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2 Ice-Time Ltd (ITL) manufactures a range of sports equipment used in a variety of winter-sports in Snowland.
Development engineers within ITL have recently developed a prototype of a small engine-propelled bobsleigh named
the ‘Snowballer’, which has been designed for use by young children. The directors of ITL recently spent ￡200,000
on market research, the findings of which led them to believe that a market exists for the Snowballer.
The marketing director has suggested that ITL should use the ‘Olympic’ brand in order to market the Snowballer.
The finance director of ITL has gathered relevant information and prepared the following evaluation relating to the
proposed manufacture and sale of the Snowballer.
(1) Sales are expected to be 3,200 units per annum at a selling price of ￡2,500 per unit.
(2) Variable material, labour, and overhead costs are estimated at ￡1,490 per unit.
(3) In addition, a royalty of ￡150 per unit would be payable to Olympic plc, for the use of their brand name.
(4) Fixed overheads are estimated at ￡900,000 per annum. These overheads cannot be avoided until the end of the
year in which the Snowballer is withdrawn from the market.
(5) An initial investment of ￡5 million would be required. A government grant equal to 50% of the initial investment
would be received on the date the investment is made. However, because the Snowballer would be classified as
a luxury good, no tax allowances would be available on this initial investment. The estimated life cycle of the
Snowballer is six years.
(6) Corporation tax at the rate of 30% per annum is payable in the year in which profit occurs.
(7) All cash flows are stated in current prices and, with the exception of the initial investment and the government
grant, will occur at the end of each year.
(8) The nominal cost of capital is 15·44%. Annual inflation during the period is expected to amount to 4%.
Required:
(a) Calculate the net present value (NPV) of the Snowballer proposal and recommend whether it should be
undertaken by the directors of ITL. (4 marks)
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更多 “ 2 Ice-Time Ltd (ITL) manufactures a range of sports equipment used in a variety of winter-sports in Snowland.Development engineers within ITL have recently developed a prototype of a small engine-propelled bobsleigh namedthe ‘Snowballer’, which has been designed for use by young children. The directors of ITL recently spent ￡200,000on market research, the findings of which led them to believe that a market exists for the Snowballer.The marketing director has suggested that ITL should use the ‘Olympic’ brand in order to market the Snowballer.The finance director of ITL has gathered relevant information and prepared the following evaluation relating to theproposed manufacture and sale of the Snowballer.(1) Sales are expected to be 3,200 units per annum at a selling price of ￡2,500 per unit.(2) Variable material, labour, and overhead costs are estimated at ￡1,490 per unit.(3) In addition, a royalty of ￡150 per unit would be payable to Olympic plc, for the use of their brand name.(4) Fixed overheads are estimated at ￡900,000 per annum. These overheads cannot be avoided until the end of theyear in which the Snowballer is withdrawn from the market.(5) An initial investment of ￡5 million would be required. A government grant equal to 50% of the initial investmentwould be received on the date the investment is made. However, because the Snowballer would be classified asa luxury good, no tax allowances would be available on this initial investment. The estimated life cycle of theSnowballer is six years.(6) Corporation tax at the rate of 30% per annum is payable in the year in which profit occurs.(7) All cash flows are stated in current prices and, with the exception of the initial investment and the governmentgrant, will occur at the end of each year.(8) The nominal cost of capital is 15·44%. Annual inflation during the period is expected to amount to 4%.Required:(a) Calculate the net present value (NPV) of the Snowballer proposal and recommend whether it should beundertaken by the directors of ITL. (4 marks) ” 相关考题
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2 Good Sports Limited is an independent sports goods retailer owned and operated by two partners, Alan and Bob. Thesports retailing business in the UK has undergone a major change over the past ten years. First of all the supply sidehas been transformed by the emergence of a few global manufacturers of the core sports products, such as trainingshoes and football shirts. This consolidation has made them increasingly unwilling to provide good service to theindependent sportswear retailers too small to buy in sufficiently large quantities. These independent retailers can stockpopular global brands, but have to order using the Internet and have no opportunity to meet the manufacturer’s salesrepresentatives. Secondly, UK’s sportswear retailing has undergone significant structural change with the rapid growthof a small number of national retail chains with the buying power to offset the power of the global manufacturers.These retail chains stock a limited range of high volume branded products and charge low prices the independentretailer cannot hope to match.Good Sports has survived by becoming a specialist niche retailer catering for less popular sports such as cricket,hockey and rugby. They are able to offer the specialist advice and stock the goods that their customers want.Increasingly since 2000 Good Sports has become aware of the growing impact of e-business in general and e-retailingin particular. They employed a specialist website designer and created an online purchasing facility for theircustomers. The results were less than impressive, with the Internet search engines not picking up the companywebsite. The seasonal nature of Good Sports’ business, together with the variations in sizes and colours needed