一、名词解释（每题10分，共20分）：
（1）Agent and brokers
（2）Stock
二、问答题（每题20分，共80分）：
（1）Bulls and Bears
（2）The Marketing Mix
（3）Partnership
（4）Life insurance

模拟试题4答案：
一、名词解释（每题10分，共20分）：
（1）Agent and brokers
　　In industries such as automobile, food and fashion, manufacturers often use agents or brokers to sell to wholesalers, retailers or both. Agents work as manufacturers’ sales representatives on a relatively permanent basis, while brokers work as go-betweens for sellers and buyers on a deal-by-deal basis. They are paid in the form of commission, which is usually a certain percentage of the sales realized due to their service.

（2）Stock
　　Stock is a major source of equity financing for corporations. With the funds raised through selling shares of stock, firms can purchase fixed assets such as land, building and equipment. Unlike bondholders who are creditors of the issuing company, stock holders are the owners of the company.
二、问答题（每题20分，共80分）：
（1）Bulls and Bears
　　People who invest in stocks may have different predictions about the stock price movements. These who believe the prices will go up are called bulls, and those who predict otherwise are called bears. The bulls would buy stocks in the hope that, when the prices actually rise, they can sell them and make a profit. And the bears would sell stocks now and hope to buy them back later, as they believe that the prices will decline. There is nothing wrong to be either bulls or bears. What really matters is who makes the correct prediction and acts accordingly.
（2）The Marketing Mix
　　To carry out the above functions, the marketers must develop a comprehensive plan or strategy covering the following major areas, i.e., product, price, promotion and place, usually summarized as “the 4 P’s” of marketing. Below is an overview of the 4P’s; detailed discussions will be given in the following chapters.
1. Product
　　A product starts with consumer needs and must be different from rival commodities to stand competition, in other words, it must have special appeal for consumers in aspects like quality, utility, or image.
2. Price
　　Most people, rich or poor, are sensitive to price. In order to attract customers and beat competition, firms try their best to lower the price. But too low a price will leave them no profit and may violate laws. So firms should take costs, rivals’ pricing their products.
3. Promotion
　　Promotion means making a product and its benefits known and stimulating consumer demand for it. Among the most often used promotional tools are advertising, packaging, sales brochures, personal selling, etc.
4. Place
　　Firms must, through cost-effective channels of distribution and timely transportation, make their goods and services available where and when they are wanted.
（3）Partnership
　　Those who believe that “two heads are better than one” often choose working in a partnership rather than running their business alone. A partnership, as defined by the US Uniform Partnership Act, is “an association of two or more persons to carry on as co-owners of a business for profit.” Although partnerships can be formed upon oral agreement, most partnerships have a written contract which stipulates the duties of each partner, the way to share profits and losses, and in case of dissolution, the method to divide assets and/or liabilities.
　　Partnerships are typically found in businesses such as law firms, accounting firms, and dental clinics which provide professional services in specialized areas. Insurance firms (e.g. Lloyd’s of London), advertising firms, real estate firms, and management consulting firms are also common examples of partnerships.
　　Although all are called partners, some members of a partnership may be very active in the management of the firm and therefore take unlimited liability, while others choose to stay away from management and assume only limited liability. The former are referred to as general partners and the latter as limited partners. In each partnership, however, there must be at least one general partner.

　　Advantages
Running a partnership has several advantages.
　　1. Improved Access to Capital and Credit
　　2. Greater Possibility for Good Management
　　3. Definite Legal Framework
　　4. Better Prospects for Growth

　　Disadvantages
The major disadvantages of a partnership are follows.
　　1. Unlimited Liability
　　2. Internal Conflicts
　　3.Problem of Continuity

（4）Life insurance
　　Today, most people in the developed countries have life insurance. In general, there are four types of life insurance: term life insurance, whole life insurance, limited payment life insurance and endowment life insurance.
1. term life insurance
　　Comparatively speaking, term life insurance is inexpensive because the insurance company pays only if the insured dies. As the name suggests, such insurance provides coverage for a limited period of time, e.g. one, five, or ten years.
2. straight life insurance
　　Also called whole life, straight life insurance differs from term life insurance in several ways. First, it provides savings as well as protection because it has an internal build-up called cash value. The policyholder can wait until his death so that the named beneficiary gets the benefits, or before his death, surrender the policy and receive its cash value from the insurance company. He can also borrow this money at a low rate of interest. The major disadvantage of straight life is that the premium must be paid every year, and this could be difficult after the policyholder retires.
3. limited payment life insurance
　　This type of insurance is similar to whole life insurance except that the insured pays premium for only a limited number of years, the most common being 20 years. The primary advantage of this type of policy is that the individual can buy the policy while his or her income is at the maximum. In the negative side, the protection offered by this type of policy is not as comprehensive as that provided by straight life.
4. endowment life insurance
　　Like straight life, endowment life insurance offers both protection and savings, but its emphasis is on the latter. The premium for this type of policy is greater than other types of life insurance, but the cash value builds up much faster, too.