3/31/22, 7:30 PM LISTENING SECTION

LISTENING SECTION
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Listening 1

Listen to the recording and answer the questions. (LISTEN TWICE 1.17 MIN)
Click here for LISTENING AUDIO TRACK:

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This commercial discusses ______ loan financing. 1 point

Home

Business

Land

Clear selection

You can lower your monthly mortgage payments by _____. 1 point

creating a clear budget

reducing your expenditures

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3/31/22, 7:30 PM LISTENING SECTION

securing a loan at a lower rate

Clear selection

Refinancing your loan can help you ____. 1 point

take out other loans

reduce your long-term debt

pay for other improvements

Clear selection

People can sometimes pay off their loans more quickly when ______. 1 point

they earn more money

home prices drop

the financial market improves

Clear selection

Refinancing a mortgage can also help in a financial crisis due to _____. 1 point

loss of employment

natural disasters

economic slowdown

Clear selection

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3/31/22, 7:30 PM LISTENING SECTION

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3/31/22, 7:14 PM Vocabulary Section

Vocabulary Section
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Part 1

Complete the sentence with the following words.

A ________ is a loan to buy property. 1 point

mortgage,

Money you put in the bank is called a _________ 1 point

Deposit,

Money paid to a retired person is called a ___________ 1 point

pension,

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3/31/22, 7:14 PM Vocabulary Section

Securities representing part-ownership of a company are called _________ 1 point

shares,

The money invested in a business is its ___________ 1 point

Capital,

____________ are interest-paying securities issued by companies that need 1 point

Bonds,

A __________ is when a company gains control of another one by buying its 1 point
stocks.

takeover

A __________ is when two formerly separate companies join together. 1 point

Merger
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3/31/22, 7:14 PM Vocabulary Section
Merger,

Match the following words with its description

abolished or ended rules and restrictions 1 point

deregulated

sums of money paid as penalties for breaking the law 1 point

fines

groups of companies that have joined together 1 point

conglomerates

control of something by rules or laws 1 point

regulation

guaranteeing to buy a company's newly issued stocks if no one else does 1 point

underwriting

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3/31/22, 7:14 PM Vocabulary Section

made it illegal to do something 1 point

prohibited

people who place money in bank accounts 1 point

depositors

canceled or ended (a law) 1 point

repealed

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3/31/22, 7:14 PM Vocabulary Section

Vocabulary Section
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Part 2

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3/31/22, 7:14 PM Vocabulary Section

Match the two parts of the sentences 6 points

depends
so they can't lending
on how
banks have lend all their the same to people
depends on risky it is
to assess money in original who need
the reserve for the
the risk loans with deposit to borrow
requirements. bank to
involved. long several money.
lend the
maturities• times,
money.

Banks lend
savers'
deposits

Banks
always
need
liquidity,

The
interest
rate on a
loan

They also
create
credit by

Before
lending
money,

How much
credit
banks can
create

Clear selection

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3/31/22, 7:14 PM Vocabulary Section

Choose the appropriate words for the following numbers after completing the
exercise in picture.

1 1 point

current accounts

2 1 point

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3/31/22, 7:14 PM Vocabulary Section

savings accounts

3 1 point

debit card

4 1 point

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3/31/22, 7:14 PM Vocabulary Section

credit card

5 1 point

standing order

6 1 point

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3/31/22, 7:14 PM Vocabulary Section

direct debit

7 1 point

statements

8 1 point

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3/31/22, 7:14 PM Vocabulary Section

foreign currency

9 1 point

traveller's cheques

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3/31/22, 7:14 PM Vocabulary Section

Vocabulary Section
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Part 3

Match the two parts of the sentences.

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3/31/22, 7:14 PM Vocabulary Section

Match the two parts of the sentences 4 points

gross profit
to acquire its
margin rose 9%
how good a interest cover is rival, which
from a year ago,
company is at the lowest it has would help to
so senior
making money. ever been. increase its
management isn't
steady growth
worried.

Although sales
fed .5"/. , the
company's

With just 24%

After borrowing
millions to
finance the
takeover of a
rival firm, the
company's

Like profit
growth, return on
equity is a
measure of

Clear selection

Find words with the following meanings.

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3/31/22, 7:14 PM Vocabulary Section

what you can earn, when you leave your money in the bank 1 point

interest rate

an amount of money borrowed from a bank for a certain length of time, 1 point
usually for specific purpose

loan

something that acts as a security or a guarantee for a debt 1 point

collateral

a long-term loan to buy somewhere to live 1 point

mortgage

an arrangement for saving money to give you an income when you stop 1 point
working

pension

to take back property that has not been completely paid for 1 point

reposses

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3/31/22, 7:14 PM Vocabulary Section

Match the two parts of the sentences.

