Passage 12Questions 8-12
● Read the article below about loans for business.
● Choose the best sentence from the opposite page to fill each of the gaps.
● For each gap (8—12), mark one letter (A—G) on your Answer Sheet.
● Do not use any letter more than noce.
● There is an example at the beginning, (0).
Loans for Business Loans for business refer to the loans available to the business owners of all sizes who need financial assistance to expand their business. Business loans are generally used for business start-up, business growth or business enhancement. (0)______ Almost every businessman takes loans for business at the critical moment, because it is very obvious to need additional financial resources at various stages of business development.
There are various kinds of loans available to the business owners. They have to just pick the right one keeping in mind their own requirements, specific needs and personal capabilities of repaying the loans. (8)______. So, every loan request from the business enterprises should bear proper documentation showing the growth prospect and the estimated profits of the business clearly.
Business loans can be availed from various resources. Among them Bank loans are very frequently taken by business owners. (9)______. For this reason maximum amount of loans granted by the bank goes to the large and established business houses.
It is somewhat difficult for the small businesses or the start-up businesses to acquire business loans from banks. (10)______. As these loans come with no limit on the loan amount and can be availed at easy terms and conditions, these are ideal business loans for a small business or for a business yet to be started. If a business owner succeeds in assuring the government about the authenticity and profitability of the business in using a well designed business plan and if the business owner has no criminal record, then it is not a difficult task to avail a Government loan. Government also provides some special loans to the elderly people who want to start a business and also to the minority people for a new business setup.
(11)______.These loans from business organizations are generally granted after considering the target market and the growth potential of the business. There is also another type of business loans which are termed as Micro Loans. These loans are small loans especially for the small and the start-up businesses. On submission of proper business plan including estimated financial profit, these Micro loans are granted to the small business enterprises and new business ventures. (12)______. Other business loans which are not frequently used but should be mentioned are franchise loans and export financing. Franchise loans are those business loans which are given by franchise companies or the loans availed under the help of franchise companies. Export Financing encourages lenders to give working capital loan by ensuring the repayment of the loan within due time.
A. Loans for business can also be taken from other large business houses at the cost of indulging in a partnership with them.
B. It is Government loans that are best suited for small businesses.
C. Whatever the size of the business is, the lenders always verify the actual purpose of the loan and the viability or profitability of the business before giving any loan.
D. Generally this kind of business loan is used buying inventory and paying operating expenses.
E. But the eligibility criterion for this loan is that, the aspiring business owner must complete business training.
F. But it is very difficult to impress banks and it needs extensive documentation of business growth plan.
G. Business loans can also be used for further capital investment in business and refinancing business debt.
Where does the article say people will be allowed to smoke after the smoking ban in France comes into force?
Passage 6Questions l9—33
● Read the article below about Federal Deposit Insurance Corporation
● Choose the best word to fill each gap, from A, B, C or D·
● For each Question l9—33, make one letter (A, B, C or D) on your Answer Sheet.
● There is an example at the beginning.
Federal Deposit Insurance Corporation Before l993, and particularly (0)______iod l929-33, bank failures were not uncommon. (19)______ a bank overextended itself in creating credit or if several of its important loans could not be repaid, depositors in the bank would frequently become panicky (惊慌的) and (20)______ to make large withdrawals. (21)______ the bank had only a small number of its deposits backed by currency, the bank would soon be unable to meet withdrawals, and most depositors (22)______ their money. Most frequently a bank merely needed time to improve its cash position by calling in some of its loans and not making additional ones. In l933, the number of bank failures (23)______ a peak, forcing the federal government to intervene and (24)______ the banks temporarily (暂时地). To help restore the public’s confidence in banks and strengthen the banking community, Congress passed legislation setting (25)______ the Federal Deposit Insurance Corporation. (26)______ corporation, an agency of the federal government, now insures over 90 percent of all mutual (互相的) savings and commercial bank deposits for (27)______ $100,000 per deposit. The FDIC has (28)______ its insurance fund by charging member institutions one. twelfth of 1 percent of their total deposits.
As a result of the protection(29)______ by the FDIC and through other kinds of supervision (监管), bank failures have been reduced to a few isolated instances. When deposits are federally insured, people (30)______ rush to withdraw their money if they (31)______ the financial condition of there bank. The delay gives the banks the necessary time to adjust their cash credit balance, and this action helps to reduce the (32)______ of bankruptcy (破产). For an example of the value of the FDIC, note that the failure in l974 of the huge Franklin National Bank did not (33)______ a panic, and that depositors lost no money as Franklin was taken over by another bank.
