1、剑桥商务英语高级-164 及答案解析(总分：100.00，做题时间：90 分钟)一、Exercise 1(总题数：1，分数：17.00)1.Debenture-holders are paid before preference and ordinary shareholders and if 1 company goes bankrupt they will have first claim for repayment. If 2 investor has 3 fixed debenture, their investment is linked to 4 assets of 5 compa
2、ny and 6 company cannot sell those assets without 7 permission of 8 investor. On 9 other hand, floating debentures cover 10 company“s stock and are issued by 11 companies who have 12 few fixed assets like 13 land and 14 machinery, but hold large stocks of products, 15 wholesalers for example. （分数：17
3、.00）二、Exercise 2(总题数：8，分数：16.00)2.An investor, not worried about risks, and willing to speculate on the market. （分数：2.00）3.An insurance company wanting the most secure, steady investment for its premiums. （分数：2.00）4.An investor who wants a comparatively safe form of income but also securities that c
4、an easily be traded. （分数：2.00）5.An investor who wants a fixed rate of interest, but the choice to change to ordinary shares if he changes his mind. （分数：2.00）6.An investor who wants a regular rate of interest, but for more security wants to control of the sale of assets if the company has any difficu
5、lties. （分数：2.00）7.An investment trust who want to make sure that if they do not get a dividend one year, they will get that dividend plus the following year“s dividend. （分数：2.00）8.A businessman trying to sell his business and convincing the buyer that he has confidence in the business he is selling.
6、 （分数：2.00）9.A discount house trader only willing to invest in a guaranteed security for three months. （分数：2.00）三、Exercise 3(总题数：1，分数：15.00)There are various types of securities traded on the Stock Exchange, but the true (1) risk maker / risk taker / all risk / is the investor who buys (2) preference
7、 shares/cumulative preference shares / ordinary shares/. These shares carry (3) dividend / interest / annuity / which is paid after other securities have been paid if the company makes a profit. When the security is issued it has a (4) nominal value / market value / price value/, but this will chang
8、e so the investor usually buys it at its (5) market price / par price / premium/. The investor will not have to pay for security immediately but can wait for (6) three working days/five working days /ten working days / which are called the (7) account / accountant / accounting/. The seller of the sh
9、ares also has this amount of time to produce them so both buyer and seller can speculate. Those speculators who think prices will fall are called (8) bulls / bears / stags/. and those who think prices will rise are called (9) bulls /bears / stags/. These types of speculators are not interested in th
10、e share“s (10) revenue / interest/profit / but (11) capital wins / capital gains / capital investment/. Sometimes if the expected rise in prices does not happen, then settlement can be (12) carried on / carried out / carried over / to the next period, and this is called (13) contango / backwardation
11、 / payment/. Another area of trading which can be used for speculation is the Options Market, where buyers can offer to take shares at a future date at an agreed price on a (14) put option / call option / traded option / or sellers can agreed a future contract on a (15) put option / call option / tr
12、aded option / basis.（分数：15.00）四、Exercise 4(总题数：10，分数：20.00)10.Shareholders may get low dividends although profits may be good. Even if 1 （分数：2.00）11.Governments borrow money from financial institutions and the public. Money 1 （分数：2.00）12.“Buy gilt-edged securities“ my stockbroker said. My stockbroke
13、r advised 1 （分数：2.00）13.All these factors can be explained in one wordconfidence. Confidence 1 （分数：2.00）14.Market-makers sell shares on the Stock Exchange. They are principals. Market-makers who 1 （分数：2.00）15.The UK does not export as much as it used to do. The UK used 1 （分数：2.00）16.Preference share
14、s are usually sager investments than ordinary shares. Ordinary shares 1 （分数：2.00）17.The best investment at present is industrials. There is 1 （分数：2.00）18.The Stock Exchange is run by a Council. It has 52 members. The Stock Exchange 1 (Make one sentence). （分数：2.00）19.Gilts are the largest volume of s
