电大财经英语教材课文翻译及练习答案

Unit 1

Steve talks about his company

Xiaoyan helps her friends, Mary and Polly. They have a party at Caffe Roma. Franco is their friend who owns this restaurant. They buy the wine and food wholesale. They cooperate to save money. Xiaoyan meets Steve Bracken who is an import director. He talks about his company. It buys raw materials from one country whose resources are cheap. It buys parts from another country where labour costs are low. It puts them together in a third country. Then it imports the products into Britain where they are sold. Steve cooperates with many companies. His business model makes a food profit.

晓燕帮助她的朋友，Mary和Polly。 她们在Caffe Roma餐厅举行聚会。Franco是她们的朋友，他是这家餐厅的老板。餐厅以批发的形式买入酒和食物。他们合作以节约开支。晓燕遇到一位负责进口的公司主管Steve Bracken。他谈论了自己的公司。他的公司从资源便宜的国家购买原材料，从另一个劳动力成本低的国家购买零部件，再在第三个国家将它们拼装组合，然后该公司将这些产品进口到英国出售。Steve和很多公司合作。他们的商业模式盈利良好。

Steve describes some business models

Steve says companies want to earn a profit. One company may accept lower profits. They can quickly gain a large market share. While another company may seek higher profit margins. They sell luxury goods that have high brand value. Most companies try to cut costs using the cheapest suppliers and workers. But a few companies adopt a ?green? model that takes care of the environment. They pay their workers a fair wage, which in not the lowest. Other companies use a start-up model. They grow very fast during the first few years when their product is in great demand. But sometimes they fail after three or four year. This is common in the city where they grow very fast at first but sometimes they fail after a few years. Some have a business model which is not sustainable. Researching the market is the best way to know which business model will suit your company.

Steve说公司都希望获取利润。某些公司愿意接受较低的利润，他们就能很快获得较大的市场份额。也有公司希望寻求高额的利润，他们出售具有高品牌价值的奢侈品。大部分公司都试图通过采用最便宜的供货商和工人的方式来削减成本。但是有少数公司采用保护环境的“绿色”模式。他们付给员工合理的工资，这不是最低工资。有些公司采用启动模式，这样的公司在产品需求旺盛的最初几年成长迅速。但是有时这样的公司三、四年后就倒闭了。这样的情况在城市里很普遍，他们起初增长很快，有时几年以后就倒闭了。有些公司的商业模式不可持续。市场调查时了解自己公司适合何种商业模式的最佳途径。

1. Most companies want more_ profit __.

2. Selling at a low profit can get more __ buyers __. 3. Luxury goods sell at a ___ high ___ price.

4. Green companies pay wages which are ____ just right ___.

5. Companies which use a start-up model may grow very __ fast __ at first. 6. A sustainable company can keep going for ___ more than 4__ year.

Unit2

David describes the structure of the bank

Xiaoyan comes to London where she learns more about banking. David Manning who is the IT manager introduces the departments of the bank. The Personal Banking Department is in the lobby on the ground floor. Here customers can pay in money. If they want to withdraw cash, then they can use the ATM in the lobby. The Business Banking Department is on the first floor. It manages the various accounts for local companies. Many accountants work on the second and third floors. Then the Foreign Department is on the fourth floor. If a local company has branches in another country, then it will use this Foreign Department. On the fifth floor is the IT Department which has the bank?s main computer. The bank does not have a Human Resources Department. Instead, the Human Resources Director uses the main computer to manage the staff salary and pensions.

晓燕来到伦敦学习与银行相关的更多内容。David Manning是IT经理，他（向晓燕）介绍银行的各个部门。个人银行部在一楼大厅。在这里客户可以支付现金。如果客户要支取现金，他们可以使用大厅里的自动取款机。商务银行部在二楼。这个部门管理着许多本地公司的账户。许多会计在三楼和四楼工作。外国银行部在五楼。如果本地的公司在国外有分公司，他们就需要用到外国银行部。六楼是IT部门，银行的计算机服务器就在这里。这家银行没有人力资源部。取而代之的是，人力资源主管用计算机主机来管理职工的工资和养老金。 1. How many department are there in this bank? Four

