剑桥BEC真题集第4辑中级文本答案解析4
人邮第四辑真题TEST 4 READING PART 1
1 A cautious approach can be used when calculating what a company is worth.
2 Consider personnel issues so that you have sufficient resources to fulfill your objectives.
3 In order to know if you can make a return on your investment, assess how you can add to the company you are buying.
4 Providing sufficient support for staff during the acquisition process can have a favourable outcome.
5 Take into account your long-term requirements to ensure you have the resources you need.
6 Even after investing some effort in the acquisition, it may still be necessary to withdraw.
7 Terms initially negotiated can be changed after the acquisition.
Mergers and Acquisitions
As Finance Director of plastics manufacturer VKT, Yvonne Maynart has overseen many successful takeovers
A
It is essential to build up a team to handle the acquisition so that your existing business can continue uninterrupted during the deal. It also helps to operate with spare capacity so that you can transfer people during the initial stages. A key person should be driving the acquisition process forward, although one person alone cannot assume responsibility for a large deal. It is clearly vital to do thorough research when identifying potential targets - but do not be afraid to walk away from a deal if you become aware of serious difficulties with a company you are targeting.
B
To decide on the value of any target business, you must first determine what contribution your acquisition can make to it. For example, you may be able to increase revenue through a more focused management team, or improve margins through greater purchasing power and lower costs. At VKT, we base our valuations on conservative assumptions - we also add in the risk element. This approach may be best, and it's worth remembering that with listed companies, shareholders tend to have higher risk/reward expectations.
C
Developing relationships with finance providers is a key part of the finance director's role. It is important to draw up a good business plan to ensure backing from lenders in the early stages of the acquisition. Your loan application needs to be supported by detailed profit and cashflow projections. Make sure you factor in sufficient finance to let the business develop over time, and allow for reinvestment. Here at VKT, we usually finance acquisitions with bank debt in the form of a 364-day loan, which can then be refinanced at a lower interest rate later.
D
If an acquisition is large, it can take years for companies to integrate. At VICT, we monitor all acquisitions closely for at least two years, and the most important lesson I've learned is that a deal is only good if it is beneficial for both vendor and acquirer. Change causes confusion, so it needs to be handled carefully. In order to protect profits and grow the business, you need to minimise the impact of change and help the people affected feel comfortabl
e about it. When this is done properly, it can really boost morale.
这篇文章是关于收购的一些建议。一位专家针对收购可能出现的情况给出了自己的看法。A段是说要专门建立一个团队来处理收购事宜，要有一个关键的人来推动收购的进行。同时还要对潜在的目标进行深入研究，如果发现了问题便及时抽身。B段是讲要想评估目标收购企业的价值，首先得决定你的收购能为它做出什么样的贡献。可以通过一个更加专注的管理团队来提高收益，也可以通过提高购买力和降低成本来改进利润。C段讲的是要和资金提供方建立良好的关系，并谈到了资金借贷方面的一些情况。D段是讲收购进行后的一些影响。对于出现的相关变化，要妥善处理。处理的好的话会提高士气。
第一题，当计算一个公司的价值时可以采用谨慎的方法。B段是和评估企业价值相关的内容，所以答案在B段中找。是原文的这么一句：we base our valuations on conservative assumptions。我们的价值评估是建立在保守的假设基础之上的。这里的conservative对应于cautious，base our valuations也就是计算公司的价值。
第二题，考虑人员问题（personnel issues）使得你有足够的资源来达成目标。A段是讲收购中的人员问题的，但答案不是那么明显。主要是要理解A段开头的两句话：It is essential to build up a team to handle the acquisition so that your existing business can continue uninterrupted during the deal. It also helps to operate with spare capacity so that you can transfer people during the initial stages。有必要建立一个团队来处理收购使得在交易期间现行的商业可以不间断的继续。它也帮助处理闲置生产能力于是你可以在初始阶段转移人员。说到底，这句话的意思就是要合理的安排人员，从而充分利用资源来实现目标。这题需要深入理解。
第三题，要想知道你能从投资上获得多少回报，评估你能给购买的公司增加什么。这一题答案很明显，B段的第一句话：To decide on the value of any target business, you must first determine what contribution your acquisition can make to it.同样的意思。
第四题，在收购过程中对员工提供足够的支持可以产生良好的结果。这题答案也稍显隐晦，答案是D段的后面几句：help the people affected feel comfortable about it. When this is done properly, it can really boost morale.帮助受影响的人感觉到舒服一些。当这些被妥善处理了，可以真正提升士气。
