1、剑桥商务英语中级-113 及答案解析(总分：100.00，做题时间：90 分钟)一、READING(总题数：0，分数：0.00)二、PART ONE(总题数：1，分数：7.00)A PartnershipsOn the whole, this is not a popular form of business organization, but it is often used by people in the professions, like doctors, dentists or lawyers, to expand their business.Greater efficiency
2、is possible because people in this sort of association can spend their time doing what they are best at. If one person is sick, then the remaining partner(s) can carry on the work. The main disadvantage is that even with this form of ownership, the amount of money available to the business may be li
3、mited. If people quarrel or disagree over decision-making there can be problems and serious delays. B Public (PIC) Companies These are the largest businesses in the private sector. There is no limit to the number of people holding shares in it and many of the larger companies have their shares liste
4、d on the stock exchange. The advantage of big businesses like this is that they find it easier to raise money as banks consider them a “good risk“. There are strict laws governing the setting-up of this kind of business and each year the company has to publish its accounts. The larger such businesse
5、s grow, the more difficult it is to control them. Workers in such businesses may feel that management doesnt understand their problems. C Private (Ltd) companies Such businesses are not allowed to sell shares to the public. They must consist of at least two members, but there is no upper limit to th
6、e numbers who own the company. The larger size makes it possible for such companies to borrow more money from the banks or from issuing additional shares to its members. The advantage is that such a business is able to offer its members limited liability (responsibility) for debts and losses. Many c
7、ompanies of this type exist in England, Europe and the U.S.（分数：7.00）(1).There is no limit to the number of people holding shares in it.（分数：1.00）A.B.C.(2).The company can list on the stock exchange and the share can be sold to the public.（分数：1.00）A.B.C.(3).The company usually is organized by doctor a
8、nd lawyer.（分数：1.00）A.B.C.(4).The shares of the company are not allowed to be sold to the public.（分数：1.00）A.B.C.(5).The company has to publish its accounts each year.（分数：1.00）A.B.C.(6).The members of the company bear limited liability for debts and losses.（分数：1.00）A.B.C.(7).In this form, people can s
9、pend their time in doing what they are best at.（分数：1.00）A.B.C.三、PART TWO(总题数：1，分数：5.00)The Dollar in World Markets According to a leading German banker, the U.S.dollar is “the most frequently discussed economic phenomenon of our times“. He adds, “. the dollars exchange rate is at present the most im
10、portant price in the world economy. “ Because the dollar acts as a world currency,its value affects many nations,The central banks of many countries hold huge reserves of dollars, and over half of all world trade is priced in terms of dollars. Any shift in the dollars exchange rate will benefit some
11、 and hurt others. Some people suggest, therefore, (8) The dollars exchange rate has been volatile and unpredictable. Several years ago, the dollar was rapidly declining in value. This made it (9) The rise in the price of foreign goods made it possible for U.S.businesses to raise the price of competi
12、ng goods produced here, thus worsening inflation. Foreigners who dealt in dollars or who held dollars as reserves were hurt. People in the United States who had borrowed foreign currencies found that they had to pay back more than they borrowed (10) The United States lost face in the eyes of the res
13、t of the world. The dollar went soaring upward, and the situation was reversed. The United States exporters found it hard to sell abroad because foreigners would have to pay more for U.S.dollars. People in the United States now bought the relatively cheaper foreign goods, and U.S.manufacturers compl
14、ained that they could not compete. Job losses were often blamed on the “overvalued“ dollar. Poor nations (11) found it difficult to repay both the loans and the interest because they had to use more and more of their own currencies to obtain dollars. The solution to this problem is to end the system
15、 of floating exchange rates and return to fixed rates. We might even return to the gold standard. Fixed exchange rates didnt work in the past. currency values should be determined by market conditions. A drop in the exchange value of a nations currency means that (12) that it is too inefficient to c
16、ompete in the world markets, that it is permitting a high rate of inflation which makes its goods too expensive, that it is going too deeply in debt, or that others have lost confidence in the nations stability. A nation should bring its exchange rate back up by addressing these problems, not by int
17、erfering with the money market. Athat had borrowed dollars Bthat the dollars value should be more tightly controlled Cbecause the declining dollar would buy fewer units of the foreign money Dits value affects many nations Edifficult for Americans to purchase foreign goods and services Fthat have a l