15、ecurities traded on the Stock Market. Gilts account 1 （分数：2.00）五、Exercise 5(总题数：10，分数：10.00)20.a call option （分数：1.00）21.spot price （分数：1.00）22.an open position in a futures contract （分数：1.00）23.short （分数：1.00）24.a writer （分数：1.00）25.a limited company （分数：1.00）26.a bull （分数：1.00）27.a forward contrac
16、t （分数：1.00）28.a stable economy （分数：1.00）29.a glut （分数：1.00）六、Exercise 6(总题数：0，分数：0.00)七、Group A(总题数：1，分数：11.00)密封递价 商品交易所 卖期保值 减价拍卖 贸易条款 买期保值 行业术语 期货交易 拍卖商 竞买者 拍卖（分数：11.00）(1).trade terms（分数：1.00）(2).terms of trade（分数：1.00）(3).buying hedge（分数：1.00）(4).selling hedge（分数：1.00）(5).commodity exchange（分数：
17、1.00）(6).futures transaction（分数：1.00）(7).sealed bids（分数：1.00）(8).dutch auction（分数：1.00）(9).bidder（分数：1.00）(10).auctioneer（分数：1.00）(11).auction（分数：1.00）八、Group B(总题数：1，分数：11.00)招标文件 招标 投标 国际竞争性招标 公开招标 谈判性招标 无限竞争性招标 有限竞争性招标 选择性招标 两段招标 招标公告（分数：11.00）(1).bidding documents（分数：1.00）(2).international compe
18、titive bidding（分数：1.00）(3).invitation to tender（分数：1.00）(4).to submit tender（分数：1.00）(5).announcement of tender（分数：1.00）(6).two-stage bidding（分数：1.00）(7).negotiated bidding（分数：1.00）(8).limited competitive bidding（分数：1.00）(9).unlimited competitive bidding（分数：1.00）(10).selected bidding（分数：1.00）(11).op
19、en bidding（分数：1.00）剑桥商务英语高级-164 答案解析(总分：100.00，做题时间：90 分钟)一、Exercise 1(总题数：1，分数：17.00)1.Debenture-holders are paid before preference and ordinary shareholders and if 1 company goes bankrupt they will have first claim for repayment. If 2 investor has 3 fixed debenture, their investment is linked to 4
20、 assets of 5 company and 6 company cannot sell those assets without 7 permission of 8 investor. On 9 other hand, floating debentures cover 10 company“s stock and are issued by 11 companies who have 12 few fixed assets like 13 land and 14 machinery, but hold large stocks of products, 15 wholesalers f
21、or example. （分数：17.00）解析：the; an; a; the; the; the; the; the; the; a; ; a; , ,二、Exercise 2(总题数：8，分数：16.00)2.An investor, not worried about risks, and willing to speculate on the market. （分数：2.00）解析：ordinary shares3.An insurance company wanting the most secure, steady investment for its premiums. （分数
22、：2.00）解析：gilts4.An investor who wants a comparatively safe form of income but also securities that can easily be traded. （分数：2.00）解析：debentures or preferences shares5.An investor who wants a fixed rate of interest, but the choice to change to ordinary shares if he changes his mind. （分数：2.00）解析：conve
23、rtible debentures6.An investor who wants a regular rate of interest, but for more security wants to control of the sale of assets if the company has any difficulties. （分数：2.00）解析：fixed debentures7.An investment trust who want to make sure that if they do not get a dividend one year, they will get th
24、at dividend plus the following year“s dividend. （分数：2.00）解析：cumulative preference shares8.A businessman trying to sell his business and convincing the buyer that he has confidence in the business he is selling. （分数：2.00）解析：founder“s / deferred ordinary shares9.A discount house trader only willing to
25、 invest in a guaranteed security for three months. （分数：2.00）解析：treasury bill三、Exercise 3(总题数：1，分数：15.00)There are various types of securities traded on the Stock Exchange, but the true (1) risk maker / risk taker / all risk / is the investor who buys (2) preference shares/cumulative preference share
26、s / ordinary shares/. These shares carry (3) dividend / interest / annuity / which is paid after other securities have been paid if the company makes a profit. When the security is issued it has a (4) nominal value / market value / price value/, but this will change so the investor usually buys it a
27、t its (5) market price / par price / premium/. The investor will not have to pay for security immediately but can wait for (6) three working days/five working days /ten working days / which are called the (7) account / accountant / accounting/. The seller of the shares also has this amount of time t
