剑桥商务英语中级122Word文档下载推荐.docx

1、AQuatasQuatas now has more flights around Australia timed to suit your business. Thanks to the flexibility of Australias largest fleet of aircraft, we have introduced more early morning flights to get you to your destination. And more evening flights to take you home again. So whenever you need to d

2、o business within Australia, or across the world, choose the airline that now has more business flights than ever before.BUnited AirlinesUnited Airlines is the only one airline that flies direct from Sydney Harbour to the Golden Gate. We fly direct to San Francisco every Wednesday, Friday and Saturd

3、ay. This is in addition to our daily Los Angeles services. With United, San Francisco is now the golden gate to over 200 cities throughout America. So come fly the airline thats uniting the world. Come fly the friendly skies.CFlying SwissairRun a critical eye over the Swissair timetable for Europe,

4、and youll find its a masterpiece of structure and content. Drawing on a palette of some 50 cities, it also presents the unique choice of three different perspectives: reasonably priced Economy Class, comfortable Business Class and luxurious First Class. All of them inspire more and more discerning t

5、ravelers to discover the pleasures of flying Swissair.DCanadian flightsOur direct flights from Beijing will have you in North America in just 10 hours via the Vancouver Gateway. Then its your choice: transit directly to the major cities of America and Canada in time to conduct the same days business

6、, or stop over and enjoy a beautiful autumn day in Vancouver （including 3-stax hotel accommodation, three meals, half day guided tour and airport transfer）. Either way, Canadian brings you closer to where you want to be.（分数：（1）.You will have to transfer to the United States if you fly this airline.（

7、分数：1.00）填空项1:_（正确答案：D）解析：（2）.This company also has flights to another city on set time.（分数：B）（3）.By this flight, you may stay and enjoy yourself or continue your travel.（分数：（4）.You can go to every part of America from this city.（分数：（5）.The schedule makes it possible for you to do business within a d

8、ay.（分数：A）（6）.Flights are well scheduled and cover many European cities.（分数：C）（7）.This airline provides different kinds of cabins.（分数：三、PART TWO（总题数：5.00）Knowledge as a Strategic ResourceWhile having unique access to valuable resources is one way to create competitive advantage, in some cases either

9、this may not be possible or competitor?, may imitate or develop substitutes for those resources. Companies having superior knowledge, however, are able to coordinate and combine their traditional resources and capabilities in new and distinctive ways, providing more value for their customers than ca

10、n their competitors. That is, by having superior intellectual resources, an organization can understand how to exploit and develop their traditional resources better than competitors, even if some or all of those traditional resources are not unique. Therefore, knowledge can be considered the most i

11、mportant strategic resource, and the ability to acquire, integrate, store, .share and apply it is the most important capability for building and sustaining competitive advantage. （8） What is it about knowledge that makes the advantage sustainable? （9） Unlike many traditional resources, it is not eas

12、ily purchased in the marketplace in a ready-to-use form. To acquire similar knowledge, competitors have to engage in similar experience. However, acquiring knowledge through experience takes time, and cempetitors are limited in how much they can accelerate their learning merely through greater inves

13、tment.（10） Learning opportunities for an organization that already has a. knowledge advantage may be more valuable than for competitors having similar learning opportunities but starting off knowing less. For example, Big6 invested heavily in capturing and sharing knowledge about key engagements acr

14、oss the firm so that it could sustain its areas of advantage by always building on its latest knowledge, rather than reinventing the wheel while giving its competitors a chance to catch up.Sustainability may also come from an organization already knowing something that uniquely complements newly acq

15、uired knowledge, which provides an opportunity for knowledge synergy not available to its competitors. （11） Organizations should therefore seek areas of learning and experimentation that can potentially add value to their existing knowledge via synergistic combination.Sustainability of a knowledge a

16、dvantage, then, comes from knowing more about some things than competitor combined with the time constraints faced by competitors in acquiring similar knowledge, regardless of how much they invest to catch up. （12） The mere it is used, the more valuable it becomes, creating a self-reinforcing cycle.

17、 If an organization can identify areas where its knowledge leads the competition, and if that unique knowledge can be applied profitably in the marketplace, it can represent a powerful and sustainable competitive advantage.A New knowledge is integrated with existing knowledge to develop unique insig

18、hts and create even more valuable knowledge.B The broadest value proposition, then, for engaging in knowledge management is that it can enhance the organizations fundamental ability to compete.C Unlike traditional physical goods that are consumed as they are used （providing decreasing returns over t

19、ime）, knowledge provides increasing returns as it is used.D Knowledge-based competitive advantage is also sustainable because the more a firm already knows, the more it can learn.E Companies having superior knowledge, however, are able to coordinate and combine their traditional resources and capabi

20、lities in new and distinctive ways, providing more value for their customers than can their competitors.F As a competitive advantage, knowledge may generate more value for the company if it is appropriately used.G Knowledge - especially context-specific, tacit knowledge embedded in complex organizat

21、ional routines and developed from experience-tends to be unique, and difficult to imitate.G）四、PART THREE（总题数：6.00）How to read annual reportsFirst, turn back to the report of the certified public accountant. This third-party auditor will tell you fight off the bat if Galaxys report conforms with gene

22、rally accepted accounting principles. Then go to the footnotes. Check to see whether earnings are up or down. The footnotes often tell the whole story.Then turn to the letter from the chairman, Usually addressed to our shareholders, its up front - and should be in more ways than one. The chairmans t

23、one reflects the personality, the well- being of the company. In this letter, the chairman should tell you how the company fared this year. But more important, the letter should tell you why. Keep an eye out for sentences that start with Except for. and Despite the. Theyre clues to problems. On the

24、positive side, a chairmans letter should give you insights into the companys future and its stance on economic or political trends 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. On the top a

25、re 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 cur

26、rent 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

27、 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. Its in the income statement at the bottom: earnings per

28、share. Watch out. It can fool you. Galaxys 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 ar

29、ound? 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 companys debt. Turn to the balance, and divide long-term liabilities by owners equ

30、ity. Thats the debt-to- equity ratio. A high ratio means the company borrows a lot of money to spark its growth. Thats okay - if sales grow too, and d theres 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 cant.Finally, you have to compare. Is the companys debt-to-equity ratio better or worse than it used to be? Better or worse than the industry norms? In company-watching, com