For each blank(8-12),mark one letter(A-G)on your Answer Sheet.

　　34、回答34-38题：

　　15 June 1993

　　Ms. Martha Weston

　　Word Processing Supervisor

　　ABC Company

　　Post Office Box 1072

　　28 King's Street London

　　Dear Ms. Weston,

　　Performance of the CPT Equipment

　　I'm pleased to tell you about our experience with the CPT Word Processor as you requested recently. G (example) I assume you have looked at several machines and have narrowed down your choices. Here are my observations.

　　An approach to adopting word processors

　　Eighteen months ago we adopted CPT equipment on limited scale with the idea in mind that we could gradually get rid of electric typewriters as we became familiar with the word processor. (8)_______The stations are arranged in pairs so each pair can share a common

　　printer. (9)_______We use the equipment as dedicated word processors, although we do have the ability to link up with our computer installations.

　　The step-at-a-time development of our word-processing center has, we think, saved us money and training time. (10)_______Performance

　　In terms of performance, the CPT equipment is excellent. (11)_______ Moreover our service contract and warranty have covered all maintenance costs. We have software packages that check spelling and signal when a mistake occurs. (12)_______Using both printers, we recently prepared 1, 200 individually typed letters for mailing in under four hours. We have no complaint about our preparation of executive reports.

　　A.We have not yet experienced mechanical problems SO far.

　　B.Also it has reduced the confusion that exists about buying software packages.

　　C.The train stops at each station for only fifteen minutes.

　　D.We began with two work stations and now have four.

　　E.Our routine letters are prepared from disc—stored masters.

　　F.The Rotary W printer prints with a speed of 45 characters a second can easily handle two input stations.

　　G.We are pleased with its performance and multi-functions.

　　第(8)题答案是

　　35、第(9)题答案是

　　36、第(10)题答案是

　　37、第(11)题答案是

　　38、第(12)题答案是

　　For each question(13-18),mark one letter(A,B,CorD)on your Answer Sheet.

　　39、回答39-44题

　　How to Read Annual Reports

　　First, turn back to the report of the certified public accountant. This third-party auditor will tell you right off the bat if Galaxy's report conforms with"generally accepted accounting principles". Then go to the footnotes. Check to see whether earnings are up or down. The footnotes often tell the whole story.

　　Next, turn to the letter from the chairman.

　　Typically addressed "to our shareholders," it's up front in more ways than one. The chairman's tone reflects the personality and well-being of the company. In his letter, the chairman should tell you how the company fared this year. But more importantly, the letter should tell you why. Keep an eye out for sentences that start with "Except for..." and " Despite the ..." They are clues to problems. On the positive side, a chairman's letter should give you insights into the company's future and its stance on economical or political issues that may affect it.

　　Now begin digging into the numbers

　　One source is the balance sheet. It is a snapshot of how the company stands at a single point in time.

　　At the top are assets -- everything the company owns. Things that can quickly be turned into cash are current assets. On the bottom are liabilities --. everything the company owes. Current liabilities are the debts due in one year, which are paid out of current assets. The difference between current assets and current liabilities is working capital, a key figure to watch from one annual report to another. If working capital shrinks, it could mean trouble. One possibility: the company may not be able to keep dividends growing rapidly. 　　Owners' equity is the difference between total assets and liabilities.

　　It is the presumed dollar value of what the owners or shareholders own. You want it to grow.

　　The second basic source of numbers is the income statement. It shows how much money Galaxy made or lost over the year. Most people look at one figure first. It's in the income statement at the bottom: earnings per share. Watch out. It can fool you. Galaxy's management could boost earnings by selling off a plant or by cutting the budget for research and advertising. The number you should look at first in the income statement is net sales. Ask yourself: Are sales going up at a faster rate than the last time around? When sales increases start to slow, the company may be in trouble. Have sales gone down because the company is selling off a losing business? If so, profits may be soaring. Another important thing to study is the company's debt. Turn to the balance sheet, and divide long- term liabilities by owner's equity. That's the debt- to-equity ratio. A high ratio means the company borrows a lot of money to spark its growth. That's okay if sales grow too, and if there's enough cash on hand to meet the payments. A company doing well on borrowed money can earn big profits for its shareholders. But if sales fall, watch out. The whole enterprise may slowly sink. Some companies can handle high ratios; others can't. Finally, you have to compare. Is the company's debt-to-equity ratio better or worse than it used to be? Better or worse than the industry norms? In company-watching, comparisons are all. They tell you if management is staying on top of things.

　　According to the writer，the most important element of the chairman’s letter is

　　A.the expressions used.

　　B.the explanation given by the chairman.

　　C.the performance of the company during the year.

　　D.the company’S future described by the chairman.

　　40、Accordjng to the article，a drop in working capital shows that

　　A.both current assets and current liabilities fall.

　　B.current assets decline while current liabilities rise.

　　C.both current assets and current liabilities remain the same as the previous year.

　　D.current assets increase but current liabilities decrease.

　　41、What do shareholders expect to increase?

　　A.total assets

　　B.working capital

　　C.tota|IiabUities

　　D.owners equity

　　42、According to the article，the main reason to look at net sales first is that

　　A.they tell how much profit the company has eamed.

　　B.they have nothing to do with advertising.

　　C.they are not affected by selling off a plant.

　　D.they are not so easily manipulated by the management as earnings per share.

　　43、According to the writer.a great deal of borrowing

　　A.boosts sales.

　　B.promotes growth.

　　C.generates profits.

　　D.entails risk.

　　44、According to the article，what makes it clear that a company is well-managed?

　　A.the chairman’s letter

　　B.auditor’s report

　　C.comparison made by the reader

　　D.footnotes

　　For each question(23-30),mark one letter(A,BorC)for the correct answer.