2. Which department do public individuals use? Personal Banking 3. Which department is on the lowest floor? Personal Banking 4. Where do some accountants work? 3rd floor

5. Where does the Human Resources Director work? 5th floor

6. Who does the Human Resources Director look after? Employees

In the Business Department

Most workers keep their savings in a bank. The bank pays them a small amount as interest. After collecting many deposits from people, the bank has a lot of cash. Some of the deposits are long term, so the bank expects to keep them safe for many years. The Business Department is where the bank lends out this cash to companies. If a company wants to invest in new machinery, then it can ask for a loan from the bank. The bank wants companies to borrow this cash. Then it can get high interest on the loans. The bank pays only a low interest rate to the private savers, and collects a high interest rate from the corporate borrowers. This is how the bank makes a profit. Of course, the bank doesn?t want to lose its customers? money, so it is careful about companies who get a loan. If the company is at high risk to repay the loan, then the bank may refuse or charge a very high interest rate.

大多数员工把存款放入银行。银行付给他们少量的钱作为利息。银行收集了大量的存款以后就有了大量的现金。有些存款是长期的，所以银行希望能够安全地保存多年。商业银行部是银行把现金借给公司的部门。如果某家公司想要投资新的机器设备，就可以向银行申请贷款。银行希望公司来借（存款）现金，这样银行就能从贷款中获得高额利息。银行向存款的个人只需支付较低的利息，从公司贷款方收取较高的利息。这就是银行如何盈利的模式。当然，银行不希望丢失客户的存款，所以对贷款公司十分小心。如果一家公司偿还贷款的风险很高，那么银行可能会拒绝放贷或者收取高额利息。

1. 2. 3. 4. 5. 6.

Who are the customers in the Business Department? Companies What do companies do in the Business Department? Borrow money

If the company pays high interest, how much does the bank trust it? Not much What does a company buy with a loan? Machinery

How can a bank make a profit? Form high interest loans

Who are the owners of the savings in a bank? Individual workers

Unit 3

Xiaoyan counts up how much she pays as rent

Xiaoyan moves into the flat above Caffe Roma. It is closer to the bank where she works, but it costs more. Last year she paid ￡135 each month. In twelve months she paid only 12 times of ￡135, which was ￡1,620. Now she pays ￡150 plus ￡25 for gas and electricity. She calculates that in the next year she will pay twelve times ￡175, which will equal ￡2,100. She decides to walk to work to save money.

Her best friend Mary who is a student lives there too. They share the shopping and cooking. So eating together is cheaper than living alone, and saves her time. They take turns cooking dinner during the week. At weekends they usually get up after ten o?clock and then eat out.

Last Sunday, Xiaoyan got up very late at eleven thirty, and Franco cooked lunch for her. They enjoyed eating lunch. They talked about the lease and how to pay the rent. Xiaoyan agreed to pay him automatically each month through her bank.

晓燕搬入了Caffe Roma餐厅楼上的公寓。这里离她工作的银行很近，但是价格也要高。去年她每个月付135英镑，12个月只需要付135英镑的12倍，也就是1620英镑。现在她付150英镑加上25英镑用于天然气和电。她计算出下一年他要支付175英镑的12倍，也就是2100英镑。她决定走路去上班来节省开支。

她最好的朋友Mary也住在那里，她还是个学生。她们一起支付购物和做饭的开销。这样看来，一起吃比单独住要便宜，而且节省时间。工作日，她们轮流做饭。周末她们通常10点以后起床，然后在外面吃饭。

上个星期天，晓燕起得很晚，十一点半才起床，Franco为她做了中饭。他们一起吃中饭，谈论租房合同和租金的支付方式。晓燕同意每个月通过她的银行自动转账的方式支付（他）租金。

1. Caffe Roma is near the bank. T 2. No one else is living there. F

3. Xiaoyan and Mary cooperate together. T 4. Xiaoyan cooks dinner five times a week. F 5. Xiaoyan buys the flat. F

6. She pays the rent through e-banking. T

Xiaoyan asked about accounting

Yesterday Xiaoyan went to the second floor where the accountants worked. Xiaoyan asked what their main task was, and what other things they did. They said they mainly added up lots and lots of numbers which customers provided. They also studied different ways of accounting. She was surprised that the accountants spent a lot of time checking each other! Last week they checked the accountants at the overseas branches.

