Read the following article about investment in foreclosed properties and the questions on the opposite page. For each question(15-20), mark ones letter(A, B, C or D)on your Answer Sheet. An incredible opportunity for real estate investors is investing in foreclosure. Foreclosed homes repeatedly sell at deep discounts; which provides buyers a straightforward opportunity to profit. Because foreclosed homes are often highly discounted, they can be purchased and sold with a large return. Homes that are facing or have vanished by way of foreclosure often meet the investing goals of both the long term investor and the investor that plans to flip the property. Plainly stated, a foreclosed property is one that has been repossessed by the lender for non-disbursement of the mortgage. Since the majority mortgages are collateralised by the actual property, a dwelling that has gone through foreclosure has re-claimed by the bank. There are a lot of things that occur all through this progression, and depending on which status the residence is located, the procedure can actually take numerous months. As a consequence of the difficulty of the process as well as the length and the cost for both the bank and homeowner, there exists a chance for investors to arbitrate and help both parties in the circumstances. Throughout the period previous to a home is officially repossessed by the bank, the real estate investor may have an opportunity to jump in. Throughout this preforeclosure time, the bank is actively taking steps to eject the property owner and take back the house. For the duration of this time, the homeowners are in the situation that they are no longer making payments to the bank and at jeopardy of losing their credit rating, their dwelling, and even their pride. Throughout these periods, an investor can choose to intervene and buy the habitat at a discounted rate from the homeowner. Depending on the situation, the investor could be able to purchase the house for less than is owed on it(short sale)which presents an important occasion. As mentioned before, the preforeclosure process may last many months. Nonetheless, if a declaration is not met involving the bank and landholder or a likely investor, the route ends with the bank placing the house up for community public sale. The last step in a foreclosed habitat is when the regional sheriff comes to provide the eviction notice and paste the public sale notice on the front door. At that point forward, the dwelling is officially foreclosed. Though it is much more challenging, after a habitat is foreclosed upon, it may well be bought at a discount at community sale. Although these auctions there are certainly deals to be had. However, it is important to realise that if the smallest bid is not met, the bank that owns the property could opt to get it back. In addition, at open public sale, you are competing with a number of additional investors so you may well not get as high-quality of a contract as you would have previously. All in all though, investing in foreclosed homes can be a grand way to profit.

Look at the statements below and the five extracts about different advertisements from newspaper articles on the opposite page. Which extract(A, B, C, D or E)does each statement(1-8)refer to? For each statement(1-8), mark one letter(A, B, C, D or E)on your Answer Sheet. You will need to use some of these letters more than once. There is an example at the beginning(0). Example: 0 A small store horizontally merges with another one, the effect on the market may be little. [*] A In terms of efficiency, not size, the advertising industry is only now starting to grow out of its century-long infancy, which might be called “the Wanamaker era“. It was John Wanamaker, a devoutly Christian merchant from Philadelphia, who in the 1870s not only invented department stores and price tags(to eliminate haggling, since everybody should be equal before God and price), but also became the first modern advertiser when he bought space in newspapers to promote his stores. He went about it in a Christian way, neither advertising on Sundays nor fibbing(thus minting the concept of “truth in advertising“). B The website is readily available to any consumer with a computer, and in this day and age, includes the majority of consumers throughout the world. There are no additional costs in reaching the expanded global markets. Since the Internet advertising extends to the global audience anytime, the chances of potential customers are more and hence the profit margin is also on the higher side. The bottom line is that the advantages of Internet advertising is much more than that of its traditional print forerunner, in lessened costs, availability, expanded consumer markets, and largely in the overall profit margin. C The best way to distinguish between advertising and marketing is to think of marketing as a pie, inside that pie you have slices of advertising, market research, media planning, public relations, product pricing, distribution, customer support, sales strategy, and community involvement. Advertising only equals one piece of the pie in the strategy. All of these elements must not only work independently but also work together towards the bigger goal. Marketing is a process that takes time and can involve hours of research for a marketing plan to be effective. Think of marketing as everything that an organisation does to facilitate an exchange between the company and consumers. D The advantages of print media enable you to send in the copy and have it displayed on the section you want within a few days. If it is a classified ad, this can be just 48 hours. The beauty of print media advertising is that you can be as creative as you wish, as long as you follow the guidelines set out by the newspaper. This will usually exclude nudity and strong sexual references in the copy and publishers will usually adhere to advertising standards legislation. E You write ads, based on relevant keywords for your business—these are displayed on search results pages and websites within that network. If someone types in a keyword/phrase relevant to your business and that matches your advert criteria, your ad will then show on the page. If someone clicks on your ad, you will be charged a fee based on the cost per click value you set for that advert. Therefore, it is important to make the advert clear, so to avoid wasted clicks from people who misunderstood your message.