tomeet an individual customer’s needs, meant that the sales volumes were insufficient to justify the costs of runningthe site.Bob, however, is convinced that developing an e-business strategy suited to the needs of the independent sportsretailer such as Good Sports will be key to business survival. He has been encouraged by the growing interest ofcustomers in other countries to the service and product range they offer. He is also aware of the need to integrate ane-business strategy with their current marketing, which to date has been limited to the sponsorship of local sportsteams and advertisements taken in specialist sports magazines. Above all, he wants to avoid head-on competitionwith the national retailers and their emphasis on popular branded sportswear sold at retail prices that are below thecost price at which Good Sports can buy the goods.Required:(a) Provide the partners with a short report on the advantages and disadvantages to Good Sports of developingan e-business strategy and the processes most likely to be affected by such a strategy. (12 marks)
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5 Astrodome Sports Ltd was formed in December 2000 by seven engineers who comprise the board of directors of thecompany. The seven engineers previously worked together for ‘Telstar’, a satellite navigation company.In conjunction with one of the three largest construction companies within their country they constructed the ‘365Sports Complex’ which has a roof that opens and uses revolutionary satellite technology to maintain grass surfaceswithin the complex. The complex facilities, which are available for use on each day of the year, include two tenniscourts, a cricket pitch, an equestrian centre and six bowling greens. The tennis courts and cricket pitch are suitablefor use as venues for national competitions. The equestrian centre offers horse-riding lessons to the general public andis also a suitable venue for show-jumping competitions. The equestrian centre and bowling greens have increased inpopularity as a consequence of regular television coverage of equestrian and bowling events.In spite of the high standard of the grass surfaces within the sports complex, the directors are concerned by reducedprofit levels as a consequence of both falling revenues and increasing costs. The area in which the ‘365 SportsComplex’ is located has high unemployment but is served by all public transport services.The directors of Astrodome Sports Ltd have different views about the course of action that should be taken to providea strategy for the future improvement in the performance of the complex. Each director’s view is based on his/herindividual perception as to the interpretation of the information contained in the performance measurement system ofthe complex. These are as follows:Director(a) ‘There is no point whatsoever in encouraging staff to focus on interaction with customers in efforts to create a‘user friendly’ environment. What we need is to maintain the quality of our grass surfaces at all costs since thatis the distinguishing feature of our business.’(b) ‘Buy more equipment which can be hired out to users of our facilities. This will improve our utilisation ratioswhich will lead to increased profits.’(c) ‘We should focus our attention on maximising the opening hours of our facilities. Everything else will take careof itself.’(d) ‘Recent analysis of customer feedback forms indicates that most of our customers are satisfied with the facilities.In fact, the only complaints are from three customers – the LCA University which uses the cricket pitch formatches, the National Youth Training Academy which held training sessions on the tennis courts, and a localbowling team.’(e) ‘We should reduce the buildings maintenance budget by 25% and spend the money on increased advertising ofour facilities which will surely attract more customers.’(f) ‘We should hold back on our efforts to overcome the shortage of bowling equipment for hire. Recent rumours arethat the National Bowling Association is likely to offer large financial grants next year to sports complexes whocan show they have a demand for the sport but have deficiencies in availability of equipment.’(g) ‘Why change our performance management system? Our current areas of focus provide us with all theinformation we need to ensure that we remain a profitable and effective business.’As management accountant of Astrodome Sports Ltd you have recently read an article which discussed the followingperformance measurement problems:(i) Tunnel vision(ii) Sub-optimisation(iii) Misinterpretation(iv) Myopia(v) Measure fixation(vi) Misrepresentation(vii) Gaming(viii) Ossification.Required:(a) Explain FOUR of the above-mentioned performance measurement problems (i-viii) and discuss which of theviews of the directors (a-g) illustrate its application in each case. (12 marks)
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(d) Comment on THREE factors other than NPV that the directors of ITL should consider when deciding whetherto manufacture the Snowballer. (3 marks)
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A new internal auditor, Daisy Rosepetal, has recently joined Bluebell Co. She has been asked by management toestablish and to monitor a variety of social and environmental Key Performance Indicators (KPIs). Daisy has noexperience in this area, and has asked you for some advice. It has been agreed with Bluebell Co’s audit committeethat you are to provide guidance to Daisy to help her in this part of her role, and that this does not impair theobjectivity of the audit.(c) Recommend EIGHT KPIs which could be used to monitor Bluebell Co’s social and environmentalperformance, and outline the nature of evidence that should be available to provide assurance on theaccuracy of the KPIs recommended. Your answer should be in the form. of briefing notes to be used at ameeting with Daisy Rosepetal. (10 marks)Note: requirement (c) includes 2 professional marks.
