IELTS FIGHTER

UNIT 4: FINANCE AND BUSINESS

A. READING

Exercise 1: Read the information. Then use the context to work out the meaning of the words in
bold in the sentences. Match the definitions with the words.

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Exercise 2: Read the information. Then read the first three paragraphs of the article. Choose the
correct summary of the main ideas of the paragraphs.

Entrepreneurs
by Annabel Pepper

A Recent research indicates that around 50% of people are attracted to the idea of becoming an
entrepreneur. Many of the people who have launched a business in a way that’s never been tried
before and have gone on to achieve great success, such as Richard Branson, founder of the Virgin
Group of companies (including the airline Virgin Atlantic), have been household names for years.
Others, such as 18-year-old Ben Towers, are new on the scene and may well become equally well
known in due course.

B The businesses of many entrepreneurs seem to take off in no time at all – a case in point here is
Ben Towers, whose marketing agency, Towers Design, employs 22 people, even though Towers

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himself is still in his teens. For others, it can be a slow ascent to the top, as was the case with James
Dyson, the industrial designer and inventor of the bagless vacuum cleaner. It took Dyson 15 years
and 5,127 different prototypes to get his original vacuum cleaner design to the market, finally
making it in the 1990s. ‘Everyone gets knocked back. No one rises to the top without hindrance,’
Dyson has said. ‘The ones who succeed are those who say, “Right, let’s give it another go”.’
Innovation is a process and a constant challenge, and, of course, there will be disappointments
along the way. What counts is how the entrepreneur deals with these challenges. One of Dyson’s
heroes, the American inventor of the electric light bulb, Thomas Edison, famously said: ‘I have not
failed. I have just found 10,000 ways that did not work.’

C While some people, such as serial entrepreneur Tom Blomfeld, seemed destined to become high-
flyers, for others, the success they went on to accomplish seems very surprising when compared to
what they achieved – or failed to achieve – at a young age. Richard Branson performed poorly at
school and, according to his headmaster, would either end up in prison or become a
multimillionaire. And sure enough, Branson today is one of the wealthiest businesspeople on the
planet (although his wealth has recently been surpassed by that of Dyson).

Exercise 3: Read the information. You are going to read the rest of the article about
entrepreneurs. Before you read the full article, read the sentences taken from the article. Choose
the correct paraphrases of the sentences.

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Exericse 4: Complete the sentences about IELTS Reading matching features tasks. Use the words
and phrases in the box.

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Exercise 5: Read the information. Then scan the article “Entrepreneurs” to find all the numbers.
Who do the numbers apply to? Complete the table with the numbers and phrases in the box.

Entrepreneurs
by Annabel Pepper

Recent research indicates that around 50% of people are attracted to the idea of becoming an entrepreneur.
Many of the people who have launched a business in a way that’s never been tried before and have gone on
to achieve great success, such as Richard Branson, founder of the Virgin Group of companies (including the
airline Virgin Atlantic), have been household names for years. Others, such as 18-year-old Ben Towers, are
new on the scene and may well become equally well known in due course.

The businesses of many entrepreneurs seem to take off in no time at all – a case in point here is Ben Towers,
whose marketing agency, Towers Design, employs 22 people, even though Towers himself is still in his teens.
For others, it can be a slow ascent to the top, as was the case with James Dyson, the industrial designer and
inventor of the bagless vacuum cleaner. It took Dyson 15 years and 5,127 different prototypes to get his

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original vacuum cleaner design to the market, finally making it in the 1990s. ‘Everyone gets knocked back. No
one rises to the top without hindrance,’ Dyson has said. ‘The ones who succeed are those who say, “Right,
let’s give it another go”.’ Innovation is a process and a constant challenge, and, of course, there will be
disappointments along the way. What counts is how the entrepreneur deals with these challenges. One of
Dyson’s heroes, the American inventor of the electric light bulb, Thomas Edison, famously said: ‘I have not
failed. I have just found 10,000 ways that did not work.’

While some people, such as serial entrepreneur Tom Blomfeld, seemed destined to become high-flyers, for
others, the success they went on to accomplish seems very surprising when compared to what they
achieved – or failed to achieve – at a young age. Richard Branson performed poorly at school and, according
to his headmaster, would either end up in prison or become a multimillionaire. And sure enough, Branson
today is one of the wealthiest businesspeople on the planet (although his wealth has recently been
surpassed by that of Dyson).

Many successful entrepreneurs like Dyson did go on to higher education (he attended art college). But a long
list of qualifications certainly doesn’t seem to be a prerequisite for entrepreneurial success. Ben Towers is of
university age now, but has enough to keep him occupied running his business, and Branson has said that
‘Ben is testament that formal education is not necessarily the best route for everyone’.

One of Branson’s trademarks has been his willingness to try new things, even when they ran counter to the
wisdom of so-called experts. In 1993, Branson took advantage of the privatisation of Britain’s railways to set
up Virgin Trains, which was described at the time as a disaster waiting to happen. It currently employs 3,400
members of staff.

Clearly, having the right staff is key to any organisation. Dyson doesn’t go for the glossiest CVs, but seeks out
the candidates with the strongest approach to problem-solving. On one occasion, Richard Branson flew 10
candidates to his home for a job interview, arranging for an 85-year-old taxi driver to collect them from the
airport. Some of the candidates made fun of the driver on the journey; others were rude or said things that,
frankly, they shouldn’t have. On arrival at Branson’s house, they sat down to wait, whereupon the driver
took off his mask to reveal that he was Branson. No one got the job. Ben Towers ran into difficulty when he
was told that he wouldn’t be allowed to leave school to run his business. He got around this by hiring himself
as an apprentice.