6 points

depends
so they can't lending
on how
banks have lend all their the same to people
depends on risky it is
to assess money in original who need
the reserve for the
the risk loans with deposit to borrow
requirements. bank to
involved. long several money.
lend the
maturities. unties.
money.

How muds
credit
banks can
create

Banks
always
need
liquidity,

The
interest
rate on a
loan

They also
create
credit by

Banks lend
savers'
deposits

Before
lending
money,

Clear selection

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3/31/22, 7:14 PM Vocabulary Section

𝐌𝐚𝐭𝐜𝐡 𝐭𝐡𝐞 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐚𝐬𝐬𝐮𝐦𝐩𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐩𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬 𝐭𝐨 𝐭𝐡𝐞 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐢𝐞𝐬 6 points

𝐭𝐡𝐞𝐲 𝐩𝐫𝐞𝐯𝐞𝐧𝐭

publishing
showing
financial valuing
a profit listing the
statements waiting waiting assets and
divided owners'
for a 1-5- until until estimating
into US personal
month customers customers future
dollars, assets in a
period, pay before pay before revenue at
euros, company's
because recording recording the highest
Swiss financial
this will revenue expenses possible
francs, statements
show better figures
etc.
profits

time-period
assumption

matching
principle

separate
entity
assumption

conservatism
principle

revenue
recognition
principle

unit-of-
measure
assumption

Clear selection

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3/31/22, 7:14 PM Vocabulary Section

𝐌𝐚𝐭𝐜𝐡 𝐭𝐡𝐞 𝐣𝐨𝐛 𝐭𝐢𝐭𝐥𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐝𝐞𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧𝐬 . 4 points

expert
accountants
working for
company
independent people who
employees who people who
firms who review prepare a
check the prepare financial
companies' company's day-
financial statements
financial to-day accounts
statements
statements and
accounting
records

internal auditors

accountants

bookkeepers

external auditors

Clear selection

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3/31/22, 7:14 PM Vocabulary Section

𝐒𝐨𝐫𝐭 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐢𝐧𝐭𝐨 𝐚𝐬𝐬𝐞𝐭𝐬 𝐚𝐧𝐝 𝐥𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 . 10 points

Assets Liabilities

Accounts receivable

Land and buildings

Investments

Accrued expenses

Cash and equivalents

Inventory

Dividends

Deferred taxes

Long-term debt

Accounts payable

Clear selection

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3/31/22, 7:14 PM Vocabulary Section

𝐖𝐡𝐢𝐜𝐡 𝐟𝐢𝐠𝐮𝐫𝐞 𝐢𝐧 𝐞𝐚𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐩𝐚𝐢𝐫𝐬 𝐢𝐬 𝐡𝐢𝐠𝐡𝐞𝐫 𝐟𝐨𝐫 𝐚 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 1 point
𝐜𝐨𝐦𝐩𝐚𝐧𝐲?

cost of sales

sales revenue

Clear selection

𝐖𝐡𝐢𝐜𝐡 𝐟𝐢𝐠𝐮𝐫𝐞 𝐢𝐧 𝐞𝐚𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐩𝐚𝐢𝐫𝐬 𝐢𝐬 𝐡𝐢𝐠𝐡𝐞𝐫 𝐟𝐨𝐫 𝐚 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 1 point
𝐜𝐨𝐦𝐩𝐚𝐧𝐲?

gross profit

net profit

Clear selection

𝐖𝐡𝐢𝐜𝐡 𝐟𝐢𝐠𝐮𝐫𝐞 𝐢𝐧 𝐞𝐚𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐩𝐚𝐢𝐫𝐬 𝐢𝐬 𝐡𝐢𝐠𝐡𝐞𝐫 𝐟𝐨𝐫 𝐚 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 1 point
𝐜𝐨𝐦𝐩𝐚𝐧𝐲?

