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English Test for Business Advanced Level Listening Comprehension SAMPLE Follow the instructions of the teacher. Put your name on the answer sheet Read the tasks Listen to Text 1. As you listen, answer the questions As you listen for the second time, check your answers. Repeat the procedure for Text 2 In the end, copy your answers in the answer sheet Text 1 Michael Foot, the Managing Director of the Financial Services Authority (FSA) gives the reasons why FSA has come into existence. Listen to the text and answer the questions You will hear the piece twice Questions 1 - 11 Fill in the following notes according to the text. Use 1-5 words for each gap Notes on Financial Services Authority (FSA) FSA covers the following three industries: . (1) Reasons for having a single regulator: First reason: Financial industry combines the three fields Its benefits: a).(2) b) They can offer . (3) Example: City Bank Group Second reason: . (4) These two things have changed: a)(5) b) (6) Example: Small

Carribean bank offering (7) The regulator’s task: to protect customers from(8) Third reason: .(9) It is costly to be a regulator, because you need (10) in order to .(11) Questions 12 - 15 Choose the appropriate letter a) – c) and write it in the boxes on your answer sheet. 12. City Bank acquired Solomons by way of a) takeover. b) merger. c) requisition. 13. City Bank acquired a big insurance company by way of a) takeover. b) merger. c) requisition. 14. The Carribean bank had in Great Britain a) a chairman b) some assets c) a chairman and some assets 15. The Carribean bank was a) a fraud. b) probably a fraud. c) a theoretical example of fraud. (Source: Interview with Michael Foot by E. Barta (Disc 13) Time: 3’10”) Text 2 In the following interview the French champagne houses are blamed that they overcharge the British wine trade. Anthony Meloby, the representative in the UK for the champagne houses answers the charges. Listen to the interview and answer the questions You

will hear the piece twice Questions 16 - 19 Tick those four items of the list which Mr Meloby does NOT mention as reasons for higher British champagne prices. Write the five appropriate letters (a – m) in boxes 16 - 19 in the answer sheet a. b. c. d. e. f. g. h. i. j. k. l. m. Freight Distance between France and GB Fuel costs Warehousing Intercontinental delivery Special bottling for the British market Running offices Maintaining employees British wages and salaries are higher More expensive marketing Prestige pricing policy of champagne French people’s unwillingness to pay more for champagne Exchange rates Questions 20 - 26 Complete the following statements with maximum 4 words each according to the text. •Discounts can mean getting a bottle of champagne of £ 20,99 for £(20). •At the moment all the French prices seem low because of . (21) •The British shopper expects: •Quality, •, (22) •., (23) •Good merchandising, •, (24) •People to carry the shopping for

them to the car, •., (25) •When comparing British and French supermarket prices, we find that big multinational companies’ margins in GB are (26) Questions 27 - 30 In boxes 27 - 30 on your answer sheet write T if the statement is TRUE according to the text F if the statement is FALSE according to the text. 27. 28. 29. 30. VAT is much higher in France than in GB. Duty is much higher in GB than in France. Mr Meloby is satisfied with the quantity of champagne sold in GB. Mr Meloby admits in the interview that champagne is a bit overcharged in GB. (Source: You and Yours, Radio BBC4, Disc 1, Time: 2’55”) English Test for Business Advanced Level Listening Comprehension KEY SAMPLE 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. Banking, securities, insurance Cost savings Different kinds of product (sold)/these services in one group Change in technology The kinds of products/ type of products (5 and 6 in any

order) The way they do it / The way of selling / The way to do it Deposits Fraud / Being misled Economics Better and better and IT / Wonderful IT / Better IT Keep up with those things A B A B f (16 – 19 in any order) i k l 16,81 Very strong pound / Exchange rate Big range of products (22- 25 in any order) Wide/easy aisles Lots of checkouts (lots of) parking space / place Three times higher / 3X bigger F T T F English Test for Business Advanced Level Listening Comprehension SAMPLE 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. ANSWER SHEET English Test for Business Advanced Level Writing SAMPLE You can spend 50 minutes on writing this test You are Chris Taylor. As the general manager of your division, you know that people abuse sick leave. Two other companies have already begun a quite successful programme to eliminate the problem. (They reimburse employees for one-half of their unused sick days as a year-end

bonus. Since the introduction of this reimbursement programme, employees have averaged 2 sick days a year.) Here are the facts and your estimation in case your company introduced a similar reimbursement programme: Facts: Number of employees Annual sick leave / employee Average sick leave used last year Expenditure under present system Estimation: Expenditure under the proposed system: Sick pay Reimbursement for one-half the balance Paid days saved annually 16 hours $18 average hourly rate $288 523 office employees = annual savings $150,624 523 10 days 8 days 8 days 2 days 4 days Total 6 days 2 days or 16 hours $288 per employee Using these facts write a report of about 200-250 words to James Barker, Vice President in charge of personnel, justifying your suggestions. Point out the savings and further benefits of such a programme at your company. SUGGESTED KEY English Test for Business Advanced Level Writing SAMPLE Suggested solution: IN STRICTEST CONFIDENCE To: James

