商务英语阅读-试卷

1、商务英语阅读-试卷1. housing and land tax2. agent-service2014-2015学年第二学期3. business tax4. income tax商务英语阅读课程试卷A5. amount deposited6. capital market7. economic stimulus8. export contract考 试 时 间120分 钟适用 班级 （份数）考 试 类 型题 序一二四五六七八总分分 值100得 分阅卷人复核人9. foreign currency earnings10. amount receivable、商务术语英译汉（每题1分，共10分

2、）5.损失9.公平交易4#分):、商务术语汉译英（每题2.资产6.抵押10.首次公开发行3.本地银行7.萧条1分，共10分）4.出租人8.信用第一三、商务术语定义匹配（每题 1分，共20Part one Match the terms in column A with the definitions in column B:1) market sharepolitical candidate,a) A group of advisors, originally to afor their expertise in particular fields,but now to any商务英语阅读试卷

3、 A第9页（共7页）decisionwhether ormakers,.1) bondholdernotin2) cash drain3) shareholder wealth4) net worth5) management team6) brain trust7) balance sheet8) captains of industry9) Venture capitalist10) product cyclePart two Match the terms in column A with the explanations in column B:Ba) A measure of a c

4、ompany's financial health,which equals cash receipts minus cash payments over a given period of time.b) A financial asset whose value has fallen significantly and which fails generate cashflow and is worth much less than expected.c) An entity (person or institution) that extendscredit by giving

5、another entity permission toborrow money if it is paid back at a later date.d) A unit specially organized to work on a single defined taske) A business company that is owned or controlledby another larger companyf) A person owning a bond or bonds issued by a government or a public companyg) Money us

6、ed for the preservation of mental and physical health by preventing or treating illnessthrough services offered by the healthprofessionh) Volume of products or services that can be generated by a production plant or enterprise ina given period by using current resources.i) A business established or

7、operated under an authorization to sell or distribute a company 's goods or service in a particular areaj) Products that are extremely populous among consumers and normally sell like hot cakes in the market.politics.B) The rate of new product development, which is getting faster with more severe

8、 competition technological advancement.C) Percentage or proportion of the total available market or market segment that a product or company takes.D) A group of executives employed to manage a project, department, or company with their particular expertise or skills.E) A person, project, business or

9、 company that continues to consume large amounts of cash with no end in sight.F) A person or firm that invests in a business venture, providing capital for start-up or expansion, and expecting a higher rate of return than that for traditional investments.G) The wealth shareholders get to accrue from

10、 their ownership of shares in a firm, which can be increased by raising either share prices or dividend payments.H) A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.I) Total assets minus total liabilities, an important

11、 determinant of the value of a company, primarily composed of all the money that has been invested and the retained earnings for the duration of its operation.L) A business leader who is especially successful and powerful and whose means of amassing a personal fortune contributes substantially to th

12、e country in some way.2) creditor and faster3) dealership4) health-care expenses5) manufacturing capacity6) net cash flow7) bad asset8) hot products9) subsidiary#10) task force四、综合阅读理解（每题2分，共40分）Part oneIn a speecto MorganStanley siaffduringthemarketurmoilof 2008J ohnMackthe firm' streefightingb

13、osswonderedloud: "Howo yougetthroughchaos?WallStreef most blue-blooded firm survived, bloodied, with government help and some timely investments from Asia.The questioinacingMr Mackssuccessas chiefexecutivJamesGorman (pictured), an urbane Australian, is equally vexing: how should the 75-year-old

14、 firm be reshaped so that it can prosper in a post-crisis world?The answer lies partly in undoing much of th-crfirmesppireon under Mr Mack into mortgages and other risky, leveraged assets. The balance-sheet has shrunk by about 20%. Proprietary-trading desks have been closed or are being spun off, as

