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PART A:
Direction: Questions 1-10 are incomplete sentences. Beneath each sentence you
will see four words or phrases marked ( 1), (2), (3) and (4). Choose the word or
phrase that best completes the sentence. Then mark the correct choice on your
answer sheet.
1- On television last night the newscaster announced that the leader ……….
1) is arriving on Saturday 2) will arrive on Saturday
3) would be arrive on Saturday
4) would be arriving on Saturday
2- After 1811, Philadelphia ……….
1) was no longer the capital any more
2) wasn’t the capital yet
3) was not the capital no more
4) was no longer the capital
3- The United Auto Workers agreed, after much discussion, ……… .
1) considering the postponement of a scheduled increase in salary
2) to consider postponing a scheduled salary increase
3) considered putting off a scheduled salary increase
4) considering postponing a scheduled increase in compensation
4- The speed of communications today, as opposed to ………, has greatly altered the
manner in which business today is conducted.
1) the one of yesterday
2) communications yesterday
3) that of yesterday
4) communication’s speed a long time ago
5- The atmosphere is denser near the surface of the earth than ……… .
1) it is farther away
2) further away from it
3) denser farther away
4) is farther away
6- ……… both the largest and northernmost state in the United States, Alaska has the
smallest population.
1) Despite it is
2) In spite being
3) In spite of to be
4) Despite being
3)in
4) with
7- She lives ……… 311, 5th Street.
1) on
2)at
8- Rebecca ……… cook for the party.
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1) helped us
2) helped for us to
3) helped in
4) helped us for
9- You can close your umbrella. The rain seems ……….
1) to stop
2) to have been stopped
3) to have stopped
4) having stopped
11- Senility is a specific disease with a variety of causes ……… failing memory, a decline in
the ability to work with numbers, errors in judgment, irritability often ……… paranoia.
1) leading in- resulting in
2) resulting in- leading to
3) leading in- resulting to
4) resulting to- leading to
PART B:
Directions: Questions 11-02 have four underlined words or phrases. Identify the one
underlined word or phrase that must be changed in order for the sentence to be correct.
Then mark your choice on your answer sheet.
11- When we next see Alice and Max, who are presently parents of two children, they will
had
1
3
2
1
2
3
had a new baby in their family.
4 4
12- As an editor, Ms. Zeitland must do a voluminous amount of reading, but she says that the
1
2
1
2
fact that she has to read a great deal doesn’t bother her because she used to it.
4
33
4
13- When heavy rains are threatened to flood the fields, the farmers must have their crops
2
11
2
picked earlier than they had intended.
33
4 4
14- While Mary was in the library doing research, she was finding a book which contained
1
1
2
2
3
3
letters the author had written to a son.
4 4
15- If the drilling platform had built to withstand the violent storms, it wouldn’t have
collapsed.
4
1
2
3
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16- In addition to all the other sporting events in the marathon, each contestant had to go on a
1
1
2
3
2
3
three-miles mountain climb.
44
17- An infection sometimes results when the body is attacked from a bacteria to which the
1 1
2
3
2
3
body has little resistance.
44
18- Its not likely that all of the contractors will be able to understand the complicated
1
2
1
2
3
3
4
4
regulations.
19- I suggest that you all are very quiet if you want the party to be a surprise.
1
2
1
4
3
2
3
4
21- Mr. Schawrtz has had a number of jobs in his lifetime, but he’s primary an educator.
3
2
1
1
2
3
4
4
PART C:
Directions: In questions 21-40, each sentence has an underlined word. Below each
sentence are four words, marked (1), (2), (3) and (4). Choose the word that best
keeps the meaning of the original sentence. Then mark the correct choice on
your answer sheet.
21- The thought of them getting her possessions when she dies agitates her.
1) reject
2) disturb
3) heighten
4) disgust
22- Head teachers yesterday submitted a claim for a 9 per cent pay raise.
1) propose
2) approve
3) omit
4) develop
23- American businesses could soon have a new kind of lawsuit to contend with.
1) accept
2) follow
3)deal with
4) undergo
24- Households accumulate wealth across a broad spectrum of assets.
1) waste
2) collapse
3) displace
4) collect
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25- The prisoners subsisted on one mug of the worst quality porridge three times a day.
1) go
2) survive
3)depend
4) suffer
26- The criticisms will not stop people flocking to see the film.
1) gathering
2) willing
3) retreating
4) disliking
27- No one personally acquainted with the couple was permitted to talk to the Press.
1) acceptable
2) friendly
3)recognizable
4) familiar
28- Two trains collided head-on in north-eastern Germany early this morning.
1) moved
2) brake
3) crash
4) launched
29- The US will soon be taking steps to confine the conflict.
1) restrict
2) start
3) confer
4) develop
31- The prime minister has appointed a civilian as defense minister.
1) met
2) assigned
3) noticed
4) found
31- The altered landscape looks unnatural and weird.
1) ugly
2) barren
3) strange
4) unpleasant
32- The morality is not about rules one must not break, but guidelines to a skillful life.