Barker Vice President of Personnel From: Chris Taylor Divisional General Manager Subject: Staff Sick Leave Date: Todays This report is the product of my investigations into the staff sick leave at this company which is clearly being abused. At present there are currently 523 employees at this company and they take an average of 10 days sick per employee per year. This represents an unacceptable increase of 2 days compared to last year so the situation is deteriorating. Under the present system this resulted in extra expenditure for the total 8 days. Two other companies, who previously had similar problems, have introduced a system whereby employees are rewarded with an end-of-year bonus for unused sick days. Since its introduction sick leave has dropped to an average of only 2 days. The estimated savings for our company are below:Expenditure under the proposed system: Sick pay Reimbursement for one half of the balance TOTAL Paid days saved annually 16 hours x $18 average hourly rate

per employee ANNUAL SAVING ($288 x 523 office employees) 2 days 4 days 6 days 2 days (or 16 hrs) = $288 = $150,624 I strongly recommend that this company introduces the same system as soon as is possible to discourage casual sick leave. This scheme will not only benefit the company which will save on costs from sick leave and loss of production but the employees will see an increase in their salaries. A double win for both sides English Test for Business Advanced Level Reading Comprehension SAMPLE You can spend 60 minutes on the Reading test. Write all the answers on the ANSWER SHEET. Reading passage 1 PULLING SUPERGA UP BY ITS BOOTSTRAPS Can a Swatch veteran make the shoemaker a global player A Acrobats cavort onstage, while stylish Milanese visitors nibble chocolate strawberries and examine displays of footwear in imitation crocodile. Its the opening of a flagship store for Italian shoemaker Superga, and at the center of the scene is the companys 46-year-old chief

executive, Franco Bosisio. The former marketing director for watchmaker Swatch is channeling his creative energies into remaking the $72 million company. "There is very little difference between selling a watch, a pair of shoes, or anything else," he says. B Such confidence is driving Bosisios Superga strategy. Hes betting he can turn the tiny companys mundane product into a hot global brand, just as he did with plastic Swatch watches more than a decade ago. Supergas canvas sneakers have long been known in Italy For decades, they were manufactured by a unit of tiremaker Pirelli. Then, Milans Sopaf investmentbanking group bought the company and invited Bosisio to become CEO in 1995 After halving the workforce and shifting production to lower-cost Asia, he has set a firm goal: to double sales within the next four years by boosting exports to the rest of Europe, the U. S, and Japan C To liven up Supergas range of sneakers, Bosisio is relying on the design system he pioneered

at Swatch. Every six months, he forms teams of artists who work out new footwear designs. He also has developed a sportswear collection, which now accounts for 20% of sales And he soon expects to sign agreements with sunglass, perfume and childrens apparel manufacturers to produce Superga lines. D "LOVE us." The company is building an international chain of stores to showcase its shoes, which run from $40 to $80 a pair. After opening seven stores in Italy this year Bosisio plans to open wholly owned outlets or franchises in France, Spain, Germany, and Japan in 1999. Hes also rolling out an advertising campaign under the slogan "Superga: Hate us Or Love us." One ad shows a woman and a python nose to nose above the caption "I hate sin I love the original." E That marketing subtlety may be lost on some consumers, Bosisios sceptics say. Indeed, for all his flair, Bosisio faces problems. Sportswear giants such as Donna Karan and Ralph Lauren are expanding

into shoes. And doing battle with cash-rich companies such as Nike Inc, which expects to spend $1 billion on advertising next year could prove suicidal. Says Stefano Mascioni, a director of Milans National Chamber of Italian Fashion: "If Bosisio intends to go head to head with big names, he should save time and shoot himself right now." F Whats more, Supergas margins are weak. The company earned 9% on sales last yearup from less than 1% in 1995 but below Bosisios target of 20% by 2000 Some analysts doubt the Swatch strategy can be repeated in such a basic item as shoes. G Nevertheless, Bosisio insists hell be able to spread his passion for Superga shoes around the globe. "People all over the world like the same things," he argues Now its up to consumers to vote him right or wrong - with their feet. By Tom Mueller in Milan BUSINESSWEEK June 2.1998 Questions 1-5 The reading passage has 7 paragraphs marked A-G. Answer questions 1-5 by writing the letter A-F in

