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PartIIIReadingcomprehensionPassage1RichardBrasher,commercialdirectorofTesco’snon-foodoperations,isintheframeforthetopjobatBoots,wherechiefexecutiveSteveRussellistostepdown.BrasherisunderstoodtobeonashortlistthatincludesStuartRose,theformerbossofretailinggroupArcadia,theTerryDuddy,chiefexecutiveofcatalogueretailerArgos.Brasherisviewedasahigh-flierwithinTescoandishighlyratedbythegroup’schiefexecutive,TerryLeahy.BootshasbeenlookingforachiefexecutiveandanewchairmansincethemiddleofDecember,whenitscurrentchairman,JohnMcGrath,admittedthatthegrouphadnotactedfastenoughtoaddressstrategicissuesthatwerefacingit.McGrathisduetostepdownattheendofhiscontractinthesummer,afteroverseeingthesearchforanewchiefexecutive.Bootshasbeentryingtofindawaytodistinguishitselfanditsproductsfromtheincreasingrangecarriedbysupermarkets.LastweekSainsbury,thefoodretailer,saiditwouldbeextendingitsownhealthandbeautyofferingafteritaxedajointventuretrialwithBoots.SainsburyandBootshavebeenworkingtogethersince2001,butSainsburynowwantstorolloutitsownprogrammeinabout50stores.Undertheoriginaltrial,Bootssuppliedtheproducts,includingexclusivelines,toaspecificareawithinSainsburystoresatnineout-of-townsupermarkets.Althoughbothsidesagreedinitialtargetshadbeenmet,theycouldnotagreetermstotaketheschemeforward.Observerssuggestedthatthetwohaddisagreedoversharingrevenues.Bootshasconfirmedthedepartureofanotherseniormemberofmanagement.MichaelBunting,headoftreasury,willleavethecompanyinApril.OtherseniorstaffwhohaveleftrecentlyincludeBarryClare,marketingdirector,andKenPiggott,whowasmanagingdirectorofBoots’corebusiness.Questions31-35arebasedonpassage131.Boots,accordingtothepassage,is_______.A.apersonB.asupermarketC.ahotelD.afactory32.RichardBrasheristo________.A.becomechiefexecutiveB.beonashortlistC.beahigh-flierD.workwithinTesco33.Brasheris_______.A.scoldedbadlybyTerryLeahyB.highlyassessedbyTesco’schiefexecutiveC.valuedgreatlybyTescoD.understoodbyTesco34.Sainsburyisa________.A.personwhoworkedwithBootsB.businessthatwantstoworkwithBootsC.supermarketthathasdevelopeditsownprogramallthetimeD.supermarketthatstoppedcooperationwithBoots35.Itseemsthat________.A.alotofpeopleleftBootsB.BootsisthrivingquicklyC.BootshasdecidedtoreformD.SomeseniorstaffhaveleftorwillleaveBootsPassage2Largecompaniesneedawaytoreachthesavingsofthepublicatlarge.Thesameproblem,onasmallerscale,facespracticallyeverycompanytryingtodevelopnewproductsandcreatenewjobs.Therecanbelittleprospectofraisingthesortofsumsneededfromfriendsandpeopleweknow,andwhilebanksmayagreetoprovideshort-termfinance,theyaregenerallyunwillingtoprovidemoneyonapermanentbasisforlong-termprojects.Socompaniesturntothepublic,invitingpeopletolendthemmoney,ortakeashareinthebusinessinexchangeforashareinfutureprofits.ThistheydobyissuingstocksandsharesinthebusinessthroughtheStockExchange.Bydoingsotheycanputintocirculationthesavingsofindividualsandinstitutions,bothathomeandoverseas.Whenthesaverneedshismoneyback,hedoesnothavetogotothecompanywithwhomheoriginallyplacedit.Instead,hesellshissharesthroughastockbrokertosomeothersaverwhoisseekingtoinvesthismoney.ManyoftheservicesneededbothbyindustryandbyeachofusareprovidedbytheGovernmentorbylocalauthorities.Withouthospitals,roads,electricity,telephones,railways,thiscountrycouldnotfunction.Alltheserequirecontinuousspendingonnewequipmentandnewdevelopmentiftheyaretoserveusproperly,requiringmoremoneythanisraisedthroughtaxesalone.TheGovernment,localauthorities,andnationalizedindustriesthereforefrequentlyneedtoborrowmoneytofinancemajorcapitalspending,andthey,too,cometotheStockExchange.Thereishardlyamanorwomaninthiscountrywhosejoborwhosestandardoflivingdoesnotdependontheabilityofhisorheremployerstoraisemoneytofinancenewdevelopment.Inonewayoranotherthisnewmoneymustcomefromthesavingsofthecountry.TheStockExchangeexiststoprovideachannelthroughwhichthesesavingscanreachthosewhoneedfinance.Questions36-40arebasedonpassage236.Almostallcompaniesinvolvedinnewproductionanddevelopmentmust.A.relyontheirownfinancialresourcesB.persuadethebankstoprovidelong-termfinanceC.dependonthepopulationasawholeforfinanceD.borrowlargesumsofmoneyfromfriendsandpeopletheyknow37.Themoneywhichenablesthesecompaniestogoaheadwiththeirprojectsis.A.repaidtoitsoriginalownersassoonaspossibleB.raisedbythesellingofsharesinthecompaniesC.exchangedforpartownershipintheStockExchangeD.investedindifferentcompaniesontheStockExchange38.Whenthesaverswanttheirmoneybackthey.A.askanothercompanytoobtaintheirmoneyforthemB.lookforotherpeopletoborrowmoneyfromC.puttheirsharesinthecompanybackonthemarketD.transfertheirmoneytoamoresuccessfulcompany39.Alltheessentialservicesonwhichwedependare.A.runbytheGovernmentorourlocalauthoritiesB.financedwhollybytheratesandtaxesC.inconstantneedoffinancialsupportD.unabletoprovidefortheneedsofthepopulation40.TheStockExchangemakesitpossiblefortheGovernment,localauthoritiesandnationalizedindustries.A.toborrowasmuchastheywishB.tomakecertaineverybodysavesmoneyC.toraisemoneytofinancenewdevelopmentsD.tomakecertaineverybodylendsmoneytothemPassa