The accountants find that errors are often caused by different accounting systems. Sometimes the local laws are different. In England the sales tax is twenty percent (20%) and in Japan only five percent (5%). In other countries it may be higher or lower. The data for each region are collected to match each local tax system. Then they prepare the final accounts. They use the mainframe computer to help them. It has good software applications for accounting.

昨天晓燕去了会计人员工作的二楼。晓燕询问了他们的主要工作是什么，其他的工作有哪些。他们说他们主要合计消费者提供的大量数据。他们也学习不同的计算方法。令她吃惊的是，这些会计人员花了大量的时间相互核对账目。上个星期他们核对了海外分总司的账目。

会计师们发现很多问题常常是由于不同的财会制度造成的。有时本地的法律有不同。英国的营业税是20%，日本仅5%，其他国家或高或低。每个地区的数据被收集整理出来，以便与各地的税务制度相匹配。会计师们制作最终的账目，他们用大型计算机来帮助他们计算。这种大型计算机具有用于财会方面的优质应用软件。 1. Who worked on the second floor? Accountants 2. Why did Xiaoyan go there? To learn something

3. What did Xiaoyan do on the second floor? She asked some questions 4. What often causes errors in accounting? Different tax systems 5. Who prepares the final accounts? Accountants

6. Which country charges sales tax higher than England? Not mentioned

Unit 4

Franco visits the bank

The bank worries that Franco does not keep the books for his restaurant. The manager, Mr. MacCallan, explains to Franco that the bank needs a financial statement. “This will tell us how well your restaurant is doing.” A financial statement is a formal report of the performance last year. It says how much money came in, and how much money went out. Also it suggests what next year will be like. So the bank can judge how much money to lend to the restaurant. The bank can assess the risks involved. If the risk is high, then the bank may refuse to loan any money, or will ask for high interest to be paid. Mr. MacCallan asks Franco to go home and find all the receipts from last year. “Please prepare your books, and give us a financial statement.” He says to Franco.

银行担心Franco没有保存他餐厅的账簿。MacCallan经理向Franco解释说银行需要一份财务报表。“这将告诉我们你的餐厅运作的有多好。”财务报表是表示上年度业绩的正式报告，说明了收入多少和支出多少。也给出了下一年度的走势情况。这样银行就可以决定借多少额度给这家餐厅。银行也可以评估相关的风险。如果风险很高，银行可以拒绝贷任何钱，或者要求支付高额利息。MacCallan让Franco 回家找出去年的所有收据。“请准备好你的帐簿，给我们一份财务报表。”他对Franco说。

1. What does the restaurant NOT have? Books 2. Who is the bank manager? Neil MacCallan 3. What does the bank want? A statement

4. What does a financial statement say? Income and outgoings 5. The bank will lend money if the risk is __low__. 6. Did Franco bring his books? No

Everyone is helping Franco

Steve and David help Franco. Together they prepare his accounts to show the bank manager. Xiaoyan helps too. Franco finds his receipts from last year. They add up the costs for food, and then the costs for gas, for electricity, and for water. They also calculate the cost of paying staff. Franco paid health insurance, and accident insurance too. Finally they calculate all the income from customers. The accounts have two columns. The left column is for money out, and the right column is for money in. Steve writes a list of the income from customers in the right column, and the costs of food, utilities, and staff in the left column. At last he calculates the difference. There is a small profit of ￡4,500. It is not enough to buy new tables and chairs. However, the bank will be happy, because it was a profit, not a loss!

Steve和David帮助Franco。 他们一起准备账目来给银行经理。晓燕也帮忙了。Franco找出了去年的所有收据。他们计算了食物、天然气、电和水的开销总和。他们也计算了人工成本的总数。Franco交了健康保险和意外保险。最后他们计算了从顾客处获得的收入。帐簿包括两栏。左栏记货币支出额，右栏记货币流入量。Steve在右栏写下从顾客处获得的收入。左栏记食物、水电和人工工资的成本支出。最后计算两栏的差额，有4500英镑的小额盈利。这笔钱不够用来买新桌子和新椅子。然而，银行会很开心，因为是盈利，而不是亏损。 1. Franco needs help to _keep books_.

