单选题Mergers and Acquisitions Mergers and Acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow (21) without having to create another business entity. In business or economics a merger is a (22) of two companies into one larger company. Such actions are commonly (23) and involve stock swap or cash payment to the target. Stock swap is often used as it allows the shareholders of the two companies to (24) the risk involved in the deal. A merger can resemble a takeover but result (25) a new company name and in new branding; in some cases, (26) the combination a "merger" rather than an acquisition is done purely for political or marketing reasons. An acquisition, also known as a takeover or a buyout, is the buying of one company by another. An acquisition may be friendly or hostile. In the (27) case, the companies cooperate in negotiations; in the latter case, the takeover target is (28) to be bought or the target's board has no prior knowledge of the offer. Acquisition usually refers to a purchase of a smaller firm by a larger one. Sometimes, (29) a smaller firm will acquire management control of a larger or longer established company and keep its name for the combined entity. The acquisition process is very complex, with many dimensions influencing its (30) .

单选题· For each question 23-30, mark one letter A, B or C for the correct answer.

单选题Which of the following situations is a thoughtful, considered first move?

单选题George Kamp is the kind of tough English northerner who runs things his own way. Contrary to what is normal in big corporations today, his company has no remuneration committee, it is short on part-time directors and it has no qualms about employing family members. Mr. Kamp is chairman and chief executive of the engineering firm William Kamp, which has been a family business since the middle of the last century. Until a week ago none of this would have made the headlines. But a rival engineering company has changed this with its ￡58 million hostile takeover bid, putting Kamp's management style in the spotlight. Kamp is a fighter: "All my career, I've battled. I've had to battle with customers and suppliers and management." This will certainly not be his first fight. In 1980, when borrowing money was costing more than 20 per cent, his father was in favour of closing the business. George was not; he forced his father off the board of directors and saved the company. He says, "A difference of views arose. I said the company could either be run by me, or by him, but I couldn't stay there and implement his policy. There was a board meeting and he was persuaded to withdraw." He says his toughest battle was not taking on his father, but forcing his 160-strong workforce to accept automation at the factory in 1982. "I was really in a difficult position then. The management were against me, the men were against me. The change meant they would have to work a lot harder. I got them all together, and I just said, "We've got to make this work-it's all our livelihoods at stake. "I was determined to make this business work to save the British steel foundry industry." He won that battle, too. Rationalizations, cost-cutting, and a string of 14 acquisitions followed, and the loss-making family business became a recognized leader in the steel castings industry. Kamp makes running William Kamp sound like a military operation, and there is something in his clipped language which is irresistibly reminiscent of the army. His management style is unashamedly autocratic. "I have a very loyal team, and, yes, they have to work hard but they like it," he says. But unusually for a publicly quoted company, his loyal staff include his wife, Ellen, a lawyer who works as a consultant for the company. "I'm not frightened of having to justify this," he says. The shareholders are getting a good deal out of his wife, he reckons, as the company would probably have to pay double for the same services from any other consultant. Kamp robustly defends his own pay and the generous terms of his contract. He reckons he is worth it. "There is a ￡5 million 'key man' insurance policy on me, and some of our banking arrangements are dependent on me staying with the company. So the outside world reckons I'm fairly important-that isn't just my opinion." He describes himself as being like the captain of a ship, and he has a firm belief in experience rather than management theory. "You've got to learn your management skills by practical experience; otherwise you confuse delegating with passing the buck and you don't know when people are talking rubbish. I have the strength to fight off this takeover bid. For me it's war. I am autocratic, because that's how you win. When you cut out all the emotion, it's down to money. William Kamp is worth much more than this most inferior rival company has suggested. And I know I will be able to convince the shareholders of this./

