Financial Risks Political Risk by MikeJenny


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									                                 BEC Vantage
                                   Mock 1
Part one

Question 1 - 7
 Read these sentences and the following book’s description.
 Which position does each sentence 1-7describe?
 For each sentence, mark one letter A, B, C, D or E on your answer sheet.
1. College student studying telecommunications
2. A student trained to be a teacher of secretarial subjects
3. Company finance officers and accountants
4. College students of economics
5. School students taking economics for School Certificate or O level
6. The company‟s manager
7. The teacher who teacher economics in college

                             A. Teaching Pitman’s Shorthand
                                   B. W. Canning
   This book provides everything the teacher in training, and in the classroom, needs to know
about the present knowledge of the principles of learning and their theoretical and practical
application to the teaching of Pitman‟s Shorthand. It covers the syllabuses for the Royal Society of
Arts „Teachers‟ Certificate in Shorthand and the Joint Examining Boards „Teachers‟ Diploma in

                              B. Objective Tests in Economics
                                    D. J. Thomas
    The objective form of testing is being used increasingly in public examinations. By employing
the following objective methods the book will assist the teacher in testing students‟ knowledge:
multiple choice; multiple completion; matching; and assertion reason. The questions may be
used with any textbook covering the examinations in economics O level, RSA (Stage 1) and LCC

                               C. Business Finance
      Person can learn to type accurately and quickly in only a few hours. Type it! Presents a
speedy method of keyboard mastery followed by straight copy material which shows hoe to
„touch‟ type for personal use without looking at the keyboard. Suitable for anyone who wishes to
learn to „touch‟ type, the only prerequisite is intense concentration!
                          D. Descriptive Economics
   C. D. Harbury, Professor of Economics and Head of Department of Social
Science and Humanities. City University Offers a comprehensive description of the
British economy. The book summarizes the theory underlying economics and the
factual and institutional framework of the British economic system. Graphs, maps,
charts and exercises help to illustrate and extend the text.

                      E. Telecommunication Systems I
                      P. H. Smale, Coventry Technical College
 Completely covers the TEC unit of the same name——explaining the basic
systems used in all telecommunication processes. Adopts a block diagram approach
in order to map out the structure and establish main functional units.
Electromagnetic waves, radio and TV systems, telephone equipment, networks and
switching, and radar and data systems are all covered.

Part Two

Questions 8 - 12
    Read this text about financial risks.
    Choose the best sentence from the list A-I to fill each of the blanks.
    For each blank 8 - 12 mark one letter A-I on your Answer Sheet.
    Do not mark any letter twice.

Financial Risks
    Several types of financial risk are encountered in international marketing; the major problems
include (B) 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 to pay bills. The major risk, (8) ____ which can only be dealt with through consistently
effective management and marketing. One unique risk encountered by the quality of goods
delivered, a dispute adjustments. Such risk is encountered when a controversy arises about the
quality of goods delivered, a dispute over contract terms, or (9) _____ one company, for example,
shipped several hundred tons of dehydrated potatoes to a distributor in Germany. The distributor
were reducing the price, 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 for all businesses. Management information systems and effective
decision-marking 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 years, most firms could
take protective action to minimize their unfavorable effects. Floating exchange rates of the world‟
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
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. Asian Financial crisis is another example
D. Corporation can take some measure to avoid financial risks.
E. However, is competition
F. Any other disagreement over which payment is withheld
G. To be especially aware of exchange-rate fluctuation and the need to compensate for them in
   their financial planning
H. So mark must be prepared to assume them or give up doing business in a particular market
I. Before rates were permitted to float

Part Three

Question 13 - 20
    Read this text about Air transportation, and answer questions 13—20 that follow.

