剑桥商务英语中级122Word文档下载推荐.docx

剑桥商务英语中级122Word文档下载推荐.docx

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A

Quatas

QuatasnowhasmoreflightsaroundAustraliatimedtosuityourbusiness.ThankstotheflexibilityofAustralia'

slargestfleetofaircraft,wehaveintroducedmoreearlymorningflightstogetyoutoyourdestination.Andmoreeveningflightstotakeyouhomeagain.SowheneveryouneedtodobusinesswithinAustralia,oracrosstheworld,choosetheairlinethatnowhasmorebusinessflightsthaneverbefore.

B

UnitedAirlines

UnitedAirlinesistheonlyoneairlinethatfliesdirectfromSydneyHarbourtotheGoldenGate.WeflydirecttoSanFranciscoeveryWednesday,FridayandSaturday.ThisisinadditiontoourdailyLosAngelesservices.WithUnited,SanFranciscoisnowthegoldengatetoover200citiesthroughoutAmerica.Socomeflytheairlinethat'

sunitingtheworld.Comeflythefriendlyskies.

C

FlyingSwissair

RunacriticaleyeovertheSwissairtimetableforEurope,andyou'

llfindit'

samasterpieceofstructureandcontent.Drawingonapaletteofsome50cities,italsopresentstheuniquechoiceofthreedifferentperspectives:

reasonablypricedEconomyClass,comfortableBusinessClassandluxuriousFirstClass.AlloftheminspiremoreandmorediscerningtravelerstodiscoverthepleasuresofflyingSwissair.

D

Canadianflights

OurdirectflightsfromBeijingwillhaveyouinNorthAmericainjust10hoursviatheVancouverGateway.Thenit'

syourchoice:

transitdirectlytothemajorcitiesofAmericaandCanadaintimetoconductthesameday'

sbusiness,orstopoverandenjoyabeautifulautumndayinVancouver（including3-staxhotelaccommodation,threemeals,halfdayguidedtourandairporttransfer）.Eitherway,Canadianbringsyouclosertowhereyouwanttobe.

（分数：

（1）.YouwillhavetotransfertotheUnitedStatesifyouflythisairline.（分数：

1.00）

填空项1:

__________________ 

（正确答案：

D）

解析：

（2）.Thiscompanyalsohasflightstoanothercityonsettime.（分数：

B）

（3）.Bythisflight,youmaystayandenjoyyourselforcontinueyourtravel.（分数：

（4）.YoucangotoeverypartofAmericafromthiscity.（分数：

（5）.Theschedulemakesitpossibleforyoutodobusinesswithinaday.（分数：

A）

（6）.FlightsarewellscheduledandcovermanyEuropeancities.（分数：

C）

（7）.Thisairlineprovidesdifferentkindsofcabins.（分数：

三、PARTTWO（总题数：

5.00）

KnowledgeasaStrategicResource

Whilehavinguniqueaccesstovaluableresourcesisonewaytocreatecompetitiveadvantage,insomecaseseitherthismaynotbepossibleorcompetitor?

mayimitateordevelopsubstitutesforthoseresources.Companieshavingsuperiorknowledge,however,areabletocoordinateandcombinetheirtraditionalresourcesandcapabilitiesinnewanddistinctiveways,providingmorevaluefortheircustomersthancantheircompetitors.Thatis,byhavingsuperiorintellectualresources,anorganizationcanunderstandhowtoexploitanddeveloptheirtraditionalresourcesbetterthancompetitors,evenifsomeorallofthosetraditionalresourcesarenotunique.Therefore,knowledgecanbeconsideredthemostimportantstrategicresource,andtheabilitytoacquire,integrate,store,.shareandapplyitisthemostimportantcapabilityforbuildingandsustainingcompetitiveadvantage.（8）

Whatisitaboutknowledgethatmakestheadvantagesustainable?

（9）Unlikemanytraditionalresources,itisnoteasilypurchasedinthemarketplaceinaready-to-useform.Toacquiresimilarknowledge,competitorshavetoengageinsimilarexperience.However,acquiringknowledgethroughexperiencetakestime,andcempetitorsarelimitedinhowmuchtheycanacceleratetheirlearningmerelythroughgreaterinvestment.

（10）Learningopportunitiesforanorganizationthatalreadyhasa.knowledgeadvantagemaybemorevaluablethanforcompetitorshavingsimilarlearningopportunitiesbutstartingoffknowingless.Forexample,Big6investedheavilyincapturingandsharingknowledgeaboutkeyengagementsacrossthefirmsothatitcouldsustainitsareasofadvantagebyalwaysbuildingonitslatestknowledge,ratherthan"

reinventingthewheel"

whilegivingitscompetitorsachancetocatchup.

Sustainabilitymayalsocomefromanorganizationalreadyknowingsomethingthatuniquelycomplementsnewlyacquiredknowledge,whichprovidesanopportunityforknowledgesynergynotavailabletoitscompetitors.（11）Organizationsshouldthereforeseekareasoflearningandexperimentationthatcanpotentiallyaddvaluetotheirexistingknowledgeviasynergisticcombination.

