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1.Everybody is interested in investing in stocks just because of the possibility of building wealth.

2.When the supply and demand for shares are about equal，you are advised to buy shares without delay.

3.It is a foolish idea to mortgage a home to free up money to enter the stock market，but it is not to seek a bank loan or line of credit to expand a portfolio.

4.It makes sense to verify everything you discover before you make a real investment.

5.Political and economic risk is one of the most important external factors in assessing both the viability and value of a company，and identifying the timing of purchasing shares.

II.Answer the following questions.

1.What is the key to success in the stock market？

2.What is the most obvious form of risk for most people buying stocks？

3.How can we better manage market risk？

4.Do you agree that a margin account is a great convenience to investors？Why？

5.If you are promised the“secrets of making millions”in the market or“things Wall Street doesn't want you to know”，what should you do？

I.Match the words and expressions on the left with the explanations on the right.

1.perception　　　a.quality regarded as a natural or typical part of sb/sth

2.fallout　　　b.taking everything into account；general

3.assess　　　c.person or thing that replaces，acts for or serves as sb or sth else

4.overall　　　d.show that（sb's fears，suspicions，etc）are justified；confirm

5.substitute　　　e.something contrived to meet an urgent need or emergency

6.margin　　　f.any adverse and unwanted secondary effect

7.volatility　　　g.borrowed money that is used to purchase securities

8.stopgap　　　h.the trait of being unpredictably irresolute

9.attribute　　　i.quality of understanding；insight

10.verify　　　j.fix the value of（sth）；evaluate

II.Determine the exact meaning of each of the underlined words and translate each sentence into Chinese.

1.Your order can be supplied from stock.

2.His parents disallow him to marry a girl born of farming stock.

3.The Smiths decided tobuy some more stock for breeding.

4.After a year in the job，she decided it was time to take stock of her situation.

5.She's tired of her husband's stock jokes.

6.Our new model is already on the stocks and will be available in the autumn.

7.As soon as they heard about possible food shortages，they began to stock up.

8.He suggested several schemes to increase sales.

9.That so-called sale is a scheme to swindle the consumer.

10.I invited her to join us，but she declined.

11.He spent his declining years in the country.

12.She is on the decline ，and may die soon.

13.This is the very spot where he was murdered.

14.Can you spot the flaw in their argument？

15.You've put me on the spot here I can't answer your question.

III.Complete each of the following sentences with an appropriate form of the word given in brackets.

1.For anyone interested in creating a long-term portfolio of profitable________，there are ten general guidelines for managing market risk.（hold）

2.But there is a line between aggressive accounting and outright________，and that line is not always easy to see in advance.（deceive）

3.But as a general rule，if a company's stock is rising quickly and its revenue and profits continue to outpace the past year，a healthy degree of________is in order.（skeptical）

4.One of the most practical ways that you can invest in yourself consists of increasing the________of your knowledge base and skill set.（broad）

5.For the most part，humans are social creatures that benefit________from expanding their network of business contacts and personal friends.（consider）

6.Most________people would agree that true wealth lies in the degree of happiness that you manage to achieve with the means that you have available to you.（think）

7.If you are currently unhappy with your career，consider investing some time in determining what you really like to do and researching how you might be able to earn a________living from doing it.（respect）

8.Gambling does tend to help local economies，but also usually brings with it well-documented________side effects.（please）

9.Gambling can be________and destructive，but investing can't.（addict）

10.As a result of these________，several ministers resigned from the government.（expose）

11.What are the________for deciding who gets the prize？（criterion）

12.All matter________consists of atoms.（ultimate）

13.Prices continue to show an upward________.（tend）

14.He stood outside the door in an agony of________，not knowing whether to enter or leave.（decide）

15.The plan was designed to ensure________to business was kept to a minimum.（disrupt）

V.Fill in the blanks，each using one of the words in its appropriate form.

Model:The baby was left exposed to the wind and rain.

1.A red sky at night________fine weather the following day.

2.There is a________difference between the two sisters.

3.That unfortunate remark________his ignorance of the subject.

4.Do you________to her pessimistic view of the state of the economy？

5.Litmus paper can be used as a（n）________of the presence of acid in a solution.

6.When he smiled he________a set of perfect white teeth.

7.Her________to retire surprised us all.

8.I have been a________to Newsweek for many years.

9.Soil was washed away by the flood，________bare rock.

10.The injury to their key player could be a________factor in the game.

11.He gave no________that he was ready to compromise.

12.The cottage is in a very________position at the top of the hill.

13.They got involved in a long and exhausting struggle and were at a________disadvantage in the afternoon.

