In the lines of this text there is an extra word.

Write the word, or put a tick if the line is

correct.

Dear John,
Have a little problem, to say the least – might it be grateful of your 1 ________
advice. Things should have gone pretty badly this week up in Marketing. 2 ________
On Thursday I did missed this really important meeting. I supposed, 3 ________
as did we all us, that the meeting would be cancelled, as my boss, 4 ________
DW, had flu. Little bit did I know, DW’s boss, Mike Tranter himself, 5 ________
was there in the meeting room, waiting us all, and nobody 6 ________
turned up! Apparently, as Mike had sent me an e-mail that morning, 7 ________
asking me to tell everyone what the meeting was still on, but that would 8 ________
be the day I was too busy to check my e-mails ,wouldn’t it! Mike 9 ________
was livid, and accused me of having no common sense so whatever. 10 ________
I tried to apologise and suggested we shall rearrange the meeting, but 11 ________
he wasn’t at least bit interested. From his point of view, not only 12 ________
did I fail to attend a meeting, but also that I failed to communicate a 13 ________
vital message from his which he’d entrusted me with. No sooner 14 ________
had I emerged from Mike’s office after a dressing-down that it must 15 ________
have lasted for a good 15 minutes, than who should phone me but 16 ________
DW, wanting to know exactly what might had happened at the meeting. 17 ________
He must have arranged it for Mike to chair the meeting in his place. 18 ________
Well, I feel like I might have as well go and hand in my resignation now. 19 ________
Any advice will more than gratefully received from a desperate friend! 20 ________
Tim
Answers: 1- it, 2- should, 3- did, 4- us, 5- bit, 6- , 7- as, 8- what, 9- , 10- so, 11- shall, 12- at,
13- that, 14- , 15- it, 16- , 17- might, 18- , 19- have, 20- will.

(Source __ UNIVERSITY OF CAMBRIDGE ESOL EXAMINATIONS - English for Speakers of

Other Languages - Reading SAMPLE PAPER 2006 - INTERNATIONAL CERTIFICATE IN
FINANCIAL ENGLISH D020/1)
Part 1
Questions 1 – 6
Read the following article about the use of graphs in annual reports. Choose the best word
to fill each gap from A, B, C or D below.
GRAPHS IN ANNUAL REPORTS
Increasing attention is being paid to the visual (1) .......... of corporate annual reports – the charts,
photographs and graphs. Academics and practitioners alike (2) .......... the immense power of good
visuals in the communication process – a well-designed graph is worth a thousand words.
The existence of graphs of key financial (3) .......... in corporate annual reports is a critical element
of communication with stakeholders, especially non-experts. But graphs are not formally audited
and there is the potential for graphs to be (4) .......... so that they give too positive a picture of a
company’s fortunes.
A recent study has provided evidence that those responsible for annual reports consciously or
unconsciously do indeed select graphical designs that tend to convey a more favorable
impression than is (5) .......... . We, therefore, urge those who prepare reports to pay close
attention to the basic principles of graph design and to seek clarity of meaning, before users lose
(6) .......... in the graphs displayed.
1 A components B factors C constituents D facets
2 A conclude B distinguish C declare D appreciate
3 A transformations B variables C permutations D varieties
4 A manipulated B influenced C controlled D operated
5 A entitled B rated C warranted D earned
6 A assurance B confidence C belief D conviction

Part 2
Questions 7 – 12
Read the following introduction to a book about international standards of accounting. Use
the words in the box to the right of the text to form one word that fits in the same numbered
gap in the text. For each question 7 – 12, write in CAPITAL:
Example:
0DEVELOPMENT
IMPLEMENTING INTERNATIONAL STANDARDS
A financial reporting system supported by strong governance,
high-quality standards and sound regulatory frameworks is key
to economic (0) ………. . Indeed, high quality standards of 0. DEVELOP
financial reporting, auditing and ethics underpin the trust that
investors place in financial and non-financial information and,
thus, play an integral role in a country’s economic growth and
financial (7) ………. . 7. STABLE
As the forces of (8)………. prompt more and more countries 8. GLOBAL
to open their doors to foreign investment, and as business
(9)………. across borders becomes common, both 9. EXPAND
the public and private sectors are (10)……. recognising the 10 INCREASE
benefits of having a widely understood financial framework
supported by strong, globally accepted auditing standards.
The benefits of a global financial reporting framework are
numerous and include: greater comparability of financial
information for investors; greater (11)……. on the part of 11 WILLING
investors to invest across borders; lower cost of capital; greater
(12)……. in the allocation of resources; and higher economic 12 EFFICIENT
growth.

