrisesataratethatexceedsthereductioneffectofcheaperdebtandtheWACCstartstoincrease.Inthetraditionalview,therefore,aminimumWACCexistsand,asaresult,amaximumvalueofthecompanyarises.ModiglianiandMillerassumedaperfectcapitalmarketandalinearrelationshipbetweenthecostofequityandfinancialrisk.Theyarguedthat,asacompanygearedup,thecostofequityincreasedataratethatexactlycancelledoutthereductioneffectofcheaperdebt.WACCwasthereforeconstantatalllevelsofgearingandnooptimalcapitalstructure,wherethevalueofthecompanywasatamaximum,couldbefound.Itwasarguedthattheno-taxassumptionmadebyModiglianiandMillerwasunrealistic,sinceintherealworldinterestpaymentswereanallowableexpenseincalculatingtaxableprofitandsotheeffectivecostofdebtwasreducedbyitstaxefficiency.Theyrevisedtheirmodeltoincludethistaxeffectandshowedthat,asaresult,theWACCdecreasedinalinearfashionasacompanygearedup.Thevalueofthecompanyincreasedbythevalueofthe‘taxshield’andanoptimalcapitalstructurewouldresultbygearingupasmuchaspossible.Itwaspointedoutthatmarketimperfectionsassociatedwithhighlevelsofgearing,suchasbankruptcyriskandagencycosts,wouldlimittheextenttowhichacompanycouldgearup.Inpractice,therefore,itappearsthatcompaniescanreducetheirWACCbyincreasinggearing,whileavoidingthefinancialdistressthatcanariseathighlevelsofgearing.Ithasfurtherbeensuggestedthatcompanieschoosethesourceoffinancewhich,foronereasonoranother,iseasiestforthemtoaccess(peckingordertheory).Thisresultsinaninitialpreferenceforretainedearnings,followedbyapreferencefordebtbeforeturningtoequity.TheviewsuggeststhatcompaniesmaynotinpracticeseektominimisetheirWACC(andconsequentlymaximisecompanyvalueandshareholderwealth).TurningtothesuggestionthatdebtcouldbeusedtofinanceacashbidforNGN,thecurrentandpostacquisitioncapitalstructuresandtheirrelativegearinglevelsshouldbeconsidered,aswellastheamountofdebtfinancethatwouldbeneeded.Earliercalculationssuggestthatatleast$58mwouldbeneeded,ignoringanypremiumpaidtopersuadetargetcompanyshareholderstoselltheirshares.Thecurrentdebt/equityratioofKFPCois60%(15m/25m).Thedebtofthecompanywouldincreaseby$58minordertofinancethebidandbyafurther$20maftertheacquisition,duetotakingontheexistingdebtofNGN,givingatotalof$93m.Ignoringotherfactors,thegearingwouldincreaseto372%(93m/25m).KFPCowouldneedtoconsiderhowitcouldservicethisdangerouslyhighlevelofgearinganddealwiththesignificantriskofbankruptcythatitmightcreate.ItwouldalsoneedtoconsiderwhetherthebenefitsarisingfromtheacquisitionofNGNwouldcompensateforthesignificantincreaseinfinancialriskandbankruptcyriskresultingfromusingdebtfinance.

第3题：

The chief reason why philanthropy has conic into a good stage is that

A． the new money is less likely to be regarded as one's private wealth

B． Gates will devote his full attention to philanthropy

C． the welfare state would take over all the charity responsibilities

D． many new millionaires are self-made rather than inherited

正确答案：A
逻辑分析题。由原文“New money is less likely to be tied up in assets．making it ripe for philanthropy．”可知选项B(盖茨会将所有精力投入慈善事业)；选项C(福利型国家将会承担起所有责任)；选项D(许多新百万富翁都是白手起家而不是继承财产)都不合题意；只有选项A(新增的收入不再完全是私人财产)才是正确选项。

