问答题

?Read this text taken from an article about logistics and corporate profit performance.
?Choose the best sentence to fill each of the gaps.
?For each gap 9—14, mark one letter (A—H) on your Answer Sheet.
?Do not use any letter more than once.
In an uncertain economic environment, top management will be interested in asset management and flow management. H . They can represent over 50 percent of manufactures’ total asset, and more than 80 percent of wholesalers and retailers’ total assets.
When top management mandates a reduction in accounts receivable and/or inventories, its objective is to improve cash flow and reduce the company's investment in assets. (9) . But reduction in the terms of sale, or even enforcement of the stated terms of sale, in effect changes tile price component of the firm's marketing mix. (10) .
The arbitrary reduction of accounts receivable and/or inventories in the absence of technological change or changes in the logistics system can have a devastating impact on corporate profit performance. (11) . First, the change alters the manufacturer's price and therefore the competitive position of its products, which may lead to decreased sales. Second, it further complicates the cash flow problems of the manufacturer's customers. Forcing faster payment of invoices causes channel members to improve their cash flow by reducing their inventories of the manufacturer's products. (12) . This situation may also result in stock-out of the manufacturer's products as the wholesale or retail level of the channel, further reducing sales volume.
Similarly, a manufacturer's policy of arbitrarily reducing inventory level to increase inventory sums, in the absence of a system change, may escalate transportation costs and/or production setup costs as the logistics system scrambles to achieve the specified customer service levels with lower inventories (assuming the company was efficiently and effectively distributing products prior to the policy change). (13) In this case, customer service levels would be eroded, and a decrease in market share might result. (14) .

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(9)

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?Read the text below about the phases of innovation in market.
?In most of the lines 41--52 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.
New Innovation Needs Three Phases
0 Almost every new innovation goes through three phases. When initially introduced
00 into the market, the process of adoption is slow. The early models are that expensive
41 and hard to use, and perhaps even unsafe. The economic impact is relatively very
42 small. The second phase is the explosive one, because where the innovation is rapidly
43 adopted by a large number of many people. It gets cheaper and easier to use and
44 becomes something familiar with. And then in the third stage, diffusion of the
45 Innovation slows down again, as if it permeates out across the economy. During the
46 explosive phase, the whole new industries spring up to produce the new product or
47 innovation, and up to service it. For example, during the 1920s, there is dramatic
48 acceleration in auto production, from 1.9 million in 1920 to 4.5 million in 1929. This
49 boom was accompanied by all sorts of other essential activities necessary for an the
50 auto-based nation: Roads had to be built for the cars to run on; refineries and oil
51 wells, to provide the gasoline; and garages, to repair them. Historically speaking, the
52 same pattern is repeated again and again and with innovations. The construction of the electrical system required an enormous early investment in generation and distribution capacity.
(41)

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?In
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C.
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D.
E.9
F.5
G.
(41)

Question 4
1. The following information was extracted from the ledgers of Billy Company for its products for the year ended 31 December 2002:
＄
Sales (100,000 units) 500,000
Direct materials 100,000
Direct wages 70,000
Fixed production overheads 110,000
Variable production overheads 20,000
Administration expenses (60% fixed, 40% variable) 80,000
Selling expenses (60% fixed, 40% variable) 130,000
Required:
(a)Prepare the Profit and Loss Statement by using Absorption Cost method.
(b)Prepare the Profit and Loss Statement by using Marginal Cost method.

A.
(b)Prepare
B.