Part III Rdading Comprehension (40minutes)
Section A
Directions:In this section, thereis a passage with ten blanks,You are required to select One word for each blankfrom a list of choices given in a word bank following the passage.
Read the passage through carefully before making yourchoices. Each choice in the bamk is identified by a letter.Please mark thecorresponding letter for each item on Answer Sheet 2 with a single line through the centre You may not useany of the words in the bank more than once.
For investors who desire low riskand guaranteed income,U.S. Government bonds are a secure investment becausethese bonds have the financial backing and full faith and credit of the federalgovernment.Municipal bonds,also secure,are offered by local governmengts andoften have____36______such as tax-free interest.Some may even be____37______.Corportate bonds are a bit more risky.
Two questionsoften_____38_____first-time corportate bond investors.The first is”If I purchase a corportate bond,do I have to hold it until thematueity date?”The answer is no.Bonds are bought and sold daily on____39_____securities exchanges.However,if your bond does not have____40_____that make it attractive to other investors, you may be forced to sell your bondat a____41____i.e., a price less than the bond’s face value. But if your bond is highly valued by otherinvestors, you may be able to sell it at a premium, i.e., a price above itsface value. Bond prices gcncrally____42____ inversely (相反地)with current market interest rates. Asinterest rates go up, bond pnccs tall, and vice versa (反之亦然).Thus, like all investments，bonds have adegree of risk.
The second question is “How can I ___43_______ the investment risk of a particular bondissue?” Standard & Poor’s and Moody’s Investors Service rate the level of risk of many corporateand government bonds. And ____44______, the higher the market risk of a bond，the higher the interest rate. Investors willinvest in a bond considered risky only if the _____45_____return is highenough.
注意:此部分试题请在答题卡2上作答。
A) advantages I) fluctuate
B) assess J) indefinite
C) bother K) insured
D) conserved L) major
E) deduction M) naturally
F) discount N) potential
G) embarrass 0) simultaneously
H) features