Part 3
Questions 13 - 18
Read the following extract from a text about budgeting and the questions on the opposite
page. For each question 13 - 18, mark one letter (A, B, C or D) for the answer you choose.

COMPANY BUDGETS
Most senior executives know that the competitive battles ahead will involve not only
ensuring that their company gets better at what it does, but is also different from others. To
achieve this they need talented managers who can produce more imaginative strategies for growth
and improvement, make faster decisions, be more flexible, be better prepared to anticipate threats
and opportunities, and who can consistently improve quality and customer satisfaction. To this list
you can add any number of other key competitive issues that are becoming more important as the
service economy gathers speed.
But executives also know that none of these aspirations are attainable without changing the
way the business is run. While most companies have tried to address these issues by reducing
management layers and focusing on the customer, few have been successful. One of the reasons is
the inability to shift the management philosophy from one of top-down control to bottom-up
empowerment. It is because budgets are most commonly used by organisations to exercise control
that they are at the centre of this thorny issue.
 Budgets are, in effect, barriers to change and fail to do well what most managers think they
do well – that is, provide order and control. They are barriers for many reasons. Firstly, they
reinforce the command-and-control management model and thus undermine attempts at
organisational change, such as delegation and empowerment. In addition, they tend to set a ceiling
on growth potential and a floor for cost reductions, thus stifling real improvement breakthroughs.
Strong brands, skilled people, excellent management processes, strong leadership, and loyal
customers are assets that are outside the measurement orbit of the accounting system. Budgets are
typically extrapolations of existing trends, with little attention being paid to anticipatory models.
What is more, they act as barriers to exploiting cooperation across the business units.
If asked why we use budgets, most managers would probably answer, ‘to set targets and
control business operations’. But budgets evolved in the 1920s to help growing businesses manage
their capital resources and plan their cash requirements. It was not until the 1960s that budgets
were used to set targets, control operations and evaluate managerial performance. While planning
remains an important part of the management process, it is widely believed that setting targets and
controlling and evaluating performance using budgets is fundamentally flawed because it directs
managerial behaviour towards achieving predetermined financial targets rather than harnessing the
energy of people at all levels towards continuously improving competitive strategies and
customer-oriented processes.
So, if existing budgeting systems have such crucial weaknesses, why do we still rely on
them? In fact, accountants have tried to improve them. Zero-based budgeting and activity-based
budgeting represent valiant efforts to update the process, but they tend to be complex project-
driven approaches that fail to evolve into standard management practices. Basically, though,
budgeting has not changed because it is 2 part of unchallenged tradition. Some companies are re-
engineering their budgeting processes to make them faster and cheaper, but such an approach fails
the test, as it leaves the behavioural weaknesses in place.
What does all this mean for the role of management accountants? Many accountants now
accept that setting fixed financial targets and measuring performance against them makes little
sense when the competitive environment is subject to continuous change. Plans and strategies
need to unfold continuously as new knowledge emerges. Above all, management accountancy
should be concerned with the future and ensuring that the right questions are asked and the right
decisions are taken that add maximum longterm value. It is hard, though, to see how these changes
can be managed successfully while leaving the current budgeting system in place.

13To deal with the competition they are likely to meet in the future, companies should look
for managers who will
 A recognise and reward talented people.
B bring considerable experience to the job.
C respond immediately to financial difficulties.
D take a creative approach to developing the business.
14According to the second paragraph, why have companies failed in their response to key
competitive issues?
A Authority for decision-making is too restricted.
B Customer needs are not given sufficient priority.
C There are too many layers of management.
D Budgets are not adequately monitored.
15One problem resulting from the way budgets are usually set is that
A they give too optimistic a view of a company’s growth potential.
B they allow staff to avoid taking responsibility for their decisions.
C they tend to produce too many targets for the workforce to meet.
D they limit innovative behaviour because they focus on past experience.
16According to the writer, changes in the use of budgets since the 1960s have prevented
managers from
A giving enough time to planning.
B concentrating on motivating the workforce.
C working out realistic targets.
D assessing the competence of their employees.
17According to the writer, why have new budgeting systems not been widely adopted?
A Traditional systems are relatively easy to operate.
B New systems have proved slow and expensive.
C Traditional systems are part of accepted practice.
D New systems have proved unpopular with managers.
18According to the final paragraph, many management accountants now believe that
A companies should be prepared to modify their strategies.
B budgeting should not influence management decisions.
C too many company decisions are taken with a short-term view.
D targets should reflect recent trends in an industry sector.