Example:
A in B during C about D at
19. A. Although B. Even if C. If D. Because
20. A. have begun B. begin C. can begin D. will begin
21. A. Because B. Because of C. As a result D. Considering
22. A. lost B. had lost C. will lost D. would lose
23. A. fell from B. reached C. climbed up D. arrived
24. A. closed B. closing C. close D. has closed
25. A. in B. about C. up D. to
26. A. For the B. This C. As a D. A
27. A. up to B. as much C. as many as D. equal
28. A. built up B. build up C. built D. build
29. A. provided B. providing C. provided with D. provided by
30. A. no B. any more C. no longer D. not
31. A. become concerned about B. become concerned with C. become concerned in D. concern
32. A. likely B. possibility C. possibly D. opportunity
33. A. touch up B. touch down C. touch off D. touch on
Passage 7Questions 19-33
● Read this article about the effect of the Asian crisis on Latin American countries.
● Choose the correct word from A, B, C or D to fill in each gap.
● For each question 19-33, mark one letter A, B, C or D on your Answer Sheet.
● There is an example at the beginning. (0).
Latin American stocks fell for a second day on Friday in reaction to Asia’s currency and stock market crash. There were fears that the Asian crisis could (0)______. investors in other emerging markets.
Argentina and Mexico (19)______ the highest falls, with their indexes down by 4% by the (20)______ of trading on Friday. Brazil’s Bovespa index, which on the same day (21)______ by far the steepest plunge in the Americas, was down 2.9%.
“What’s happening in Hong Kong has been a terrible (22)______ to the system,” said Richard Watt, who (23)______ 3. 5 billion dollars in emerging market investments for BEA Associates in New York. Investors in Brazil were concerned that its economic problems were dangerously (24)______ to those that have caused the currency and market plunges in Thailand, Malaysia and other Asian (25)______
“Brazil’s economy is far from (26)______ ,” said lan Campbell, chief economist at ABN Amro Bank NV Amsterdam. “Its current account and fiscal (27)______ are large and its currency is overvalued. “There’s no (28)______ in trying to catch a falling knife,” said Jane Heap, Latin American stock strategist at Deutsche Morgan Grenfell. “There’s no room for (29)______ in Brazil until the US and Asia get back to normal. “
There were also concerns that foreign investors who specialise in emerging markets could be (30)______ to sell their shares in Latin America to (31)______ their Asian losses.
“There’s a lot of nervousness about whether investors will (32)______ their money out of stocks, because of instability in Asia,” said German Guerrero, chief trader at the Chilean brokerage Celfin SA.
Chilean markets were down only (33)______ in afternoon trading. The Chile selective stock index fell 0.72 % and the Chile general stock index was down 0. 64 %.
Example:
A perform B influence C conduct D make
19. A. sent B. experienced C. took D. enjoyed
20. A. stop B. cancellation C. close D. collapse
21. A. urged B. delivered C. recovered D. suffered
22. A. shock B. reaction C. block D. attack
23. A. directs B. earns C. deals D. manages
24. A. identical B. similar C. equal D. related
25. A. capitals B. investments C. markets D. indexes
26. A. sound B. high C. true D. hope
27. A. debts B. deficits C. shortages D. dues
28. A. idea B. help C. price D. point
29. A. cure B. renewal C. aid D. improvement
30. A. promised B. reminded C. offered D. forced
31. A. fill B. pay C. cover D. replace
32. A. sell B. pull C. put D. rub
33. A. slightly B. really C. fairly D. badly
Passage 2 ● Read the article below about labor market in Spain.
● In most of the lines 41-52 there is one extra word. It is either grammatically incorrect or does not fit with the sense of the text. Some lines, however, are correct.
● If a line is correct, write CORRECT on your Answer Sheet.
● If there is an extra word in the line, write the extra word in CAPITAL LETTERS on your Answer Sheet.
● The exercise begins with two examples, (0) and (00).
Spain’s government wants firms to appoint more female directors
0. Spain is the first European country ever to produce a government with more
00. female than male ministers. Despite of their sudden ascendancy in politics, however,
41. women are almost being absent from the upper ranks of business. Spanish women
42. make up by just 4. 1% of corporate brands, against an average of 11% in Europe.
