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2006/2007 First Semester Test 3 1List three functions that can be served by setting objectives in a business firm.(3 marks) • Sense of direction to everyone in the business firm. • By comparing the performance with the objectives, management can also check on the progress of the business. • Objectives can serve some motivational purposes. 2What advantages will the shareholders gain after a listed company becomes a private limited company?(4 marks) • Reasons:(Any four points) • Avoid hostile takeover • Avoid stringent government control on listed companies • Avoid complex and costly legal / administrative procedures • Avoid extra accounting costs • Buy back company's undervalued or thinly-traded stock • 3.Joint ventures in PRC have been increasing rapidly during recent years. You were a manager of foreign company and were indicated to examine the possibility of setting up joint venture in PRC, how would you evaluate this kind of business ownership? (25 marks) • (a) Candidates should define joint venture A partnership arrangement...

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