2026年商务英语中级考试能力提升试卷

2026年商务英语中级考试能力提升试卷PartIListeningComprehension(30marks)SectionAShortConversations(10×1=10marks)Directions:Youwillheartenshortconversations.EachconversationwillbeplayedONCE.Aftereachconversationyouwillhearonequestion.Choosethebestanswerfromthefouroptionsgiven.1.A)Themanwilltakethe14:30shuttle.B)Thewomansuggestspostponingthemeeting.C)Thevenuehasbeenchangedtothe8thfloor.D)Theclienthasrequestedahard-copyagenda.2.A)A3%early-paymentdiscountisoffered.B)ThesupplierinsistsonCAD,notUSD.C)FreightisprepaidtoRotterdamonly.D)InsuranceisexcludedunderCIPterms.3.A)TheconsignmentleftShanghailastnight.B)Thevesselwasdelayedbytyphoonwarnings.C)ThebillofladingnumberisHLCUSHA2467893.D)Thegoodsaresubjecttoaspot-checkatcustoms.4.A)Thejobapplicantmajoredinlogistics.B)Thepanelwasimpressedbytheapplicant’sKPIstory.C)Thestartingsalaryisnegotiablewithin5%.D)Theapplicantwillhearbackwithin48hours.5.A)Thewarrantycoverswear-and-tearparts.B)On-siteserviceischargeableafter90days.C)Extendedwarrantycanbepurchasedquarterly.D)SparepartsareshippedfromFrankfurt.6.A)Themarketingbudgetwasoverspentby12%.B)ThewomanproposesreallocatingfundsfromHR.C)TheCFOhasapprovedtheQ3forecast.D)ThecampaignwillbescaledbackintheNordics.7.A)ThemanwantstohedgeEURreceivables.B)Theforwardratequotedis1.0785.C)Thetenoris90days.D)Thebank’sspreadis15pips.8.A)Thewomanrecommendsastaggeredrollout.B)ThepilotcountryisPortugal.C)TheERPgo-liveisscheduledforMay.D)Theboardwantsabig-bangapproach.9.A)Thepenaltyclauseis0.05%perday.B)Liquidateddamagesarecappedat10%ofcontractvalue.C)Force-majeureeventsincludecyber-attacks.D)ArbitrationwillbeheldinSingapore.10.A)Themanneedsapro-formainvoice.B)ThewomanwillsendtheSWIFTcopy.C)TheLCisirrevocableandconfirmed.D)TheconfirmingbankisStandardChartered,Seoul.SectionBLongerTalks(5×2=10marks)Directions:Youwillheartwotalks.EachtalkwillbeplayedTWICE.Aftereachtalkyouwillhearfivequestions.Choosethebestanswer.TalkOne(Questions11–15)Aseniorsupply-chainanalystbriefstheteamonthe2025–2026bunkeradjustmentfactor(BAF)formula.11.A)ThenewformulausesBrentinsteadofVLSFO.12.A)Thecorridorwidthis±15USD.13.A)Thereviewwindowismonthly.14.A)Carrierswillabsorbfluctuationsbelow10USD.15.A)Thetriggerpriceis600USDpermetricton.TalkTwo(Questions16–20)TheCFOofafintechstart-upexplainstheupcomingSeries-Cterm-sheetclauses.16.A)Theliquidationpreferenceis1×non-participating.17.A)FoundersmustobtainboardconsentforESOPexpansionabove8%.18.A)Anti-dilutionisweighted-average,notfull-ratchet.19.A)Theoptionpooliscarvedoutpre-money.20.A)Theleadinvestorrequiresaredemptionrightafter5years.SectionCNoteCompletion(10×1=10marks)Directions:Youwillhearateleconferenceonce.Fillinthemissinginformation(onetothreewords)inthenumberedspaces.Teleconference:QuarterlyBusinessReviewRevenueinEMEAgrewby(21)__________%year-on-year.Thechurnratedeclinedto(22)__________%,drivenbythenewonboardingplaybook.Averagesellingprice(ASP)fortheEnterprisetierroseto(23)$__________perseat.Thecost-of-salesratioimprovedby(24)__________bps.ThepipelinecoverageforQ4iscurrently(25)__________×.TheCFOstressedthatfreecashflowmuststayabove(26)