28、o produce them so both buyer and seller can speculate. Those speculators who think prices will fall are called (8) bulls / bears / stags/. and those who think prices will rise are called (9) bulls /bears / stags/. These types of speculators are not interested in the share“s (10) revenue / interest/p
29、rofit / but (11) capital wins / capital gains / capital investment/. Sometimes if the expected rise in prices does not happen, then settlement can be (12) carried on / carried out / carried over / to the next period, and this is called (13) contango / backwardation / payment/. Another area of tradin
30、g which can be used for speculation is the Options Market, where buyers can offer to take shares at a future date at an agreed price on a (14) put option / call option / traded option / or sellers can agreed a future contract on a (15) put option / call option / traded option / basis.（分数：15.00）解析：ri
31、sk taker解析：ordinary shares解析：dividend解析：nominal value解析：market price解析：ten working days解析：account解析：bears解析：bulls解析：revenue解析：capital gains解析：carried over解析：contango解析：call option解析：put option四、Exercise 4(总题数：10，分数：20.00)10.Shareholders may get low dividends although profits may be good. Even if 1 （
32、分数：2.00）解析：Even if profits are good, shareholders may get low dividends.11.Governments borrow money from financial institutions and the public. Money 1 （分数：2.00）解析：Money is borrowed from financial institutions and the public by governments.12.“Buy gilt-edged securities“ my stockbroker said. My stock
33、broker advised 1 （分数：2.00）解析：My stockbroker advised me to buy gilt-edged securities.13.All these factors can be explained in one wordconfidence. Confidence 1 （分数：2.00）解析：Confidence is the word which can explain all these factors.14.Market-makers sell shares on the Stock Exchange. They are principals
34、. Market-makers who 1 （分数：2.00）解析：Market-makers, who are principals, sell shares on the Stock Exchange15.The UK does not export as much as it used to do. The UK used 1 （分数：2.00）解析：The UK used to export more than it does now.16.Preference shares are usually sager investments than ordinary shares. Ord
35、inary shares 1 （分数：2.00）解析：Ordinary shares are not as safe as preference shares.17.The best investment at present is industrials. There is 1 （分数：2.00）解析：There is no better investment than industrials at present.18.The Stock Exchange is run by a Council. It has 52 members. The Stock Exchange 1 (Make
36、one sentence). （分数：2.00）解析：The Stock Exchange is run by a Council of 52 members/made up of 52 members.19.Gilts are the largest volume of securities traded on the Stock Market. Gilts account 1 （分数：2.00）解析：Gilts account for the majority of securities traded on the SE.五、Exercise 5(总题数：10，分数：10.00)20.a
37、call option （分数：1.00）解析：put option21.spot price （分数：1.00）解析：future price22.an open position in a futures contract （分数：1.00）解析：a closed / liquidated position in a futures contract23.short （分数：1.00）解析：long24.a writer （分数：1.00）解析：a buyer25.a limited company （分数：1.00）解析：unlimited26.a bull （分数：1.00）解析：a
38、bear27.a forward contract （分数：1.00）解析：a spot contract28.a stable economy （分数：1.00）解析：an unstable economy29.a glut （分数：1.00）解析：a shortage六、Exercise 6(总题数：0，分数：0.00)七、Group A(总题数：1，分数：11.00)密封递价 商品交易所 卖期保值 减价拍卖 贸易条款 买期保值 行业术语 期货交易 拍卖商 竞买者 拍卖（分数：11.00）(1).trade terms（分数：1.00）解析：行业术语(2).terms of trade（分
39、数：1.00）解析：贸易条款(3).buying hedge（分数：1.00）解析：买期保值(4).selling hedge（分数：1.00）解析：卖期保值(5).commodity exchange（分数：1.00）解析：商品交易所(6).futures transaction（分数：1.00）解析：期货交易(7).sealed bids（分数：1.00）解析：密封递价(8).dutch auction（分数：1.00）解析：减价拍卖(9).bidder（分数：1.00）解析：竞买者(10).auctioneer（分数：1.00）解析：拍卖商(11).auction（分数：1.00）解析：
40、拍卖八、Group B(总题数：1，分数：11.00)招标文件 招标 投标 国际竞争性招标 公开招标 谈判性招标 无限竞争性招标 有限竞争性招标 选择性招标 两段招标 招标公告（分数：11.00）(1).bidding documents（分数：1.00）解析：招标文件(2).international competitive bidding（分数：1.00）解析：国际竞争性招标(3).invitation to tender（分数：1.00）解析：招标(4).to submit tender（分数：1.00）解析：投标(5).announcement of tender（分数：1.00）解析：招标公告(6).two-stage bidding（分数：1.00）解析：两段招标(7).negotiated bidding（分数：1.00）解析：谈判性招标(8).limited competitive bidding（分数：1.00）解析：有限竞争性招标(9).unlimited competitive bidding（分数：1.00）解析：无限竞争性招标(10).selected bidding（分数：1.00）解析：选择性招标(11).open bidding（分数：1.00）解析：公开招标
