The most important factors of production are capital and labor.

Gilt Ltd is a small company with an issued share capital of 100,000 ￡1 shares held by 100 members.

Harry, the managing director of Gilt Ltd, has been approached by Itt plc in respect of its making a takeover bid for Gilt Ltd. Itt plc has given Harry what is described as a facility fee of ￡50,000 for ensuring that the takeover is successful.

At the next board meeting Harry convinces the other directors that the take-over bid is in the long-term interest of Gilt Ltd, but they are concerned that the holders of the majority of the issued share capital will not approve of the takeover.

In order to ensure the success of the takeover, the directors of Gilt Ltd agree that they should allot suffi cient new shares to Itt plc to ensure that a new majority of members will support the takeover.

After the allocation of the shares to Itt plc a general meeting is called to consider the takeover and it is approved, with Itt plc voting in favour.

May, a substantial shareholder in Gilt Ltd has subsequently found out about the actions of Itt plc, Harry and the other directors.

Required:

Advise May as to the legality of the share allotment and as to what action can be taken against Harry.

&8226;Read the article below about problems of motivation at work.

&8226;For each question (31-40), write one word in CAPITAL LETTERS on your Answer Sheet.

Regain your motivation

Getting out of bed to go to work is one of life's lesser pleasures. (31) great the job is, most of us struggle on Monday morning. But when that feeling stretches through the entire week, something deeper may (32) wrong. Sometimes it's tempting to dismiss feelings of boredom or frustration (33) part of working life. But if you're constantly feeling uninterested, you need to ask yourself some questions.

Demotivation isn't just caused by major setbacks, like being passed (34) for promotion, or refused a salary increase, but can be a product of far more subtle aspects. Try to define the most important aspects of your job for you personally - and (35) action if you feel things aren't right. Talk to agencies or headhunters about your skills and find out (36) you're worth on the open market.

It can be all (37) easy to blame your job when you feel demotivated - when it can be just as easily down to you, as Sally Martin, a fundraising manager for a charity, discovered. 'I had started to resent my job, the fact that I had no perks, no chances to travel - (38) from visiting other dingy offices for meetings. But then some friends were talking about how superficial they felt their jobs were, and I suddenly realised I couldn't say that about my job. In fact, I really felt (39) was a point to it. I remembered that's why I'd taken it in the (40) place' So remember; always give your old job a chance before starting to search for a new one.

(31)

?Read the article below about employees.

?Choose the best sentence from the opposite page to fill each of the gaps.

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

?Do not use any letter more than once.

A CONDENSED EMPLOYEE LIFE CYCLE

An employee life cycle is the steps the employees go through from the time they enter a company until they leave. Often Human Resources professionals focus their attention on the steps in this process in hopes of making an impact on the company's bottom line. That is a good thing for them to do. Their goal is to reduce the company's cost per employee hired. Employees are one of a company's largest expenses these days. Unlike other major capital costs (buildings, machinery, technology, etc.) human capital is highly volatile. You, as a manager, are in a key position to reduce that volatility using the condensed employee life cycle of HIAR ( pronounced hire)--Hire, Inspire, Admire, Retire.

Hire: This first step is probably the most important. It is important to hire the best people you can find. (8) The cost of replacing a bad hire far exceeds the marginal additional cost of hiring the best person in the first place.

Inspire: Once you have recruited the best employees to come to work on your team, the hard part begins. You have to inspire them to perform. to their capabilities. (9) That is where you will get their best effort and their creativity that will help your organization excel.

Admire: Once you have hired the best employees and have challenged and motivated them, you can not relax. (10) The same attention you paid to their work assignments, to their satisfaction levels, to their sense of being part of a great team, needs to continue for as long as they are in your group. As soon as you start to slack off, their satisfaction and motivation decrease. If you don't do something, they will become disenchanted and will leave. They will become part of the "employee turnover" statistic you were trying to avoid.

Retire: This is when you know you have been successful. When employees see your company as the employer of choice, they will join you. (11) As long as you continue to inspire, motivate, and challenge them, they will continue to contribute at the high levels you need in order to beat your competition. They Will be long-term employees; even staying with you and your company until they retire. (12) You will attract and retain the second and even third generation employees.

