In Britain and many other countries appraisal is now a tool of management.A.evaluationB.efficiencyC.productionD.publicity

题目

In Britain and many other countries appraisal is now a tool of management.

A.evaluation

B.efficiency

C.production

D.publicity

参考答案和解析
正确答案:A
解析:本题考查的是对动词的认知。这句话的意思是:在英国和其他很多国家,个人评定现在成为了一种管理工具。本题中appraisal本意为“估计、评价”。在管理中指员工鉴定、个人评价。A.evaluation评价;B.efficiency效率;C.production生产;D.publicity出名。选A:evaluation,例如:Evaluation is standard practice for all training.评价是各种教育通常的做法。
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相似问题和答案

第1题:

(c) Discuss the reasons why the net present value investment appraisal method is preferred to other investment

appraisal methods such as payback, return on capital employed and internal rate of return. (9 marks)


正确答案:
(c) There are many reasons that could be discussed in support of the view that net present value (NPV) is superior to other
investment appraisal methods.
NPV considers cash flows
This is the reason why NPV is preferred to return on capital employed (ROCE), since ROCE compares average annual
accounting profit with initial or average capital invested. Financial management always prefers cash flows to accounting profit,
since profit is seen as being open to manipulation. Furthermore, only cash flows are capable of adding to the wealth of
shareholders in the form. of increased dividends. Both internal rate of return (IRR) and Payback also consider cash flows.
NPV considers the whole of an investment project
In this respect NPV is superior to Payback, which measures the time it takes for an investment project to repay the initial
capital invested. Payback therefore considers cash flows within the payback period and ignores cash flows outside of the
payback period. If Payback is used as an investment appraisal method, projects yielding high returns outside of the payback
period will be wrongly rejected. In practice, however, it is unlikely that Payback will be used alone as an investment appraisal
method.
NPV considers the time value of money
NPV and IRR are both discounted cash flow (DCF) models which consider the time value of money, whereas ROCE and
Payback do not. Although Discounted Payback can be used to appraise investment projects, this method still suffers from the
criticism that it ignores cash flows outside of the payback period. Considering the time value of money is essential, since
otherwise cash flows occurring at different times cannot be distinguished from each other in terms of value from the
perspective of the present time.
NPV is an absolute measure of return
NPV is seen as being superior to investment appraisal methods that offer a relative measure of return, such as IRR and ROCE,
and which therefore fail to reflect the amount of the initial investment or the absolute increase in corporate value. Defenders
of IRR and ROCE respond that these methods offer a measure of return that is understandable by managers and which can
be intuitively compared with economic variables such as interest rates and inflation rates.
NPV links directly to the objective of maximising shareholders’ wealth
The NPV of an investment project represents the change in total market value that will occur if the investment project is
accepted. The increase in wealth of each shareholder can therefore be measured by the increase in the value of their
shareholding as a percentage of the overall issued share capital of the company. Other investment appraisal methods do not
have this direct link with the primary financial management objective of the company.
NPV always offers the correct investment advice
With respect to mutually exclusive projects, NPV always indicates which project should be selected in order to achieve the
maximum increase on corporate value. This is not true of IRR, which offers incorrect advice at discount rates which are less
than the internal rate of return of the incremental cash flows. This problem can be overcome by using the incremental yield
approach.
NPV can accommodate changes in the discount rate
While NPV can easily accommodate changes in the discount rate, IRR simply ignores them, since the calculated internal rate
of return is independent of the cost of capital in all time periods.
NPV has a sensible re-investment assumption
NPV assumes that intermediate cash flows are re-invested at the company’s cost of capital, which is a reasonable assumption
as the company’s cost of capital represents the average opportunity cost of the company’s providers of finance, i.e. it
represents a rate of return which exists in the real world. By contrast, IRR assumes that intermediate cash flows are reinvested
at the internal rate of return, which is not an investment rate available in practice,
NPV can accommodate non-conventional cash flows
Non-conventional cash flows exist when negative cash flows arise during the life of the project. For each change in sign there
is potentially one additional internal rate of return. With non-conventional cash flows, therefore, IRR can suffer from the
technical problem of giving multiple internal rates of return.

