育教僑華真三第張九第日三初月十年未己歷复
1980
中學會考試題預習專欄
經濟及公共事務 (t)
明德出版社 王啓光 陳勵德
*提供資料
Economic and Public Affaire(7)
K.K. Wong & L.T. Chan
(Mill & Dale Press Ltd,
SHARES, DEBENTURES and
THE STOCK EXCHANGE
Types Of Shares
The captial of a limited company is divided. into shares shares, eg. in $1 units. There are a number of
different types of shares
and a single company may issue more than one type of shares
· in order to appeal to the
different classes of
investors, some of whom are more willing to undertake greater risks than others. Shares are not always fully paid up. For instance, only $0.80 may have been paid for. the $1 ahare, but the company has the right to call up the balance if necessary (1) Ordinary Shares
(Common Stocks), generally these shares carry no fixed rate of dividend and the holder can receive a share of the profit only after all other claims have been met, Each share: entitles its holder to participate in the
earnings of the firm in common with other shares, and each share also gives the right to the owner to one vote in the annual stockholders' mee
meeting.
As owners of the firm, ordinary stockholders: stand to make good profits when the firm is successful, but will sustain losses when business is poor. Clearly those people who invest. in ordinary shares are. bearing the principal risk, but in the hope getting a comparable reward .
(2) Preference Shares
(Preferred: Stocks)
these, like ordinary.
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shares, are shares in
ownership of the company.
But instead of equal
participation in the
profits, preference shares.
carry: fixed annual
dividends that must
be paid before
dividends can be declared
on ordinary shares.
There are many different types of preference shares. and guze examples are included here..
(a) Cumulative preference.
shares - if the fixed preference dividends are not paid in azi, given year, they accumulate, and all arrears must be paid. before any dividends can be declared on ordinary shares. Non-cumulative preference:shares
ê
if preference shares are non-cumulative, they are not necessary to provide for dividends. that were passed, A dividend ̇omission on preference
shares in any one year means that it is lost and dividends may be declared on ordinary shores as long as the preference shares receive the: preferred rate for the preferred rate. for. the current period. Participating preference shares apart from the priviledge of fix dividends, the participating preference shares. can enjoy a bonus: (extra profit shares) depending on the amount of profits exceeding a certain level. (d) Non-participating
preference shares when preference shares are non-participating, dividends on this class are limited. theu
preferred rate or amount. Debentures (Bonds)
In addition to the various classes of ownership, some companies. borrow money |for long periods by issuing. debentures, Debentures are not abares, and the holders- are creditors, and not members
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四期星
of the company, like the
·smoothly.
shareholders. The company.
promises to pay a specified
QUESTIONS
annual rate of interest and
to repay the borrowed
principal on a specified:date. Bond interest and principal are contractual claims against the firm and must be paid whether the firm**
If makes profits or not, payments are not made on the debenture holders can sue: the firm to collect.
use of debentures makes it possible for a firm: to borrow large amounts of money from a number of small creditors by breaking the debt into small units, just us issuing shares breaks up the ownership equity. Certain kinds of firus, most notably public: utilities.
e.g. the government, raise more of. their capital by debentures than by shares. The Stock Exchange.
A:stock exchange forms
a part of the financial market, It is a place where dealings. in securities take place,
that is, ed
desiring to
securities are brought into contact with those who want to sell. A stock. exchange has a limited membership and
the members are permitted to trade securities with each other. Since only members are permitted to conduct business on the exchange, others who want to buy or sell in this way must employ members.to.act on their behalf. In Hong Kong, the four, atock exchanges are the Hong Kong Stock Exchange, AÐI Far East Stock Exchange, the Kam Ngan Stock Exchanger
and the Kowloon Exchange.. Regulations regarding stock exchanges include The Stock Exchange Control Ordinance 1973, Securities Ordinance 1974: and the Protection of Investors Ordinance 1974. permanent Securities Commision, with the Commisioner for Securities its head, was set up, 1976, the Securities
(Amendment) Ordinance was passed and likewise The Securities (Stock Exchange Listing) Rules 1976, under | the Securities Ordinance,
were put into:effect. The se rules ensure that a well run
and regulated stock exchange will perform its functions
日二十月一十年九七九一屦公年八十六國民華中
1. Describe the economic functions of stock exchanges.
Stock exchanges provide
chances of investment fur the general public. They.
help to mobilize the "idle" savings of the community
to those firms which seek
to put them to productive uses. Through the
facilities of the exchange numerous small Buns of
money can be pooled togetirer to finance big projects.
which are beneficial to
the community, for example, offer more employment
opportunities. Stock
exchanges make it possible for an owner of securities to dispose of them if he ao, desires or he may 'convert his securities
into cash when necessary Stock: exchanges assist the capital market-by making: securities more liquid and this in a way, will encourage people to invest in them.
