You work in a company which deals with industrial waste. You have read about a new kind of

?Read the article below about financial risks.

?Choose the best sentence to fill each of the gaps,

?For each gap 8—12, mark one letter (A—a) on your Answer Sheet.

?De not use any letter more than once.

?There is an example at the beginning.

Financial Risks

Several types of financial risk are encountered in international marketing; 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 bills. 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 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, 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-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 years, most firms could take protective action to minimize their unfavourable effects. Floating exchange rates of the world's 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. however, 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. Before rates were permitted to float

(8)

听力原文：Man: Good morning. Adventure Holidays Equipment Ltd. Philip Sykes speaking.

Woman: Good morning, Mr Sykes, it's Julie Ventnor from Polareach Ltd. I spoke to you briefly last week and you sent us your brochure.

Man: That's right. Was it useful?

Woman: Well, we're not really interested in the tents and other equipment, but we may want to order from your clothing range.

Man: Oh right. Have you got one of our order forms?

Woman: Yes, but first I need some information on the payment terms. These are quite important because, as I think I said last time, we're interested ill purchasing quite large quantities.

Man: Right. What sort of quantities are you thinking of?

Woman: We'll want about two thousand pounds worth of goods for each of our ten stores, so we'll probably be giving you orders of around twenty thousand pounds a month.

Man: I'm very pleased to hear that. Can I send the information to you later today?

Woman: That'll be fine. Thanks.

Mall: If the terms are acceptable, may I suggest a meeting towards the end of January?

Woman: Yes, that would be good. Let me see. 1 can do the 23rd or the 30th.

Man: The 23rd's no good for me, I'm afraid.

Woman: Let's say January the 30th then. I'll be in touch at a later date to confirm the time.

Man: OK, that's fine. Bye.

Woman: Bye.

&8226;Look at the note below.

&8226;You will hear a woman calling a company about a possible order.

TELEPHONE ENQUIRY RECORD

Caller: Julie Ventnor from Polareach Ltd

She's interested in our (9) ______

Requires details of our (10) ______

Total monthly order: approx. (11) ______￡

Meeting on: (12) ______

?The table below shows the average family expenditure in America.

?Write a report describing the information shown below.

?Write 120--140 words on a separate sheet.

appear in a newsletter for the sports centre's members.

&8226;Look at the graphs below, on which you have already made some handwritten notes.

&8226;Then, using all these handwritten notes, write your report.

&8226;Do not include postal adresses.

&8226;Write 120—140 words.

e airport and it's not company policy to fund that. So, we're left with the third one, the one that leaves at eight o' clock in the evening. If you agree, I'll ask for that one and we can travel down together. We can probably get a lot of work done on the train to the airport.

(21)

one having to do extra hours, whether here or at home, to fulfil it. I realise that your particular circumstances make this very difficult to deal with, but that's also true of many of your colleagues. I'm afraid I'm going to have to say that I can't do anything about it at the moment. If I did, everyone else would suffer.

(19)