Look at the advertisement below. It shows services offered by a business consultancy. For
questions1 - 5, decide which service (A – H) would be suitable for each person. For each
question, mark one letter (A – H). Do not use any letter more than once.
THINKING OF STARTING A BUSINESS?
Need expert advice and/or assistance in one or more of the following areas?
A Market Research
B Constructing a schedule
C Calculating costs
D Meeting legal requirements
E Obtaining finance
F Renting or purchasing premises
G Recruiting and training staff
H Promoting products and services

1. Margaret Williams needs help in choosing the business loan with the most competitive terms.
2. Ibrahim Shah wants to be sure that there will be enough demand for his product.
3. Maria Fernandez would like some advice about where to advertise a new line of goods.
4. Kim Seng wants to research new laws on constructing buildings.
5. Peder Andersen needs to know whether his existing funds are enough to set up his business.
Answers: 1 E, 2 A, 3 H, 4 D, 5 C

Read this part of a letter from Mary Bennett applying for a job.
With reference to your advertisement in The Times, I am writing to apply for the post of training
assistant. I am moving to your country next month with my husband. As you will see from the
enclosed CV, I have had a lot of experience in training and I feel that I have much to offer your
company. If I am selected for interview, please could you give me information about how to reach
your offices by public transport?
Write a letter to Mrs Bennett:
• acknowledging her letter
• offering her a date and time for an interview
• requesting the names and addresses of two referees
• telling her the best way to reach you by public transport.
Write 60 – 80 words. Do not include any postal addresses.

Read the memo and note below. Complete the claim form on the opposite page. Write a
word or phrase (in CAPITAL LETTERS) or a number on lines 1 – 5.
MEMO
TO: Barbara Sinclair
FROM: Peter Rogers
DATE: 25 May 2002
SUBJECT: Insurance Claim
Could you deal with this? It’s our insurance claim, for the damage at the weekend. The insurance
policy is in my name, and we bought the carpet for £300, although it will cost at least £500 to
replace. Luckily our office carpets seem fine.
Thanks
OWEN SMITH INSURANCE COMPANY
with compliments
Thank you for your recent phone call regarding flood damage in your photocopy room. Could you
please complete the attached form and return it to me as soon as possible.
Martin Morris

Insurance Claim
NAME OF POLICY HOLDER: (1) ........................................................................…..
POLICY NUMBER: LD4756030C
ITEM(S) TO BE REPLACED: (2) ..............................................................................
LOCATION OF ITEM(S): (3) ..............................................................................
VALUE WHEN PURCHASED: (4) ..............................................................................
CAUSE OF DAMAGE: (5) ..............................................................................
DATE OF DAMAGE: Sunday 19 May
Answers: 1 PETER ROGERS, 2 (A/THE/ONE) CARPET, 3 PHOTOCOPY ROOM,
4 £300, 5 FLOOD/FLOODING

Read the article below about team-building. Choose the correct word to fill each gap, from
A, B or C. For each question 1 – 12, mark one letter (A, B or C).
TEAM-BUILDING THROUGH ACTIVITIES
Nowadays, company bosses are increasingly trying to find
unusual team-building events as part of their training programme.
An activity park (1) ...... Fast-track has 1 A calling B calls C called
just opened to offer (2) ...... events. It specialises 2 A such B like C so
(3) ...... events to attract the corporate entertainment market, 3 A at B for C in
(4) ...... is growing all the time. The park is situated just a 4 A who B which C what
few kilometres outside the city centre (5) ...... it provides 5 A and B but C or
events that (6) ...... entertain as well as train. Clients can try 6 A ought B will C shall
outdoor attractions such as sailing or climbing, (7) ...... 7 A because B although C since
availability clearly depends entirely (8) ...... the weather. 8 A on B of C with
Activities of (9) ...... kind are perfect team-building exercises. 9 A a B these C this
‘I’d (10) ...... been to an activity park before,’ explained 10 A still B ever C never
James Black, a company manager. ‘Before we came, I didn’t
think we (11) ...... enjoy ourselves so much and I didn’t expect 11 A must B would C might
the huge difference that Fast-track’s programme has (12) ...... 12 A made B had C done
to my team. Now we work better together than we did before.’
Answers: 1 C, 2 A, 3 C, 4 B, 5 A, 6 B, 7 B, 8 2, 9 C, 10 C, 11 B, 12 A