Stock markets are also a means to profit making. They offer constant opportunities for the investors to make profits ia the form of dividends or price gains. They can also provide capital for the f
government. By issuing bonds for sale in the stocl exchange, the government can raise funds for its projects eig. for ... construction of the mass transit railways. Often, the turnover of the stock exchange indicates to some extent the performance of an economy. In addition, competition between the many buyers and sellers in a free market will help to determine the credit. rating which an enterprise deserves, so that the more efficient and promising enterprises can raise capital more readily and pay a lower rate of interest than the legs efficient enterprises.
P1. stock.
exchanges.can ensure the efficient use of loanable funds by those firma which are more competitive and efficient in their
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business. It is because
investors usually put
their money capital in
those businesses which
are high-yielding:
文字推理
(十四)
文字推理練習十四 綜合練習
下列每题有五個項目,其中一個和其餘四個 並不同類;試選出返個不同類的項目來,並在它 的下面萱一橫線。
追豬肉
5.
4. A概子 Ata
B.眼鏡
B菊花
C粉等:D屈原子華E墨水筆! C土怨
C牛肉:D腹肉E雞肉 CD 頸巾,E箱帶
C玫瑰D牡丹日始格
我從下列每賴四個有編號的句子中,選出兩 句用來推斷出該縣的結論;並在所選答案的下 而要一橫線。
定是一尾紅色的魚。
(3)这是一尾黑色的魚。
适用正在缸裏游來游去。 蛾攤:這是一是黑色的金项。 P(1)fo{2} 0(1)和(3)
S(1)(4) T(2) 4014)," (1)建個攝影機是名廠的出品 (2)這個攝影機的價錢很便宜
(3)這個攝影機是爸爸送给我的
名送储镪感機的性能抵
P1)(2)
$(2)(4)
結論:這個俑影機价廉物美的
Q(1)(3) T(3) (4) 8.(1)我的左乎牽着妹妹的右手 (2)妹妹牵著弟弟的左手。 (3)弟弟味在我的前面。
(4)腿的右手奪者弟弟的在子。 結論:站林妹的左手牽著
自成一健圈。
P(1)+(2) Q(2) (3)
·S(2) *=(4) T(3) (4).
9.(1)必有很多鉛筆。
{2}弟弟的鉛筆都放在筆袋燕
(3)弟弟的筆袋放在當包裹
(4)年節納當包放在書桌
R(2)*(3)
R(1)+(4)
結論:弟弟要找鉛華必須先找到書包。
́P(1) (~(2) ~ = Q(2) @{3}.
$(2) (4
T(1)和(3)
R(1)和(4)
試把下列毎题有編號的句子,重新組織起
「來,續在上面句子的後面,使成一段遜順而合理
的文字;並在所選答案的下面茲一橫線。
10.在朦朧的月色下,
(1)截和姊姊都警在建英胞的景色中
(2)不覺夜深人静。
得一切顯得哭哭了
(P(3)(2)(1)
$(1)(2)(3)
11.請個馬戲團,
Q(1)(3)(2)
/T(3)(112)
门都老麻例外地受到熱烈的歡迎 (2)不論在什麼城市演出、
R(2X1)(3)
(3)打破以往一切馬戲團的費座紀錄。
C(2)(1)(3)
A(1)(2)(3)}", B(3)(1)(2)..
D{2)(3)(1) - E-(1)(3)(2)/
12. 池塘裏的荷花很多
(1)有盛放的也有含苞待放的 (2)有紅色的也有白色的; (3)戳着滿池綠茶,美麗極学
A(1)(2)(3) B(1)(3)(2) DOMENUL E(2)(3)(1)
C(2)(1)(3)
E
OB
SA
Q
OR
Q
Oc · @A
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