14.Her new film has had a lot of________on television recently.

15.You can become a member by paying the yearly________.

V.Choose the right word to complete each sentence.

1.There was a________sense of embarrassment in the air.

A.extinct　B.distinct　C.intrinsic　D.instinct

2.The________of prices is still upwards.

A.tend　B.trench　C.retention　D.trend

3.You would take things as they came.All you had to do was think a little harder and________a new solution.

A.come up with　B.come up to　C.come across　D.come about

4.The finance industry will not soon reverse its extra________call and even if it did，investors are not about to treat Italian debt as“risk free”.

A.difference　B.space　C.margin　D.edge

5.Everyone needs to realize how easy the Internet makes it to gamble under the________of investing.

A.guild　B.guide　C.gild　D.guise

6.Too many people get________waiting for market trends to improve and subsequently pass up potentially fantastic real estate deals.

A.stick　B.stuck　C.stricken　D.sticky

7.When making a large investment such as one in real estate，it is________that a backup plan be in place.

A.inopportune　B.imperative　C.imperfect　D.imperil

8.In order to________the market，the active manager must not only generate returns higher than the market，but he must also generate returns higher than the fee he charges.

A.outperform　B.monopoly　C.manipulate　D.outrage

9.Many difficulties have________as a result of the change over to a new type of fuel.

A.risen　B.arisen　C.aroused　D.raised

10.His lawyer decided to take an________to a higher court.

A.oath　B.opposition　C.arbitration　D.appeal

11.Her elopement________her parents.

A.pacified　B.terrified　C.astounded　D.harassed

12.It is________that women should be paid less than men for doing the same kind of work.

A.abrupt　B.absolute　C.absurd　D.aboriginal

13.Sea food of all kinds is________in the states that border the oceans.

A.absorbent　B.abandoned　C.abstruse　D.abundant

14.Undergraduate students have no________to the rare books in the school library.

A.entrance　B.recess　C.access　D.accession

15.Everybody________in the hall where they were welcomed by the secretary.

A.assembled　B.resembled　C.accumulated　D.condensed

Decide which of the choices given below would best complete the passage if inserted in the corresponding blanks.

The age-old battle____1__active investment proponents and their____2__in passive investment is seemingly never-ending.This____3__has been____4__and out of research journals，trade magazines，and____5__publications for decades.The reason this argument____6__indefinitely is that both sides have compiled a____7__amount of research____8__an attempt to validate each investment approach.And both sides have made____9__arguments.

Active investment managers，Peter Lynch，Warren Buffet，and other___10___investors are often__11__by active management advocates as proof that active managers can outperform their benchmarks over time.___12___of active management simply rebuff these examples as___13___that have been lucky in their investment choices over the years.Vanguard founder John Bogle，a___14___supporter of passive management，points to the fees that active managers must overcome as one of the primary___15___to active management's ability to outperform over time.

1.A.of　　B.among　　C.between　　D.with

2.A.foes　B.opponents　C.rivals　D.counterparts

3.A.war　B.feud　C.competition　D.challenge

4.A.in　B.over　C.through　D.on

5.A./　B.some　C.other　D.the other

6.A.drags　B.drags on　C.pulls　D.pulls over

7.A.insignificant　B.insufficient　C.deficient　D.significant

8.A.in　B.on　C.with　D.for

9.A.compulsive　B.complex　C.compelling　D.impulsive

10.A.disreputable　B.infamous　C.notorious　D.renowned

11.A.referred　B.quoted　C.referenced　D.cited

12.A.Opponents　B.Proponents　C.Supporters　D.Advocates

13.A.normality　B.anomalies　C.abnormality　D.routines

14.A.staunch　B.starch　C.stout　D.sprout

15.A.propellers　B.promotions　C.incentives　D.hindrances

I.Combine the sentences in each group below into just one sentence，paying special attention to the clever use of non-finite verbs.

Model:They hope to win still greater victory.They are working hard.

Key:They are working hard（，hoping）to win still greater victory.

1.The sick man came in.He was supported by two nurses.

2.It was a hot day.We stayed at home.

3.Last night I watched TV.I did nothing else.

4.They discontinued their private talk.They heard a knock on the door.

5.The hunter fired.He wounded the wolf in its flight.

6.She left the room in a hurry.The candle was burning on the table.

7.He is busy.He is preparing a report.

8.Do you hear the rain？It is pattering on the roof.

9.He had been elected chairman of the club.It surprised us greatly.

10.The piano was played so badly.I could hardly stand hearing it.

