Passengers can exchange seats without permission.

A．It's a time when people exchange gifts with friends, family, and teachers.

B．It's a holiday when friends give gifts during a splendid dinner.

C．It's a day when people think of others without waiting for a gift in return.

D．It's a time that you can receive lots of gifts.

Tourists can exchange money______.

When two banks agree to be correspondents with each other, they first exchange their______to verify signatures with authorized ones for different transactions.

A．passbooks

B．signature books

C．general ledgers

D．remittance orders

听力原文：M: Unlike partners and proprietors, owners in a corporation have limited liability. They stand to lose only what they have invested. Creditors can sue a corporation for not paying its debts, forcing the corporation to declare bankruptcy. Creditors, however, cannot make the stockholders pay the corporation's debts out of their own personal assets. Because corporations have to report so many of their activities and because many government agencies scrutinize their activities, corporations often lose the competitive advantage of secrecy. Corporations must make public reports on profits, total sales, and research expenditures. Competitors can learn much about each other by reading reports and studying reports from hearings.

F: Stockholders can transfer shares of stock to others without causing the termination of the corporation. Major stock exchanges list the latest selling price for thousands of stocks by the minute, and they provide a ready market for buyers and sellers. The withdrawal is easy compared to the other forms of ownership because the sale of an owner's stock does not dissolve the corporation. A proprietor can have a brain-storm over a ham sandwich at lunch. Make a decision. And act on it before the end of the day. But corporations have many departments, committees, and beards that must approve major projects before actions can be taken.

M: Unlike proprietorships and partnerships, a corporation can last indefinitely. While some charters specify the length of life of the company, most assume an indefinite life span. The existence of the corporation is unaffected by the death or withdrawal of its stockholders. The government creates the corporation as an artificial being and feeds its offspring with dozens of rules and regulations. Many of these regulations apply to all organizations, but enforcement is focused on the larger corporations. In order to comply with all the regulations, corporations spend a good deal interpreting laws, maintaining records, and reporting to government agencies.

F: Corporations have a large advantage in obtaining more money for expansion. They can raise money more easily because its stock and bonds are bought and sold in public markets such as stock exchanges. The price of ownership is known, and when the company wants to raise new funds, it can sell new shares or bonds to the public and attract funds from both domestic and foreign investors. The larger a corporation becomes, the more sources of financing are available to it. The corporation is treated as a legal entity and must pay taxes on its taxable income. When after-tax corporate profits are paid out in dividends to the stockholders, the dividends are taxed a second time as part of the individual owner's income. Thus owners pay taxes twice on corporate profits.

M: While all corporations are not large, most large businesses are corporations. Large size offers the advantage of economical production methods; large companies can buy materials, manufacture products, and ship finished goods

in bulk. But even more important is the ability to specialize. This potential, combined with the ability to pay higher salaries and offer attractive fringe benefits, gives the corporation an advantage in hiring and keeping top-rate employees. A corporation is more costly and difficult to create than other forms of~ ownership. Preparing the articles of incorporation, developing a prospectus for potential owners, complying with regulations on stock issues, and registering in other states is costly and time consuming. Filing fees, lawyer expenses, and promotion costs can be expensive.

&8226;You will hear five different business people talking about corporations.

&8226;For each extract there are two tas

The Stock Exchange

Who Needs the stock Exchange

Everybody does. Nine out of ten of the adult population of this country save or invest in one form. or another. The Stock Exchange provides a way in which this money can be put to work.

If you are buying a car, a television, or a washing machine, you may pay for it out of your savings, or borrow from a bank or hire-purchase company. If you are buying a house, you may get a mortgage from a building society.

A business needing new machinery, or new premises, has similar options. Some of the costs can be met from profits kept in the business, in other words, paid for out of savings, but as a company grows, this becomes increasingly difficult.

From your point of view as a saver, you may be saving up for something definite, such as a down payment on a car or house, or simply in order to have money available, should some unforeseen emergency arise.

Either way, you will not be prepared to entrust your savings to a company seeking cash for expansion unless you can be sure you will be able to get it out again. If the company has meantime invested your money in launching a new product, it will not be able simply to hand it back. Nor can it usefully hand over a bit of the factory roof, or two or three tons of soap, to redeem the investment.

How then can these conflicting requirements be met?

The answer is through the Stock Exchange. When the saver needs his money back, he does not have to go to the company with whom he originally placed it. Instead, he sells his shares to some other saver who is seeking to invest his money.

Large companies need a way to; tap the savings of the public at large.

An oil-field in the North Sea can cost hundreds of millions of pounds to bring into production. Not until the oil is flowing can it contribute to the profits of the company that discovered it.

The same problem, on a smaller scale, faces practically every company trying to develop new products and create new jobs.

There can be little prospect of raising, the sort of sums needed from friends and acquaintances, and while banks may be willing to provide short-term finance, they are generally reluctant to provide money on a permanent basis for long-term projects.

So companies turn to the public, inviting people to lend them money, or take a share in the business in exchange for a share in future profits. This they do by issuing stocks and shares in the business through the Stock Exchange. By so doing they can mobilize the savings of individuals and institutions, both in the U. K. and overseas.

Many of the services needed both by industry and each of us are provided by government or our local authorities. Without hospitals, roads, electricity, railways, this country could not function. All these, require continuous expenditure on new equipment and development if they are to serve us properly, requiring more money than is raised through rates and taxes alone.

The government, local authorities, and nationalized industries therefore frequently need to borrow money to finance major capital spending, and they, too, come to the Stock Exchange.

There is hardly a man or woman in this country whose job or whose standard of living does not depend on the ability of his or her employers to raise money to finance new development. In one way or another, this new money must come from the savings of this country. The Stock Exchange exists to provide a channel through which these savings can reach those who need finance.

Who Are the Savers?

Many attempts have been made to find out how many savers there are in the United Kingdom and Republic of Ireland. It is difficult to be sure, because one person may have a savings bank account, another a bank deposit book, another a b

A．Y

B．N

C．NG

links the entire Iogistics process with customer．

A．Interchange

B．Exchange

C．Communication

D．Reporting