单选题The Importance of Appraising Employee Performance in Downsized Organisation The experts call it"ghost work"：it's what's left for the survivors to do when layoffs have cut an organisation's staff to a bare-bones minimum．Work that still has to get done is reassigned to people who may not have the skills-and certainly don't have the time- to do it．The strain of"ghost work，"the specter of more downsizing and restructuring， the disappointing news that raises and bonuses have been reduced or eliminated this year- they all can combine to make performance-appraisal season particularly stressful for employees and managers alike． But even though managers may be tempted to avoid performance appraisals，it's no time to back away．Done right，performance appraisals can give employees a better understanding of the new and different demands of their jobs in the context of the company's changing needs．Don't duck the tough issues，say the experts，but don't overlook the opportunity to emphasise the future，either．The performance appraisal is a great opportunity to emphasise that employees have a stake in reengineering work processes and helping the company stay competitive in tough times． "It's important in the appraisal process that we let employees know that our dreams for them and for the company aren't being abandoned；rather，they are being postponed until the company finds a way to adapt to the new circumstances it faces，" says Dale Furtwengler，author of The 10-Minure Guide to Performance Appraisals (Macmillan，2000)and president of the St．Louis-based consulting firm Furtwengler & Associates． "That way"，he says，"we can refocus their talents and energy toward finding solutions．" No matter what challenges confront the company or the business unit，a manager must avoid the temptation to give all her reports a good review．Malachi O'Connor， vice president of the Centre for Applied Research(CFAR)，a management consulting firm with offices in Philadelphia and Boston， believes that managers who give all their reports positive reviews just to avoid trouble are in fact creating it for themselves．Especially if the unit's results are average or worse， others in the company will know not to trust the consistently good assessments that manager gives． "We know many cases where the evaluations in a person's file are filled with‘exceeds expectations，’but they're not being promoted． It's because of the more realistic conversation about that person that takes place outside of the evaluations，"0'Connor says．"That does a disservice to everyone，especially the people not getting the feedback they deserve．" Performance appraisals can strengthen the organisation．In a downturn，employees'concern about their own performance is greater than ever，even among the star performers，says Lila Booth，a Philadelphia-area management consultant．In the face of silence about performance，she warns，people are apt to think，"I'm next in line for the ax．"Employees need ongoing feedback on performance and on the financial state of the company，she says，to avoid"the fear and fury"such anxiety can cause． Patty Hargrave，a human resources specialist at Administaff，in Kennesaw，Georgia， agrees．"Especially now during this economic crisis，businesses are scrutinizing what is important and what is not，"she writes in a recent blog post．And， while companies may want to weigh the costs versus the benefits of employee performance appraisals，"when appraisals are done correctly-meaning fairly and consistently and for the right reasons the benefits can be well worth the efforts．"Hargrave stresses the importance of keeping the appraisal a two-way conversation．"Employees need to be considered as equal participants in the process，and managers need to place an emphasis on coaching or counseling in order to inspire improvements．/

单选题 Business communicationOne of the most important features in any business is communication. Good communications are required at all stages of the business process. Businesses employ, and are owned and run by, various groups of people. Workers, directors and shareholders are three important groups closely (21) with a business. Other influential groups include customers, suppliers and the government.Communication (22) between these groups and the individuals who make up the groups. Within (23) companies internal communications occur at, and between the various levels. Directors communicate with one another concerning the company's overall strategy. They (24) managers of their plans, and the managers then communicate with the other employees (25) are conducted concerning pay and working conditions. Managers communicate decisions and orders and try to (26) morale and motivation through good communication. Employees (27) communicate with each other, for example over production and wages.External communication occurs when a company's directors or employees communicate with those individuals and groups who (28) with the company. Shareholders receive copies of the company's annual accounts, together with the (29) of the Chairman and Directors. Government departments require statistical and financial information from the company. An advertising agency is (30) about the company's advertising policies. Customers need to know if goods have not been despatched and suppliers contacted if their goods have not been delivered. Reliable and effective communication is one of the key elements which leads to efficient management of a company.

单选题

单选题· For questions 23-30, mark one letter A, B or C for the correct answer.

单选题According to the first paragraph, which is the best word to describe air travellers' reaction to airline alliances?

单选题A. New Store Parkin's search for a site for its next store has been ended by Marsden's misfortunes, with Parkin agreeing to buy half of the latter's Birmingham store for￡40m. Parkin's main store is in London, but it opened its second, in Birmingham, three years ago, and has been seeking sites in other large cities. There was surprise that the new store, likely to open next year, is so close to the existing one, where profits have so far beaten Parkin's sales targets, in case it draws customers away from the existing outlet. B. Capacity Cut The packaging industry has typically suffered from a vicious cycle, with rising prices leading to excess capacity, which in turn leads to a collapse in prices, and Johnson Keithley is no exception. The company has been attempting to smooth the boom/bust cycle by better capacity management, but it admitted yesterday that it has been forced to make significant cuts to capacity because of a surprisingly sharp downturn in demand. The group now expects its second-half results to fall below expectations, and warned of further problems on the horizon. C. Hit by Higher Costs Higher raw-material costs have reduced full-year profits at Bonner's, the plastics manufacturer, with prices of polyethylene, the main component of its business, rising 8% since last year. Profits were also held back by the disposal of its packaging division, which accounted for over half of turnover the previous year. Additional costs were incurred by relocating the head office from Wrexham to Cardiff, and I from reorganization and redundancy in its plastics business. Bonner's said that trading in the current year has started slowly, particularly in its European markets. D. Surprise Fall Shares in regional supermarket chain Couldson fell steeply yesterday after the retailer warned of losses at its biggest outlet, in Bristol. The warning was in stark contrast to its trading statement three months ago, which reported a rise in like-for-like sales of 5% in the preceding month. However, trading across the rest of the chain, including seven outlets bought last year from Luxona, showed a healthy improvement. The company has promised to do all it can to stem the decline of the last four weeks at the Bristol outlet. E. Modest Improvement Dorcas Foods has posted a modest rise in interim profits. However, the company says it has had to absorb increased costs at its Quality Sugar subsidiary and the impact of a margin squeeze at its Australian baking operations. In sugar, the continued strength of sterling has capped profits, and with Dorcas's move out of sugar-beet refining, expenditure on redundancy is having a serious impact. At the same time, floods in Australia have led to higher wheat prices, which in turn have reduced margins in the company's baking operations.