第五题，将长期的需要考虑在内以确保你得到所需要的资源。答案是C段的这么一句：Make sure you factor in sufficient finance to let the business develop over time, and allow for reinvestment.确保你将企业长时间发展所需要的充足的资金也纳入在内
，并且允许再投资。这里的take into account对应于factor in，develop over time对应于long-time requirement。
第六题，即便是在对收购投入了大量的努力之后，也仍然可能有必要退出。答案是A段的最后一句：do not be afraid to walk away from a deal if you become aware of serious difficulties with a company you are targeting。如果你清楚了目标公司的严重困难，不要害怕从这桩交易上走开。这里的walk away from对应于withdraw。
第七题，原本协商好的条款在收购后可以改变。答案也有些隐晦，是C段的最后一句：we usually finance acquisitions with bank debt in the form of a 364-day loan, which can then be refinanced at a lower interest rate later.我们通常使用364天银行贷款利率来提供贷款，日后的再贷款可以用一个更低的利率。意思是一样的，但是需要适当理解才能做答。
疑似生词：
Spare capacity：When a business is operating at less than 100% capacity, it is said to have “spare capacity”。闲置生产能力。
（相关知识扩展阅读：https://www.wendangku.net/doc/b07194007.html,/blog/index.ph ... and-does-it-matter/）
Listed companies：a listed company is one whose shares may be bought and sold on a stock exchange.
上市公司。
e.g: Our shares are now listed and traded on the Toronto Stock Exchange.
Factor in:将….纳入、列入重要因素。
Withdraw（这词用法多，让人混淆，把常用的列出来）：
1、to take money out of a bank account, etc
e.g: You can use the card to withdraw money from cashpoints all over the world.
2、to stop giving or offering sth to sb
e.g: The drug was withdrawn from sale after a number of people suffered serious side effects.
3、to stop taking part in an activity or being a member of an organization
e.g: There have been calls for Britain to withdraw from the EU.
4、to say that you no longer believe that sth you previously said is true
e.g: The newspaper withdrew the allegations the next day.
Part2
When two brands are better than one
Elena Alvarez takes a look at the effectiveness of marketing partnerships
In the corporate world, rivalry is more common than co-operation. But increasingly; companies have been setting aside their differences; the new idea is that two brand names are better than one. Sharing databases, strategies and communication systems can be the most effective means of attracting customers. （G ）This partnership will give it access to the utility company's database of thousands of corporate clients, who will be offered special deals on all its products.
The philosophy behind such joint ventures is simple. In economically challenging times, marketing partnerships provide a cost-effective method of increasing brand awareness and sales. As one expert in the field puts it, 'Clever marketing partnerships allow brands to target the right people, cutting down the above-the-line spen
d.' (8) .....E....... It is better to simplify the
process and give them one focal point.
Recent research has indicated that marketing partnerships can be up to 27 per cent more productive than single company campaigns.(9) .......B..... In particular, it is ideal for bringing instant branding to companies that lack immediate consumer appeal.
One well-established UK phone manufacturer, ITB, was quick to realise this, and formed an alliance with 7a/fc a leading women's magazine. The phone company has benefited from the strong branding of the magazine, which has its customer base among professional women in their early 20s. (10) ....D........ This combined approach also offered ITB a quick route into image enhancement, and this is true of many other marketing partnership deals. To give another illustration, it is no coincidence that some well-known cartoon characters are currently enhancing the image of Nasco household cleaning products.(11).....F.......And, of course, this strategy should also guarantee that consumers' children insist on these products rather than rival brands.
However, while association with a powerful brand can give a significant boost to sales, being connected to a devalued brand can have a negative result. The problems of one brand inevitably impact on the other in a partnership.(12).....A.......A company may take years to recover from this sort of bad publicity. Indeed, there are numerous examples of disastrous marketing alliances. In such cases, not enough thought has been given to the partnership and the reasons behind it, and it has brought little value to either the customer or the companies involved.