    Airplanes are used to carry passengers, cargo and mail. Air transport companies operate
scheduled airlines and non-scheduled services over local, regional, national, and international
routes. The aircraft operated by these companies range from small single- engine planes to large
multiengine jet transports.
  1. The first air passenger services began in 1910, when dirigibles began operation between
        several German cities. The first scheduled airplane service to carry passengers began in
        the U.S.IN 1914. Several experimental airmail flights took place in India, Europe, and the
        United States before World War I, but air transport services did not become a true business
        until after the war.
  2. During World War Two, intercontinental air transport became firmly established. After the
        war the new long-distance transports with advanced facilities were increasingly able to
        avoid storms and strong wind and make flights more economical and consistent. A new
        generation of “jumbo-jet” transports began operation in 1970,and the supersonic transport
        entered passenger service in 1976.
  3. During the 1970s the number of domestic passengers on U.S. airlines about 78%, and
        during the 1980s the figure was up about 58%. In 1990 there were 41.8 million
        international passengers; the figure was a 75%increase over 1980.The total cargo flown by
            U.S. airlines almost doubled during the 1980s, from 5.7 billion to 10.6 billion ton-miles in
    4.      Major airports provide a wide range of facilities for the convenience of travelers. These
            range from such basic services as ticket-sales counters and restaurants to luxury hotels,
            shopping centers and play areas for children. International airports must also have customs
            areas and currency-exchange counters and so on.

Question 13 - 16
 For questions 13 - 16, choose the correct title for each paragraph from the box below.
 For each paragraph 1 - 4 mark one letter A—G on your answer sheet.

13. Paragraph 1 …………………………………..                                  A AAirport Services
                                                                      Airport services
14. Paragraph 2………………………………….....                                  B training of Pilots
15. Paragraph 3………………………………........                                C Beginning Period
16. Paragraph 4…………………………………….                                     D Rapid Growth in the U.S.
                                                                   E Development
                                                                   F Competition
                                                                   G Airplanes

Question 17 - 20
 Using the information in the text, complete each sentence 17 - 20,with a phrase from the
     list below A - G.
 For each sentence 17 - 20 mark one letter A - G on your Answer sheet.
 DO not mark any letter twice.
17. Air transport companies use different planes          .
18. The United States was the country where                 .
19. The forty years from the 1930s to the 1970s was an important period
20. Nowadays airports provide all kinds of services

                      A in the development of air transportation
                      B the earliest passenger flights were successfully operated
                      C to mark travel easy and pleasant for the passengers‟
                      D to provide different services
                      E the shortage of qualified pilots
                      F traveling by air was very cheap
                      G traveling by air was safe

Part Four

Question 21 - 35
        Read this article.
    Choose the best word to fill each gap.
    For each question 21 - 35 mark one letter A, B, C or D on your Answer Sheet.
    One answer has been given as an example.

                                             People Express
    People Express, example in April 1981, grew rapidly on the basis of low fares and no-frills
service. It soon became a leading airline and (21) _____ changed the industry as firms constantly
engaged in price wars to lure passengers. Then, People Express bubble (22) _____ because it over
expended, consumer complains mounted and other airline matched its fares on popular routes. In
1986, People Express (23) _____ hundreds of millions of dollars and was forced to sell out to
Texas Air, the owner of Continental and Eastern Airlines.
    In early 1987,Texas Air (24) _____ People Express into its Continental division and industry
observers believed (25) _____ the costly fare wars would be ended. They could not have been
more wrong. To stimulate Business for its (26) _____ continental airlines, Texas Air instituted a
new low fare category (27) _____ MaxSavers. The fare offered prices that were up to 40percent
lower than “supersaver” rates offered (28) _____ all airlines. For example, the round-trip
MaxSaver fare from New York to Houston was $79. The MaxSaver fares were immediately
matched by all major airlines, (29) _____ feared losing business.
        While MaxSaver rates were low, they also had restrictions. Tickets could not be (30) _____
or flight times modified after purchase. Passengers would have to stay over either a Saturday or
Sunday. Reservations had to be made at least two days (31) _____, and there were limited seats
    Three weeks after MaxSavers rates were (32) _____ American Airlines announced plans to
raise its discount fares and require 30-day (33) _____ purchasing for its lowest fares. It felt it
could not continue at the rates in effect. However, just 10days (34) _____ American Airlines had
to revise its plan. Texas Air refused to abandon the MaxSaver fare; it even extended the program
into the busy summer season. Competitors went along and the price war raged on, (35) _____ an
executive‟s comment that “nobody‟s cost structure can survive MaxSavers”