A This is not a time to be cheap.

B When they recognize you as a good boss and a real leader, they will stay around.

C To the extent that you can be a good boss, you can keep employees, keep them happy, and reduce the costs associated with employee turnover.

D Their goal is to reduce the company's cost per employee hired.

E The biggest mistake a manager can make is to ignore employees.

F You have to challenge and motivate them.

G They will refer other quality employees to your company, including their relatives.

(8)

At 1 January 20x0, the capital structure of Q, a limited liability company, was as follows: Issued share capital 1,000,000 ordinary shares of 50c each 500,000 Share premium account 300,000 On 1 April 20x0, the company made an issue of 200,000 50c shares at $1.3 each, and on 1 July, the company made a bonus issue of one share for every four in issue at the time, using the share premium account for the purpose. Which of the following correctly states the company’s share capital and share premium account at 31 December 20x0?

A、Share capital share premium account $750,000 $230,000

B、Share capital share premium account $875,000 $285,000

C、Share capital share premium account $750,000 $310,000

D、Share capital share premium account $750,000 $610,000

A、Personal residence

B、Land used for business parking lot

C、Pickup truck used for personal transportation

D、Corporate bonds held for investment purposes

E、A hand-written letter by Dwight Eisenhower held in a private collection

A国和B国有两种生产要素：资本和劳动，用于生产两种产品X和Y。两国的技术水平一样，X是资本密集产品，A国是资本充裕的国家。分析下列情形中，两国贸易条件和福利的变化：

  a．A国的资本存量增加。

  b．A国的劳动供给增加。

  c．B国的资本存量增加。

  d．B国的劳动供给增加。

  Countries A and B have two factors of production，capital and labor，with which they produce two goods，X and Y Technology is the same in the two countries．X is capital intensive：A is capital abundant．

  Analyze the effects on the terms of trade and the welfare 0f the two countries of the following：

  a．An increase in A's capital stock．

  b．An increase in A's labor supply．

  c．An increase in B's capital stock．

  d．An increase in B's labor supply．

Included within the financial assets of Zinet Co at 31 March 20X9 are the following two recently purchased investments in publically-traded equity shares:

Investment 1 – 10% of the issued share capital of Haruka Co. This shareholding was acquired as a long-term investment as Zinet Co wishes to participate as an active shareholder of Haruka Co.

Investment 2 – 10% of the issued share capital of Lukas Co. This shareholding was acquired for speculative purposes and Zinet Co expects to sell these shares in the near future.

Neither of these shareholdings gives Zinet Co significant influence over the investee companies.

Wherever possible, the directors of Zinet Co wish to avoid taking any fair value movements to profit or loss, so as to minimise volatility in reported earnings.

How should the fair value movements in these investments be reported in Zinet Co’s financial statements for the year ended 31 March 20X9?

A.In profit or loss for both investments

B.In other comprehensive income for both investments

C.In profit or loss for investment 1 and in other comprehensive income for investment 2

D.In other comprehensive income for investment 1 and in profit or loss for investment 2

A、Stocks and bonds

B、Office furniture used in a business

C、Monet painting privately held

D、Apartment building held for investment

E、Personal residence

The ______ value of labor in capitalist society does not represent the real value of labor.

A．actual

B．true

C．genuine

D．real

Tracing missing persons can take much patient detective work. But a special kind of “private eye” can trace the missing ancestors of whole peoples by studying the clues buried by words. __1__These philologists, such as the language detectives are called, have traced __2__the word trail back from peoples in Europe, India, South Africa, the Americas,and the Pacific islands in a tiny nameless, and forgotten tribe that roamed central __3__Eurasia 5000 to 6000 years ago, before the dawn of writing history. __4__Since a long time scholars have been puzzled over the striking __5__difference of words in different languages. In Dutch, vader; in Latin, pater;in __6__old Irish, athir; in Persian, pidar;in the Sanskrit of distant India, pitr.

These words all sounded likely and meant the same thing—“father” __7__Where did it happen that widely separated peoples used such __8__close related sound symbols? The problem baffled linguists for years. The more so __9__because “father” was but one of a host of such coincidences. Towards the end of the 18 century it dawned on scholars that perhaps all these words stemmed __10__from some common language.