第2题:

Britain’s foreign trade is mainly with _____.

A.developing countries

B.other Commonwealth countries

C.other developed countries

D.EC


正确答案:C

第3题:

The total cost in logistics in China is still higher than()in many other industrialized countries.

A、it

B、that

C、those


参考答案:B

第4题:

B

For several years,Americans have enjoyed teleshopping-watching TV and buying things by phone. Now,teleshopping is starting in Europe.ln a number of European countries,people can turn on their TVs and shop for clothes,jewelry,food,toys and many others things.

Teleshopping is becoming popular in Sweden. For example,the biggest Swedish company sells different kinds of things on TV in 15 European countries,and in one year it made $ 100 million.In France,there are two teleshopping channels,and the French spend $ 20 million a year to buy things through those channels.

In Germany,until last year teleshopping was only possible on one channel for one hour ev-ery day. Then the government allowed more teleshopping. Other channels can open for telebusi-ness,including teleshopping companies. German businesses are hoping this new teleshopping will help them sell more things.

Some people like teleshopping because it allows them to do their shopping without leaving their homes. With all the problems of traffic in the cities,this is an important reason.But at the same time,other Europeans do not like this new way of shopping. They call teleshopping "just on the air. "Many Europeans usually worry about the quality of the things for sale on TV. Good quality is important to them,and they believe they can't be sure about the quality of the things on TV.

The need for high quality means that European teleshopping companies will be different from the American companies. They will have to be more careful about the quality of the things they sell. They will also have to work harder to sell things that the buyers can-t touch or see in person.

( )26.In which country people can go teleshopping?

A. America and all the European countries.

B. Australia and some European countries.

C. The USA and many European countries.

D. America and many developed countries.


正确答案:C
26.C【解析】文中一开始就谈到了美国人的几种购物方法·接着谈到了“a number of European countries", “a number of"就相当于“many”,所以选C。

第5题:

Most people of western countries such as (), Australia, Great Britain and Canada keep a short-term orientation.


正确答案:Germany
解析:本句参考译文:西方国家(例如__________、澳大利亚、英国和加拿大)的大多数人拥有短期取向。

第6题:

Many countries are increasing their use of natural gas, wind, and other forms of ( ).

A、source

B、material

C、power

D、energy


参考答案:D

第7题:

The tradition of using chopsticks was introduced ______ many other countries.

A、with

B、of

C、from

D、to


参考答案:D

第8题:

听力原文: Now European finance ministers are expected to reprimand the Irish government today after they meet in Brussels. They've been alarmed by December's budget in the Irish Republic which cut taxes and increased government spending. The other European countries fear this will stoke up inflation and undermine the stability of the Euro, the single currency.

Finance ministers from the European Unions 15 states are holding their regular monthly meeting in Brussels. They've been given the tricky task of handing out some public criticism to the government of the country with the most successful economy, the Irish Republic. In the last five years Ireland has boomed growing by an average eight percent a year, unemployment has reached its lowest level for 20 years and commodity prices in Dublin became more expensive than in London.

Why do other European countries criticize Ireland?

A.They worry that the Irish Republic's budget plan will undermine the stability of European Unions.

B.EU countries fear that Irish Republic's finance plan will cause inflation.

C.Other countries will have to cut taxes.

D.Other EU countries must increase government spending, too.


正确答案:B

第9题:

The main idea of this passage is that satellites aye now used in______.

A.taking pictures of the atmosphere

B.receiving pictures of the atmosphere

C.doing other work in many ways

D.weather forecasting


正确答案:D
卫星确实是用来拍摄图片的,但无论是拍摄图片,还是接收图片,最后的目的都是为了预报天气。所以答案选D。

第10题:

In Britain and many other countries appraisal is now a tool of management.

A:evaluation
B:production
C:efficiency
D:publicity

答案:A
解析:

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