                  A. find      B. found      C. founded.     D. finded

21. A. little           B. slowly           C. quick                D. radically
22. A. burst            B. explode          C. opened              D. disappeared
23. A. gained          B. made              C. lost                D. disappeared
24. A. emerged         B. merged             C. has combined        D. mixed
25. A. what             B. which             C. where               D. that
26. A. expand           B. to extend         C. expanded            D. extended
27. A. called           B. calling           C. to call              D. calling on
28. A. to                B. for              C. with                 D. by
29. A. what              B that               C. which                D this
30. A. put off          B canceling           C. destroyed            D canceled
31. A. before             B in advance         C. ahead of            D later
32. A. introduced           B brought in          C. taken in             D adapted
33. A. advanced             B before              C. ahead                D prior to
34. A. lately               B later               C. late                 D latter
35. A. despite of           B despite              C. in spite            D although

Part Five

Section A

Questions36 - 40
    Read this text about trade theory.
    In most of the lines36 - 40there is one extra word which does not fit in. one or two lines,
     however, are correct.
    If the line is correct, put a (√)in the space on your Answer Sheet.
    If there is an extra word in the line, write that word in the space on your Answer Sheet.

Most of the world‟s business in marine insurance is centered √
In London though whatever there are other important markets whatever

Ricardo‟s law of comparative advantage suggested that
36 specialization and trade lead to have gains for both nations
37 when comparative advantage exists in. however, this theory
38 depended on mostly the restrictive assumption of the labor theory
39 of value. The labor theory of value refers to the labor is
40 assumed to be the only factor input. In fact, actually labor is only
  one of several factor inputs.

Section B

Questions41 - 45
    A student has translated a piece of English materials in a Chinese newspaper back into
     English and asked you to check it.
    In each line there is one wrong word.
    For each numbered line41 - 45write the correct word in the space on your answer sheet

There should not be any needy for tills request need
  A shopping mall in the States is composed of many
41 personal specialty shops and nationwide chain stores, such as
42 Sears and JC Penny. What impresses me mostly when shopping
43 at the mall is its return policy. No matter what you bought
44 shoes, pants and big-ticket items such as TV and VCR, if you
45 find some problem with them or simply do not like them
     any longer, you can return them within 30days.

Part one

Question 46
You work for fleeway transport Ltd.14queen‟s road, Manchester M60 2DA. The managing
director is Fred Jenkins.
Mr Jenkins says to you one day: “I need a notice about the staff annual dance, the date has been
changed as has the venue! It is now on Saturday, 28th May at the Ballroom, The Grand Hotel, here
in Manchester on the 21st at the Metropole in Newmarket. Remind the staff that it is still a Fancy
Dress—prizes—best costume, funniest costume. We need to put in some other information: live
music, 2 groups, Disco as well, 8pm, midnight, Buffet meal.”

Draft the notice

Part Two

Question 47
You are a clerk in a certain multinational corporation. You are asked to write a report about the
target nation‟s economic situation; you received the information as follows:
Read the following table and graph which show the situation of this developing country, telling the
sect oral distribution of employment and GDP.
 Use the information in the table to write a short report (about 100-120 words)
 Write on your Answer Sheet.

                      Sectoral distribution of employment and GDP, 1992

          Natural      Industry   Trade,         Transport       Government   Other %   Total %
          Resources    %          Restaurants,   Communication   %
          %                       hotels %       %
Employment   77.4       3.6    4.9        1.6        8.7    3.8     100.00

GDP          19.2       15.4   37.1       8.4        12.5   7.4     100.00

                    Percentage of GDP


  Part One
  1. (E):学习通讯的大学生。E 项是一本关于通讯方面的书,选 E。
  2. (A)   “一位通过培养当文秘课程老师的学生”        。从 A 段第一句话可知选 A。
  3. (C)  “公司金融部门的人员及会计”显然对他们来说,Business Finance 较适合。
  4. (D)           ,他们应该有关经济方面的书,所以 D 对。
  5. (B)  “要拿经济学的证书的学生” ,他们应该读有关经济课考试方面的书,所以 B 对。
  6. (C)  “公司经理人员”一般读 Business Finance 较适合。
  7. (D)   “在大学教经济学的老师”,他们当然要看一些经济学的书而不是为了考试,所以
     选 D 不选 B。

  Part Two
  8. (E)The major risk 是句子的主语,因此需要填入的是句子的谓语,however 是个副词,
  9. (F)和前面的 the quality of goods …, a dispute over contract terms 一样,any other
     disagreement 也是介词 about 的宾语,只是在它的后面多了个定语从句 over which
     payment is withheld。
  10. (H)上文表示有时政治风险不可避免,这显然是原因,因此需要一种结果。So 引导
  11.(G)force 这个动词后面常用名词+to 不定式的复合宾语。