43. One reason is that fewer women make it into the workforce than in any other
44. European countries. Reconciling family life with work, a struggle anywhere, seems
45. to be very hard in Spain. Spanish women who spend far more time on domestic chores
46. than men. The government has passed a law that requiring firms to raise the share of
47. women on boards to 40% by 2015. However, the target is mainly symbolic, since
48. companies will not face with financial penalties if they do not meet it. To begin with,
49. it may be better to help women gain enough experience to be good candidates for
50. directorships. Of course, there are no reasons for optimism. A bigger share of women
51. in their 20s are joining in the workforce Many people believe it is only a matter of
52. time long before women’s lot at Spanish firms improve. It’s changing naturally, it’s a generational thing.
Practice 1
Directions: Read the texts from an article in which five people talked about energy and making use of it. For questions 1 to 5, match the name of each speaker to one of the statements (A to G) given below. Mark your answers on your ANSWER SHEET 1.
Jackson:
Viewed from a scientist’s standpoint, all of the energy contained in fuel either now or in the future becomes heat. Some of the heat is used directly or produces useful work. The rest is lost or rejected. That is to say, it is radiated into the atmosphere from the engines, motors, furnaces, power lines, television sets, boilers and all the other energy-consuming machinery that makes our wheels go around.
Browning:
It is necessary to improve the efficiency with which we use energy in order to do more work. But improvement cannot come overnight, and there are limits beyond which not even science can help. According to the Center for Strategic and International studies, about three quarters of the energy we use to move things, including ourselves, accomplishes no useful work.
Jeffrey:
In terms of efficiency, buses, trains, and other forms of public transportation may be using energy more efficiently than private automobiles. Unless private automobiles can operate at near capacity, their overall efficiency is poor. For example, an urban bus carrying 36 passengers may achieve an efficiency of around 120 passenger-miles per gallon of gasoline. But buses are not always fully loaded, and sometimes they carry no passengers at all.
Yandenberg:
It is true that buses can sometimes run without passengers. City trains seem to be very efficient, but they suffer the same shortcomings as buses and cost more. Except for rush hours, commuter trains seldom run at full capacity. This wastes even more energy and is more than the management can afford. As a result, commuter trains are truly practical only in places where there are a lot of people.
Nathan:
For some people, mass transportation may serve their needs. For others, a combination of mass transportation and private transportation may be preferable. Better design and wise use of both mass transportation systems and private vehicles will play an important part in helping us make fuller use of energy for transportation.
Now match each of the person (1 to 5) to the appropriate statement.
Note: there are two extra statements.
Statements
Passage 15Questions 8—12
● Read the article below about downsizing.
● Choose the best sentence from the opposite page to fill each of the gaps.
● For each gap (8—12), mark one letter (A—G) on your Answer Sheet.
● Do not use any letter more than once.
● There is an example at the beginning, (0).
Downsizing Of increasing importance to organizations in today’s competitive environment is HRM’s role in downsizing or “rightsizing.” (0)______
In spite of the increasing frequency of downsizing, research reveals that it is far from universally successful for achieving the goals of increased productivity and increased profitability. (8)______.Also, research by the consulting firm Mitchell & Company found that companies that downsized during the l980s lagged the industry average stock price in l991. Thus, it is important to understand the best ways of managing downsizings, particularly from the standpoint of the HR function’s role.
Downsizing presents a number of challenges and opportunities for HRM. In terms of challenges, the HR function must “surgically” reduce the work force by cutting only the workers who are less valuable in their performance. (9)______. For example, in l992 General Motors and the United Auto Workers agreed to an early retirement program for individuals between the ages of 51 and 65 who have been employed for 10 or more years. The program entails providing those who agree to retire with their full pension benefits, even if they obtain employment elsewhere, and as much as $13, 000 toward the purchase of a GM car.
Early retirement programs, although humane, essentially reduce the work force with a “grenade” approach. (10)______.. In fact, recent research indicates that when companies downsize by offering early retirement programs, they usually end up rehiring to replace essential talent within a year. Often the company does not achieve its cost-cutting goals because it spends 50 to 150 percent of the departing employee’s salary in hiring and retraining new workers.
Another HR challenge is to boost the morale of employees who remain after the reduction. Survivors may feel guilt over keeping their jobs when their friends have been laid off, or they may envy their friends who have retired with attractive severance pay and pension benefits. (11)______.. Thus, the HR function must maintain open communication with remaining employees to build their trust and commitment.
In spite of these challenges, downsizing provides opportunities for HRM. First, it often allows the company to “get rid of dead wood” and make way for fresh ideas. In addition, downsizing is often a unique opportunity to change an organization’s culture. (12)______.. Finally, downsizing can demonstrate from top-management decision makers the value of the company’s human resources to its ultimate success.
A. In firms characterized by antagonistic labor-management relations, downsizing can force the parties to cooperate and to develop new, positive relationships.