2. How many columns do the accounts have? Two 3. On which side is income money written? Right 4. Money from customers is _income_. 5. Costs for staff are _outgoings_.

6. Which side shows the outgoings? Left

Unit 5

Last week Tom Walker arrived in London where his company has a new office. His company started up six months ago in Hong Kong. Now they are expanding their business in Europe. He had to open a new bank account for his company at ABHK Bank. When he arrived at the bank, he couldn’t find where to open an account. He asked at the customer service desk. They told him to go up to the Foreign Department on the fourth floor. The bank which has a branch in Hong Kong arranged everything for him. They transferred the funds, and completed everything electronically. He thought e-banking was very efficient. Then the bank manager introduced him to their accountants who advise companies about international taxation（征税）.

上个星期Tom Walker来到伦敦，那里他的公司有一个新的办事处。他的公司六个月前在香港成立。现在他们在欧洲拓展业务。他需要在ABHK银行为他的公司开立一个新的银行账户。当他来到银行，他不知道在哪里开账户。他在客户服务处询问了一下，他们告诉他到四楼的外国银行部。这家银行的香港分行已经为他准备好了一切。他们进行了资金转账，所有事情都通过电子化完成。他觉得电子银行十分高效。然后银行的经理把他介绍给会计师，会计师会对公司的国际征税提出建议。

1. Where is Tom Walker’s company’s head office? Hong Kong 2. When did his company start? About half a year ago

3. Where did he open a new account? In the Foreign Department 4. What did the Hong Kong office send to London? Money 5. What do the accountants help with? Tax laws

Most people who live in the city have bank accounts. A current account is one that has cash put

Unit 10

Hi Tom,

How are you? Have you moved in to your new flat?

We have received fifteen orders （订单）for computer screens. These orders are mostly from companies in London. Two are from Manchester. We have prepared the first container. （集装箱） We are shipping this out on the 12th of March. The customs documents （海关公文）are attached. It should take less than three weeks to arrive, if the weather is fine.

You have set up a warehouse, haven’t you? If not, then could you do that in the next two weeks? This should be larger than 20m by 15m. Please make sure that there is enough space where we can store more than two container loads.

By the way （顺便说）, we have asked our Hong Kong accountant for her opinion about our tax liabilities （负债）. She suggested you check with the UK authorities. They will know which taxes the London office should pay.

I’m sorry you have a lot to sort out. Please let me know if there is anything you need. Best Wishes James

Tom你好，

你好吗？你搬到新的公寓了吗？

我们接到了15个台电脑屏幕的订单。这些订单主要来自伦敦的公司。其中两个来自 曼彻斯特。我们第一个集装箱已经准备好了。我们将于3月12日装船运输。邮件附件为海关公文。如果天气状况良好，将在三星期以内到达。

你已经准备好仓库了，是吗？如果还没有，你能在未来两个星期内准备好吗。仓库需要大于20m*15m。请确保有足够的空间存放两集装箱的货物。 顺便说一下，我们已经咨询了我香港公司的会计师关于我们应承担的税。她建议你和英国政府确认一下。他们知道伦敦公司应该付的税。

我很抱歉你很很多事情需要整理。如果有任何需要请随时告知。 最真的祝福， James

1. What has Tom prepared? A new place to live.

2. How many orders are from companies in London? 13 3. When do they ship the goods? On the twelfth of March

4. What did the accountant advise Tom to ask? How much tax he should pay 5. What is attached to this email? Customs clearance papers

Talking with the accountants

Tom Walker has opened two current accounts for the new London office- one is pounds sterling, and the other in HK dollars. His company files accounts in HongKong. Taxes are lower in Hong Kong than in London. He wasn’t sure if his company would have to pay tax on profits in England. So he has asked the accountants at the bank for advice. The accountants have decided to ask the bank’s lawyers who will know what to do. They can tell them whether or not Tom Walker’s company should pay UK tax. The accountants advised him to keep two sets of books, and all the invoices and receipts. They said the lawyers needed a few months to check and answer. Tom Walker为新的伦敦办事处开了两个活期账户—一个英镑账户，一个港币账户。他的公司