1) law
2) ethics
3) education
4) religion
3) storm
4) stream
33- Torrents of water gushed into the reservoir.
1) containers
2) gale
34- It’s not good enough just to blame the unruly children.
1) noisy
2) lazy
3) disobedient
4) slow
35- The test should identify which smokers are most prone to develop lung cancer.
1) obliged
2) inclined
3) positioned
4) cautioned
36- More than 111,111 people could fall ill after drinking contaminated water.
1) polluted
2) deserted
3) dangerous
4) flourishing
37- The crowd scattered when the police appeared.
1) dispersed
2) maintained
3) sheltered
4) organized
38- Stan Getz’s musical career spanned five decades.
1) exemplified
2) covered
3) launched
4) interpreted
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39- The government will not seek to disrupt the legitimate business activities of the
defendant.
1) peculiar
2) sharp
4) subsequent
3)lawful
41- She looked at the books jammed haphazardly in the shelves.
1) suddenly
2) secretly
3) constantly
4) carelessly
PART D: Cloze Test
Directions: Read the following passage and decide which choice (1), (2), (3) and
(4) best fits each space. Then mark the correct choice on your answer sheet.
The Banker to the Poor
Muhammad Yunus is a Bangladeshi banker and economist. …61… a professor of
economics, he is most famous for his successful application of the concept of microcredit,
the …62… of small loans to entrepreneurs too poor to qualify for traditional bank loans.
He is the …63… of Grameen Bank, and he and the bank were …64… awarded the Nobel
Peace Prize for their efforts to create economic and social development among the poor.
During visits to the poorest households in the village of Jobra near Chittagong
University, Yunus discovered that very small loans could make a …56… difference
to a poor person. Jobra women who made bamboo furniture had to take out
usurious loans to buy the bamboo. He made a loan of USD 00.22 from his …55…
pocket to 20 women in the village, who made a net profit of USD 2.20 each on the
loan. Yunus believed that if given the chance the poor would repay the …50…
money and hence microcredit could be a …56… business …56… . He eventually
managed to …02… a loan from the Janata Bank to lend it to the poor in Jobra in
December 6605.
41- 1)Former
2) Formerly
3)Ex-
4)The former
42- 1)extend
2)extent
3) extension
4)extends
43- 1)finder
2)founder
3) foundation
4) findings
44- 1) joint
2) either
3) bi-
4) jointly
45- 1)disproportionate
2)disproportionately
3) proportionate
3) proportionately
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46- 1) self
2) own
3) only
4) private
47- 1) lend
2) loan
3) borrowing
4) borrowed
48- 1) viable
2) viably
3) unviable
4) unviably
49- 1) models
2) modelling
3) model
4) modelled
51- 1) incur
2) secure
3) insecure
4) procure
PART E: Reading Comprehension
Directions: in this part of the test you will read three passages. Answer the
questions about the passage by choosing the best choice ( 1), (2), (3) and (4).
Then mark the correct choice on your answer sheet.
Passage 1:
Line
5
It’s a sound you will probably never hear, a sickened tree sending out a distress signal.
But a group of scientists has heard the cries, and they think some insects also hear the trees
and are drawn to them like vultures to a dying animal.
Researchers with the U.S. Department of Agriculture’s Forest Service fastened sensors
to the bark of drought-stricken trees and clearly heard distress calls. According to one of
the scientists, most parched trees transmit their plight in the 50 to 500-kilohertz range. (The
unaided human ear can detect no more than 20 kilohertz.) Red oak, maple, white pine, and
birch all make slightly different sounds in the form of vibrations at the surface of the wood.
10
15
The scientists think that the vibrations are created when the water columns inside tubes
that run the length of the tree break, a result of too little water flowing through them. These
fractured columns send out distinctive vibration patterns. Because some insects
communicate at ultrasonic frequencies, they may pick up the trees’ vibrations and attack
the weakened trees. Researchers are now running tests with potted trees that have been
deprived of water to see if the sound is what attracts the insects. “Water-stressed trees also
smell differently from other trees, and they experience thermal changes, so insects could be
responding to something other than sound,” one scientist said.
51- Which of the following is the main topic of the passage?
1) the vibrations produced by insects
2) the mission of the U.S. Forest Service
3) the effect of insects on trees
4) the sounds made by trees
52- The word “them” in line 3 refers to
1) trees
2) scientists
3) insects
4) vultures
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53- The word “plight” in line 6 is closest in meaning to
1) cry
2)condition
3) need
4) agony
54- It can be inferred from the passage that the sounds produces by the trees
1) serve as a form of communication among trees
2) are the same no matter what type of tree produces them
3) cannot be heard by the unaided human ear
4) fall into the 1-20-kilohertz range
55- The word “fractured” in line 12 is closest in meaning to
1) long
2) blocked
3) hollow
4) broken
56- Which of the following could be considered a cause of the trees’ distress signals?
1) torn roots
2) attacks by insects
3) experiments by scientists 4)
lack
of
water
57- In line 13, the phrase “pick up” could best be replaced by which of the following?
1) perceive
2) lift
3) transmit
4) attack
Passage 0:
Line
All birds have feathers, and all animals with feathers are birds.