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The American love of sports (11) to a pitch never before known. (12) the middle of the century we were practically without sports and even until some fifteen years ago there (13) very little enthusiasm aroused by sports (14) the fever that has within the past decade and a half swept over the country.(15) the passionate fervor has been increasing，and the coming season promises to be the most enthusiastic of all.(16) England the Romans brought their sports；then the Saxons and the Normans added others，and there were football matches and archery games.In 1618 King James I issued a book of sports stating what sports were (17) after church service on Sundays；but intense anger was (18) among those who strictly observed the principles of the Bible，and in 1644 the Long Parliament ordered the book (19) by the public executioner，and all sports forbidden or strongly (20) .A. have raisedB. has raisedC. have risenD. has risen
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More recently, lasers have been used to () skin discolorations.
A.takeB.removeC.recoverD.move
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Considering your financial situations, which we realize have not been good recently, we have not () you for payment.A、compressedB、pressuredC、pressedD、stessed
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Your firm has been recommended to us by DINOSOUR TOY CO,LTD()we have done business for many fears.
A、whichB、with whomC、whomD、with which
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Two business partners have recently been connected via a dedicated extranet. It has been discovered that each of the companies are using the same private IP address space.Which of the following will help to resolve potential routing issues?（）A.MulticastB.PATC.CIDRD.NAT
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Consequently,there has been a growing interest in natural foods:foods which do not contain additives and which have not been（ ）by chemical fertilizers widely used in farming today.A.effected
B.interfered
C.disturbed
D.affected
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资料：“Our cars are for people who want something different.”
This has been the slogan for over 50 years of Suprema Cars, a manufacturer of an English sports car. The car is mostly handmade in the company's factory in northern England. Suprema Car produces approximately 500 cars a year. About 5 years ago, the company began to lose sales and market share, and in the last two years, it has made a loss.
Recently, there have been problems with the labor force. The factory workers have demand higher wages and better working conditions. They are also unhappy because the management is insisting that they increase production, but the workers think this will have a bad effect on the quality of the cars.
The company still has many loyal customers. People buy Suprema sports cars because they are handmade and have an image of quality and craftsmanship.
Which of the following is NOT a problem that Suprema Cars is facing?
A.Customers’ distrust of products.
B.A financial loss.
C.Unhappy workers.
D.Loss on sales and market share.
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It may be pointed out that warfare（战争）as practiced by man has no parallel in nature,This is to say that within the more highly developed animal populations of this earth,there is not now.nor has there been similar destruction within a species（物种）itself.In fact,one has to go to the lowliest forms of animal life,such as certain kinds of ants,to find anything comparable to human warfare.It is a curious fact that mankind appears to give the killing of his own kind a good reason by imaging that it is a"law of nature".There are now a lot of wrong ideas about the laws of nature,of which this is one of the most incorrect and fateful（致命的）.Political beliefs have been based upon it with results that have come near to destroying human civilization.The theory that war is a biological necessity.that it is nature′s method of controlling population and believing in the survival（生存）of the strong and the elimination（灭亡）of the weak,is totally wrong and insupportable.Within the last century.when wars have been common all over the world,the human population of the earth has almost doubled.