15、 are hedge funds. A push into more stable, and capital-light, wealth management and retail brokerage was made through the opportunistic purchase of 51% of Smith Barney from Citigroup. New people have been brought in to run the firm ' s key divisions.It is the biggest voluntary overhaul of any bi

16、g American financial firm since 2008 (Citi was forced by regulators to restructure). It sets Morgan Stanley in contrast with its archrival, Goldman Sachs, which doesneem keen to change at all.Executives insist that this does not presage a new Morgan Stanley but merely a rebalancing towards less vola

17、tile, client-facing businesses, many of which, such as merger advice andsecuritiesnderwritingyerethefirm' sreadandbutterbeforet contracteGoldmaenvy.The firm has cut off' the bits that made aggressive bets with its own capital, fsaysmMre Gorianaobe else would have paid.Suspect units included

18、a singlemortgag(eeskthatlost$9.6Dillion.Hismantrcis originate, Mr Gorman himself is a breath of fresh air. Mr Mack was the investment bankemvestrdistribute and manage capita l, not punt your own.The ride is proving bumpy. After a good first half of the year, the firm made profits of only $313m from

19、continuing operations in the third quarter, down from almost $1 billion a year earlier. Particularly disappointing was the institutional-securities (i.e., investment banking and trading) division, the engine of the group. Its revenues slumped to their lowest since early 2009.An insider jokes that Mo

20、rgans underperformance relative to GoldmreiatisnappuiblicGorman profess to get on well, however. There are no signs that Mr Mack, who now spends most to ensurehat thefirm remainsnorepopularthanits rival. 'Withhelion' shareof the of his time with clients, is interfering with strategy.business

21、 being restructured, and new faces at the top, the outlook is unusually u ncertain,” Michael Mayo, an analyst at CLSA, a broker.The firm is in a strong position in retail brokerage. The Smith Barney deal catapulted it to the top spot, with 18,000 brokers and $1.6 trillion in client assets. In a busi

22、ness where scale is important, only two competitors come close: Bank of America/Merr川 Lynch and Wells Fargo.'We rtheprettiesg irl at thedance ,boastMr GormanMorgarStanleSmithBarney(MSSB) not only provides a huge distribution platform -for instance, the firm recently led astock offering for Gener

23、al Motors but is also a useful source of deposits.The division has not been without problems. A lot of leading performers left after the merger, though the rate of departures has since fallen. Fear of losing more talent h as kept the brokers compensationtioat 60%andthefirm' overalratioat anuncom

24、fortabHygh54%well abovWoldma nsButtheres a lot of moneyo bemadef thefirm canmakets brandas trusted on Main Street as on Wall Street.Morgan Stanley BSputatioiamongpluechip companies has remained strong, despite its near-death experience and earlier turmoil, such as the controversial merger with Dean

25、Witter in 1997 and subsequent palace coup in 2005. Morgan heads the global league table for announceds mergers and acquisitions this year and is in the top two in equities. It is popular with governments looking to sell shares: recent deals it jointly led include Petrobras and AgriculturalBank of Ch

26、ina, as weGas “It would take a nuclear weapona brand theirs in traditional investment banking, " says a senior executive at a rival firm.as strong asMorgan Stanley is, by contrast, an also-ran in fixed income, a crucial area these days that includes credit, commodities and rates. With 6% of the

27、 market, it is less than half the size of the bigges t flownonsterGoldmanThatmattersiotleasbecauses MorgarStanley own analysts point out, the bigger you are in fixed income, the less volatile your returns. The firm is trying to push its share to 8% but Colm Kelleher, who runs sales and trading, ackn

28、owledges the scale of the task:'You dont go from where we are now to being a top three counterpquarter or two.”essIn assemanagemethtesmallestf thefirm' threemainbusiness it will take years to reachts goabf becoming! Industhyadereverif all goeso plan.With$273billionofclient money Morgan is a

29、minnow -its eight largest rivals all manage more than $1 trillion. Long run as a collection of silos, asset management has scraped a profit in just two of the past 11 quarters. To jump-start the division, Mr Gorman has hired Greg Fleming, a former president of Merrill Lynch, whose past achievements

