剑桥商务英语中级-98及答案解析.doc
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1、剑桥商务英语中级-98 及答案解析(总分:100.00,做题时间:90 分钟)一、READING(总题数:0,分数:0.00)二、PART ONE(总题数:1,分数:7.00)A Many companies in the U. S. begin to realise that investors demand financial reporting to be truly presented: creative accounting is no longer acceptable. In response to the criticism about how it booked the ga
2、in on the sale of one of its businesses. IBM announced on Feb. 19th that it would expand the informaton it provides investors on such things as its intellectual-property income and the impact on earnings of the companys overfunded pension plan. And a day later, General Electric Co. Chairman and Chie
3、f Executive Jeffrey R. Immelt also pay heed to investors calls for better disclosure by promising to provide more detail on how the companys individual unitsincluding its finance departrment. GE Capitalchurn out their earnings.B Expect this lifting of the veil to spread rapidly throughout corporate
4、America, In the wake of Enrons collapse and questionable accounting at telecommunications companies such as Global Crossing Ltd., investors are demanding better. more frequent, and more expansive information about companies financial health. This rising pressure will force executives in boardrooms a
5、cross the country to wrestle with exactly how much new information to reveal, much less the question of how to flag changes for investors without causing their stocks to tank. “GE and IBM are bellwethers,“ says Patrick S. McGurn, vice-president at proxy advisory service Institutional Shareholder Ser
6、vices Inc. “You will see a huge wave of imitation.“C Of course, thats good for shareholdersand for the long-term health of the market, But the tsunami of new disclosures, unfortunately, isnt necessarily what the recovering economy needs right now. The trick will be to strike the right balance. Compa
7、nies that reveal too little, too late will get punished in the market. But dumping too much on shareholders may only muddy the picture further. “If you give too much information, people can get overwhelmed by the minutia, and the important stuff gets buried.“ says Charles M. Elson, director of the C
8、entre for Corporate Governance at the University of Delaware.D In fact, IBM and GE join a growing list of companies that have already been compelled to improve their disclosure, At Tyco International Ltd., which has been buffeted by concerns about its complex accounting and financial health, senior
9、execs have begun holding weekly phone conferences with analysts and investors to address questions about its accounting and operations. Franchising giant Cendant Corp. has put detailed information on its Website about its off-balance-sheet entities, while hotel operator Marriott International Inc. r
10、ecently provided details on write-offs it has taken for loan guarantees as well as some hotel-development projects.(分数:7.00)(1).More and more companies are forced to illustrate their accounting.(分数:1.00)填空项 1:_(2).Both IBM and General Electric are willing to give information about their accounting.(
11、分数:1.00)填空项 1:_(3).Managers in the companies would have to deal with the problem of disclosure.(分数:1.00)填空项 1:_(4).Its suggested that companies should provide adequate information for shareholders.(分数:1.00)填空项 1:_(5).A great majority of companies will follow the example of General Electric and IBM.(
12、分数:1.00)填空项 1:_(6).Investors of the company would no longer accept financial reporting that does not clearly reflect a companys operating health.(分数:1.00)填空项 1:_(7).Some companies start to employ various methods to reveal more about their operations.(分数:1.00)填空项 1:_三、PART TWO(总题数:1,分数:5.00)BimboBimb
13、o perhaps is the most popular local brand in bakery in Mexico. Every day, its products including sliced bread. cakes, and snacks are delivered nationwide by trucks. Executives at the Mexico City company estimate that its army of deliverymen makes the equivalent of dozens of trips around the earth ea
14、ch day.But Bimbos reach extends well beyond Mexicos borders. On Jan. 22nd, it plunked down $610 million for the Western U. S. division of Canadas George Weston Ltd. The deal gives Bimbo five bakeries and the rights to the Oroweat, Entenmanns, Thomas English Muffins, and Boboli brands everywhere exce
15、pt in Canada and east of the Mississippi River. The share of Bimbos sales that comes from the U.S. will rise to 30% from 17% “This is a perfect fit for us.“ says Grupo Bimbo Chief Financial officer Guillermo Quiroz. It also builds on a $1.1 billion 12-year international expansion drive that has take
16、n Bimbo into 16 countries from Chile to the Czech Republic, elevating it to the rank of No.3 baker worldwide. (8) With a virtual monopoly at home. Bimbo has little choice but to look abroad for new avenues of growth. Yet even admirers of this Mexican blue chip wonder whether it has what it takes to
17、succeed north of the Rio Grande. With the notable exception of cement maker Cemex, few Mexican companies have managed to turn a profit in the ultracompetitive U. S.Vitro tried to crack the American glass-container market with its purchase of Anchor Hocking in 1989, but it threw in the towel seven ye
18、ars later. Grupo Carso, a leading conglomerate. is struggling to turn around troubled computer retailer CompUSA Inc., which it bought in 2000. (9) Mrs. Bairds Bakeries, the Texas-based operation it acquired in 1998 for $300 million, is still in the red, and its collection of bakeries in California a
19、re just starting to break even. “The company doesnt have a good track record of enhancing shareholder value through overseas acquisitions.“ says Deutsche Banc Alex. Brown Inc. food analyst Joaqun Lpez-Driga. Indeed, while overall sales have climbed as a result of such purchases, profit margins are b
20、eing squeezed.So why arent Bimbos shareholders howling? (10) Bimbo spent $500 million last year on a share-buyback programme that left just 15% of shares actively traded. The company, which is controlled and run by the Servitje family, didnt even have an investor-relations department until Quiroz ca
21、me on board three years ago after a career in Mexicos airline and banking businesses. Quiroz says Chief Executive Daniel Servitje Montull is committed to making Bimbo a more open company, paving the way for a possible New York Stock Exchange listing within two or three years.Bimbos executives claim
22、theyve learned their lessons from past acquisitions. (11) Theyve also hired consulting firm Bain creative accounting is no longer acceptable.”即:投资者要求财务报告是真实的,不接受伪造的账目。其中,文中的 creative accounting is no longer acceptable与题干中的 financial reporting that does not clearly reflect a companys operating health
23、表意相一致。(7).Some companies start to employ various methods to reveal more about their operations.(分数:1.00)填空项 1:_ (正确答案:D)解析:题干题点 employ various methods对应线索 begun holding weekly phone conferencesput detailed informationprovided details on write-offs答案精解 题目意为:一些公司开始采取各种方法来公开运营状况。D 段指出“At Tyco Internati
24、onal Ltd.senior execs have begun holding weekly phone conferences with analysts and investors to address questions about its accounting and operations. Franchising giant Cendant Corp. has put detailed information on its Website about its off-balance-sheet entities. while hotel operator Marriott Inte
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