II.Read through each of the following incomplete sentences and fill in each blank with just one word without changing the meaning of the original sentence.

Original:Mr.Brown just came from Britain yesterday.He will teach us accounting this term.Revised:Mr.Brown，who will teach us accounting this term，just came from Britain yesterday.

1.He ran all the way to the station.He found the train had left when he arrived.

He ran all the way to the station only________________the train had left.

2.The Smiths went on a picnic.It was Sunday.

________Sunday，the Smiths went on a picnic.

3.The TV antenna was badly bent.The picture was a mass of stripes and shadows.The TV antenna was badly bent，________the picture was a mass of stripes and shadows.

4.Bob is my best friend.He has an extremely mild temper that few people can match.Bob，________________my best friend，has an extremely mild temper that few people can match.

5.You were unable to attend our meeting.We all thought that was a pity.We all thought________________________________you were unable to attend our meeting.

III.Choose the best one to complete each sentence.

1.The crowd of dancers moved as one，________to the music.

A.swayed　　　B.swelled　　C.swaying　　D.swelling

2.________by what had happened，Sam grew silent.

A.Blurred　B.Buffered　C.Blundered　D.Baffled

3.________the tube as hard as I could，I managed to get enough toothpaste on my brush.

A.To squeeze　B.Squeezed　C.Squeeze　D.Squeezing

4.The term investment is usually used when________a long-term outlook.This is the opposite of trading or speculation，________are short-term practices________a much higher degree of risk.

A.refers to…that…involved

B.referring to…which…involving

C.referred to…which…involving

D.referring to…that…involved

5.Investment is time，energy，or matter________in the hope of future benefits________within a specified date or time frame.Investment has a different meaning in finance from________in economics.

A.to be spent…actualized…it

B.spent…actualizing…it

C.spent…actualized…that

D.to spend…actualized…that

6.This is an ideal site for a university________it is far from the downtown area.

A.provided that　B.now that　C.for that　D.in that

7.She sat on the bench in the park，________.

A.her chin was cupped in her hand

B.her chin cupped in her hand

C.her chin cupping in her hand

D.her chin to be cupped in her hand

8.He claimed________in the supermarket when he was doing shopping yesterday.

A.being badly treated

C.to be treated badly

D.to have been badly treated

9.The strong sense of humor in his speech was________make everyone in the auditorium burst out laughing.

A.so that　B.such that　C.so as to　D.such as to

10.Weather________，we'll go out for a picnic next Saturday.

A.being permitted B.permitted　C.permitting　D.permits

I.Translate the following into Chinese.

It is very clear by the number of reports，whitepapers，theses，and research conducted on behalf of both active and passive managers，that this argument isn't going to be settled any time soon.So what do you do to get the best of both worlds？The key component in all of the research set forth on this topic is that a strategy is involved.Regardless of whether it is an active or passive strategy，the most important thing is that there is even a strategy at all.The investors who tend to make the poorest decisions are those with no strategy or those who waver between different strategies in the middle of a bull or bear market.Investors who blindly make choices without a clear path for arriving at those choices will almost always lose the battle.The most important aspect of a well-balanced investment portfolio is defining a set strategy and sticking with it，regardless of whether that strategy is an active one or a passive one.

II.Translate the following into English by using the words or phrases provided in brackets.

1.你们有灰色套头毛衣的现货吗？（in stock）

2.成龙最出名的可能是他出演的动作场面密集的功夫片，以及他将武术与笑料结合起来的能力。（action-packed）

3.你的陈述同其余证据有矛盾。（in conflict）

4.政府为本国逐渐下降的出生率深感忧虑。（declining）

5.一棵树倒下来，把他当场砸死了。（on the spot）

For various reasons and considerations，an increasing number of wealthy Chinese families are considering buying houses in other countries.Some buyers are happy with their decision and choice，but some feel regretful and disappointed.From the perspective of investment，what tips do you think should be given to those deciding to buy or having bought a property overseas？

Please give a mini-talk on“Tips for buying a property overseas”according to your knowledge and personal understanding.

Foreign direct investment（FDI）plays an extraordinary and growing role in global business.It can provide a firm with new markets and marketing channels，cheaper production facilities，access to new technology，products，skills and financing.For a host country or the foreign firm which receives the investment，it can provide a source of new technologies，capital，processes，products，organizational technologies and management skills，and as such can provide a strong impetus to economic development.

Success cases of FDI are encouraging and tempting to more and more companies which are considering going global.But investment always involves risks and demands caution，so please discuss in groups on the topic“What are some of the basic requirements for companies considering FDI？”