1. The relationship between worker pensions and retirement is of....... interest to management and economists.
(a) considerable (b) enough (c) plentiful (d) sufficient
: (a) considerable
2. The reduction in retirement age since World War II is usually....... to greater pension benefits, both governmental and private.
(a) aligned (b) alleged (c) assigned (d) attributed
: (d) attributed
3. The anticipated difficulties in financing current public pensions could be....... by changes that delayed worker retirement.
(a) instigated (b) investigated (c) mitigated (d) relegated
: (c) mitigated
4. Private pensions....... a large percentage of individual wealth in most of the developed nations.
(a) compare (b) compile (c) compost (d) comprise
: (d) comprise
5. As a worker ages, both his productivity and the....... of working another wage period will change.
(a) difficulty (b) disability (c) disinterest (d) disutility
: (d) disutility
6. In a perfect labor market, employers, who always pay workers the value of their....... at any one time, will be indifferent to the age of retirement.
(a) contract (b) output (c) pension (d) salary
: (b) output
7. The most obvious reason for the existence of pensions is the tax advantage, since pension....... are permitted to accumulate untaxed until retirement.
(a) benefits (b) calculations (c) contributions (d) payouts
: (c) contributions
8. Both employers and employees benefit from a payment....... where workers receive less than the actual value of their work when they are young and more than the actual value of their work when old.
(a) avenue (b) envelope (c) gap (d) stream
: (d) stream
9. This system reduces worker incentives for....... and cheating and thereby raises their lifetime wealth.
(a) kiting (b) lurking (c) lying (d) shirking
: (d) shirking
10. General economic conditions also help determine actual retirement age: higher inflation and greater unemployment at the end of his career causes the worker to....... his retirement.
(a) defray (b) delay (c) deny (d) detract
: (b) delay
Advanced level # 13
Money Matters (1)
1. Even after their recent heavy expenses, they still found there was a healthy....... in their bank account.
(a) rest (b) remainder (c) balance (d) basis
: (c) balance
2. As the builder wanted cash for the work he had done, she had to go to the bank personally to....... the money herself.
(a) take off (b) take out (c) take over (d) take in
: (b) take out
3. It was considered a very good time to apply for a....... to buy the house because interest rates were very low.
(a) pledge (b) promise (c) mortgage (d) borrowing
: (c) mortgage
4. Before they could borrow a large sum of money to buy the house, they had to make sure they had enough money to be able to make a....... payment.
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(a) down (b) through (c) low (d) base
: (a) down
5. All the....... you make on your internet account are recorded so that you can check the details at any time.
(a) movements (b) deals (c) activities (d) transactions
: (d) transactions
6. I'm afraid this cheque will be of no value until you have put your....... on it.
(a) signature (b) signs (c) signing (d) signed
: (a) signature
7. The bank refused to....... the money order because the customer had no proof of identity.
(a) receive (b) take (c) accept (d) enter
: (c) accept
8. Under the rules laid down by the bank there is a....... on the amount of money you can get out from a cash machine in any one day.
(a) limiting (b) restriction (c) restricting (d) limitation
: (b) restriction
9. The bank clerk at the counter did not know the customer and in view of the large amount of money involved was naturally....... about paying out the sum on the cheque.
(a) concerned (b) careful (c) conscious (d) cautious
: (d) cautious
10. The bank will simply not let you....... any money unless you can prove that you have been in regular employment for at least three years.
(a)lend (b) loan (c) borrow (d) remove
: (a)lend
Advanced level # 16
Money Matters (4)
1 There is one date you mustn't forget and that's the....... for sending in details of your earnings to the tax office.
(a) headline (b) deadline (c) mainline (d) offline
: (b) deadline
2. If you are self-employed, you must make sure that you....... the form indicating how much you have earned.
(a) fill up (b) fill through (c) fill out (d) fill on
: (a) fill up
3. If the department agrees that you have paid too much tax in the year, you will receive a....... in due course.
(a) return (b) reply (c) response (d) refund
: (c) response
4. Each month when you receive your pay, the employer....... a certain amount to pay towards your pension.
(a) withholds (b) withstands (c) withdraws (d) without
: (d) without
5. When you take out a loan, you have to pay interest on the amount you........
(a) own (b) lend (c) owe (d) take
: (b) lend
6. In the tax office there will be a....... that holds all the documents and papers connected with you.
(a) file (b) box (c) book (d) container
: (c) book
7. There is quite a heavy financial....... attached to any action that involves late payment of taxes.
(a) punishment (b) pain (c) restriction (d) penalty
: (d) penalty
8. Under the new regulations you can agree yourself to....... the tax you have to pay on the income over the previous year.
(a) figure (b) calculate (c) add (d) amount
: (c) add
9. As the couple had a....... account, the money to pay the mortage was taken from there.
(a) joint (b) united (c) unified (d) joined
: (b) united
10. You can decide, if you so wish, to....... your right to take your pension at an earlier date.
(a) give in (b) give up (c) give out (d) give off
: (c) give out
Advanced level # 68
The Balance Sheet/ ()
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1. A balance sheet shows the financial....... that a company has at a point in time and where they came from.
