1、剑桥商务英语中级-25 及答案解析(总分：100.00，做题时间：90 分钟)一、BREADING/B(总题数：1，分数：7.00)BPART ONE/BLook at the statements below and the following introduction about the types of ownership. Which type of ownership (A, B or C) does each statement (1-7) refer to? For each statement (1-7), mark one letter (A, B or C). You wi
2、ll need to use some of these letters more than once. BA Partnerships/BOn 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 is possible because people in thi
3、s 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 limited. If people quarrel or disag
4、ree 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 listed on the stock exchange. The adva
5、ntage 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 businesses grow, the more difficult it is
6、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 the numbers who own the company. Th
7、e 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 companies of this type exist in En
8、gland, 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 and lawyer.（分数：1.00）A.B.C.(4).The
9、 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 spend their time in doing what th
10、ey are best at.（分数：1.00）A.B.C.二、BPART TWO/B(总题数：1，分数：5.00)Read the article below about the U.S. dollar. Choose the best sentence from the list A-G to fill each of the gaps. For each gap (8-12), mark one letter (A-G). Do not use any letter more than once. The Dollar in World Markets According to a le
11、ading 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 important price in the world economy. “ Because the dollar acts as a world currency,its value affects many nations,The central banks o
12、f 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 and hurt others. Some people suggest, therefore,U (8) /U The dollars exchange rate has been volatile and unpredictable. Several yea
13、rs ago, the dollar was rapidly declining in value. This made itU (9) /U The rise in the price of foreign goods made it possible for U.S.businesses to raise the price of competing goods produced here, thus worsening inflation. Foreigners who dealt in dollars or who held dollars as reserves were hurt.
14、 People in the United States who had borrowed foreign currencies found that they had to pay back more than they borrowedU (10) /U The United States lost face in the eyes of the rest of the world. The dollar went soaring upward, and the situation was reversed. The United States exporters found it har
15、d 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 complained that they could not compete. Job losses were often blamed on the “overvalued“ dollar. Poor nationsU (11) /U found
16、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 of floating exchange rates and return to fixed rates. We might even return to the gold standard. Fixed exchange rat
17、es 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 U(12) /U that it is too inefficient to compete in the world markets, that it is permitting a high rate of inflation which makes its goods too expensive,
18、 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 interfering with the money market. Athat had borrowed dollars Bthat the dollars value should be more tightly contro
19、lled 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 lot of U.S. dollars Gall nations want to import less and export more Hit is importing too much （分数：5.00）(1).（分数：1
20、00）填空项 1:_填空项 1:_填空项 1:_填空项 1:_填空项 1:_三、BPART THREE/B(总题数：1，分数：6.00)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)Common Stock and preferred Stock A public corporation issues certificates of ownership, calle
21、d common stock, which may be traded on stock 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
22、 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 issues affecting the corporation (including a decision to sell or
23、 merge with another 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 c
24、orporations 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 bad, a coalition of so called dissident shareholders may gather enou
25、gh 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 profits
26、 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, if any, if
27、 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 the stock
28、 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 stock usually h
29、as 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, preferred stockh
30、olders 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 stockhol
31、ders 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 in 1995, and declare
32、d stock dividends do not accumulate.If dividends 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 co
33、ntrol,fixed returns, less risks, and less chance 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
34、second paragraph describes（分数：1.00）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.(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.th
35、e risk of common stockholders.C.the distribution 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 latte
36、r gets more fixed returns.D.preferred stockholders 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 yea
37、r.D.receive high returns.(6).For those who want 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.四、BPART FOUR/B(总题数：1，分数：15.00)Read the article below about the job of store assistants. choose the best word to fill eac
38、h gap from A, B, C or D. For each question (19-33), mark one letter (A, B, C or D)The move to self-service has meant that in many shops, fewer tasks are now performed by store assistants.Typical tasks which remain are making sure that shelves and counters are fullyU (19) /U taking the customers paym
39、ent, and U(20) /U the purchases.However, in some shops, the more traditional selling skills are still important.In larger stores, it is normal for a range ofU (21) /U to be rotated among staff, giving greater work variety. Every customer has differentU (22) /U and different reasons for coming into t
40、he store.Some knowU (23) /U what they want, ask for it and buy it.Many, however,are not sure, and if they are notU (24) /U correctly they may go somewhere else to buy.The store assistant mustU (25) /U when and how to offer help, and gain the customers confidence with theU (26) /U amount of questioni
41、ng about what they are looking for.They can then give information and advice about the products which might U(27) /U the customers requirements.This demands both communication skills and knowledge of the product.Finally, they have to persuade the customer to make the U(28) /U to buy, and “ close the
42、 deal “ If the customer is justU (29) /U 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 theirU (30) /U customers for a large part of theirU (31) /U . The actual
43、tasks of a store assistant vary with the type of goods sold.In a mens outfitters these could includeU (32) /U a customer for a suit.In an electronics store,it is vital to be able toU (33) /U how a computer or hi-fi unit works and to ensure that the customer has any accessories they might need. （分数：1
44、5.00）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.adequateB.calculateC.
45、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.acknowledge五、BPART FIVE/B(总题
46、数：1，分数：12.00)Read the text below about the Disney company. In most of the lines (34-45) there is one extra word. It is either grammatically incorrect or does not fit in with the meaning of the text. Some lines, however, are correct. If a line is correct, write CORRECT, If there is an extra word in t
47、he line, write the extra word in CAPITAL LETTERS. 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
48、 Toy Story, and Monsters 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 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 s
