However, limited capital, small scale and regional () hinder their development.然而,
A.restriction
B.strict
C.restrain
D.repression
A.restriction
B.strict
C.restrain
D.repression
A.- The census data is surprising in that college graduates are also among the immobile workforce
B.- America is better at innovation than most other rich nations. C
D.
(b) Peter, one of Linden Limited’s non-executive directors, having lived and worked in the UK for most of his adult
life, sold his home near London on 22 March 2006 and, together with his wife (a French citizen), moved to live
in a villa which she owns in the south of France. Peter is now demanding that the tax deducted from his director’s
fees, for the board meetings held on 18 April and 16 May 2006, be refunded, on the grounds that, as he is no
longer resident in the UK, he is no longer liable to UK income tax. All of the company’s board meetings are held
at its offices in Cambridge.
Despite Peter’s assurance that none of the other companies of which he is a director has disputed his change of
tax status, Damian is uncertain whether he should make the refunds requested. However, as Peter is a friend of
the company’s founder, Linden Limited’s managing director is urging him to do so, stating that if the tax does
have to be paid, then Linden Limited could always bear the cost.
Required:
Advise Damian whether Peter is correct in his assertion regarding his tax position and in the case that there
is a UK tax liability the implications of the managing director’s suggestion. You are not required to consider
national insurance (NIC) issues. (4 marks)
The current dollar yield curve on the international bond market is flat at 6.5 percent for AAA-rated borrowers. A French company of AA standing can issue straight and plain vanilla FRN dollar bonds at the following conditions: ■ Bond A: Straight bond. Five-year straight-dollar bond with a semiannual coupon of 6.75 percent. ■ Bond B: Plain-vanilla FRN. Five-year dollar FRN with a semiannual coupon set at LIBOR plus 0.25 percent and a cap of 13 percent. The cap means that the coupon rate is limited at 13 percent, even if the LIBOR passes 12.75 percent. An investment banker proposes to the French company the option of issuing bull and/or bear FRNs at the following conditions: ■ Bond C: Bull FRN. Five-year FRN with a semiannual coupon set at 12.75 percent– LIBOR. ■ Bond D: Bear FRN. Five-year FRN with a semiannual coupon set at 2 × LIBOR - 6.5 percent. The coupons on the bull and bear FRNs cannot be negative. The coupon on the bear FRN is set with a cap of 19 percent. Assume that LIBOR can never be below 3.25 percent or above 12.75 percent. a. By comparing the net coupon per bond for the following combination to that of a straight Eurobond, show that it would be more attractive to the French company to issue the bull and/or bear FRNs than the straight Eurobond. i. Issue 2 bull FRNs + 1 bear FRN. ii. Issue 1 plain-vanilla FRN (bond B) + 1 bull FRN. b. By comparing the net coupon per bond for the combination of 1 straight bond (bond A) + 1 bear FRN, show that it would be more attractive to the French company to issue the bull and/or bear FRNs than the plain-vanilla FRN.
(71)
A.frequencies
B.connections
C.diagrams
D.resources
Scientists have often described organic processes by analogy. Some analogies are useful and accurate / as far as they go. For example, the comparison of the heart with a pump / or of the kidney with a filter / has helped illustrate the nature and function of these organs. However, analogies that have been proposed to ex plain the nervous system / have been less successful. One aspect of analogies is / that they are limited by the scientific understanding of the time. The mind cannot be compared to a computer, for instance, until there is a computer.
(1)
Read this report about the limited company.
In most of the lines 34—35 there is one extra word. It is either grammatically incorrect or does not fit in with the meaning of the text. Some lines, however, are correct.
If a line is correct, write CORRECT on your Answer Sheet.
If there is an extra word in the line, write the extra word in CAPITAL LETTERS on your Answer Sheet.
What Is An Limited Company
When a limited company has started for trading, you do not invest in shares by
giving more capital to the company. You buy for them from one of the shareholders.
34 If it is a public limited company, shares can be bought and sold freely, usually
35 at a Stock Exchange. If the company is doing well and paying high dividends,
36 then you might pay more than the face value of the shares. If what it is doing badly
37 you might pay less than the face value of the shares. The price you pay at the Stock
38 Exchange for your shares is their market value. If that the company fails, it will
39 stop trading and go into liquidation. This means that all the company's property and
40 equipment must be sold and the money from the sale will be used to pay for all
41 its debts. The shareholders may lose the money they paid for the shares. If the
42 company still does not have enough money to pay all its debts, the shareholders
43 do not have to pay any more money. In other words, the shareholders' liability for
44 debts is limited to the value of their shares. On the other hand, if when you are an
45 owner of a business, which is not limited, when business fails, you will go bankrupt
(34)
B
Art Without Limit
Art should not be limited to a museum. " Art and creative elements (创造性元素) can be mixed into daily life." said Professor Cheng of the Fine Arts Department.
Public art can be seen as a realization of Professor Cheng' s words above. It is simply artwork presented in the public space, where one could walk by any day. Connie Yu, a businesswoman,
likes the idea of public art. "I like the idea of bringing afl to people, rather than people to art. " However, the idea of public art is not very well developed in Hong Kong. A walk through the central area only presents one with a limited number of public art pieces. Most of them seem to be more for the purpose of decoration (装饰) than presenting art to the public. Also, people do not pay much attention to them.
Alex Chan, a 34-year-old Hong Kong artist, said, "Public art is a great way to express your-self as an artist, to give something to people who don ' t normally go to the museums,and to give them a break from their daily life. It is just a shame that it' s not so common in Hong Kong. "
61. What is "public art" according to the text?
(A) Fine art pieces in museums.
(B) An exhibitions for the artists.
(C) Artwork by ordinary people.
(D) Art pieces in public places.
Art Without Limit
Art should not be limited to a museum. "Art and creative elements (创造性元素) can be mixed into daily life," said Professor Cheng of the Fine Arts Department.
Public art can be seen as a realization of Professor Cheng's words above. It is simply artwork presented in the public space, where one could walk by any day. Connie Yu, a businesswoman, likes the idea of public art. "I like the idea of bringing art to people, rather than people to art. " However, the idea of public art is not very well developed in Hong Kong. A walk through the central area only presents one with a limited number of public art pieces. Most of them seem to be more for the purpose of decoration (装饰) than presenting art to the public. Also, people do not pay much attention to them.
Alex Chan, a 34-year-old Hong Kong artist, said, "Public art is a great way to express yourself as an artist, to give something to people who don't normally go to the museums, and to give them a break from their daily life. It is just a shame that it’s not so common in Hong Kong. "
What is "public art" according to the text?
A.Fine art pieces in museums.
B.Art exhibitions for the artists..
C.Artwork by ordinary people.
D.Art pieces in public places.
(1)
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