的账目整理在香港。香港的税收比伦敦低。他不确定是否他们的公司需要付利润税给英国。所以他问了银行的会计意见。会计师决定问一下银行的法律顾问谁知道该做什么。他们会告诉他是否Tom Walker的公司需要付给英国税。会计师建议他保存两套账簿，所有的发票和收据。他们说律师需要几个月的时间对这个问题进行确认和给予答复。 1. Tom has opened a total of four bank accounts. F 2. Taxes are higher in London. T

3. The accountants know how to pay tax on profits. F 4. The bank employs lawyers. T

5. The accountants will keep the receipt. F

Unit 11

Then bank helps Steve set up offshore accounts

David explains to Steve how offshore accounting is used by international business. The ABHK bank owns a small bank in Jersey in the Channel Islands. Tax rates on profits are much lower there than in the UK. David is persuading Steve to open offshore accounts in Jersey, so that his company pays less tax.

Steve’s company operations are being expanded in Europe. If their export business is moved offshore, then the accounts will be easier to prepare. Although Steve at first though England was safer, David persuades him that Jersey is just as safe as England. Since Jersey is part of the British Isles, many companies open an office there. At last Steve decides to follow David’s advice. He writes a report for the other directors, in order that they understand this change. If they agree, his company will register a new office in Jersey.

David向Steve解释离岸银行账户如何在国际贸易里运用。ABHK银行在海峡群岛的泽西岛上有一家小分行。那里的利润税率比英国低很多。David正在劝说Steve在泽西岛开个离岸账户，这样他的公司可以少交一些税。

Steve公司的运营正在向欧洲大陆拓展。如果他们的出口业务移到境外进行，那么会计核算就会简单一些。尽管Steve起初觉得英格兰安全一些，David说服他（相信）泽西和英国一样安全。由于泽西是不列颠群岛的一部分，很多公司在那儿设立办事处。最后Steve决定听从David的建议。他给其他的主管写了一份报告，以使他们明白这一变化。如果他们同意，他的公司将在泽西设立一个新的办事处。

1. International companies use offshore accounting. T 2. Steve knows a lot about offshore accounting. F 3. Companies in Jersey pay low tax. T 4. Steve’s company is based in Jersey. F

5. David dissuades Steve from using offshore banking. F 6. The directors write a report to Steve. F

Integration with suppliers

Franco has to buy good wine for his restaurant even though it is very expensive in London compared to Italy. He also buys a lot of Italian olive oil wherever it is sold cheaply. If wine and olive oil imported directly from Italy, he could save money.

In Sicily, his uncle has an olive oil business, and his cousin has a winemaking business. They persuade his to invest money in their business. In exchange they promise to supply regularly wine and olive oil to his restaurant. Franco will save time and money this way. His running costs will be

reduced.

They agree to consolidate their businesses. Franco’s uncle and cousin get a stable demand for their olive oil and wine, and Franco gets a stable supply. After their businesses are integrated, they will no longer worry about fluctuating price in the markets. Market uncertainty is reduced. 即使相比意大利的价格，伦敦的葡萄酒要贵得多，Franco也不得不为自己的餐馆购买好的葡萄酒。他也会在价格便宜的地方买很多橄榄油。如果葡萄酒和橄榄油直接从意大利进口，他能节省开销。 在西西里，他的舅舅从事橄榄油生意，他的表兄弟进行着红酒生产业务。他们劝说Franco 对他们的生意进行投资。作为交换，他们许诺向他的餐馆定期供应葡萄酒和橄榄油。用这种方式，Franco将节约时间和钱。他的运作成本将会降低。 他们同意联合创业。Franco的舅舅和表兄弟在橄榄油和红酒上的供应稳定，Franco的需求也很稳定。在他们的业务整合后，他们将不再担心市场价格的波动。市场的不确定性会降低。 1. Wine is _cheaper_ in Italy than in London.

2. Franco _usually_ buys olive and wine in London. 3. Franco’s restaurant uses _much_ olive oil.

4. Franco’s cousin wants some _money_ for his business. 5. Restaurant running costs include _buying_ food and wine. 6. Usually prices go up and _down_ all the time.

Unit 12

Long-term or short-term investments?