(a) records (b) resources (c) returns (d) revenues
: (b) resources
2. It is an instant photograph that displays the company's financial....... at the end of a business month, quarter or year.
(a) explanation (b) position (c) publication (d) station
: (b) position
3. The organization of a balance sheet reflects this basic.......: assets equal debts plus equity.
(a) arrangement (b) assessment (c) equation (d) question
: (c) equation
4. The....... of accounts is a listing of the accounts that are reflected in the financial statements.
(a) book (b) chart (c) table (d) outline
: (b) chart
5. Assets are often listed in the order of their....... which means how easy it would be to convert each asset into cash.
(a) complexity (b) liquidity (c) security (d) simplicity
: (b) liquidity
6. Assets are divided into three categories: Current Assets, Fixed Assets, and....... Assets.
(a) Current fixed (b) Different (c) Fixed current (d) Other
: (d) Other
7. Current assets will likely be turned into cash or converted into a(n)....... within a year.
(a) bonus (b) expense (c) option (d) stock
: (b) expense
8. Fixed assets are saleable, but are not expected to be converted to cash in the....... course of business.
(a) average (b) equal (c) final (d) normal
: (d) normal
9. Liabilities are debts or....... stemming from goods or services received by the company.
(a) obligations (b) others (c) outstandings (d) owed
: (a) obligations
10. If the assets of a company are greater than its liabilities, then the equity of the business is the positive....... between the two numbers.
(a) calculation (b) difference (c) dividend (d) sum
: (b) difference
Intermediate level # 2
Accounts/
1. In order to check all the telephone calls made during the month I want the account to be........
(a) detailed (b) particular (c) specialized (d) itemized
: (d) itemized
2. All the representatives are allowed to spend money for entertaining with their....... account.
(a) expensive (b) expending (c) expense (d) expenses
: (c) expense
3. To spread the cost of spending on articles you buy many big departments let you open a........
(a) credible (b) credit (c) credited (d) credulous
: (b) credit
4. Once you are earning money and you want to keep it safe, you can always....... an account with a bank.
(a) open (b) start (c) begin (d) commence
: (a) open
5. At the end of thirty days the company will ask you to....... the account.
(a) arrange (b) finish (c) end (d) settle
: (d) settle
6. The finance director is responsible for....... the accounts for the business.
(a) holding (b) keeping (c) taking (d) finding
: (b) keeping
7. At the end of the financial year it is the responsibility of the chief finance officer to....... the accounts.
(a) print (b) edit (c) publish (d) direct
: (c) publish
8. Before they got married, they decided to open a....... account.
(a) united (b) joint (c) unified (d) combined
: (b) joint
9. If you have saved some money, it is a good idea to put the money into a....... account.
(a) heap (b) pile (c) lump (d) deposit
: (d) deposit
10. However hard I try, I find it impossible to account....... this missing sum of money.
(a) with (b) to (c) for (d) by
: (c) for
Advanced level # 76
Accountants/
1. Most accounting positions require a bachelor's degree in accounting or a related field or....... combination of education and experience.
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(a) an attained (b) a calculated (c) a curricular (d) an equivalent
: (d) an equivalent
2. Many companies want graduates with a master's degree in accounting, or a master's degree in business administration with....... in accounting.
(a) a concentration (b) an expertise (c) a major (d) a specialty
: (a) a concentration
3. Some schools offer students a chance for hands-on experience with part-time....... programs in accounting or commercial firms.
(a) internship (b) practice (c) study (d) tutorial
: (a) internship
4. Accountants help make sure that a firm is run efficiently, that its records are maintained accurately, and that its taxes are paid properly and in a....... manner.
(a) controlled (b) courteous (c) formal (d) timely
: (d) timely
5. Nowadays, accountants are....... the services they offer with budget analysis, investment planning, and IT consulting.
(a) broadening (b) lengthening (c) opening (d) reformatting
: (a) broadening
6........ accountants, many of whom are CPAs, generally have their own companies or work for major accounting firms.
(a) Graduate (b) Professional (c) Public (d) Senior
: (c) Public
7. Some accountants specialize in....... accounting investigating white-collar crimes such as securities fraud and embezzlement.
(a) criminal (b) forensic (c) police (d) undercover
: (b) forensic
8. Many work closely with law enforcement officers and lawyers during investigations and often appear as....... witnesses during trials.
(a) expected (b) expert (c) known (d) respected
: (b) expert
9........ accountants record and analyze the financial information of the firms in which they are employed.
(a) Business (b) Internal (c) Licensed (d) Management
: (d) Management
10. Government accountants work in the public......., maintaining and monitoring the recordkeeping of government departments and agencies.
(a) arena (b) domain (c) quarter (d) sector
: (d) sector
