[外语类试卷]BEC商务英语(中级)阅读模拟试卷4及答案与解析.doc
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1、BEC商务英语(中级)阅读模拟试卷 4及答案与解析 一、 PART ONE 1 Look at the statements and the company news reports below. Which news report (A, B, C or D)does each statement 1-7 refer to? For each sentence 1-7, mark one letter (A, B, C or D) on your Answer Sheet. You will need to use some of the letters more than once. A
2、With its investment, and technology agreements, Zenith Electronics of the U. S. the first transaction of this type in Korea occurred. B Structured, marketed to investors and made a principal investment in the Fund with total equity of U, S. 40 mil lion to invest in Taiwanese high4echnology venture c
3、apital opportunities. C In connection with its ratings with Standard the major problems include commercial, political and foreign exchange risks. Commercial risks are handled essentially as normal credit risks encountered in day-to-day business. They include solvency, default, or refusal to pay bill
4、s. The major risk, 【 8】 _which can only be dealt with through consistently effective management and marketing. One unique risk encountered by the international marketer involves financial adjustments. Such risk is encountered when a controversy arises about the quality of goods delivered, a dispute
5、over contract terms, or 【 9】 _ One company, for example, shipped several hundred tons of dehydrated potatoes to a distributor in Germany. The distributor tested the shipment and declared it to be below acceptable taste and texture standards. The alternatives for the exporter were reducing the price,
6、 reselling the potatoes, or shipping them home again, each involving considerable cost. Political risk relates to the problems of war or revolution, currency inconvertibility, expropriation or expulsion, and restriction or cancellation of import licenses. Political risk is an environmental concern f
7、or all businesses. Management information systems and effective decision-making processes are the best defenses against political risk. As many companies have discovered, sometimes there is no way to avoid political risk, 【 10】_ Exchange-rate fluctuations inevitably cause problems, but for many year
8、s, most firms could take protective action to minimize their unfavourable effects. Floating exchange rates of the worlds major currencies have forced all marketers 【 11】 _ International Business Machine Corporation, for example, reported that exchange losses resulted in a dramatic 21.6 percent drop
9、in their earnings in the third quarter of 1981. 【 12】 _, devaluations of major currencies were infrequent and usually could be anticipated, but exchange rate fluctuations in the float system are daily affairs. A. After serious consideration B. commercial, political and foreign exchange risks. C. how
10、ever, is competition D. any other disagreement over which payment is withheld E. to be especially aware of exchange-rate fluctuations and the need to compensate for them in their financial planning F. so marketers must be prepared to assume them or give up doing business in a particular market G. Be
11、fore rates were permitted to float 三、 PART THREE 13 Read the article below about Common Stock and Preferred Stock and the questions. For each question 13-18,mark one letter A, B, C or D on your Answer Sheet. Common Stock and Preferred Stock A public corporation issues certificates of ownership, call
12、ed common stock, which may be traded on stock ex changes. 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
13、state, but in general the articles of incorporation 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 affecting the corporation (including a decision to sell or
14、 merge with anther corporation) and elect 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
15、 corporations no single person or organization 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 badly, a coalition of so called dissident shareholders may gathe
16、r enough votes to replace the existing board of directors; 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
17、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 much, i
18、f 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 price of
19、 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 st
20、ock 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 of security and may be issued only after common stock had been issued. The term “preferred“ applies to two conditions. First,
21、preferred stockholders gain preferential treatment in the matter of dividends) That is, they receive a fixed fete 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 tha
22、n common stockholders when distributing the companys assets. 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 i
23、n 1995, and declared stock dividends do not accumulate, If dividends are not declared, noncumulative owners lose their claim to the profit of that period. All in all, common stock usually has more control through voting privileges, greater chance for high returns, and more risk, while preferred stoc
24、k usually has less control, fixed returns, less risks, and less chance for big gains. 13 The second paragraph describes _. ( A) the returns to common stockholders ( B) the majority and minority stockholders ( C) the voting rights of common stockholders ( D) the formation of common stock 14 Common st
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