B. Such a measure can also reduce insecurity and unite staff in recognizing the positive elements of downsizing.
C. This type of reduction does not distinguish between good and poor performers but rather eliminates an entire group of employees.
D. Achieving this is difficult because the best workers are most able (and often willing) to find alternative employment and may leave voluntarily prior to any layoff.
E. Their reduced satisfaction with and commitment to the organization may interfere with work performance.
F. A survey by the AMA found that over two-thirds of the companies that downsize repeat the effort a year later.
G. The number of organizations undergoing downsizing has increased significantly.
Passage 9Questions 8 - 12
● Read the extract below from an article about the coffee industry.
● Choose the best sentence from the list to fill each of the gaps.
● For each gap 8-12, mark one letter (A-G) on your Answer Sheet.
● Do not use any letter more than once.
● One answer has been given as an example.
Coffee is worth approximately $ 50-60bn per annum in terms of world sales. It is a truly international commodity, and today more than 50 countries in the world grow coffee beans. (0)______. ICO organization helps coffee producers and promotes coffee consumption worldwide. ICO estimates that world production next year will reach 97.5 million bags. 11.3 million bags higher than the current year. (8)______. As the largest producing country, Brazil is particularly important in the coffee world. In 1994 Brazil was responsible for 25% of world production, Colombia was next with 13.4%, Indonesia had 7.5%, Mexico 4.7%, Guatemala 3.8% and Ethiopia and Vietnam were equal with 3.4%.
Coffee is a tough crop, and can be grown in areas where it is difficult or impossible to grow other crops. (9)______. However, disease is always problem for coffee production, as we can see in some parts of South America at the moment. ICO is active in educating farmers about avoiding disease and dealing with problems when they occur.
The distribution chain varies from country to country, explains Pablo Dubois. In most countries the smaller farmers sell their crop to a local trader, who then sells it on to exporters. There are, however, other distribution systems. (10)______.Some countries, like Vietnam, have special government marketing organizations for coffee.
Coffee prices often vary greatly from one year to the next. In 1997, for example, there was a large rise in the world price, which was immediately felt by the consumer. Rising prices always result in a drop in sales, which will have a bad effect on those developing countries, which are highly dependent on foreign exchange from coffee exports. (11)______.
In the opinion of Pablo Dubois, the biggest problem for his organization is to create greater consumer awareness of the different varieties of coffee and different ways of preparing it. (12)______. ICO is therefore concentrating its promotional activities on Russia and China. It is also encouraging environmentally friendly coffee production, and last year’s seminar on coffee and the environment created a lot of interest.
The future looks bright for the coffee industry. It is estimated that consumption over the next few years will continue to rise steadily. New markets like Eastern Europe and China are expected to develop fast.
A. This is because there is a demand for coffee in Germany, and it is also sold in the UK and in the US.
B. In some of these countries, this can amount to as much as 50% of all export earning.
C. In North America, most consumers already have above average knowledge of the range available.
D. For example, frost and wind are particularly damaging to coffee crops.
E. Larger coffee growers, for example, frequently export directly.
F. The main reason for this is higher Brazilian output as production recovers from weather damage to crops.
G. It is cultivated in mountain regions which can only be reached by animal transport, and in other difficult areas where modern agricultural equipment cannot be used.
I _____ writing the article by the time you get back.
Passage 6Questions 34—45
● Read the article about choosing an agent.
● In most of the lines 34—45 there is one extra word. It is either grammatically incorrect or does not fit in with the sense of the text. Some lines, however, are correct.
● If a line is correct, write CORRECT on your Answer Sheet.
●If there is an extra word in the line, write the extra word in CAPITAL LETTERS on your Answer Sheet.
Government’s Role in Trade
0. The government could either encourage or discourage certain industries, both
00. domestic and foreign. In general, most government actions are to taken to
34. protect domestic industries and to restrict the activities and of foreign
35. industries in the host country. Government competition participation in
36. business activities varies widely. Many governments profitable own or
37. control key domestic industries such as on energy, communication, and
38. transportation. As a percentage of gross national product, government
39. expenditures in l 989 range from 25% to 60% in most non-socialist countries.
40. A nation with a large government spending population in its gross national
41. product has a strong government role in economic consumer activities.
42. According to the theory of comparative advantage, free trade among all
43. nations increases of the total production and availability of goods in the world
44. market. Free maintain trade and international competition should promote
45. efficiency in production and allocation of resources, improve the quality of goods, expand the worldwide market, and raise the living standards of all nations concerned.