Контрольная работа по "Иностранному языку"

TEXT В

I. Decide which o f the three main ideas from the excerpt each expression is related to. Write down the appropriate number(s) after each one. Main ideas from the text.

1. Market for shares and securities.
2. Company's floatation.
3. Reasons of creation of two markets on the floor of the British Stock Exchange.

THE STOCK EXCHANGE OPERATION AND ORGANIZATION

    The Stock Exchange acts аз a market for both new and. second-hand shares and securities. About 80 per cent of its business is actually in Government securities. The Stock Exchange is responsible for supervising new issues of shares when firms become public limited companies, but most of its share transactions (30000 a day at the end of 1987) are in the existing securities. By providing a market for second-hand shares, the Stock Exchange makes it possible for investors to convert their shares into cash. Without this facility it would be more difficult for companies to persuade people to invest their money in new issues.

    Organization. The Stock Exchange is an independent organization. It is overseen by one central agency - the Securities and Investment Board. The Council of the Stock Exchange, elected by its members, is the governing body which sets the rules and enforces standards.

    Operation. Raising finance for business by 'going public 'that is by selling shares to public, can be an effective means of raising capital without incurring interest charges or by having to lose control in a business. There are a number of stages involved in a company floatation:

(a) The company has to obtain advice, usually from a merchant bank, and obtain the services of a stockbroker to sponsor it;

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2. the Stock Exchange will examine the company's trading history, profit and loss account, management record, and prospects;
3. the number and types of shares to be issued has to be decided and, if such as pension funds or insurance companies;
4. the companies' PROSPECTUS will be issued, giving details of the company and details and price of the shares it is offering for sale;
5. applications for shares are made by the public and allocated;
6. finally, on 'floating day' shares are traded on the Stock Exchange, and the success of the company's launch is measured by how many of the shares will have been bought and by how much they rise in price.

   Before a company's shares can be traded on the Stock Exchange it has to be 'listed', that is, its financial affairs have to be approved by the controlling body - the Council. For many years there was only one market (the listed market for well-established companies) on the floor of the Stock Exchange. In 1980, however, a second market was created, within the Stock Exchange - the Unlisted Securities Market (USM) intended to cater for the capital needs of companies unable to meet the requirements to 'full listing' on the Exchange. In 1987 a further development in this direction saw the establishment of the Market for shares in companies which are very young and have good prospects.

^ 7/. Select the correct phrase to finish the follo wing statements about the British Stock Exchange.

1. The Stock Exchange can be characterized as:
1. central agency
2. a market for shares
3. the Council
2. The governing body of the Stock Exchange is
1. the Securities and Investment Board
2. the meeting of its members
3. the Council
3. A company may raise capital for business by:
1. obtaining the services of a stockbroker
2. "going public"
3. issuing its Prospectus
4. The success of the company's launch is measured by:
1. number of shares to be issued
2. types of shares to be issued
3. number of shares that will have been bought