18、ot of U.S. dollars Gall nations want to import less and export more Hit is importing too much（分数：5.00）填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_四、PART THREE(总题数：1，分数：6.00)Common Stock and preferred Stock A public corporation issues certificates of ownership, called common stock, which may be traded on stoc
19、k exchanges.Anyone can buy and sell shares of common stock.Owners of stock are referred to as shareholders and stockholders. common stockholders are accorded certain rights by the corporate charter.In the United States, these rights vary from state to state, but in general the articles of incorporat
20、ion spell out voting rights and rights to receive profits. Common stockholders are the voting owners of a corporation.They are usually entitled to one vote per share.They may vote on numerous issues affecting the corporation (including a decision to sell or merge with another corporation) and elect
21、a board of directors, who, in turn, hire managers to run the business.A majority shareholder is one who owns over 50 percent of the outstanding shares in a corporation and, thus, can call the shots.All other shareholders are minority shareholders.In large corporations no single person or organizatio
22、n owns anywhere near a majority interest.In large, publicly owned corporations a shareholder with as little as 10 percent of the shares may control the corporation effectively.If things go bad, a coalition of so called dissident shareholders may gather enough votes to replace the existing board of d
23、irectors; the new board may fire the existing management and bring in their own management team. Although common stock represents ownership in a company, it does not guarantee the owners a specified rate of return.As owners, the stockholders receive profits after all expenses, including debts and ta
24、xes, have been paid. They receive profits from the business in the form of dividend payments, which represent a percentage of profits.Not all after-tax profits are paid to the stockholders in dividends.Directors usually decide quarterly how much, if any, if the profits they wish to distributed to th
25、e owners. The profits are either distributed to the owners in dividends or they are reinvested bank into the company in the form of retained earnings.If the company decides to keep the profits, the company may become more valuable and the price of the stock usually goes up.Some investors prefer prof
26、its in the way of dividends while others speculate for an increase in the price of stock.If a company goes broke, common stockholders get last claim on whatever is left over. Corporations may also issue preferred stock to investors.Preferred stock usually has no vote in the election of the board of
27、directors, but does get preference in the distribution of the companys earnings.It offers investors a different type pf security and may be issued only after common stock had been issued.The term “preferred“ applies to two conditions.First, preferred stockholders gain preferential treatment in the m
28、atter of dividends; that is, they receive a fixed rate of dividends prior to the payment of dividends on common shares.Second, if the company goes out of business or liquidates, preferred stockholders are closer to the front of the line than common stockholders when distributing the companys assets.
29、 Dividends to preferred stock may be cumulative or noncumulative.cumulative preferred stock maintained its claim to dividends even if the company had a bad year in 1994, they might decide not to pay dividends.But if they had a good year in 1995, and declared stock dividends do not accumulate.If divi
30、dends are not declared, noncumulative owners lose their claim to the profit of that period. In short, common stock usually has more control through voting privileges, greater chance for high returns and more risk, whereas preferred stock usually has less control,fixed returns, less risks, and less c
31、hance for big gains.（分数：6.00）(1).Common stock traded on stock exchanges represents（分数：1.00）A.the voting rights the stockholders have.B.the stock shared by common people.C.the profits the shareholders receive.D.the ownership of a public corporation.(2).The second paragraph describes（分数：1.00）A.the ret
32、urns to common stockholders.B.the majority and minority stockholders.C.the voting rights of common stockholders.D.the formation of common stock.(3).The main purpose of the third paragraph is to tell us（分数：1.00）A.the rate of returns to the stockholders.B.the risk of common stockholders.C.the distribu
33、tion of profits to the stockholders.D.the benefits of common stock.(4).One of the differences between common stock and preferred stock lies in that（分数：1.00）A.the former is safer in getting dividends.B.common stockholders get more stable profits.C.the latter gets more fixed returns.D.preferred stockh