第4题：

It would be all too easy to say that Facebook’s market meltdown is coming to an end.After all,Mark Zuckerberg’s social
network burned as much as$50 billion of shareholders’wealth in just a couple months.To put that in context,since its debut(初次登台)on NASDAQ in May,Facebook has lost value nearly equal to Yahoo,AOL,Zynga,Yelp,Pandora,Open Table,
Group on,LinkedIn,and Angie's List combined,plus that of the bulk of the publicly traded newspaper industry:
As shocking as this utter failure may be to the nearly 1 billion faithful Facebook users around the world,it’s no surprise to
anyone who read the initial public offering(IPO)prospectus(首次公开募股说明书).Worse still,all the crises that emerged
when the company debuted-overpriced shares,poor corporate governance,huge challenges to the core business,and a
damaged brand-remain today.Facebook looks like a prime example of what Wall Street calls a falling knife-that is,one that
can cost investors their fingers if they try to catch it.
Start with the valuation.To justify a stock price close to the lower end of the projected range in the IPO,say$28 a share,Facebook’s future growth would have needed to match that of Google seven years earlier.That would have required
increasing revenue by some 80 percent annually and maintaining high profit margins all the while.
That’s not happening.In the first half of 2012,Facebook reported revenue of$2.24 billion,up 38 percent from the same
period in 2011.At the same time,the company’s costs surged to$2.6 billion in the six-month period.
This so-so performance reflects the Achilles’heel of Facebook’s business model,which the company clearly stated in a
list of risk factors associated with its IPO:it hasn’t yet figured out how to advertise effectively on mobile devices,The number
of Facebook users accessing the site on their phones surged by 67 percent to 543 million in the last quarter,or more than
half its customer base.
Numbers are only part of the problem.The mounting pile of failure creates a negative feedback loop that threatens Facebook’s future in other ways.Indeed,the more Facebook’s disappointment in the market is catalogued,the worse Facebook’s
image becomes.Not only does that threaten to rub off on users,it’s bad for recruitment and retention of talented hackers,who are the lifeblood of Zuckerberg’s creation.
Yet the brilliant CEO can ignore the sadness and complaints of his shareholders thanks to the super-voting stock he
holds.This arrangement also was fully disclosed at the time of the offering.It’s a pity so few investors apparently bothered to
do their homework.

What effect will Facebook’s failure in the market have 《》（）

A.Its users’benefits will be threatened.
B.Talented hackers will take down the website.
C.The CEO will hold the super-voting stock.
D.The company’s innovation strength will be damageD.

答案：D

解析：

本题考查推理判断。
由题干中的Facebook’s failure in the market定位到原文倒数第二段最后两句。由定位句可知，脸谱网在市场上的失意不仅会影响到用户，还会影响招募和挽留天才黑客，而这些人正是扎克伯格创造力的命脉。由此推知，脸谱网的创新力会因其市场失意而受到损害，综上，D选项正确。
A选项，“会威胁用户的利益”，原句中为“影响用户数量”，故排除。
B选项，“天才黑客们会攻击其网站”原文未提及，故排除。
C选项，“执行总裁会持有带超级投票权的股票”是最后一段提到的一个事实，而非脸谱网市场失意带来的影响，故排除。
故正确选项为D。