No other major group of animals is so easy to categorize. All birds have wings, too, but
wings are not peculiar to birds.
5
10
Many adaptations are found in both feathers and wings. Feathers form the soft down of
geese and ducks, the long decorative plumes of ostriches, and the strong flight feathers of
eagles and hawks. Wings vary from the short, broad ones of chickens, which seldom fly, to
the long, slim ones of albatrosses, which spend almost all their lives soaring on air
currents. In penguins, wings have been modified into flippers and feathers into a
waterproof covering. In kiwis, the wings are almost impossible to detect.
Yet diversity among birds is not so striking as it is among mammals. The difference
between a hummingbird and a penguin is immense, but hardly as startling as that between
a bat and a whale. It is variations in details rather than in fundamental patterns that has
been important in the adaptation of birds to many kinds of ecosystems.
58- The word “categorize” in line 2 is closest in meaning to
1) appreciate
2) comprehend
3) classify
4) visualize
59- Which of the following is closest in meaning to the phrase “peculiar to” in line 3?
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1) unusual for
2) common to
3) necessary for
4) unique to
61- The word “slim” in line 6 is closest in meaning to
1) slender
2) powerful
3) graceful
4) soft
61- The word “detect” in line 9 is closest in meaning to
1) utilize
2) extend
3) observe
4) describe
62- Which of the following is closest in meaning to the word “diversity” in line 11?
1) function
2) heredity
3) specialty
4) variety
63- The word “hardly” in line 11 is closest in meaning to
1) definitely
2) not nearly
3) possibly
4) not always
64- The word “startling” in line 11 is closest in meaning to
1) initial
2) exciting
3) tremendous
4) surprising
Passage 3:
In fact, we have to distinguish between normal returns, provided by the fair reward for
portfolio exposure to different risks, and obtained through passive management, from
abnormal performance (or out performance) due to the manager’s skill, whether through
market timing or stock picking. The first component is related to allocation and style
investment choices, which may not be under the sole control of the manager, and depends
on the economic context, while the second component is an evaluation of the success of the
manager’s decisions. Only the latter, measured by alpha, allows the evaluation of the
manager’s true performance.
Portfolio normal return may be evaluated using factor models. The first model,
proposed by Jensen (1968), relies on the CAPM and explains portfolio normal returns with
the market index as the only factor. It quickly becomes clear, however, that one factor is
not enough to explain the returns and that other factors have to be considered. Multi-factor
models were developed as an alternative to the CAPM, allowing a better description of
portfolio risks and accurate evaluation of managers’ performance. For example, Fama and
French (1993) have highlighted two important factors that characterize a company’s risk in
addition to market risk. These factors are the book-to-market ratio and the company’s size
as measured by its market capitalization. Fama and French therefore proposed a threefactor model to describe portfolio normal returns. Carhart (1997) proposed to add
momentum as a forth factor to allow the persistence of the returns to be taken into account.
Also of interest for performance measurement is Sharpe’s (1992) style analysis model, in
which factors are style indices. This model allows a custom benchmark for each portfolio
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to be developed, using the linear combination of style indices that best replicate portfolio
style allocation, and leads to an accurate evaluation of portfolio alpha.
65- According to the first paragraph, it is essential to know the difference between ……….
1) normal returns and abnormal performance
2) normal returns and active management
3) passive management and out performance
4) the economic context in a certain period
66- If the author is right, out performance is indicative of ……….
the
success
of
the
manager’s
1) the sole control of the manager
2)
performance
3) allocation and style investment choices
4) the economic context in a certain period
67- According to the passage, ……… paves the ground to assess the manager’s real
performance and the success of his decisions.
1) normal returns provided by the fair reward
2) abnormal performance due to the manger’s skill
3) normal returns due to exposure to different risks
4) abnormal performance obtained through passive management
68- The CAPM Model evaluates portfolio normal returns and ……….
1) can explain the returns sufficiently
2) allows the best explanation of portfolio risks
3) uses market index relying on other factors as well
4) employs market index as the exclusive factor
69- Fama and French (1993) have ……….
1) explained the company’s index as the sole factor
2) regarded the market risk as the only factor
3) emphasized two factors evaluating portfolio normal return
4) focused on an accurate evaluation of manager’s performance
71- Which statement is NOT true about Sharpe’s style analysis model?
1) It results in precise assessment of portfolio alpha.
2) It employs the linear combination of style indices.
3) It provides a custom benchmark for each portfolio to be developed.
4) It produces portfolio style allocation once for all.
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reporting verbs
avoid double negatives
Verbals , infinitives
demonstrative pronouns
parallel structure
prepositions followed by gerunds (ing)
Helped us to cook / helped us+ cook
Perfect infinitive
Future perfect
Is used to it
threaten, active voice
found, past tense with past continuous
had been built, past perfect passive
three-mile
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attacked by
It’s
be, proposal clause
primarily, adverb
He was formerly a professor of economics
founder =
proportionate =
.
money
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viable =
secure =
Exclusive factor= the only factor
… best replicate portfolio …