30、include helping to sell his old firm to Bank of America banker: a charismatic former bond salesman driven by instinct as well as analysis. By comparison, his successor, a former consultant knownfor his strategiclair, is positively Cartesian , as a colleague puts it (though sufficoeaHy td owtnking bo

31、xing lessons).“IfJohnwasourwartimeeadeJameis our peacetimeuilder, saysMr KelleheiS omeworry that Mr Mack, now chairman, will meddle, creating tension at the top. He and Mrsays He may have more to say if the share price does not liven up over the next year or so. The firmtrades at 20% below its book

32、value, compared with 25% above for Goldman. Analysts want tosee clear financial targets. But Mr Gorman will only commit himself to ategons of a 'highreturn on e quity 'in normal markets. The target of-taX20ahgip 的 mssb by 2012 has been quietly dropped.cachet of the more venerable institution

33、al busnnesse ntIbanking) is no longer yourAnother worry is that the increased emphasis on the retail business will, over time, sap theone big thing, it can become harder to attract the best people. And it can be insidious, like diabetes, " says a former senior Morgan Stanley man. The firm also

34、needs to work harder to keep big clients sweet. Some have c omplained that it is' extremely complicated to do business withadmits Mr Gorman. To fix that, he has hired a batch of experienced relationship managers, including Merrill Lynch ' s Kevin Dunleavy, who has an enviable list of hfdgd c

35、ontacts.The problems have at least been identified. Insiders talk of a new-found scrappiness: 'a determination that the firm be more than just a survivor,' a-hTad Picqicoes, putsit. The CEO is leading from the front when it comes to wooing clients: he has met more than 400 since taking over

36、in January.And when it comes to managing risk and allocating capital according to risk-adjusted returns, not crude revenues, lessons appear to have been learned. After reeling off numerous initiatives in these areas, Mr Kelleher suggests that the recent crisis will prove to be for Morgan Stanley wha

37、t the 1994 bond market blow-up was for Goldman: an event so traumatic that it leads to a permanently increased attunement to risk.“In the future we ll show more discipline in defining the sandboxes we play in, "says Mr Gorman. If he keeps to that promise, the firm that was founded during the Gr

38、eat Depression through a spin-off from JP Morgan might one day look back on the Great Recession as a time of rebirth, not just pain.1) What does James Gorman ,the new chief exetutive, try to do to reshape Morgan Stanley after the crisis?A. Try to get government help and some timely investments from

39、Asia.B. Try to undo much of the firm ' -cpses expansion.C. Fire more people to control costs.D. Make more mergers and acquisitions in the world market.2) Who is Morgan Stanley s main rival?A. Smith BarneyB. CLSAC. Agricultural Bank of ChinaD. Goldman Sachs3) Which of the following statement abou

40、t the Smith Barney deal is true?A. After a good first half of the year, the firm made profits of only $313m, down from almost $1 billion a year earlier.B. The deal made no difference to the troubled situation.C. It made Morgan Stanley a superior position in retail brokerage.D. It was particularly di

41、sappointing because its revenues slumped to the lowest since early 2009.4) What is not the problem in Morgan Stanley Smith Barney (MSSB) according to the passage ?A. There is a lot of money to be made.B. A lot of leading performers left after the merger.C. The brokers ' compensation ratioas too

42、high.D. There was a fear of losing more talent.5) What does the sentence “It would take a nuclear weapon to sink a brand as strong as theirs in traditional investment banking. " suggest?A. Morgan Stanley is popular with governments looking to sell shares.B. Morgan Stanley s near-death experienc

43、e and earlier turmoil are controversial.C. Morgan Stanley has been infamous since the turmoil.D. Morgan Stanley s reputation has remained strong.6) Is it easy for Morgan Stanley to change the situation from an also-ran to a victor in fixed income?A. Sure it is.B. It still needs a long way to go.C. I