第5题：

It would be all too easy to say that Facebook’s market meltdown is coming to an end.After all,Mark Zuckerberg’s social
network burned as much as$50 billion of shareholders’wealth in just a couple months.To put that in context,since its debut(初次登台)on NASDAQ in May,Facebook has lost value nearly equal to Yahoo,AOL,Zynga,Yelp,Pandora,Open Table,
Group on,LinkedIn,and Angie's List combined,plus that of the bulk of the publicly traded newspaper industry:
As shocking as this utter failure may be to the nearly 1 billion faithful Facebook users around the world,it’s no surprise to
anyone who read the initial public offering(IPO)prospectus(首次公开募股说明书).Worse still,all the crises that emerged
when the company debuted-overpriced shares,poor corporate governance,huge challenges to the core business,and a
damaged brand-remain today.Facebook looks like a prime example of what Wall Street calls a falling knife-that is,one that
can cost investors their fingers if they try to catch it.
Start with the valuation.To justify a stock price close to the lower end of the projected range in the IPO,say$28 a share,Facebook’s future growth would have needed to match that of Google seven years earlier.That would have required
increasing revenue by some 80 percent annually and maintaining high profit margins all the while.
That’s not happening.In the first half of 2012,Facebook reported revenue of$2.24 billion,up 38 percent from the same
period in 2011.At the same time,the company’s costs surged to$2.6 billion in the six-month period.
This so-so performance reflects the Achilles’heel of Facebook’s business model,which the company clearly stated in a
list of risk factors associated with its IPO:it hasn’t yet figured out how to advertise effectively on mobile devices,The number
of Facebook users accessing the site on their phones surged by 67 percent to 543 million in the last quarter,or more than
half its customer base.
Numbers are only part of the problem.The mounting pile of failure creates a negative feedback loop that threatens Facebook’s future in other ways.Indeed,the more Facebook’s disappointment in the market is catalogued,the worse Facebook’s
image becomes.Not only does that threaten to rub off on users,it’s bad for recruitment and retention of talented hackers,who are the lifeblood of Zuckerberg’s creation.
Yet the brilliant CEO can ignore the sadness and complaints of his shareholders thanks to the super-voting stock he
holds.This arrangement also was fully disclosed at the time of the offering.It’s a pity so few investors apparently bothered to
do their homework.

What can be inferred about Facebook from the first paragraph 《》（）

A.Its market meltdown has been easily halted.
B.It has increased trade with the newspaper industry.
C.It has encountered utter failure since its stock debut.
D.Its shareholders have invested$50 billion in a social network.

答案：C

解析：

本题考查推理判断。
由题干定位到原文第一段。
本题考查第一段的主旨大意。此种题型可以使用排除法，将各选项代入原文来验证对错。C选项，“脸谱网自股票上市以来遭遇了巨大失败”，由第一段中的 burned，lost等词可以推断脸谱网上市后遭遇了巨大失败，综上，C选项正确。
A选项，“脸谱网的市场崩溃已被轻而易举地制止了”，原文开篇指出，说脸谱网的市场崩溃将要结束未免太简单了．A选项与原文不符，故排除；
B选项，“脸谱网增加了与报纸业之间的商务往来”，原文首段末句plus that of… 中的that指的是value，意指脸谱网自登陆纳斯达克以来，损失的价值等同于几个大型互联网企业加上大部分报业价值的总和，B选项与原文不符，故排除；
D选项，“脸谱网的股东们投资了500亿美元给一家社交网”是对第一段第二句话的错误理解，故排除。
故正确选项为C。

第6题：

阅读短文，判断句子正误，正确的写T，错误的写F 。

In recent years, the Chinese auto industry has seen rapid growth, with the demand on private cars rising sharply in Chinese cities since 2002.

By 2009, China has replaced the U.S. to become the world's largest auto market. As an important part of the world car industry, the global auto industry will shift further to China. This brings historical opportunity to China's auto market.

Currently, both the development of China's auto market and the changes in consumer demand for vehicles are ever -increasing. China's auto industry will continue to grow in the next decade. It means there is still huge room for its development. China has an urban population of more than 600million. It also has a huge agricultural vehicle market in the rural areas. Hence, there is no doubt for China's development of auto industry. That is also the reason why the world's auto producers are paying more attention to the Chinese market.

()26. The demand on private cars increased greatly in Chinese cities since 2002.

()27. China has become the world's largest auto market.

()28. China's auto industry tends to decrease in the next decade.

()29. China has an urban population of less than 600 million.

()30. The reason why the world's auto producers are paying more attention to the Chinese market is that China's auto industry developed very quickly.