EBIT

EBITDA

Clear selection

𝐖𝐡𝐢𝐜𝐡 𝐟𝐢𝐠𝐮𝐫𝐞 𝐢𝐧 𝐞𝐚𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐩𝐚𝐢𝐫𝐬 𝐢𝐬 𝐡𝐢𝐠𝐡𝐞𝐫 𝐟𝐨𝐫 𝐚 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 1 point
𝐜𝐨𝐦𝐩𝐚𝐧𝐲?
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3/31/22, 7:14 PM Vocabulary Section

net profit

pre-tax income

Clear selection

𝐖𝐡𝐢𝐜𝐡 𝐟𝐢𝐠𝐮𝐫𝐞 𝐢𝐧 𝐞𝐚𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐩𝐚𝐢𝐫𝐬 𝐢𝐬 𝐡𝐢𝐠𝐡𝐞𝐫 𝐟𝐨𝐫 𝐚 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 1 point

𝐜𝐨𝐦𝐩𝐚𝐧𝐲?

income tax

net profit

Clear selection

𝐅𝐢𝐧𝐝 𝐰𝐨𝐫𝐝𝐬 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐦𝐞𝐚𝐧𝐢𝐧𝐠𝐬 .

the ability to sell an asset for cash 1 point

liquidity

How well a business uses its assets 1 point

efficiency

The relationship between two figures 1 point

ratio

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3/31/22, 7:14 PM Vocabulary Section

How easily a business earl pay hills or debts when they are due 1 point

solvency

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3/31/22, 7:21 PM WRITING SECTION

WRITING SECTION
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Writing

Read the following letter of complaint from a commercial customer to a supplier regarding problems with
a delivery of components.

From the context, try to guess what the meaning of the words/phrases in bold are. Then do the quiz at the
end

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3/31/22, 7:21 PM WRITING SECTION

letter of complaint from a commercial customer to a supplier regarding problems

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3/31/22, 7:21 PM WRITING SECTION

Below is a definition/description of each of the words/phrases in bold from the

A formal way of saying that you understand their situation, but you still 1 point
want to complain, is

Although, I appreciate that

Another way to say that something is causing damage to your business, is 1 point

severely impacting

When you tell a person to do something before or on a certain time or 1 point

at the latest

A formal way of saying 'if you don't fix this problem quickly', is 1 point

Unless this issue is resolved promptly

A formal way of saying 'but this hasn't happened', is 1 point

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3/31/22, 7:21 PM WRITING SECTION
but this has not been the case.

A formal way of saying you deserve something (like an answer or refund), 1 point
is

I am entitled to

A phrase used to introduce what the subject of the complaint is, is 1 point

I wish to draw your attention to

A phrase used to connect two complaints together, like 'in addition', which 1 point

includes the word 'worse', is

To make matters worse

A phrase that threatens the person receiving the email with an unsaid 1 point

consequence, is

we will be forced to take further action.

A phrase used to connect two complaints together, like 'in addition', is 1 point

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3/31/22, 7:21 PM WRITING SECTION

Not only

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓
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READING

𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐦𝐚𝐢𝐧 𝐩𝐨𝐢𝐧𝐭𝐬

𝐑𝐞𝐚𝐝 𝐭𝐡𝐞 𝐚𝐫𝐭𝐢𝐜𝐥𝐞 𝐛𝐞𝐥𝐨𝐰 𝐚𝐧𝐝 𝐝𝐞𝐜𝐢𝐝𝐞 𝐰𝐡𝐞𝐭𝐡𝐞𝐫 𝐭𝐡𝐞𝐬𝐞 𝐬𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐫𝐞 𝐭𝐫𝐮𝐞 (𝐓) 𝐨𝐫
𝐟𝐚𝐥𝐬𝐞 (𝐅).

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐀𝐑𝐓𝐈𝐂𝐋𝐄

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

The European changeover to International Financial Reporting Standards 1 point

true

False

Clear selection

CEOs need to fully understand how these accounting and reporting 1 point
changes could affect the way their financial results look to outsiders.

true

False

Clear selection

The changeover to I FRS only involved changing a few numbers in the 1 point
accounts of the companies concerned.

true

False

Clear selection

Once companies had understood which accounting policies they had to 1 point
change, the major problems were over.

False

true

Clear selection

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The changeover experience was the same for each of the companies 1 point
involved.

true

False

Clear selection

Many European countries' old reporting standards had been designed 1 point

mainly with their respective tax authorities in mind.

False

true

Clear selection

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VOCABULARY PART I

𝐖𝐨𝐫𝐝 𝐒𝐞𝐚𝐫𝐜𝐡

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

𝐖𝐨𝐫𝐝 𝐒𝐞𝐚𝐫𝐜𝐡
𝐅𝐢𝐧𝐝 𝐰𝐨𝐫𝐝𝐬 𝐨𝐫 𝐩𝐡𝐫𝐚𝐬𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐚𝐫𝐭𝐢𝐜𝐥𝐞 𝐰𝐡𝐢𝐜𝐡 𝐟𝐢𝐭 𝐭𝐡𝐞𝐬𝐞 𝐦𝐞𝐚𝐧𝐢𝐧𝐠𝐬 .