The author of this passage seems to be the"law of nature".A.against
B.in favor of
C.uncertain of
D.very much interested in
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It may be pointed out that warfare（战争）as practiced by man has no parallel in nature,This is to say that within the more highly developed animal populations of this earth,there is not now.nor has there been similar destruction within a species（物种）itself.In fact,one has to go to the lowliest forms of animal life,such as certain kinds of ants,to find anything comparable to human warfare.It is a curious fact that mankind appears to give the killing of his own kind a good reason by imaging that it is a"law of nature".There are now a lot of wrong ideas about the laws of nature,of which this is one of the most incorrect and fateful（致命的）.Political beliefs have been based upon it with results that have come near to destroying human civilization.The theory that war is a biological necessity.that it is nature′s method of controlling population and believing in the survival（生存）of the strong and the elimination（灭亡）of the weak,is totally wrong and insupportable.Within the last century.when wars have been common all over the world,the human population of the earth has almost doubled.
According to Sentence 2,which of the following is true?A.The destruction is similar to the killing of each other within human beings.
B.There is not the similar destruction now,but it occurred before.,'
C.There is never a time when we may see the similar destruction.
D.The destruction is now a thing of the past.
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Your customer has deployed a Cisco Wireless Location Appliance within its warehouseenvironment. However， employees there have been experiencing problems when tracking objects using activeRFID tags.The RFID tag data is not being collected. On which device would you verify that RFIDs have been enabled？（）A、access pointB、location managerC、wireless controllerD、Cisco WCS
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A System p administrator needs to document system changes that have occurred recently. The company has a policy of making all possible changes via the smit interface. Which of the following files would show the commands that have been performed from within smit and their resulting output（）A、/smit.logB、/smit.scriptC、/var/log/smit.logD、/.history
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A technician works for a company that has recently been affected by a virus. The virus entered the network by using port 6000. Port 6000 is used by an application located on a server. The technician has been asked to block this port on all servers and computers except for the one server which uses this port. Which of the following should the technician do？（）A、Update the antivirus applicationB、Install critical update security patchesC、Adjust the software firewall settingsD、Replace the current antivirus program
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Your client has deployed a cisco wireless location appliance within their warehouse environment. they have been experiencing problems with tracking objects using active rfid tags. the rfid tag data is not being collected. On which device would you verify that rfid status has been enabled？（）A、cisco wcsB、access pointC、wireless controllerD、location manager
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Two business partners have recently been connected via a dedicated extranet. It has been discovered that each of the companies are using the same private IP address space. Which of the following will help to resolve potential routing issues?（）A、MulticastB、PATC、CIDRD、NAT
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Which of the following is required to ensure the completion of all tests within the automated procedure of thecluster test tool？（）A、Application monitoring has been configuredB、Only disk heartbeat networks have been usedC、Cluster nodes are attached to two IP networksD、Resource Group dependencies have been configured
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单选题Which of the following factors will have the greatest effect on the heating load within a conditioned space?（）A
Solar gainB
Infiltration and ventilation airC
Occupants inside the spaceD
Entertainment equipment within the space
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单选题What has happened to housing prices recently?A
They have been rising quickly.B
They have been falling quickly.C
They have stopped rising quickly.D
They have stopped falling quickly.
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单选题An administrator needs to document system changes that have occurred recently. The company has a policy of making all possible changes via the smit interface. Which file would show the commands that have been performed from within smit and their resulting output？（）A
/smit.logB
/smit.scriptC
/var/log/smit.logD
/var/log/smit.script
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单选题A System p administrator needs to document system changes that have occurred recently. The company has a policy of making all possible changes via the smit interface. Which of the following files would show the commands that have been performed from within smit and their resulting output（）A
/smit.logB
/smit.scriptC
/var/log/smit.logD
/.history
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单选题A newly developed plastic, prized by engineers for its low weight and its durability , has been developed.A
low cost B
flexibility C
long life D
versatility
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