参考答案：26-30：T T F F F

第7题：

It would be all too easy to say that Facebook’s market meltdown is coming to an end.After all,Mark Zuckerberg’s social
network burned as much as$50 billion of shareholders’wealth in just a couple months.To put that in context,since its debut(初次登台)on NASDAQ in May,Facebook has lost value nearly equal to Yahoo,AOL,Zynga,Yelp,Pandora,Open Table,
Group on,LinkedIn,and Angie's List combined,plus that of the bulk of the publicly traded newspaper industry:
As shocking as this utter failure may be to the nearly 1 billion faithful Facebook users around the world,it’s no surprise to
anyone who read the initial public offering(IPO)prospectus(首次公开募股说明书).Worse still,all the crises that emerged
when the company debuted-overpriced shares,poor corporate governance,huge challenges to the core business,and a
damaged brand-remain today.Facebook looks like a prime example of what Wall Street calls a falling knife-that is,one that
can cost investors their fingers if they try to catch it.
Start with the valuation.To justify a stock price close to the lower end of the projected range in the IPO,say$28 a share,Facebook’s future growth would have needed to match that of Google seven years earlier.That would have required
increasing revenue by some 80 percent annually and maintaining high profit margins all the while.
That’s not happening.In the first half of 2012,Facebook reported revenue of$2.24 billion,up 38 percent from the same
period in 2011.At the same time,the company’s costs surged to$2.6 billion in the six-month period.
This so-so performance reflects the Achilles’heel of Facebook’s business model,which the company clearly stated in a
list of risk factors associated with its IPO:it hasn’t yet figured out how to advertise effectively on mobile devices,The number
of Facebook users accessing the site on their phones surged by 67 percent to 543 million in the last quarter,or more than
half its customer base.
Numbers are only part of the problem.The mounting pile of failure creates a negative feedback loop that threatens Facebook’s future in other ways.Indeed,the more Facebook’s disappointment in the market is catalogued,the worse Facebook’s
image becomes.Not only does that threaten to rub off on users,it’s bad for recruitment and retention of talented hackers,who are the lifeblood of Zuckerberg’s creation.
Yet the brilliant CEO can ignore the sadness and complaints of his shareholders thanks to the super-voting stock he
holds.This arrangement also was fully disclosed at the time of the offering.It’s a pity so few investors apparently bothered to
do their homework.

It can be inferred from the context that the“Achilles’heel”(Line 1,Para.5)refers to____《》（）

A.deadly weakness
B.problem unsolveD
C.indisputable fact
D.potential risk

答案：A

解析：

本题考查语义理解。
由题干定位到原文第五段第一句：本段提到，脸谱网现在还未解决如何有效地在移动设备上做广告这一问题，而用手机登录其网站的用户数量却不断飙升，且文章通篇语义色彩都是消极的，故可推出此处应指脸谱网商业模式中的致命软肋，综上，A选项正确。
B选项，未解决的问题，不合题意，故排除。
C选项，没有争议的事实，不合题意，故排除。
D选项，潜在的危机，不合题意，故排除。
故正确选项为A。

第8题：

3 (a) Leigh, a public limited company, purchased the whole of the share capital of Hash, a limited company, on 1 June

2006. The whole of the share capital of Hash was formerly owned by the five directors of Hash and under the

terms of the purchase agreement, the five directors were to receive a total of three million ordinary shares of $1

of Leigh on 1 June 2006 (market value $6 million) and a further 5,000 shares per director on 31 May 2007,

if they were still employed by Leigh on that date. All of the directors were still employed by Leigh at 31 May

2007.

Leigh granted and issued fully paid shares to its own employees on 31 May 2007. Normally share options issued

to employees would vest over a three year period, but these shares were given as a bonus because of the

company’s exceptional performance over the period. The shares in Leigh had a market value of $3 million

(one million ordinary shares of $1 at $3 per share) on 31 May 2007 and an average fair value of

$2·5 million (one million ordinary shares of $1 at $2·50 per share) for the year ended 31 May 2007. It is

expected that Leigh’s share price will rise to $6 per share over the next three years. (10 marks)

Required:

Discuss with suitable computations how the above share based transactions should be accounted for in the

financial statements of Leigh for the year ended 31 May 2007.