Xiaoyan wants to sell her shares in the bank. She could earn more profit in other companies. Steve is worried, and wants to dissuade her from selling. High-yield stocks are good in the short term. If she invests next year in high-yield stocks, then she must follow the market closely. This takes a lot of time every day. The shares may go down quickly. If they start to go down, Xiaoyan must sell them to save her money.

Steve thinks a steady return on her investment may be better in the long term. If the yield is higher than inflation, then there is no problem. Steve recommends keeping her shares where they are.

Both of them have some cash in their bank accounts. So they decide to invest a little of this in some high-yield speculative shares as a hobby. They want to see how much profit they can each make in a year. Their long-term pension plans are then safe, and they can maybe make some extra money on the short-term investments.

晓燕想要把她在银行的股份卖掉。她可以在其他公司获得更多的利润。Steve很担心，他想阻止她卖股份。高收益的股票对短期投资来说很有利。如果第二年她投资高收益的股票，她必须要密切关注股市行情。这就需要每天花大量的时间。股票可能会快速地下降。如果股票开始下行，晓燕必须卖出股票来保值。

Steve认为从长远来看有一个稳定的投资回报会更好。如果收益高于通胀，就没有任何问题。Steve建议她把股票放在那里别动。

他们两个的银行账户都有一些现金。所以他们决定投资一小部分在高收益的风险性股票上，权当爱好。他们想看看一年后没人能赚多少利润。他们的长期退休金计划很安全，同时他们可以在短期投资上获得额外的利润。

1. Some bank shares are owned by Xiaoyan. T 2. Xiaoyan wants to buy new shares. T

3. 4. 5. 6.

Some other shares can give more profit. T High-yield shares can give a steady return. F Low-risk shares are not good in the long term. F Pension plans are usually long-term plans. T

Planning for a pension

Xiaoyan is reviewing her financial situation and has asked the bank’s accountants for advice. She has a monthly salary, and some shares in the bank. Although a small pension will be paid by her bank, it will not be enough to live on comfortably.

Xiaoyan decides to buy a life assurance policy, so that she can get more pension income when she retires. This was suggested by the accountants. She must pay in ￡100 regularly each month, and she cannot get anything back until she is 65 years old. These kinds of assurance policies may give better yields than deposit accounts. Life insurance is also included. If one dies before 65 years old, the policy pays out much more than the investment.

A life assurance can provide added security. She thinks it will be a good long-term investment. 晓燕正在回顾她的财务状况，她询问了银行会计师的建议。他每个月有工资，也有银行的一些股份。尽管她的银行会为她支付一小部分退休金，但想要生活得舒适，这是不够的。 晓燕决定买一份退休金理财产品，这样当她退休的时候可以获得更多的退休金收入。这是会计师给出的建议。她必须规律性得每个月支付100英镑，并且在65岁之前不会获得任何回报。这类担保合同可能比储蓄账户的收益更高些。人生保险也包括在内。如果某人65岁之前死亡，该合同的赔偿远高于投资回报。

1. Why did Xiaoyan ask the accountants? She was worried about her future. 2. What was suggested by some accountants? Life assurance 3. What is a life assurance policy for? Getting a pension 4. How often does she have to pay? Monthly

5. When will she get a pension? When she is 65 years old. 6. What kind of investment is life assurance? Long-term

Unit 13

A balanced portfolio will be safest

Franco works hard and is earning a lot of money. He has lent some to his uncle and cousin in Sicily, while most is kept in a long-term deposit account at the bank. However his money is not being used very efficiently. The interest paid to him by the bank is quite low. If he invested in speculative high-yield shares, the profits might be five times higher. He doesn’t know much about buying and selling shares, so he asks Steve Bracken for his advice. Steve thinks Franco could buy some shares in other companies, but he shouldn’t risk too much of his savings. Steve encourages him to build up a balanced portfolio of investments. It should have some investments in safe low-yield deposits and less in high-risk shares. Steve suggests that about twenty percent of his savings can be invested in high-risk shares. Franco努力工作赚了很多钱。他借给西西里的叔叔和堂兄一些钱，但大部分则存放在银行的定期储蓄账户中。然后他的钱没有被有效利用。银行付给他的利息很低。如果他投资于具有风险的高收益股票，利润可能要比现在高5倍以上。他不太知道股票的买卖，所以他向Steve Bracken资讯建议。Steve认为Franco 可以买一些其他公司的股份，但是他不需要为他的积蓄承担太多风险。Steve鼓励他搭配一个均衡的投资组合。这需要把一部分钱投资于安全的

