English Language Tests-Intermediate level's archive 
Options Strategy 
1. A price is created when a person buys and sells 
call options on the same stock or buys and sells puts on 
the same stock; it gets its name from the vertical 
movement of prices, and in this options strategy, the strike 
prices are different but the months are the same. 
 
break 
hike 
shift 
spread 
2. acquisitions are usually of noncompeting 
companies where one's product is a necessary component 
or complement of the other's; such acquisitions can 
achieve procompetitive efficiency benefits, lowering 
transaction costs and leading to synergistic improvements 
in design, production and distribution. 
 
Blanket 
Industry 
Overhead 
Vertical 
3. To is to express an asset or liability in terms of a 
currency or denomination other than the one in which it 
usually trades. 
 
nominate 
quantise 
recast 
transpose 
4. With a sell order, the limit orders will increase in 
price, allowing the trader to take advantage of increasing 
prices, thereby locking in higher returns.  
grade 
level 
scale 
step 
5. The 12b-1 was born in 1980 under the 
authorization of the Securities Exchange Commission; its 
name is derived from the section in the Investment 
Company Act of 1940 that allows a mutual fund to pay 
distribution and marketing expenses out of the fund's 
assets.  
charge 
fee 
levy 
rate 
6. An unblemished credit history with a positive credit 
report will be the leading contender for loans; a 
good credit history will ensure you get the loan with no 
collateral.  
personal 
prestige 
signature 
sobriquet 
7. Charitable Trusts offer current income tax 
deductions and a reduction of capital gains taxes: charities 
become the income beneficiaries, receiving a steady 
stream of income during the owner's lifetime, but at the 
owner's death, named beneficiaries receive the bulk of the 
CLT's assets.  
Lead 
Legacy 
Life 
Limit 
8. When you finance or lease a vehicle, your creditor or 
lessor holds important rights on the vehicle until you've 
made the last loan payment or fully paid off your leasing 
obligation; if your payments are late or you default on your 
contract in any way, your creditor or lessor may have the 
right to your car.  
reassume 
reclaim 
replevin 
repossess 
9. traders rapidly buy and sell stocks throughout the 
day in the hope that their stocks will continue climbing or 
falling in value for the seconds to minutes they own the 
stock, allowing them to lock in quick profits, which is 
extremely risky and can result in substantial financial 
losses in a very short period of time.  
Day 
Short 
Speed 
Trend 
10. or cover letter accompanies a larger item, 
usually a document, provides the recipient with a specific 
context in which to place the larger document and 
simultaneously gives the sender a permanent record of 
having sent the material.  
A conveyance 
An expository 
A remittance 
A transmittal