34、olders have more rights in voting.(5).With cumulative preferred stock, stockholders can（分数：1.00）A.claim to the former profits when the company has a good year.B.have more control over the company.C.claim to the former profits when the company had a bad year.D.receive high returns.(6).For those who w
35、ant to get high returns, it is better for them to buy（分数：1.00）A.preferred stock.B.common stock.C.noncumulative stock.D.cumulative stock.五、PART FOUR(总题数：1，分数：15.00)The move to self-service has meant that in many shops, fewer tasks are now performed by store assistants.Typical tasks which remain are m
36、aking sure that shelves and counters are fully (19) taking the customers payment, and (20) the purchases.However, in some shops, the more traditional selling skills are still important.In larger stores, it is normal for a range of (21) to be rotated among staff, giving greater work variety. Every cu
37、stomer has different (22) and different reasons for coming into the store.Some know (23) what they want, ask for it and buy it.Many, however,are not sure, and if they are not (24) correctly they may go somewhere else to buy.The store assistant must (25) when and how to offer help, and gain the custo
38、mers confidence with the (26) amount of questioning about what they are looking for.They can then give information and advice about the products which might (27) the customers requirements.This demands both communication skills and knowledge of the product.Finally, they have to persuade the customer
39、 to make the (28) to buy, and “ close the deal “ If the customer is just (29) the store assistant needs to offer efficient and friendly service, hoping that the customer will return when he or she is ready to buy.It is worth remembering that many stores depend on their (30) customers for a large par
40、t of their (31) . The actual tasks of a store assistant vary with the type of goods sold.In a mens outfitters these could include (32) a customer for a suit.In an electronics store,it is vital to be able to (33) how a computer or hi-fi unit works and to ensure that the customer has any accessories t
41、hey might need.（分数：15.00）A.storedB.providedC.stockedD.packedA.watchingB.surroundingC.enclosingD.coveringA.actsB.dutiesC.requirementsD.actionsA.needsB.necessitiesC.targetsD.incentivesA.obviouslyB.surelyC.carefullyD.exactlyA.conductedB.treatedC.servicedD.controlledA.assessB.validateC.testD.questionA.a
42、dequateB.calculateC.rightD.justA.balanceB.suitC.equalD.reachA.decisionB.conclusionC.contractD.engagementA.reviewingB.observingC.lookingD.watchingA.regularB.constantC.continuousD.fixedA.proceedsB.businessC.assetsD.dealingsA.gradingB.ratingC.estimatingD.measuringA.presentB.proveC.demonstrateD.acknowle
43、dge六、PART FIVE(总题数：1，分数：12.00)company has been approached to buy U. K. media assets, Reuters reports. 35Robert lger, Disneys president, who made the announcement to a 36London audience at the Royal Television Societys conference. 37Pixar/Disney feature films include Finding Nemo , Toy Story, and Mon
44、sters Inc. 38Media giant Walt Disney Co. operates Walt Disney Parks the new board may fire the existing management and bring in their own management team. Although common stock represents ownership in a company, it does not guarantee the owners a specified rate of return.As owners, the stockholders
45、receive profits after all expenses, including debts and taxes, have been paid. They receive profits from the business in the form of dividend payments, which represent a percentage of profits.Not all after-tax profits are paid to the stockholders in dividends.Directors usually decide quarterly how m
46、uch, if any, if the profits they wish to distributed to the owners. The profits are either distributed to the owners in dividends or they are reinvested bank into the company in the form of retained earnings.If the company decides to keep the profits, the company may become more valuable and the pri
47、ce of the stock usually goes up.Some investors prefer profits in the way of dividends while others speculate for an increase in the price of stock.If a company goes broke, common stockholders get last claim on whatever is left over. Corporations may also issue preferred stock to investors.Preferred
48、stock usually has no vote in the election of the board of directors, but does get preference in the distribution of the companys earnings.It offers investors a different type pf security and may be issued only after common stock had been issued.The term “preferred“ applies to two conditions.First, p
49、referred stockholders gain preferential treatment in the matter of dividends; that is, they receive a fixed rate of dividends prior to the payment of dividends on common shares.Second, if the company goes out of business or liquidates, preferred stockholders are closer to the front of the line than common stockholders when distributing the companys assets. Dividends to preferred stock may be cumulative or noncumulative.cumulative preferred stock maintained its claim to div