boxes 1-5 on the Answer Sheet. 1. 2. 3. 4. 5. Which paragraph describes Bosisios effort to expand the range of his products? Which paragraph speaks about the competition Bosisio has to face? Which paragraph mentions Bosisios dispositions after becoming CEO of Superga? Which paragraph mentions several types of retail outlets? Which paragraph describes Bosisios position at Swatch? Questions 6-10 Choose the best answer A, B or C that matches the ideas in 6.-10 Write your answers on the Answer Sheet: A Bosisio’s past and present Superga policy B Bosisio’s future strategy C Neither 6. tyremaker Pirelli produces sneakers 7. reducing local production of sneakers 8. widening the scope of Supergas activity 9. introducing Swatch design for Superga sneakers 10. producing sport outfit Questions 11-15 Find the expressions in the text which have the same meaning. Write your answer on the Answer Sheet: 11. 12. 13. 14. 15. ordinary, common ( par. B) clothing, dress (par. C) goods, merchandise

(par. C) to display (par. D) cleverness, expertness ( par. E) Reading passage 2 Acquisitive egos A If the worlds managers agree on anything, it is that, on the whole, managers are out for the long-term welfare of their companies, whereas shareholders are obsessed with short-term gain. Put in the mouth of the average over-paid senior manager, this argument sounds a trifle self-serving. Yet in the wake of the 1980s takeover boom, it has found powerful support from a host of leading management thinkers, including Peter Drucker and Michael Porter. B But is it true? Two of the fiercest controversies surround companies commitment to longterm innovation and their thirst for short-term glory through takeovers. Two papers presented to the annual meeting of the American Academy of Management, held in Vancouver on August 6th9th, suggest that it is often investors not managers who have the long-term welfare of their companies at heart. C A study of 135 randomly chosen manufacturing firms by

two academics at Texas A&M University, Rahul Kochiar and Parthiban David, suggests that institutional investors are often responsible for encouraging research and development in firms in which they have substantial holdings. This is not true of all investors: those with close business dealings with firms in which they have invested (such as banks) tend to be reluctant to put pressure on managers. But firms that lack such close links (such as pension funds) are increasingly acting as champions of innovation. D Senior managers base many of their claims to being forward-thinking on their ability to spot and acquire "synergistic" companies. This reasoning has helped IBMs Lou Gerstner and Walt Disneys Michael Eisner to justify paying over the odds for Lotus Development and Capital Cities/ABC respectively. However, it is contradicted by studies that have demonstrated that takeovers are usually bad for acquiring companies, depressing their share prices and reducing their

long-term profitability. They have also shown that, as a rule, the higher the premium paid, the greater the losses for the acquiring firms shareholders. E So why do managers do it? Another study, by two academics at Columbia University, Matthew Hayward and Donald Hambrick, suggests that acquisitions may have less to do with a cunning business calculation than with inflated managerial egos. On the basis of research into all 106 publicly traded American companies involved in acquisitions costing $100m or more in 1989 (a boom year for acquisitions) and 1992 (a bust year), Messrs Hayward and Hambrick conclude that four things, above all, predispose managers to pay high premiums for an acquisition. F The first is inexperience: newly appointed bosses are particularly keen on takeovers, in order to make their mark. The second is a recent history of outstanding corporate performance, which often gives bosses an inflated notion of their organisational genius, as well as a pile of cash with

which to foist that genius on the wider world. The third is self-esteem, measured by the gap between the bosses salaries and that of other members of their peer group. People who think that they are worth an inordinate amount of money also tend to believe that they can make a profit out of an acquired company, however much it costs. G The fourth, and perhaps most important, factor is a spate of glowing press profiles in the months before a takeover. Messrs Hayward and Hambrick reckon that each highly favourable story about a company boss in a big national newspaper or magazine results, on average, in a 5.4% increase in the premium paid So if your company has a strong record of growth over the past few years, and if your recently arrived boss has an inflated salary and a taste for glowing press profiles, get ready for a foolhardy acquisition or two - washed down with a lot of spurious talk about synergy. The Economist Questions 16-20 Answer the questions with NOT MORE THAN EIGHT