正确答案：
(a) The shares issued to the management of Hash by Leigh (three million ordinary shares of $1) for the purchase of the company
would not be accounted for under IFRS2 ‘Share-based payment’ but would be dealt with under IFRS3 ‘Business
Combinations’.
The cost of the business combination will be the total of the fair values of the consideration given by the acquirer plus any
attributable cost. In this case the shares of Leigh will be fair valued at $6 million with $3 million being shown as share capital
and $3million as share premium. However, the shares issued as contingent consideration may be accounted for under IFRS2.
The terms of the issuance of shares will need to be examined. Where part of the consideration may be reliant on uncertain
future events, and it is probable that the additional consideration is payable and can be measured reliably, then it is included
in the cost of the business consideration at the acquisition date. However, the question to be answered in the case of the
additional 5,000 shares per director is whether the shares are compensation or part of the purchase price. There is a need
to understand why the acquisition agreement includes a provision for a contingent payment. It is possible that the price paid
initially by Leigh was quite low and, therefore, this then represents a further purchase consideration. However, in this instance
the additional payment is linked to continuing employment and, therefore, it would be argued that because of the link between
the contingent consideration and continuing employment that it represents a compensation arrangement which should be
included within the scope of IFRS2.
Thus as there is a performance condition, (the performance condition will apply as it is not a market condition) the substance
of the agreement is that the shares are compensation, then they will be fair valued at the grant date and not when the shares
vest. Therefore, the share price of $2 per share will be used to give compensation of $50,000 (5 x 5,000 x $2). (Under
IFRS3, fair value is measured at the date the consideration is provided and discounted to presented value. No guidance is
provided on what the appropriate discount rate might be. Thus the fair value used would have been $3 per share at 31 May
2007.) The compensation will be charged to the income statement and included in equity.
The shares issued to the employees of Leigh will be accounted for under IFRS2. The issuance of fully paid shares will be
presumed to relate to past service. The normal vesting period for share options is irrelevant, as is the average fair value of the
shares during the period. The shares would be expensed at a value of $3 million with a corresponding increase in equity.
Goods or services acquired in a share based payment transaction should be recognised when they are received. In the case
of goods then this will be when this occurs. However, it is somewhat more difficult sometimes to determine when services
are received. In a case of goods the vesting date is not really relevant, however, it is highly relevant for employee services. If
shares are issued that vest immediately then there is a presumption that these are a consideration for past employee services.

第9题：

It would be all too easy to say that Facebook’s market meltdown is coming to an end.After all,Mark Zuckerberg’s social
network burned as much as$50 billion of shareholders’wealth in just a couple months.To put that in context,since its debut(初次登台)on NASDAQ in May,Facebook has lost value nearly equal to Yahoo,AOL,Zynga,Yelp,Pandora,Open Table,
Group on,LinkedIn,and Angie's List combined,plus that of the bulk of the publicly traded newspaper industry:
As shocking as this utter failure may be to the nearly 1 billion faithful Facebook users around the world,it’s no surprise to
anyone who read the initial public offering(IPO)prospectus(首次公开募股说明书).Worse still,all the crises that emerged
when the company debuted-overpriced shares,poor corporate governance,huge challenges to the core business,and a
damaged brand-remain today.Facebook looks like a prime example of what Wall Street calls a falling knife-that is,one that
can cost investors their fingers if they try to catch it.
Start with the valuation.To justify a stock price close to the lower end of the projected range in the IPO,say$28 a share,Facebook’s future growth would have needed to match that of Google seven years earlier.That would have required
increasing revenue by some 80 percent annually and maintaining high profit margins all the while.
That’s not happening.In the first half of 2012,Facebook reported revenue of$2.24 billion,up 38 percent from the same
period in 2011.At the same time,the company’s costs surged to$2.6 billion in the six-month period.
This so-so performance reflects the Achilles’heel of Facebook’s business model,which the company clearly stated in a
list of risk factors associated with its IPO:it hasn’t yet figured out how to advertise effectively on mobile devices,The number
of Facebook users accessing the site on their phones surged by 67 percent to 543 million in the last quarter,or more than
half its customer base.
Numbers are only part of the problem.The mounting pile of failure creates a negative feedback loop that threatens Facebook’s future in other ways.Indeed,the more Facebook’s disappointment in the market is catalogued,the worse Facebook’s
image becomes.Not only does that threaten to rub off on users,it’s bad for recruitment and retention of talented hackers,who are the lifeblood of Zuckerberg’s creation.
Yet the brilliant CEO can ignore the sadness and complaints of his shareholders thanks to the super-voting stock he
holds.This arrangement also was fully disclosed at the time of the offering.It’s a pity so few investors apparently bothered to
do their homework.