$__________million.CapExfortheFrankfurtdata-centreisbudgetedat(27)$__________million.Theboardapprovedashare-buy-backprogrammeofupto(28)$__________million.Thenewsustainability-linkedloanmargincandropto(29)__________bpsifScope-1emissionsfall20%.Thenextcovenantstestdateis(30)__________.PartIIReadingComprehension(40marks)SectionAIncompleteSentences(10×1=10marks)Choosethewordorphrasethatbestcompleteseachsentence.31.Thetenderdocumentexplicitlystatesthatany__________deviationfromthetechnicalspecificationwillleadtodisqualification.A)negligibleB)materialC)marginalD)incremental32.Underthenewdouble-taxationtreaty,withholdingtaxondividendsis__________to5%ifthebeneficialownerholdsatleast25%ofthecapital.A)cappedB)refundedC)exemptedD)deferred33.Thestart-updecidedto__________itsconvertiblenotesbeforetheSeries-Broundtocleanupthecaptable.A)rolloverB)writeoffC)cashoutD)convert34.Theauditcommitteequestionedwhethertheimpairmentofgoodwillmetthe__________ofIAS36.A)caveatsB)thresholdsC)milestonesD)precedents35.Theforwardcurvecurrentlypricesina__________contango,makingcash-and-carryarbitrageattractive.A)steepB)flatC)invertedD)volatile36.Thecompany’sBYODpolicyrequiresemployeestoenrolldevicesinamobile-device-managementplatformwithin24hoursof__________.A)onboardingB)procurementC)activationD)expiration37.Thesupplier’sperformancescorecardisupdated__________toensurealignmentwiththeservice-levelagreement.A)fortnightlyB)semi-annuallyC)bienniallyD)arbitrarily38.Theboardresolutiondelegatedauthoritytomanagementto__________sharebuy-backsupto10%ofissuedcapital.A)implementB)underwriteC)understateD)undercut39.Thecomplianceofficerinsistedona__________reviewofallultimatebeneficialownerstoavoidsanctionsbreaches.A)retroactiveB)proactiveC)speculativeD)perfunctory40.TheCFOuseda__________swaptoconvertfloating-ratedebtintofixed-rateliabilitieswithoutalteringtheprincipal.A)currencyB)interest-rateC)commodityD)credit-defaultSectionBCloze(10×1=10marks)Readthepassageandchoosethebestwordforeachblank.ThetransitiontothenewleasestandardIFRS16hasa(41)__________impactonkeyfinancialmetrics.Operatingleases,previouslyoff-balance-sheet,mustnowbe(42)__________asright-of-useassetsandleaseliabilities.This(43)__________inrecognitioninevitablyincreasesreportedleverage,whichmay(44)__________debtcovenants.Companiesoftenrespondby(45)__________leasetermsornegotiatingalternativecovenantbaskets.Anotherstrategicresponseisto(46)__________sale-and-leasebacktransactionstoreleasecashwhileretainingoperationalcontrol.However,sucharrangementsmustbe(47)__________carefullytoavoidfailingsale-recognitioncriteria.Fromaninvestorperspective,theadjusted(48)__________metricssuchasEBITDAwillbehigherbecausetheleaseexpenseisreplacedbydepreciationandinterest.Analystsarethereforeurgedtofocuson(49)__________cashflowratherthanheadlineratios.Ultimately,transparent(50)__________ofthetransitionassumptionsremainsparamount.41.A)negligibleB)materialC)transientD)cosmetic42.A)capitalisedB)amortisedC)expensedD)impaired43.A)delayB)symmetryC)symmetryD)shift44.A)triggerB)alleviateC)respectD)conceal45.A)shortenB)prolongC)cancelD)renegotiate46.A)eschewB)embraceC)forfeitD)litigate47.A)structuredB)auditedC)lobbiedD)lobbied48.A)liquidityB)profitabilityC)solvencyD)efficiency49.A)operatingB)freeC)discountedD)incremental50.A)disclosureB)discretionC)encryptionD)omissionSectionCReadingPassages(20marks)PassageOne(Questions51–55)TheriseofdynamicpricingalgorithmsinB2Bmarketshassparkeddebateonfairnessandtransparency.Unlikeconsumere-commerce,industrialprocurementofteninvolveslong-termrelationalcontracts.WhensuppliersembedAI-drivenpriceadjustmentsthatreacttoreal-timecapacityutilisation,buyersfaceuncertaintyinbudgeting.RecentresearchbytheMITCenterforTransportation&Logisticsshowsthatbuyersacceptsurchargesaveraging8%iftheyaregrantedfullvisibilityintotheunderlyingcapacityindex.Thestudyrecommendsagovernanceframeworkcomprisingthreepillars:(1)ex-anteagreedpricecorridors,(2)independentdataverification,and(3)aquarterlyfairnessauditfundedjointlybybothparties.51.Whatistheprimaryconcernofbuyersregardingdynamicpricing?A)SpeedoforderfulfilmentB)UnpredictabilityofcostsC)QualitydegradationD)Currencyfluctuation52.Accordingtothepassage,buyeracceptanceincreaseswhen…A)volumecommitmentsarereducedB)suppliersofferpost-paymentrebatesC)algorithmicinputsaredisclosedD)contractsareshortened53.The“capacityindex”inline6refersto…A)warehouseutilisationratioB)supplier’sproductionloadfactorC)customer’sinventoryturnoverD)carrier’son-timedeliveryrate54.WhichofthefollowingisNOTmentionedasagovernancepillar?A)PricecorridorsB)EscrowaccountC)DataverificationD)Fairnessaudit55.Thetoneofthepassageisbestdescribedas…A)cautionaryB)scepticalC)neutral-analyticalD)promotionalPassageTwo(Questions56–60)Theadoptionofeuro-denominatedgreenbondsbyAsianissuersisaccelerating.In2025,issuersfromSouthKoreaandSingaporeraisedacombinedEUR14billion,accountingfor18%oftotaleuro-greenissuance.Couponspreadsversusconventionalsovereigncurvescompressedby7bpsonaverage,indicatingrobustgreenium.However,currency-hedgecostsfora10-yearEURbondclimbedto85bpsoverUSDswaps,erodinghalfthegreeniumforunhedgedinvestors.Fundmanagersnowfaceatrade-offbetweenESGimpactandcarryoptimisation.Someassetownershaverespondedbyissuingdual-currencysustainability-linkedloans,swappingproceedsintoEURviacross-currencyswapswithmatchedsustainabilityKPIs,therebyachievingbothnegativehedgingcostsandalignmentwithEUTaxonomy.56.Whatdrovethecompressionofgreeniumin2025?A)ECBpurchaseprogrammesB)OversubscriptionofAsianissuersC)RegulatorytighteninginSingaporeD)Ratingupgradesacrosstheregion57.Thephrase“currency-hedgecosts”refersto…A)bid-offerspreadsinFXspotmarketsB)forwardpointsimpliedbyinterest-ratedifferentialsC)brokeragecommissionsonFXfuturesD)central-bankswap-linefees58.Whichstrategyachievesnegativehedgingcosts?A)IssuingUSDgreenbondsandswappingtoEURB)Enteringdual-currencysustainability-linkedloansC)BuyingEUR/USDcalloptionsD)Redeemingbondsearlyviamake-wholecalls59.TheEUTaxonomyismentionedprimarilytoemphasise…A)eligibilityofproceedsB)withholding-taxreliefC)benchmarkregulationD)securitisationretentionrules60.Thepassageimpliesthatinvestorsprioritise…A)liquidityoverESGimpactB)carryafterhedgecostsC)sovereignratingsD)shortdurationPartIIIBusinessWriting(30marks)Task:YouaretheRegionalFinanceManagerofNordTechSolutionsAB.Writeanemailof180–200wordstotheCFO,Ms.Larsson,summarisingthekeyfindingsoftheQ22026FXexposurereviewandrecommendingnextsteps.Youremailshould:StatethenetexposureinUSDandCNYQuantifythepotentialP&Limpactusinga5%adversemoveRecommendhedginginstrumentsandtenorsRequestapprovaltoexecutehedgesuptoEUR50millionnotionalWriteyouranswerinthespaceprovided.Donotincludeanypostaladdresses.markswillbeawardedforclarity,conciseness,toneandgrammaticalaccuracy.PartIVGrammar&Vocabulary(20marks)SectionAOpenCloze(10×1=10marks)FillineachgapwithONEsuitableword.61.Theindemnityclauseshallsurvivethe__________ofthisAgreementforaperiodofsixyears.62.Thestart-upisseekingawhite-knightinvestortofend__________ahostiletakeover.63.Thebondindenturecontainsacovenant__________restrictsadditionalindebtednessabovea40%gearingratio.64.Theboarddecidedtospin__________theunderperformingdivisionintoaseparatelistedentity.65.Theauditorissuedaqualifiedopinion__________groundsofmaterialuncertainty.66.ThesupplierfailedtomeettheSLA,__________entitlesthebuyertoliquidateddamages.67.Theforwardcontractwasmarked__________market,resultinginaEUR2millionloss.68.Thecompanycarved__________anicheinthehigh-marginaftermarketsegment.69.TheCFOwill__________overthereinstothedeputyon1September.70.Thearbitrationawardisfinaland__________anyfurtherappeal.SectionBSentenceRewriting(5×2=10marks)Rewriteeachsentencesothatthenewsentencehasasimilarmeaning,usingthewordgivenincapitals.Donotchangetheformoftheword.71.ThecompanywillnotproceedwiththeIPOunlessthegreenshoeoptionisfullyunderwritten.(PROVIDED)72.Theboardrejectedtheproposalbecauseitdidnotsatisfythepaybackcriterion.(FAILURE)73.Thesupplierdelayedshipment,sothebuyerinvokedthepenaltyclause.(CONSEQUENTLY)74.Theauditordetectedamaterialmisstatement,andthesharepriceplummeted.(UPON)75.Thecovenantrestrictsdividendpaymentsiftheleverageratioexceeds3.0×.(PROHIBITED)PartVQuantitativeAnalysis(20marks)Question76(10marks)ASwedishimporterexpectstopayUSD5millionin90days.SpotUSD/SEKis10.40,the90-dayforwardpointsare+120,andtheannualSEKinterestrateis2.5%.a)Calculatethetheoretical90-dayforwardrateusinginterest-rateparity.b)Determinewhetherthequotedforwardpointsarefair.c)Iftheimporterhedgeswithaforwardcontract,whatisthelockedSEKoutflow?ShowallcalculationsusingstandardLaTeXnotation.Question77(10marks)Aprojecthasthefollowingcashflows(EURmillion):Year0:–80Year1:20Year2:30Year3:40Year4:25Thecompany’sWACCis8%.a)ComputetheNPV.b)CalculatetheIRRtotwodecimalplaces.c)Managementrequiresapaybackof3years.Shouldtheprojectbeacceptedunderthisconstraint?PartVIAnswerKey&DetailedExplanationsListeningKey1C2A3B4D5C6B7D8A9C10B11A12B13C14A15D16A17B18A19D20A2112223.2231,45024180252.826152738287529853015December2026ReadingKey31B32A33D34B35A36C37A38A39B40B41B42A43D44A45D46B47A48B49B50A51B52C53B54B55C56B57B58B59A60BGrammarKey61termination62off63that/which64off65on66which67to68out69hand70bars/precludesSentenceRewritingModelAnswers71Providedthegreenshoeoptionisfullyund