WORDS from the text. Write your answers on the Answer Sheet.: 16. How does the argument that "managers are out for the long-term welfare of their companies" sound from the mouth of the average over-paid senior manager? 17. What are institutional investors often responsible for? 18. On what do senior managers base many of their claims to being forward-thinking regarding "synergistic" companies? 19. Why are (by certain studies) takeovers usually bad for acquiring companies? 20. What is the most important factor that predisposes managers to pay high premiums for an acquisition? Questions 21-24 Read the following arguments and write on the Answer Sheet where they come from. (DO NOT MENTION NAMES) 21. Managers are out for the long-term welfare of their companies, whereas shareholders are obsessed with short-term gain. 22. It is often investors not managers who have the long-term welfare of their companies at heart 23. Institutional investors are often responsible for

encouraging research and development in firms in which they have substantial holdings. 24. Acquisitions may have less to do with a cunning business calculation than with inflated managerial egos. Questions 25-30 Find the expressions FROM THE TEXT to the definitions and write your answers on the Answer Sheet: 25. the act of gaining control of a company by buying up its shares (par A) 26. a large organisation such as an insurance company, unit trust, pension fund and trade union, that has large sums of money to invest and is therefore much more powerful in influencing financial policy than single private investors (par. C) 27. a company organised in work-groups (par D) 28. paying a higher price for something that they should (par D) 29. good opinion on ones own character and ability (par F) giving enthusiastic praise (par. G) English Test for Business Advanced Level Reading Comprehension KEY SAMPLE ANSWER SHEET 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.

20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. C E B D A C A B C A mundane apparel lines to showcase subtlety a trifle self-serving encouraging research and development their ability to spot and acquire ("synergistic" companies) them they depress share prices and reduce long-term profitability a spate of glowing press profiles a host of leading management thinkers two papers presented to the annual meeting of the American Academy of Management a study by two academics at Texas A&M University a study by two academics at Columbia University takeover institutional investor synergistic company paying over the odds self-esteem glowing English Test for Business Advanced Level Reading Comprehension ANSWER SHEET 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. SAMPLE English Test for Business Advanced Level Function and Content SAMPLE You can spend 20 minutes on this test. Total: 10 marks Answer the following

questions. Write a paragraph of about 70-80 words for each 1 Compare the different functions of: Bookkeeper, Accountant and Auditor. 2 Explain what Just-in-Time (JIT) Production means. English Test for Business Advanced Level Function and Content SAMPLE What a suggested solution should contain: 1 Answers should show that the Bookkeeper’s is a relatively simple, routine function, involving POSTING DEBIT/ CREDIT ENTRIES into BOOKS/ LEDGERS/JOURNALS whilst the Accountant is professionally qualified, responsible for DRAWING UP/ PREPARING ACCOUNTS – BALANCE SHEET, PROFIT AND LOSS ACCOUNT, CASH-FLOW STATEMENT etc – for his company. The Auditor is an INDEPENDENT, fully qualified Accountant recognised by the National Tax Authority who examines the Accounts of a Company (or individual) and certifies to the Tax authority that they are correct of the business. Straightforward definitions are adequate 2 JIT is the Japanese-inspired production philosophy which involves nothing

being bought or produced until actually needed. LEAN or STOCKLESS PRODUCTION are alternative descriptions. Each stage in the chain follows this principle from sub-component supplier to end-user. IMPROVED EFFICIENCY, based on REDUCED INVENTORY/STOCK COSTS, NO OVERPRODUCTION or WASTED TIME; FAST REACTION TO DEMAND CHANGES. Most suitable for large-scale operations; practical difficulties on a small-scale; one single failure in the total supply structure can be disastrous. Basic, clear explanation needed – but mention of disadvantages should be rewarded! English for Business Advanced level Summary SAMPLE Give a summary of the following text in English in about 200 words. Kisvállalkozások hitelezése Az utóbbi öt-hat év előbb a nagyvállalati, majd a lakossági ügyfelekért folytatott harcról szólt a bankok körében, s annak eredményeként ezekben a szegmensekben mára viszonylag stabil erőviszonyok alakultak ki. Éppen ezért most a kis- és középvállalkozások