Read the following review of a book called The Bosses Speak. Choose the correct answer for
each question. Mark one letter (A, B or C).
The Bosses Speak
John Stuart is an executive recruitment specialist who has turned to writing. The result is
this book, based on interviews with twenty Chief Executives. Each top manager – none of them
famous names, surprisingly – is given a short chapter, and there is some introductory material and
a conclusion. This means you can jump from one person to another, in any order, which is good
for people who are too busy to read a book from cover to cover. For a management book it isn’t
expensive, although whether it’s good value for money is doubtful.
Some of the twenty interviewees started their own businesses, while others joined a
company and worked their way up. Some are fairly new in their position, and others have had
years of experience, though, strangely, Stuart doesn’t seem interested in these differences. The
interviewees work in everything, from retailing to airlines to software, and it is this variety that
forms the main theme of Stuart’s book.
I have to say that Stuart’s approach annoys me. He rarely stays at a distance from his
interviewees, who are mostly presented in their own, positive words. If this were always the case,
at least you would know where you were. But he seems to dislike certain interviewees. As a result,
I don’t know whether to accept any of his opinions. It also means that the book gives no clear
lessons. At the very least, I expected to learn what makes a successful Chief Executive. But these
people seem to share two types of qualities. Some of them are very common, suggesting that
anyone can be equally successful, which is definitely not the case.
 And the other qualities are ones which most successful bosses I’ve seen definitely do not
have. So in the end I’m no wiser about what really goes on. Perhaps I’m being unfair. As long as
you don’t think about whether you’d like them as friends, and pay no attention to most of the
advice they give, the most readable parts are where the bosses describe their route to their present
position. Stuart seems to think that his book would be useful for people aiming for the top, and
that it might even make a few want to start their own company; but, in fact, what they could learn
here is very limited.
Seen as light business reading for a doctor or teacher, though, this book would provide
some good entertainment.
1 The reviewer suggests that one advantage of the book is that
A it is better value than other management books.
B it does not need to be read right through.
C it is about well-known people.
2 The book concentrates on the fact that the twenty executives who are interviewed
A work in a number of different industries.
B started their companies.
C have worked for different lengths of time.
3 The reviewer cannot accept Stuart’s opinions because Stuart
A makes unreasonable complaints about the interviewees.
B writes too positively about the interviewees.
C has different attitudes towards different interviewees.
4 Reading the book made the reviewer think that
A there are certain qualities which all Chief Executives need.
B it is difficult to discover how people really run a company.
C running a company is easier than many people think.
5 Which parts of the book did the reviewer most enjoy reading?
A how the interviewees became Chief Executives
B what sort of people the interviewees are
C the advice given by the interviewees
6 The reviewer recommends the book for people who
A intend to set up in business.
B want to become senior managers.
C are outside the field of business.
Answers: 1 B, 2 A, 3 C, 4 B, 5 A, 7 C
Replace the wrong words in these English sayings related to work.
ANSWERS
1. Never put off until tomorrow what you can do now. Never put off until tomorrow
what you can do today.
2. Many hands make light fingers. Many hands make light work.
3. Make hay while the sun is bright. Make hay while the sun shines.
4. If you can't take the job, get out of the kitchen. If you can't take the heat, get out of
the kitchen.
5. If it ain't broken, don't fix it. If it ain't broke, don't fix it.
6. If a thing is worth doing, it's worth doing now. If a thing is worth doing, it's worth
doing well.
7. Give us the equipment and we'll finish the job. Give us the tools and we'll finish the
job.
8. Business after pleasure. Business before pleasure.
9. All work and no play makes Jack a good boy. All work and no play makes Jack a
dull boy.
10. A woman's work is never seen. A woman's work is never done.