第三部分 PETS三级阅读理解专项模拟试题.doc

第三部分 PETS三级阅读理解专项模拟试题 Unit 1 Part A Read the following three texts. Answer the questions on each text by choosing A, B, C or D. Mark your answers on the ANSWER SHEET by drawing a thick line across the corresponding letter in the brackets. Text 1 Large companies need a way to reach the saving of the public at large. The same problem, on a smaller scale, faces practically every company trying to develop new products and create new jobs. There can be little prospect of raising the sort of sums needed from friends and people we know, and while banks may agree to provide short-term finance, they are generally unwilling to provide money on a permanent basis for long-term projects. So companies turn to the public, inviting people to lend them money, or take a share in the business in exchange for a share in future profits, This they do by issuing stocks and shares in the business through The Stock Exchange. By doing so they can put into circulation the savings of individuals and institutions, both at home and oversees. When the saver needs his money back, he does not have to go to the company with whom he originally placed it. Instead, he sells his shares to some other saver who is seeking to invest his money. Without hospitals, roads, electricity, telephones, railways, this country could not function. All these require continuous spending on few equipment and new development if they are to serve us properly, requiring more money than is raised through taxes alone. The Government, local authorities, and nationalized industries therefore frequently need to borrow money to finance major capital spending, and they, too, come to The Stock Exchange. There is hardly a man or woman in this country whose job or where standard of living does not depend on the ability of his or her employers to raise money to finance new development. In one way or another this new money must come from the savings of the country. The Stock Exchange exists to provide a channel through which these savi