A In such circumstances, the effects are frequently major and can be long-lasting.
B Some experts therefore predict that this style of marketing will take up an increasingly large proportion of many companies' total marketing budgets.
C Successful marketing partnerships can consequently bring a financial advantage even to small and struggling companies such as these.
D In return, its partner enjoys a broader distribution platform from which to promote its brand.
E With only a finite number of consumers in any target market, there is no need to overwhelm prospects with competing messages from different organisations.
F These are fairly standard items, but clearly the company hopes to transform them by broadening the associations consumers have with the brand.
G For example, Profit Plus, a large UK financial services company, has recently joined forces with a leading supplier of electricity.
这篇文章名为《When two brands are better than one》，两个品牌强于一个，讲的是市场合作（marketing partnership）的好处。第一段总论这种合作的好处，可以共享数据、策略和交流系统。第二、三段接着说市场合作的优势，好的市场合作可以使品牌对准正确的目标人群，同时提高生产效率。第四段是列举实例来说明
这种合作是怎样有利于双方的，第五段讲的是与一个贬值的品牌合作的后果。
第八题。第二段前面说市场合作提供了一种提高品牌知名度和销售的有成本效益的方法。然后一个专家指出市场合作可以使品牌对准目标人群，并削减线上支出。第八空的后面说使过程简化会比较好。整个这一段都是在讲市场合作的好处，从内容上看，E是最适合填入第八空的。但E选项的内容需要重点理解：任何一个目标市场上都只有有限的消费者，没有必要通过从不同的机构竞争信息的方式来赢得潜在客户。E的说法是从反面来证明市场合作的优势和必要性。prospects在这里是潜在客户的意思。
这题可以辅助以排除法来做。题目给定的几个选项，很多都有代词、短语等等，用在这里衔接不上。比如A的in such circumstances，B的therefore，C的such as these，D的in return，F的these。如果要选择这些选项，上下文一定会有相应的提示。
第九题。前面介绍说市场合作比单个公司单打独斗的效率提高了27%。B选项无论是内容还是连词therefore都能用在这里：一些专家因此推测这种市场类型在很多公司总的市场预算中占据的比重将逐渐增加。不选A，因为前面并没有与the effects相关的内容。C不选，上文没有提到companies such as these，D的in return和F的these也不匹配。
第十题。这一段是以两个公司的市场合作为例来做进一步说明的，一个手机生产商和一个女性杂志的合作。第十空前面说手机公司从杂志的强烈品牌中获益。这一空的后面有一个this combined approach，从内容上看，第十空应该说相应的杂志是如何从手机公司身上获益。D选项的内容完全吻合，词组in return可以算是一个答案信号：作为回报，它的合作者拥有了一个更宽广的分发平台，并从中提高了品牌的知名度。
第十一题。这一空前面是列举的另一个例子，一些知名的卡通形象正在加强Nasco家用清洁产品的形象。也就是说家用清洁产品公司正在和卡通公司合作。这一空的后面也是讲的这种策略有什么好处。所以这一空应该填入两个公司的合作的原因、好处等等。F的内容吻合：这些都是相当标准化的产品，但是很明显公司是想通过加大消费者和品牌之间的联系来进行一些改变。These are fairly standard items，说的是这些家用清洁产品。
第十二题。最后一段讲的是和一个贬值的品牌合作所带来的影响。前面说不可避免的会影响到（inevitably impact on the other），空格后面有一个may take many years to recover，所以应该选A，A的the effects正好对应于前面的impact：在这种情况下，这些影响通常很大并且会持续很久。
最后强调下prospect
在商务英语
里，这个词有自己特定的含义：潜在客户。
a person, company, etc. who is a possible customer
e.g:We follow up the most likely prospects first.
人邮第四辑真题 TEST 4 READING PART 3
Speaking Your Customers' Language
Modern international trading practices are highlighting the growing importance of language training
Modern-day business really does transcend national barriers. Thanks to sophisticated IT and communications systems, businesses can now market their products on a truly global scale. The world is indisputably becoming a smaller place, as service and manufacturing companies search the international marketplace for new suppliers and clients. Businesses must, however, be aware that once they expand the area in which they operate, they face increased competition. The standard and quality of their goods become increasingly important in keeping up with competitors. But most of all, it is the service element accompanying the goods which is crucial to a company's success in a particular market. This new philosophy has led to many companies, some of which have even offered products of a lesser quality, gaining success overseas.
