Section A

　　Directions:In this section, there is a passage with ten blanks,You are required to select One word for each blank from a list of choices given in a word bank following the passage.

　　Read the passage through carefully before making your choices. Each choice in the bamk is identified by a letter.Please mark the corresponding letter for each item on　Answer Sheet 2 with a single line through the centre You may not use any of the words in the bank more than once.

　　For investors who desire low risk and guaranteed income,U.S. Government bonds are a secure investment because these bonds have the financial backing and full faith and credit of the federal government.Municipal bonds,also secure,are offered by local governmengts and often have____36______such as tax-free interest.Some may even be ____37______.Corportate bonds are a bit more risky.

　　Two questions often_____38_____first-time corportate bond investors.The first is”If I purchase a corportate bond,do I have to hold it until the matueity date?”The answer is no.Bonds are bought and sold daily on ____39_____securities exchanges.However,if your bond does not have____40_____ that make it attractive to other investors, you may be forced to sell your bond at a____41____i.e., a price less than the bond’s face value. But if your bond is highly valued by other investors, you may be able to sell it at a premium, i.e., a price above its face value. Bond prices gcncrally____42____ inversely (相反地)with current market interest rates. As interest rates go up, bond pnccs tall, and vice versa (反之亦然).Thus, like all investments，bonds have a degree of risk.

　　The second question is “How can I ___43_______ the investment risk of a particular bond issue?” Standard & Poor’s and Moody’s Investors Service rate the level of risk of many corporate and government bonds. And ____44______, the higher the market risk of a bond，the higher the interest rate. Investors will invest in a bond considered risky only if the _____45_____return is high enough.

　　注意:此部分試題請在答題卡2上作答。

　　A) advantages　I) fluctuate

　　B) assess　J) indefinite

　　C) bother K) insured

　　D) conserved　L) major

　　E) deduction　M) naturally

　　F) discount　N) potential

　　G) embarrass　0) simultaneously

　　H) features

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