Read this text about barriers to international business. Choose the best sentence from the opposite page to fill each of the gaps. For each gap(9-14), mark one letter(A-H)on your Answer Sheet. Do not use any letter more than once. There is an example at the beginning(0). Barriers to International Business Firms desiring to enter international business face several obstacles, some much more severe than others.(0).G... A nation’s culture and social forces can restrict international business activities. Culture consists of a country’s general ideas and values and tangible items such as food, clothing, and buildings. Social forces include family, education, religion, and customs.【P1】______ Some countries also have different values about spending than do Americans. The Japanese have long been a nation that believes in paying cash for the products they buy, although the use of credit cards has soared in Japan over the last few years. The Japanese still save nearly 20 percent of individual income, compared to about 4 percent saved by people in the United States. 【P2】______In some countries, purchasing items as basic as food and clothing can be influenced by religion. And some societies simply do not value material possessions to the same degree that Americans do. Most firms know the importance of understanding the cultural and social differences between selling and buying countries.【P3】______ For instance, a business deal in Japan can fall through if a foreign businessman refuses a cup of green tea during a visit to a native Japanese firm. The political climate of a country can have a major impact on international business. Nations experiencing intense political unrest may change their attitude toward foreign firms at any time; this instability creates an unfavourable atmosphere for international trade. Tariffs and trade restrictions are also barriers to international business. A nation can restrict trade through import tariffs, quotas and embargoes, and exchange controls. Import tariffs: a duty, or tax, levied against goods brought into a country is an import tariff.【P4】______The risk in importing tariff is that the other country could take the same action. Quotas and embargoes: a quota is a limit on the amount of a product that can leave or enter a country. Some quotas are established on a voluntary basis.【P5】______For instance, Japanese automobile manufacturers have voluntarily reduced the number of cars shipped from the United States to five automakers here the time they need to modernise their factories. An embargo is a total ban on certain imports and exports. Many embargoes are politically caused. Exchange controls: restrictions on the amount of a certain currency that can be bought or sold are called exchange controls.【P6】______ Example:[*] A Tariff can be used to discourage foreign competitors from entering a domestic market. B A government can use exchange controls to limit the amount of products that importers can purchase with a particular currency. C The voluntary quota reduced the quantity of products for exportation. D Selling products from one country to another is sometimes difficult when the cultures of the two countries differ significantly. E Generally, a voluntary quota fosters goodwill and protects a country from foreign competition. F However, managers still make costly mistakes when conducting business internationally simply because they do not understand such differences. G The most common barriers to international business are: cultural, social, and political barriers, and tariffs and trade restrictions. H Social forces which are universal in people’s daily life can create obstacles to international trade.

Read the business cover letter below. In most of the lines(41-52), there is one extra word. It either is grammatically incorrect or does not fit in with the sense of the text. Some lines, however, are correct. If a line is correct, write CORRECT on your Answer Sheet. If there is an extra word in the line, write the extra word in CAPITAL LETTERS on your Answer Sheet. The exercise begins with two examples(0 and 00). [*] 0 Suzanne Smith, a regional sales manager at Cure-AII, suggested I will write to you 00 regarding a possible full-time staff position in your sales department. 【M1】______I have heard a great deal about Cure-AII over the few years and know it is a 【M2】______well-respected and innovative leader in the pharmaceuticals industry. I would love the 【M3】______opportunity to begin with my professional career at such an organisation. I am 【M4】______graduating from the Saint Michael’s College in May with a major in Economics. 【M5】______Through my academic training, I have been acquired a firm understanding 【M6】______of which business practices and the business applications of computers. 【M7】______My previous employment has involved in extensive customer service and retail sales. 【M8】______In addition, for the past two years when I have been employed at Dale Associates 【M9】______in Burlington, Vermont, as a research assistant, a position that has made me most 【M10】______familiar with a wide variety of resources and research tools. As a result 【M11】______of these experiences, I have developed on the technical, organisational and 【M12】______interpersonal skills being necessary to succeed in a major pharmaceutical company.

Read the article below about passive-aggressive organisation. For each question(31-40), write one word in CAPITAL LETTERS on your Answer Sheet. There is an example at the beginning(0). [*] The Passive-Aggressive Organisation Healthy companies are hard to mistake. Their managers have access to good, timely information, the authority to make informed decisions, and the incentives to make them on behalf of the organisation, which promptly and capably carries them (0).A good term for the healthiest of such organisations is “resilient“, since they can react nimbly【B1】______challenges and recover quickly 【B2】______those they cannot dodge. Unfortunately, most companies are not resilient. In fact, fewer than one【B3】______ five of the approximately 30,000 individuals 【B4】______responded to a global online survey Booz Allen Hamilton conducted describe their organisations that way. The largest number-over one-quarter—say they suffer from the cluster of pathologies we place【B5】______the label “passive-aggressive“. The category takes its name from the organisation’s quiet but tenacious resistance, in every way but openly, to corporate directives. In passive-aggressive organisations, people pay those directives lip service, putting in only enough effort to appear compliant. Employees feel free to do as they see fit【B6】______there are hardly ever unpleasant consequences, and the directives themselves are often misguided and thus seem worthy【B7】______defiance. Making matters worse, senior management has left unclear where accountability actually lies, in effect absolving managers of final responsibility【B8】______ anything they do. Those【B9】______ initiative must wait interminably for a go-ahead, and their actions when finally taken【B10】______accompanied by a chorus of second-guessing, a poor but understandable substitute for the satisfaction of accomplishing the task at hand.

Which of the following would be the most suitable title for the article?

The following statements about this article are correct except

A property is officially foreclosed

Who is the legitimate owner of a foreclosed property?

Which of the following statements can correctly define a foreclosed property?

In the first paragraph, the word “foreclose“ here is similar to