第1题：
17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was later
found that $18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is the
company’s policy to depreciate motor vans at 25 per cent per year, with a full year’s charge in the year of acquisition.
What would the net profit be after adjusting for this error?
A $106,100
B $70,100
C $97,100
D $101,600
第2题：
A.That ... what
B.What ... where
C.What ... that
D.That ... where
第3题：
A.A word
B.The word
C.Words
D.Word
第4题：
By the end of last year China’s foreign reserves ____ $4 trillion.
A: have reached
B: had reached
C: reached
D: would reach
第5题：
He told me that he ____ in Naples the previous year.
A、has been working
B、has worked
C、had been working
D、had been worked
第6题：
How did the thief repay the host ten years later?
A. He sent him a thankyou note.
B. He invited him to a nice dinner.
C. He brought gold and jewels stolen from others.
D. He brought gold and jewels he had earned honestly.
第7题：
A.neither
B.so
C.either
D.both
第8题：
For the year just ended，N company had an earnings of$2 per share and paid a dividend of $1．2 0n its Stock．The growth rate in net income and dividend are both expected to be a constant 7 percent per year,indefinitely．N company has a Beta of 0．8，the risk-free interest rate is 6 percent，and the market risk premium is 8 percent．
P Company is very similar to N company in growth rate，risk and dividend payout rati0．It had 20 million shares outstanding and an earnings of$36 million for the year just ended．
The earnings will increase to$38．5 million the next year．
Requirement：
A．Calculate the expected rate of return on N company’S equity．
B．Calculate N Company’S current price—eaming ratio and prospective price-earning rati0．
C．Using N company’S current price-earning rati0，value P company’S stock price．
D．Using N company’S prospective price-earning rati0，value P company’S stock price．
A.The expected rate of return on N company’s equity=6%+0.8×8%=12.4%
B.current price-earning ratio=(1.2/2) ×(1+7%)/(12.4%-7%)=11.89
Prospective price-earning ratio=(1.2/2)/(12.4%-7%)=11.11
C.P company’s stock=11.89×36/20=21.4
D.P company’s stock=11.11×36×(1+7%)/20=21.40
第9题：
Last night's storm was the most_______we've had all year.
A. destructive
B. destruct
C. destruction
D. destructed
第10题：
A. awarded
B. was awarded
C. has been awarded
D. had been awarded