低风险的储蓄存款，小部分投资于风险股票。Steve建议他将20%左右的储蓄用于高风险的股票投资。

1. Franco’s restaurant is not making a profit. F

2. Franco’s now has a long-term deposit account. T 3. His relatives in Italy have borrowed some money. T 4. There is low interest on high-yield shares. F

5. Steve suggests putting all his money into speculative investments. F

6. Steve recommends that Franco keeps 20% of his money in a deposit account. F

Speculating is fun

Xiaoyan is closely following the value of her shares. She is plotting the price every day on large chart. This is posted up on her wall. On this graph the trends can be seen more easily than in a table of numerical data. Day by day the share price is seen to go up or down a little. Over the past year, the average value was climbing steadily in line with the rate of inflation.

Some of her shares were rising in value last year, but now their price has leveled off. The price is visible as a curve with an early peak at the end of last year. For the past few months the plot looks quite flat. Xiaoyan decides that these poorly performing shares will be sold. Then her money can be put into more promising ones. She doesn’t want to lose out on higher profits. 晓燕密切关注她的股票价值走势。她每天在一张大的图表上标出价格的走势。这张图表张贴在墙上。在图表上，比数据表更简单地看出走势。一天天都能看到股票价格有些上涨或下跌。过去这一年股票的平均价值在稳步攀升，与通货膨胀保持一致。

她的一些股票价值去年在上升，但现在价值趋于平稳。作为曲线，能明显看出股票的价格走势，最初的峰值时在去年年底。过去几个月走势非常平稳。晓燕决定卖出这些表现不佳的股票。然后她就可以把钱投入增长更快的股票。她不想失去高额利润。 1. A table is written on Xiaoyan’ wall. F 2. The data are being shown as a curve. T 3. Xiaoyan watches her share price. T 4. Inflation was going up last year. T

5. Her shares are increasing a lot in value. F 6. Xiaoyan wants to sell her shares. T

Unit 14

Steve talks with Xiaoyan about her job experience

Steve has seen a job ad for an accountant at Transworld Securities. They want someone with international experience to work in their Beijing Office. He shows the ad to Xiaoyan, who is very interested. She has all the right qualifications now. She had worked for several years in Shanghai before she came to London. After that she worked in the International Accounts Department and then then International e-Banking Division. Now she has good experience in international accounting. Steve and Xiaoyan think the job would suit her, and Transworld Securities offer a good salary-more than she gets now-plus a moving allowance and housing package. Xiaoyan knows that the cost of living in Beijing is much lower than in London. She decides to write her CV and apply for the new job.

Steve看到一个环球证券公司招聘会计师的广告。这个证券公司想要为他们的北京办事处招聘一个有国际工作经验的人。他把广告给晓燕看，晓燕很感兴趣。她现在条件完全具备。在

到伦敦之前她在上海工作过几年。之后她在国际会计部和国际电子银行分部工作过。现在她在国际会计事务方面有丰富的经验。Steve和晓燕觉得这个工作会适合她，并且环球证券公司提供优厚的薪水，外加安家费和一揽子住房补贴。晓燕在北京的生活成本比伦敦低很多。她决定写简历来申请这个新工作。

1. Transworld Securities is looking for an accountant. T 2. An advertisement was seen by Transworld Securities. F 3. Xiaoyan used to work in London before Shanghai. F 4. The new job is in international accounting. T

5. Xiaoyan doesn’t have enough experience to apply. F 6. It’s cheaper to live in Beijing than in London. T

Xiaoyan applies for a new job

Xiaoyan was making notes to help her write her CV last week. She hadn’t written one for several years. She had left her old one in Shanghai which had all the dates of her qualifications written on. Steve showed her an example to use as a model. She worked as an Assistant Manager at ABHK for two years in Shanghai before coming to London. But she couldn’t remember how many years she had worked at Tang Investments before that. She made a list of all her accomplishments at ABHK Bank. Then she put them in the correct order. During her first year in London she had managed the accounts of several large companies. After that she worked in the IT Department, and now she is working in the International e-Banking Division. After she finished writing her work experience, she added a handwritten cover letter. Then she posted everything off to the address in the advertisement.