44、t's hard to say.D .It's a big problem.7) What do you know about John Mack, Morgan Stanley 8 former chief executive?A. He is a great bond salesman .B. He is known for his strategic flair.C. He is a wartime leader.D. He is a peacetime builder.8) Which figure is roughly fit to Mr Gorman' s

45、goal on equity in normal markets?A. 20%B. 25%C. 18%D. 12%9) What effort has Mr Gorman make to regain Morgan Stanley s' venerable institutional business?A. He has increased emphasis on the retail business.B. He has hired a batch of experienced relationship managers.C. He has worked harder to keep

46、 big clients sweet.D. He has won a list of hedge-fund contacts.10) What does Morgan Stanley plan do in the future according to Mr Gorman?A. It will show more discipline in its business dealings.B. It will define more clearly the sandboxes it plays in.C. It will go through a spin-off from J.P. Morgan

47、.D .It will look back on the Great Recession from time to time.Part twoWhat makes money valuable? Why is a piece of paper marked $ 10 worth more than one marked $1? You could say there is no reason. It make dollar bills, and they are pretty, but that money is valuable is that everyone believes it is

48、.'s tthuet a special kind of paper is used to's not what makes them valuable. The real feasobank began to issue itC they could exchange it for the same amount of goldAncient economies had no paper money or coins. Some used barter- trading one thing for another. Others used all kinds of objec

49、ts as money. Any object would do, as long as there was not an unlimited amount of it. Animals or metals were popular, and so were manufactured products like jewelry or weapons. Wealth in ancient Greece was measured in tools or cattle. This kind of money had two purposes. First, it was useful in itse

50、lf. Tools and cattle can be used for farming. And second, it was a way to symbolize and measure value. A house, for example, would be valued at a certain number of tools or cattle. This greatly simplified trade. Other societies used money that was totally symbolic. For instance, American Indians use

51、d wampum, which is made from seashells. And until recently on the pacific island of Yap, people use large stone discs as money.In most places these types of money died out because more practical forms of money were invented. People started using precious metals, such as gold and silver, that were ea

52、sier to carry around than tools or stones. And in the eighteenth century, paper money was introduced. At first people were suspicious of new currency, but they came to accept it because the government or bank issuing it would exchange an equal amount of gold for the paper. A $ 10 bill really was wor

53、th $ 10 for gold. But now, people are used to the idea that the government doesn back its money with gold. Everyone believes that a $ 10 bill is worth $10 and that is good enough. But i f, for some reason, people ever lost faith in paper money, ten dollars wouldn paper it ' s printed on.1. Accor

54、ding to the writer the real reason money is valuable is that everyone believes.A. money is valuableB. gold is valuableC. money is gold2. The writer of this selection mentioned animals, metals and manufactured products like jewelry or weapons because.A. they were valuableB. they were used as money in

55、 ancient timesC. people liked them3. Paper money was invented.A to take the place of other types of moneyB to be replaced by other types of moneyC in the nineteenth century4. At first people did not have trust in paper money becauseA.it was not worth muchB.the paper was not of good qualityC.it looke

56、d like an ordinary piece of paper5. People came to accept paper money when.A the government began to issue itPart threeMany private institutions of higher education around the country are in danger. Not all will be saved, and perhaps not all deserve to be saved. There are low-quality schools just as

57、 there are low-quality businesses. We have no obligation to save them simply because they exist. But many thriving institutions that deserve to continue are threatened. They are doing a fine job educationally, but they are caught in a financial difficulty, with no way to reduce rising costs or incre

58、ase revenues significantly. Raising tuition doesn' bring in more revenue, for each time tuition goes up, the enrollment goes down, or the amount that must be given away in student aid goes up. Schools are bad businesses, whether public or private, not usually because of bad management but because of the nature of the enterprise. They lose money on every customer, and they can go b