单选题Income vs. Leisure Because both leisure and income are (21) ,we confront a tradeoff when deciding whether to go to work. Going to work implies more income but less leisure. Staying home has the opposite consequences. The (22) tradeoff between labor and leisure explains the shape of individual labor-sup ply (23) As we work more hours, our leisure time becomes scarcer—and thus more valuable. We become increasingly (24) to give up any remaining leisure time as it gets ever scarcer. People who work all week long are reluctant to go to work on Saturday. It's not that they are physically exhausted. It's just that they want some time to enjoy the (25) of their la bor. In other words, as the opportunity cost of job time increases, we require (26) higher rates of pay. We will supply additional labor—work more hours—only if higher wage rates are offered: this is the message conveyed by the upward-sloping labor-supply curve. The upward slope of the labor-supply curve is (27) with the changing value of income. Our (28) motive for working is the income a job provides. Those first few dollars are really precious, especially if you have bills to pay and no other source of support. As you work and earn more, however, you discover that your most (29) needs have been satisfied. You may still want more things, but your consumption desires aren't so urgent. In other words, the margin al (30) of income declines as you earn more. You may not be willing to work more hours unless offered a higher wage rate.

完形填空In just eight years, by 2010, there will be 58 million jobs in the United States, (0) the Bureau of Labor Statistics. The bureau (21) between now and 2010 some 22 million new jobs will be created. And 36 million more (22) will result from retirements and others who drop out of the workforce. Nearly all that job (23), incidentally, will come in the service sector. Manufacturing jobs will grow at only (24) of a percent annually. That''s not because those jobs are going overseas, by the way. Blame the slow growth in manufacturing (25) the fast growth in manufacturing productivity. Ed Potter, president of the Employment Policy Foundations in Washington, said the foundation''s analysis of job growth and what''s (26) happening in education show there could be as (27) as 3.5 million professionals at the ,end of this decade. Despite the current recession and layoffs, a (28) of employers by the National Association of Manufacturers found 80 percent of companies say a severe shortage of qualified job (29) already exists. And 60 percent of those companies said the lack of skilled workers is (30) their ability to produce. A. basing on B. basic on C. accordance to D. according to EXAMPLE：The correct answer for blank (0) is D.

完形填空Promotions, Transfers, and Separations In the past, employees stayed with a company for most or all of their working life. Today''s employees, however, are more (0) to change jobs several times as they search for better opportunities. In the United States, most organizations experience (21), costly employee (22) as employees leave for one reason or another. Turnover occurs because of promotions, transfers, and separations. A promotion is an advancement, or (23) movement within an organization to a position with increased authority, responsibility, and salary. In some companies, (24)—the length of time a person has been with the company—is the key issue in determining who should be promoted. A transfer is a horizontal move from one job to another within a company. Transfers allow workers to obtain new skills or to find a new (25) within an organization when their old position has been (26) because of automation, decreased sales, or some other factors. A separation is the departure of the employee from the organization. Separations occur because of resignation, layoff, and retirement. Resignation is giving up one''s job (27). A layoff is (28) of employment due to slow business conditions, the elimination of specific jobs, or the closing of work facilities. Retirement is separation because of age or after a specified number of years of service. A well-organized human resources department strives to (29) losses due to separations and transfers because recruiting and training new employees is very expensive. A high turnover (30) in an organization may signal problems with the selection or training process or with the compensation program. A. able B. impossible C. about D. likely EXAMPLE：The correct answer for blank (0) is D.

完形填空Job Enrichment While pay is an attempt to (0) zestful employees, job enrichment is an effort to motivate via the work itself. Job enrichment is the (21) of changing the job so that the work will appeal to employees'' higher-level needs. Its aim is to make the work more meaningful. First, job enrichment is merely (22) up, working harder at what you are doing. Second, it is not job (23), merely adding another meaningless job. Some managers assume they are enriching subordinates'' work by adding their duties, but the duties must make the job more meaningful in order to be enriching. Third, rotating (24) tasks does not help, at least not very much. Fourth, job enrichment does not mean (25) away all the hard parts and making the task more routine. Then what is job enrichment? Job enrichment is based on Frederick Herzberg''s two-factor theory of (26) Herzberg argued that because job rotation and job enlargement do not provide workers with any additional responsibility or (27) over their jobs, they do not really enhance employee motivation. Job enrichment (28) to increase both the number of tasks a worker does and the control the worker has over the job. Many companies (29) job enrichment to improve the quality of work life for their employees. The (30) benefits of job enrichment are great, but it requires careful planning and execution. A. reward B. encourage C. stimulate D. promote EXAMPLE：The correct answer for blank (0) is A.