Note: First letter of each words should be written in a Capital Letter. (For instance; Financial Institutions)

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

a) the title of the manager with the greatest authority in the normal 1 point
everyday management of a company (paragraph B) C............, E............,
O............

Chief Executive Officer

people who make an official record of all the money paid into and paid out 1 point
of businesses (paragraph B) b .... ... .

bookkeeper

person who is in charge of the way a company reports its accounts to the 1 point
outside world (paragraph D) D ........ of E.. .. .... R. ... ... .

Director of External Reporting

a synonym for profitability (paragraph B) f. ..... .. p ..... .. . 1 point

financial performance

the documents that are produced for investors at the end of the 1 point

accounting process (paragraph C)a) r .. ...... a ....... .

reported accounts

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

the documents that are produced for investors at the end of the 1 point
accounting process (paragraph C)a) f .. .....f....... s.. ....... .

final financial statements

a synonym for the 'main methods of accounting' (paragraph C) k .... ... a 1 point
........ p ....... .

key accounting policies

things which do not 'fit' in a company's accounts (paragraph C) a .... .. .. 1 point

anomalies

rules which force companies to publish a specific piece of information in 1 point

their accounts (paragraph D) d. . . . . . . . r ....... .

disclosure requirements

companies can get extra funds by selling shares here (paragraph G) c. ....... 1 point
m. .......

capital market

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 Forms

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

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VOCABULARY PART II

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

𝐕𝐨𝐜𝐚𝐛𝐮𝐥𝐚𝐫𝐲 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭
𝐔𝐬𝐞 𝐭𝐡𝐞 𝐯𝐞𝐫𝐛𝐬 𝐚𝐧𝐝 𝐯𝐞𝐫𝐛 𝐩𝐡𝐫𝐚𝐬𝐞𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐝𝐞𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐬𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐞𝐩𝐬
𝐢𝐧𝐯𝐨𝐥𝐯𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐩𝐫𝐨𝐜𝐞𝐬𝐬 𝐨𝐟 𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐨𝐯𝐞𝐫 𝐭𝐨 𝐈𝐅𝐑𝐒.

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

CEOs have to __________ ongoing developments in I FRS. 1 point

keep up to date with

CEOs have to __________ the impact of IFRS on the view of the company's 1 point
performance from the outside world.

understand

Companies have to _________ staff. 1 point

retrain

Companies have to _________ data-collection systems 1 point

alter

Companies have to _________ pay policies. 1 point

change

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

Companies have to _________ key accounting policies. 1 point

adjust

Directors of External Reporting have to _________ the new style of 1 point

accounts.

produce

CEOs have to _________ the market about the new style of reporting. 1 point

educate

CEOs have to _________ analysts and investors for any significant changes. 1 point

prepare

𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐞𝐱𝐩𝐫𝐞𝐬𝐬𝐢𝐨𝐧𝐬
𝐂𝐡𝐨𝐨𝐬𝐞 𝐭𝐡𝐞 𝐛𝐞𝐬𝐭 𝐞𝐱𝐩𝐥𝐚𝐧𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐞𝐚𝐜𝐡 𝐩𝐡𝐫𝐚𝐬𝐞 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐚𝐫𝐭𝐢𝐜𝐥𝐞 .

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3/31/22, 6:25 PM 𝐑𝐄𝐀𝐃𝐈𝐍𝐆 𝐏𝐀𝐑𝐓

' ... has forced many Chief Executive Officers to 𝒓𝒐𝒍𝒍 𝒖𝒑 𝒕𝒉𝒆𝒊𝒓 𝒔𝒍𝒆𝒆𝒗𝒆𝒔.' 1 point
(lines 13-15)

start fighting

work very hard

Clear selection

' ... when they have 𝒓𝒆𝒂𝒄𝒉𝒆𝒅 𝒕𝒉𝒆 𝒇𝒊𝒓𝒔𝒕 𝒎𝒊𝒍𝒆𝒔𝒕𝒐𝒏𝒆.. .' (lines 15-16) 1 point

put in place the main parts of the new reporting system

experienced their first problems with the new reporting system

Clear selection

' ... but that is, in fact, 𝒂 𝒃𝒊𝒈 𝒅𝒆𝒂𝒍.. .' (lines 60-61) 1 point

very significant

a big business contract

Clear selection

' ... 𝒕𝒉𝒆 𝒆𝒙𝒕𝒆𝒏𝒕 of the change depends on the complexity of the company.' 1 point

(lines 66-68)

size

cost

Clear selection

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