Although globalisation may, in some senses, have brought national economies closer together, societies around the world still have radically different expectations, processes and standards. These are not a function of economic change, but are more deep-rooted and difficult to alter. They can be a major problem for businesses expanding abroad, with the greatest obstacle of all being the language barrier. If you have to deal with clients, suppliers and distributors in a range of countries, you will not only need the skills to communicate with them, you will also need to reconcile any national biases you have with the diverse ways of doing business that exist around the globe.
The value of effective communication is not to be underestimated. New technology such as videoconferencing and email has played a part in making the communication process easier, and it may also be possible that the introduction of language interpretation software will help with some global communications problems. But, of course, it is the human element of the communication process that is so vital in business, especially in negotiations, presentations and team-building. It is essential for managers to meet regularly with staff, customers and partners, so that issues can be discussed, messages communicated and feedback obtained.
The value of well-organised language training is immense, and can bring benefits to all levels and departments within a multinational organisation. Unfortunately, however, many organisations have a very narrow view when it comes to training of any kind. Often, an urgent requirement has to be identified before training is authorised. Then, a training company is employed or a programme is developed in-house, the team is trained, and that is seen as the end of the m
atter. However, the fact remains that training programmes are effective only if they are relevant to a company's broader, long-term needs. They should be regarded as an investment rather than a cost.
Changes in expectations and attitudes are certain to continue for companies that trade globally. Although such companies are not yet faced with their international partners and clients demanding that business be conducted in their mother tongue, they realise that overseas competition is increasing fast. If these companies want to continue to achieve success on the international trading circuit, they must be prepared to adapt to situations and speak the local language. If not, someone else will.
13 According to the first paragraph, improved communications have enabled companies to
A offer a wider variety of products and services.
B expand beyond their domestic markets.
C perform better than their international competitors.
D open more manufacturing facilities abroad.
14 Some companies have succeeded at an international level even though they have
A produced inferior goods.
B failed to adapt products for local markets.
C ignored the standards set by their competitors.
D reduced the standard of the service they offer.
15 Approaches to doing business vary between countries because of
A local economic considerations.
B the existence of cultural differences.
C strong wishes to remain independent.
D regulations about business practices.
16 The writer thinks that the use of modern technology will
A speed up the process of language interpretation.
B never replace the need for face-to-face interaction.
C help solve the problems involved in maintaining strong teams.
D not lead to greater communication between companies and clients.
17 A common weakness of training courses is that they
A are developed by the wrong team.
B do not give good value for money.
C are provided only if there is an immediate need.