  Part Three
  14.(E)本段介绍了航空运输从第二次世界大战到 70 年代的重大发展。
  18.(B)where 后面明显需要填入一个语法上完整的句子,在五个选项中只有 B 是句子。
19 (A)这句话概括了第三段的主要内容。

Part four
21 - 25 DACBD
26 - 30 ADCD
31 - 35 BAABB
21(D)从语义上看不能填 slowly (注意前面有 soon), 从语法结构上看要添一个和副词。
22(A)从时态上看应用过去时,从词语的搭配看 bubble burst 是对的。 这是一种固定的说
      法(也可以说:The bubble was pricked. 意思是说,原来看上去一种很好的想法,实际
      上是行不通的。       )
23(C)从上下文看应该填表时损失的词,故 lost 是对的。
24 (B)表示两个单位合并常用 merge.
25(D)that 引导宾语从句,他在从句中不充当任何成分。
26(C)从句法结构上看应填过去分词,expanded 的意思是“扩大的,膨胀的” extended              ,
    是“延长的,引申的”             ,expanded 是正确选择。
28 ( D) 由 by 引出动作的执行者。
29(C)which 引导非限定性定语从句。
30 (D) 要用被动语态结构。Put off 是 “推迟”               ,destroy 是“破坏”,所以语意不对。
31 ( B) in advance 是“预先,提前”         ,而 ahead of 后面要有宾语。
32 (A) introduce 是“采用,推行”的意思。
33 (A) 是过去分词,作形容词用,意为提前的,预先的。句法上这里要用前置修饰语。
34 (B) later 的意思是—以后,lately 是最近,近来。
35 (B) 从结构上看应填介词。英语中既没有 despite of , 也没有 in spite , 正确的形式是
     despite 或者 in spite of .

Part Five
Section A
36. have, 此句,lead to gains 表示得益,构成一个完整的意思,不必再用 have gains.
37. in,exist 是个不及物动词,若加 in,则后面要跟宾语,显然,此处没有宾语。所以去掉
38. mostly 此词纯属多余
39. 无多余单词
40. actually,前面已有 in fact,后无需再用 actually 了
Section B
41. individual,individual specialty shops 指个人专卖店,而 personal 则无此含义。
42. most,most 表示高级,此处译为给我印象最深的是…,而 mostly 意为大多数。
43. buy 此处为一般现在时,不用 bought
44. or,根据上下文,shoes,pants,TV,VCR 应是或者的关系,不应用 and。
45. problems 前一个词为 some,可知前一个词为 some。可知该用复数。

  Part one
  Section A
  Question 46
  (Sample for reference)

                     STAFF ANNUAL DANCE
    Please note that some changes have been made to the date and place of the Staff Annual
Dance. It will be held on Saturday 28 May at the Ballroom in the Grand hotel in Manchester
                                 Instead of
                  21 May at the Metropole in Newmarket.

    It will still be a Fancy Dress with wonderful prizes for winners of „best Costume‟ and
„Funniest Costume‟
    There will also be live music played by two famous bands in Manchester. Various tastes for
music such as Disco, Jazz, and Social Dance are catered for.
    The Dance will begin at 8 pm till midnight.
    Buffet meal will be provided as in previous years.
    Enjoy yourself then!

  Fred Jenkins
  Managing Director

   Section B
   Question 47
   (Sample for reference)
     The first graph shows the percentage of people employed in different sectors of the economy
in 1992, and the percentage of GDP which they produced. The main economic sectors are natural
resources, industry and services. The second graph shows movements between 1986 and 1995.
     The first graph reveals that although 77.4% of the population who worked in industry
produced 15.4% of GDP, and the 15.2% who worked in the service sector produced 58% of GDP.
     The second graph shows that services as a percentage of GDP have been falling steadily. In
1986 natural resources provided more than 25% of GDP, but this declined to less than 2o% in
1992, recovered in 1993 but fell below 205 in 1995. Industry earned less than 10% of GDP in
1986, but rose almost to 205 in 1995.
     The two graphs reveal that GDP is earned primarily by the service sector.

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