meghódításán van a sor, hiszen a terjeszkedésnek csupán ez a stratégiája maradt a pénzintézetek számára a szűk hazai piacon. A bankok aktívabb hitelezését az is táplálja továbbá, hogy a kormány deklarált szándéka szerint az elkövetkező két évben háromszor akkora összeggel támogatja a többségi hazai tulajdonú kis- és középvállalatokat, mint korábban. A vállalkozóknak azonban számos dologra figyelniük kell, ha hitelhez akarnak jutni: A Magyar Külkereskedelmi Bank (MKB) a piac egyik legerősebb szereplője, a nagyvállalatok finanszírozásában is kiemelkedő pozíciót tudhat magáénak. A hitelintézet az idén nyáron jelent meg testre szabott hiteltermékeivel a piacon. A banknak mennyiségi és minőségi célkitűzései egyaránt vannak: mindenekelőtt a jelenlegi ügyfélszámot szeretnék megduplázni. Az ügyfélkör bővítését úgy kívánják elérni, hogy termékpalettájukat fokozatosan szélesítik a kisebb árbevételű cégek

igényei alapján. Az OTP Bank a lakossági szegmensben abszolút piacvezető. A kétszintű bankrendszer kialakulását követően - 1987 után - azonban a kisvállalkozások (a kisiparosok és kiskereskedők) finanszírozásába is bekapcsolódott, s a becslések szerint manapság ezen a területen is a meghatározó szereplők közé sorolható. Egyik sikerterméke a több mint egy évvel ezelőtt bevezetett, a kis- és középvállalkozásokat megcélzó gyorshitel konstrukciója. (Az ingatlanfedezeten alapuló termékhez a Hitelgarancia Rt. készfizető kezességet nyújt) Előnye, hogy a bank nem vizsgálja a hitelcélt, nem kér üzleti tervet, a hitelszerződés pedig az értékbecslést követő ötödik munkanapon megköthető. A CIB Bank a vizsgált területre az elsők között érkezett, mivel nagyvállalati ügyfélkörén keresztül az utóbbi 5 évben folyamatosan gyarapította középvállalati kapcsolatait. Több mint 10 ezer vállalatiügyfél-számlája mind nagyobb

hányada kis- és középvállalkozásokhoz kötődik. A CIB az üzletág kialakítását azzal indokolta, hogy a cégek többéves múltja és folyamatos növekedése ismeretében ez az ügyfélkör mára már kockázati szempontból is megbízhatónak tekinthető. Sikerességüket mindenekelőtt gyorsított hitelbírálati rendszerükben látják. A Budapest Banknál sem igazán új keletű a kis-és középvállalkozások finanszírozása, immár 3 éve foglalkoznak kiemelten ezzel az ügyfélkörrel, a vállalati piacot pedig családi minivállalkozásokra, kis-, közepes és nagyvállalatokra osztják. Piaci részesedésük a kkv-s hitelkihelyezéseknél 10-15 százalékra tehető, ami dobogós helynek számít. A Raiffeisen is hagyományosan vállalati banknak számít, azonban kifejezetten kkv-k igényeket kiszolgáló üzletággal még nem rendelkezik. Erre azonban nem kell sokáig várni, hónapokon belül beindul az új divízió. Az elkövetkező évek igazán

perspektivikusnak ígérkeznek mindkét fél számára: amennyiben a hitelkamatok az inflációs prognózisokat követve csökkennek, és a gazdasági növekedés is tartósnak bizonyul, a növekvő hitelkínálatra égető szükség lesz. 2001 január 06. Figyelőnet 2762n SAMPLE KEY English for Business Advanced level Summary SAMPLE Suggested solution: Credit for Small and Medium Enterprises After having established firm customer relationship with large enterprises and non-corporate clients, banks now want to turn their attention to Small and Medium Enterprises (SMEs). The reason for targeting this segment of the market is that the Hungarian government promised threefold subsidiy for SMEs with Hungarian majority share. However, SMEs have to be familiar with credits because different banks have different loan packages. Offers of credit at Magyar Külkereskedelemi Bank (MKB) have targeted lower income enterprises only from this summer. OTP Bank has been market leader of

services for non-corportate customers, but also for craftsmen and retailers since the introduction of the two-tier bank system in 1987. In 2000 it began to offer a quick–loan package for SMEs based on real estate collateral. No business plan is required and the credit agreement can be signed on the fifth day after the assessment of the real estate. CIB Bank has reached its SMEs clients through large enterprises. CIB thinks that most of these companies have proved reliable after several years of operation. Quick credit assessment makes their business attractive. Budapest Bank has had SME clents for three years. Corporate clientele has been divided into segments of family enterprises, SMEs and large enterprises. Credit transfers for SMEs run to 10 – 15 per cent of their total credit deals. Raiffeisen has been traditionally a bank for corporate clientele but they plan to involve granting of credit to SMEs in the near fututre. If, according to inflation forecasts,credit interests

decrease and if there is lasting economic growth, there will be a big demand for offers of credit