D do not deal with a company's specific requirements.
18 Why should companies do business in the language of the countries they are operating in?
A to prevent other companies taking their business
B to help them find new international partners
C to meet clients' current expectations
D to become more aware of their competitors' activities
《Speaking Your Customers' Language》，说客户的语言。这篇文章强调了开发海外市场时说当地语言的重要性，层次清楚，答案也很明确。
13题，问根据第一段，改善的沟通能力可以使公司怎么样。答案是第一段的第二句话：Thanks to sophisticated IT and communications systems, businesses can now market their products on a truly global scale.感谢精密的IT和沟通系统，企业现在可以在一个真正的全球规模上开发它们的产品的市场。Globe是个关键的暗示，可以联想到海外市场。13题的B选项符合这个意思：在国内市场以外的地方扩张
。A和C都没有提到，D不对，只说了可以在海外扩张，没有提到开更多的生产设备。
14题，说一些公司可以在国际水平上成功，即便是它们怎么样了。答案在第一段的最后几句：This new philosophy has led to many companies, some of which have even offered products of a lesser quality, gaining success overseas.这种新的哲学导致很多公司获得了海外的成功，它们当中的一些甚至提供了一些较差质量的产品。这里新的哲学是指前面提到的在特定市场上服务伴随产品才是至关重要的。答案A跟这一句的信息相吻合：成产次品。这里的inferior goods也就是原文的products of a lesser quality。
15题，问在不同国家做生意的方法不同的原因是什么。答案是第二段开头一段话：Although globalisation may, in some senses, have brought national economies closer together, societies around the world still have radically different expectations, processes and standards.世界各地有着极端不同的期望、过程和标准。后面又提到了一句“You will also need to reconcile any national biases you have with the diverse ways of doing business that exist around the globe.” 你需要用不同的做生意的方式来与民族偏见和解。这一段整体讲的就是要克服沟通上的障碍，理解了内容不难作答，选B，原因是文化差异的存在。
16题，问作者认为现代技术的使用会怎么样。这题可能会选A，事实上这一题需要理解第三段的意思，答案不是某句话能简单概括的。前面介绍说新技术，比如视频会议和电子邮件，会使沟通过程更简单。并且语言翻译软件（language interpretation software）会帮助解决一些国际沟通问题。后面一个BUT，才真正揭示了答案，说在沟通过程中人的作用是至关重要的。“It is essential for managers to meet regularly with staff, customers and partners”，经理们定期会见员工、客户和合作伙伴是很有必要的，从这一句可以看出作者的真正态度，是B选项所说的“现代技术永远也无法替代面对面互动的需要”。不选A，是因为BUT后面才算是作者的根本观点，而且A的speed up并不能算是很准确。
17题，问培训课程的一个常见弱点是什么。答案在第四段：Often, an urgent requirement has to be identified before training is authorised.确认有迫切的需要时培训才会被批准。从这一段后面的文字可以看出，作者认为很多公司的培训有些急功近利，可培训只有在和公司的长远需要相关时才是有效的。所以选C，作者认为缺点是只有马上需要时才会提供培训。这里的immediate need也就是前面说的urgent requirement。
18题，问为什么公司需要用他们工作所在国家的语言来做生意。答案在最后一段，也很明显：demanding that business be conducted in their mot
her tongue, they realise that overseas competition is increasing fast.。客户要求他们使用母语，这些公司也意识到海外竞争逐渐激烈。还有最后一句：If not, someone else will.如果他们不说当地的语言，其他人会说的。意思就是如果你不使用当地的语言做生意，其他人会取而代之的。A选项完全符合这个意思：防止其他公司占领了他们的业务。
Part4
Another successful year
The UK-based agricultural and garden equipment group PLT has had another successful year and is looking forward to the future with confidence. The group, which also has distribution and fuel (19),has enjoyed record profits for the fifth year in a (20) . Pre-tax profits for the year (21) March 31 rose by 24 per cent to £4.2 million.
Total group sales (22) by five per cent to £155 million, with the agricultural business delivering yet another record (23), despite the somewhat difficult trading (24) in the industry. Sales in the garden equipment (25) were slow in the early months of the year, but increased dramatically in the final quarter.
Chairman Suresh Kumar said, ‘It is my (26) that we have continued to grow by (27) our customers well. I am delighted to (28) the continued development of our customer (29) and I would like to thank all our customers for their (30).As well as an increase in customers,our staff numbers also continue to grow. During the year, we have taken(31)58 new employees, so that our total workforce now numbers in excess of 700. All of the staff deserve my praise for their dedication and continued efforts in (32) these excellent results.’
The group has proposed a final (33) of 9.4p per share, bringing the total to 13p for the year.