What is the most probable reason for some rich people to use a device to record their patterns 《》（）

A.They have trouble falling asleep.
B.They want to get sufficient sleep.
C.They are involved in a sleep research.
D.They want to go to bed on regular hours.

答案：B

解析：

本题考查细节理解。
本题问的是富有的人使用设备来记录他们的睡眠模式的原因。由rich people以及device定位到最后一段第一句，定位句只说到了记录的事实，而非其原因。看到定位句的下一句“And people who elect to track22 / 22 their sleep may try to get more sleep than the average person”，记录睡眠的人是想要得到比普通人更多的睡眠，综上，B选项正确。
故正确答案为B项。

第10题：

It would be all too easy to say that Facebook’s market meltdown is coming to an end.After all,Mark Zuckerberg’s social
network burned as much as$50 billion of shareholders’wealth in just a couple months.To put that in context,since its debut(初次登台)on NASDAQ in May,Facebook has lost value nearly equal to Yahoo,AOL,Zynga,Yelp,Pandora,Open Table,
Group on,LinkedIn,and Angie's List combined,plus that of the bulk of the publicly traded newspaper industry:
As shocking as this utter failure may be to the nearly 1 billion faithful Facebook users around the world,it’s no surprise to
anyone who read the initial public offering(IPO)prospectus(首次公开募股说明书).Worse still,all the crises that emerged
when the company debuted-overpriced shares,poor corporate governance,huge challenges to the core business,and a
damaged brand-remain today.Facebook looks like a prime example of what Wall Street calls a falling knife-that is,one that
can cost investors their fingers if they try to catch it.
Start with the valuation.To justify a stock price close to the lower end of the projected range in the IPO,say$28 a share,Facebook’s future growth would have needed to match that of Google seven years earlier.That would have required
increasing revenue by some 80 percent annually and maintaining high profit margins all the while.
That’s not happening.In the first half of 2012,Facebook reported revenue of$2.24 billion,up 38 percent from the same
period in 2011.At the same time,the company’s costs surged to$2.6 billion in the six-month period.
This so-so performance reflects the Achilles’heel of Facebook’s business model,which the company clearly stated in a
list of risk factors associated with its IPO:it hasn’t yet figured out how to advertise effectively on mobile devices,The number
of Facebook users accessing the site on their phones surged by 67 percent to 543 million in the last quarter,or more than
half its customer base.
Numbers are only part of the problem.The mounting pile of failure creates a negative feedback loop that threatens Facebook’s future in other ways.Indeed,the more Facebook’s disappointment in the market is catalogued,the worse Facebook’s
image becomes.Not only does that threaten to rub off on users,it’s bad for recruitment and retention of talented hackers,who are the lifeblood of Zuckerberg’s creation.
Yet the brilliant CEO can ignore the sadness and complaints of his shareholders thanks to the super-voting stock he
holds.This arrangement also was fully disclosed at the time of the offering.It’s a pity so few investors apparently bothered to
do their homework.

What is the major cause for Europeans’loss of sleep 《》（）

A.The daylight savings time.
B.The colorful night life.
C.The World Cup.
D.The summertime.

答案：C

解析：

本题考查细节理解。
题干问的是欧洲人缺乏睡眠的major cause＂主要原因＂是什么，由题干的大写名词Europeans’ loss定位到倒数第二段的
“compared to Germans, Italians, and the French, who stayed up around an hour and a half later on various days throughout
the summer to watch the Cup”，原文的Germans, Italians, and the French就是题干中“Europeans”的同义改写，而他们stayed up就是为了to watch the Cup，所以说他们缺乏睡眠的原因便是C选项。综上，C选项正确。
故正确答案为C项。

单选题Charlie’s Chainsaw Company has reason to believe that one of its models of saw is defective. A recall of all of the saws would cost more than $5 million, and would probably result in a loss in market share over the next quarter because of bad publicity

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