Sustainabilityofaknowledgeadvantage,then,comesfromknowingmoreaboutsomethingsthancompetitorcombinedwiththetimeconstraintsfacedbycompetitorsinacquiringsimilarknowledge,regardlessofhowmuchtheyinvesttocatchup.（12）Themereitisused,themorevaluableitbecomes,creatingaself-reinforcingcycle.Ifanorganizationcanidentifyareaswhereitsknowledgeleadsthecompetition,andifthatuniqueknowledgecanbeappliedprofitablyinthemarketplace,itcanrepresentapowerfulandsustainablecompetitiveadvantage.

ANewknowledgeisintegratedwithexistingknowledgetodevelopuniqueinsightsandcreateevenmorevaluableknowledge.

BThebroadestvalueproposition,then,forengaginginknowledgemanagementisthatitcanenhancetheorganization'

sfundamentalabilitytocompete.

CUnliketraditionalphysicalgoodsthatareconsumedastheyareused（providingdecreasingreturnsovertime）,knowledgeprovidesincreasingreturnsasitisused.

DKnowledge-basedcompetitiveadvantageisalsosustainablebecausethemoreafirmalreadyknows,themoreitcanlearn.

ECompanieshavingsuperiorknowledge,however,areabletocoordinateandcombinetheirtraditionalresourcesandcapabilitiesinnewanddistinctiveways,providingmorevaluefortheircustomersthancantheircompetitors.

FAsacompetitiveadvantage,knowledgemaygeneratemorevalueforthecompanyifitisappropriatelyused.

GKnowledge--especiallycontext-specific,tacitknowledgeembeddedincomplexorganizationalroutinesanddevelopedfromexperience-tendstobeunique,anddifficulttoimitate.

G）

四、PARTTHREE（总题数：

6.00）

Howtoreadannualreports

First,turnbacktothereportofthecertifiedpublicaccountant.Thisthird-partyauditorwilltellyoufightoffthebatifGalaxy'

sreportconformswith"

generallyacceptedaccountingprinciples"

.Thengotothefootnotes.Checktoseewhetherearningsareupordown.Thefootnotesoftentellthewholestory.

Thenturntotheletterfromthechairman,Usuallyaddressed"

toourshareholders,"

it'

supfront--andshouldbeinmorewaysthanone.Thechairman'

stonereflectsthepersonality,thewell-beingofthecompany.Inthisletter,thechairmanshouldtellyouhowthecompanyfaredthisyear.Butmoreimportant,thelettershouldtellyouwhy.Keepaneyeoutforsentencesthatstartwith"

Exceptfor..."

and"

Despitethe..."

They'

recluestoproblems.Onthepositiveside,achairman'

slettershouldgiveyouinsightsintothecompany'

sfutureanditsstanceoneconomicorpoliticaltrendsthatmayaffectit.

Nowbegindiggingintothenumbers!

Onesourceisthebalancesheet.Itisasnapshotofhowthecompanystandsatasinglepointintime.Onthetopareassets--everythingthecompanyowns.Thingsthatcanquicklybeturnedintocasharecurrentassets.Onthebottomareliabilities--everythingthecompanyowes.Currentliabilitiesarethedebtsdueinoneyear,whicharepaidoutofcurrentassets.Thedifferencebetweencurrentassetsandcurrentliabilitiesisworkingcapital,akeyfiguretowatchfromoneannualreporttoanother.Ifworkingcapitalshrinks,itcouldmeantrouble,onepossibility:

thecompanymaynotbeabletokeepdividendsgrowingrapidly.Owners'

equityisthedifferencebetweentotalassetsandliabilities.Itisthepresumeddollarvalueofwhattheownersorshareholdersown.Youwantittogrow.

Thesecondbasicsourceofnumbersistheincomestatement.ItshowshowmuchmoneyGalaxymadeorlostovertheyear.Mostpeoplelookatonefigurefirst.It'

sintheincomestatementatthebottom:

earningspershare.Watchout.Itcanfoolyou.Galaxy'

smanagementcouldboostearningsbysellingoffaplant.Orbycuttingthebudgetforresearchandadvertising.Thenumberyou.shouldlookatfirstintheincomestatementisnetsales.Askyourself:

aresalesgoingupatafasterratethanthelasttimearound?

Whensalesincreasesstarttoslow,thecompanymaybeintrouble.Havesalesgonedownbecausethecompanyissellingoffalosingbusiness?

Ifso,profitsmaybesoaring.

Anotherimportantthingtostudyisthecompany'

sdebt.Turntothebalance,anddividelong-termliabilitiesbyowners'

equity.That'

sthedebt-to-equityratio.Ahighratiomeansthecompanyborrowsalotofmoneytosparkitsgrowth.That'

sokay--ifsalesgrowtoo,anddthere'

senoughcashonhandtomeetthepayments.Acompanydoingwellonborrowedmoneycanearnbigprofitsforitsshareholders.Butifsalesfall,watchout.Thewholeenterprisemayslowlysink.Somecompaniescanhandlehighratios;

otherscan'

t.

Finally,youhavetocompare.Isthecompany'

sdebt-to-equityratiobetterorworsethanitusedtobe?

Betterorworsethantheindustrynorms?

Incompany-watching,com