19 A commitments B interests C responsibilities D benefits
20 A row B series C line D sequence
21 A completing B closing C finalising D ending
22 A extended B lifted C expanded D climbed
23 A display B production C performance D demonstration
24 A conditions B features C states D aspects
25 A part B division C component D side
26 A certainty B thought C belief D idea
27 A caring B dealing C providing D treating
28 A inform B notify C comment D report
29 A source B base C foundation D origin
30 A support B favour C assistance D service
31 A up B back C on D over
32 A winning B gaining C achieving D earning
33 A dividend B recompense C return D interest
这是一篇总结性的文章，讲述了一个公司一年的业绩状况，形势喜人。
19题，这个公司的主营业务是agricultural and garden equipment，同时又表现出了对distribution and fuel的业务兴趣。
20题，很显然意思是连续五年利润创记录，in a row是固定短语，连续几次的，连续不断的；in a line是成一排。
21题，年税前收益截至3月31日增长了24%，达到了420万英镑。the year ending March 31，表示以3月31日结束
22题，意
思很明显，销售增长了5%。climb有一种用法是指数量或水平的增长（to increase in number, amount, or level）。例句：The temperature has climbed steadily since this morning.（传送门：https://www.wendangku.net/doc/b07194007.html,/dictionary/climb_1）
23和24题，虽然整个行业的贸易状况很困难，但是agricultural business创造了另一个创纪录的表现。
25题，garden equipment division 园林设备部。截至目前所做的解析，这个division已经是第二次在完形填空里出现了。
26和27题，It is my belief that 我相信。我相信是因为好好对待了客户所以我们才会持续增长。
28题，很高兴报告客户基数的持续增长。从意思上看可以排除C，A和B都是比较正式的通知，选D，报告。
29题，customer base客户基数，这也已经是第二次考到了。
30题，典型的客套话，感谢客户的支持。
31题，新增了58位新员工。take up占据，拿起，继续，开始从事等等；take back拿回，收回；take on一般做呈现讲，有雇佣的意思（朗文：to start to employ someone），例句：We're taking on 50 new staff this year.（传送门：https://www.wendangku.net/doc/b07194007.html,/dictionary/take_1）；take over接管。
32题，付出了持续不断的努力实现了这些结果。achieve是最地道的。
33题，只需要理解dividend的意思就行了，因为后面有share（股份），dividend是红利。recompense是给….以补偿。
先从文章的内容来理解的话，23这个空说的是agricultural business的业绩好，表现好，用performance是很完美合适的
具体说这个demonstration,的确有“示范”的意思，但在英英词典是这么解释的：
“an act of explaining and showing how to do something or how something works”,中文做“演示”讲
所以用在这里是不合适的，并没有进行业绩演示
你理解的“示范”，应该是那种带有榜样性质的示范。单看中文意思很容易混淆
人邮第四辑真题 TEST 4 READING PART 5
The Myth of the Paperless Office
0 The concept of a paperless office grew with the advance of technology. It was
00 widely been claimed that as email became commonplace, people would stop
34 writing memos, keeping bulky files and bringing piles of paper to the meetings.
35 But the reality has in fact been quite the reverse, and paper, having already
36 survived five thousand years of technological change, and has proved remarkably
37 resilient. Worldwide, the amount of paper used for each year continues to
38 rise up, although statistics now show a slight reduction in the amount
39 it consumed in the UK. So, has technology failed in its aim to end the use of
40 paper? Max Bray, a business lecturer, thinks office workers still distrust computers.
41 ‘Technology is unreliable in most of people's eye
s,’ he says. 'If you are sent an
42 important email, you are likely to print it, because there is always the
43 fear that it might have get deleted.’ In contrast, Paul Blunt, a marketing
44 manager for desktop products, who says there has been significant progress in
45 automating a wide range of tasks, even though the transition between has been more of an evolution than a revolution.
《The Myth of the Paperless Office》，无纸化办公室神话。讲的是新技术对现代办公的影响。
34题，meeting在这里不是特殊指代，只是叙述的一般情况。不需要使用定冠词the。
35题，正确的
36题，和上面的部分联系起来作为一个整体来考虑。paper, having already survived five thousand years of technological change, and has proved remarkably resilient.中间的部分是插入语，可以不考虑，所以完整的应该是paper has proved remarkably resilient。主谓宾非常齐全，and是多余的。resilient是适应力强的，有弹力的。
37题，used在这里是后置定语，修饰前面的paper，意思是每年使用的纸的总数，不需要for。
38题，持续增长，用rise，rise up是起义的意思。
39题，the amount consumed in the UK，consumed也是后置定语，表示英国的消费总量。it多余。
40题，正确的
41题，in most people’s eyes在大多数人的眼里，of多余。
42题，正确的
43题，might have done表示可能已经做了某事，而这里的意思是指电子邮件等可能会被删除，不用have，去掉。
44题，Paul Blunt, a marketing manager for desktop products, who says there has been significant progress。中间的部分是插入成分，不予考虑。完整的是Paul Blunt (who) says there has been significant progress.主语是人，谓语是says，后面是宾语，成分齐全，who是多余的。
45题，the transition between has been more of an evolution than a revolution.依然是一个完整的句子，成分齐全，transition是主语，has been是谓语，between是多余的。