晓燕上个星期作笔记来帮助她写简历。她已经好几年没有写过简历了。她将那份记录着她全部资历及日期的就的个人简历留在上海了。Steve给了她一份样本作为模板。在来伦敦之前她在上海的ABHK银行做过两年助理经理。但是她忘记了在那之前在大唐投资公司工作了几年。她写了一张在ABHK银行取得的所有成就的单子。然后将它们按照正确顺序排列。在她到伦敦的第一年，她管理着几家大公司的账目。之后她在IT部分工作，现在她在国际电子银行分部工作。写完工作经历以后，她加上了一张手写的信封。然后把所有这些邮寄到广告中提到的地址。

1. Did Xiaoyan write notes before writing her CV? Y 2. She emailed the CV to Beijing, didn’t she? N 3. Steve gave her a model to copy, didn’t he? Y

4. Was she employed by many companies in London? N 5. Had she worked in the IT Department? Y 6. Didn’t she type out the cover letter? N

Unit 15

“Hello. Good morning everyone. Today I want to talk about exchange rates. Here is a plot of the changes that we have seen during 2010.

Please look at this graph. You can see the exchange rate between Hong Kong dollars and pounds sterling. This rate was fairly steady until July, when it started to rise steeply to a peak at the beginning of August. That was the best time to sell pounds for Hong Kong dollars. It fell during August. Then it became steady again during October. Overall we have seen an increase from 11.25 dollars per pound to 12.25.

During July alone, there was almost fifteen percent change. Such large fluctuations can hurt trade because of the uncertainty for importers and exporters. They don’t want to take unnecessary risks, do they? So they reduce their exposure （暴露）and volume of business. Okay, that’s all for today. Thank you for your attention.”

“大家早上好！今天我想要讲讲汇率。这里有一张2010年的汇率情况变化表。

请看这张表。你们可以看到港币兑英镑的汇率。这个比率直到七月份都比较平稳，八月初的时候开始大幅度攀升。这时是卖出英镑买入港币的最佳时机。八月份整体回落。然后十月份的时候又开始稳定。总体来说我们看到了港币兑英镑的汇率从11.25上升到了12.25。

仅七月一个月，就有将近15个点的变化。如此大的波动会对贸易带来伤害，由于进出口商的不稳定情绪。他们不愿承担不必要的风险，不是吗？所以他们会减少业务的次数和总量。 好了，今天就讲这些。感谢大家的倾听。” 1. What is this talk about? Changing money

2. How was the rate for pounds in July? Going up 3. When was the main peak on this chart? After July 4. When was the rate steady? In May

5. When was the best time to sell dollars? On 15th May

Arrange your books to pay less tax

Last week Tom asked the bank’s accountants for advice. This morning the accountants explained how to keep the accounts. Tax on company profits in Britain is higher than that in Hong Kong. The start-up money sent by his Hong Kong company should be written up as a loan, they explained, and interest on this should be paid to Hong Kong. They persuaded him to keep the London business separated from that of Hong Kong. He should buy the goods from Hong Kong at a price which is close to his selling price in Britain. This will reduce the profit margin of the London Office so that less UK tax will be paid.

“Let the Hong Kong office make the profit, because they pay lower tax on profit”, they advised him.

“Overall, your company will pay much less tax.”

上个星期Tom向银行的会计师寻求建议。今天早上会计师解释了如何记账。英国的公司利润所得说比香港高很多。他们解释，由香港公司承担的启动资金可以记作贷款，由此产生的利息由香港方支付。他们劝Tom把伦敦的业务从香港公司独立出来。他可以从香港购入与在英国的出售价格相近的货物。这可以减少伦敦办事处的边际利润，这样在英国交的税就会减少。

“让香港公司赚取利润，因为他们付的利润所得税低”，他们这样建议Tom。 “总的来说，你的公司可以少付一些税。”

1. The accountants explained how his books should be kept. T

2. Hong Kong companies pay lower tax than companies in London. T 3. Hong Kong should pay interest to the London office. F

4. The accountants told him how to increase the profits in London. F 5. His buying price should be set to close to his selling price. T

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