SECTION 4: Listening (20 marks)

PART 1: Listen and fill in the gaps (1 mark/answer)

So, a company's balance sheet, in principle, is intended to give you the value of the company’s   (56)
________________, but in practice, some assets are very easy to (57) ________________, and some are
very difficult to value. So if you hold some (58) ________________ in another company or something, or
you hold some money in a bank (59) ________________, this is very easy to value. On the other hand, if
your (60) ________________ comprise research and development, or people for that matter, then it's in
principle very difficult to put a value on those things. And when you measure the (61)
________________ of a company, what you're trying to do is measure a change in value, so the (62)
________________ between what a company is worth at the beginning of a year, and what it is (63)
________________ at the end of a year, is the profit that it makes, or the (64) ________________ that it
makes. And if it's difficult to measure the value of assets in the first place, it's also difficult to  (65)
________________ whether a company's making profit or not.
 
PART 2: Listen and complete the summary (2 marks/answer)

Managers should
-  pursue the company goal
66 -  ________________ ________________ for shareholders
67 -  accomplish the ________________ ________________and objective of subordinates
68 -  help ________________ ________________ to develop
-  understand the expectation of team members
69 -  try to ________________ ________________ of the company
70 -  help ________________ to ________________ in their team