Many entrepreneurs have flair and charisma in abundance, Branson being a case in point, but these
attributes alone aren’t sufficient, especially given that some 90% of entrepreneurial start-ups end in failure.
Connections and financial know-how aren’t just desirable, but a must-have. Tom Blomfeld demonstrated this
when raising funds for Monzo, his smartphone banking app. He set a new crowdfunding record by raising £1
million of venture capital in just 96 seconds.

Few entrepreneurs are given an easy ride by their rivals. Edison’s designs used direct current (DC) and
received fierce competition from other companies using alternating current (AC) systems. When Dyson
launched his vacuum cleaner, the market was dominated by one firm, Hoover. Arguably, he did the
equivalent of someone today setting up an online search engine and hoping it would challenge Google. And
yet by 1999, Dyson products had enjoyed such success that a High Court ruled that Hoover had infringed
patent law by copying an essential component of Dyson’s design. Hoover agreed to pay £4 million. Branson’s
Virgin Atlantic has been in competition with British Airways, particularly for dominance of the lucrative
London to New York route. Industrial disputes within BA have caused many of their customers to defect to
Virgin, something Branson is pleased about and says he would never have allowed to happen in a Virgin
company.

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So what does it take to stay on top? Great innovators, from Branson to Blomfeld, continue to innovate and
launch new ventures. Towers has even been recognised by the Federation of Small Businesses and the
Young Entrepreneur Network, for whom he now works as an ambassador and public speaker. The world, it
seems, is his oyster. And the same goes for others like him.

Exercise 6: Read the information. Then match the entrepreneurs with the statements. Write the
correct letter, A–E,for each answer.

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Exercise 7: Read the sentences, paying attention to the words in bold. Then choose the correct
answers to complete the summaries of what the writer is suggesting.

1 Hydron Ltd opened four regional offices in the 1990s. In hindsight, one may argue that they could
have opened considerably more.
The writer is suggesting that Hydron didn’t do enough / did very well in the 1990s .

2 When Royal Mail shares were made available to the British public in 2013, the government charged
just a little over £3 per share. They should have charged substantially more.
The writer is suggesting an error was made / laws were followed .

3 Priceright Supermarkets carried out an extensive and expensive refurbishment of their central Leeds
store in 2017. In fact, they needn’t have bothered, as the chain went bankrupt just two months later.
The writer is suggesting that Priceright did something that was unnecessary / weren’t able to achieve
their aims.

4 At this point in his career, Richard Lambert could have retired at the age of just 39. Instead, he chose
to set up yet another business.
The writer is suggesting that retirement was the best choice for Lambert / Lambert had a choice .

5 In hindsight, I realise that I shouldn’t have charged so much when I first opened my business.
The writer is suggesting that they did something wrong / failed to do smething important .

Exercise 8: Read the information. Then look at the questions from some different IELTS-type
reading tasks. What kind of question is each one most likely to be? Choose Global
question or Detail question.

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Exercise 9: Read the information. Then complete the table with the phrases from the article in the
box. The first one has been done for you.

Exercise 10: Read the information. Then read the article “Entrepreneurs” again and choose the
correct answers to the questions.

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B. WRITING

Exercise 1: Read the introduction to IELTS Writing Task 2. Then read the statements. Choose
True or False.

IELTS Writing Task 2

In IELTS Writing Task 2, you are given a topic to write about in an academic or neutral style. It is
important to read the task carefully. Your answers should discuss the relevant issues and give evidence
or examples from your own personal experience or knowledge to support your ideas.

You should spend no more than 40 minutes on this task. You are asked to write at least 250 words and
will lose marks if your answer is too short. You will also lose marks for irrelevance if your response is
off-topic, if it is badly organised, if there is overuse of inaccurate language or if any text is copied
directly from the question.

Task 2 is worth twice as many marks as Task 1 towards your final Writing mark. Therefore, candidates
who fail to attempt to answer this task fully will dramatically reduce their chances of achieving a higher
band.

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Exercise 2: Read the IELTS Writing Task 2 question and sentences 1–6. Which sentences are
possible arguments for businesses doing more than just making money, and which are arguments
against? Choose For or Against.

Social responsibility is defined as a business's obligation to follow objectives that are good for society
as a whole, in addition to making profit.
Businesses should do more than just make money.
To what extent do you agree or disagree with this opinion?

Exercise 3: Read the information and the essay question. Then read the introductions to the essay.
Would the writers of the introductions lose marks for copying? Choose Yes or No.

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Exercise 4: Read the information. Then read the words and phrases in the box. What are their
functions? Complete the table with the words and phrases.

Exercise 5: Read the paragraph about why businesses should only be concerned with making
money. Choose the correct sequencing words to complete the sentences.
  At first / First and foremost / In the beginning , a company’s raison d’être is to make money and pay
dividends to its shareholders. A business should not have to shoulder the responsibility of supporting a
society, because corporations that take on these extra responsibilities will have additional costs that
have to be borne either by customers or the owners. Furthermore / Meanwhile / Next , a socially
conscious company is at a competitive disadvantage compared to other companies. After then /

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Secondly / Then , supporting a functioning society is a government’s responsibility as it can fulfil this
role much more proficiently than the business world. After this / Besides / Finally , incorporating social
and ethical issues into a business model is not economically feasible and could cause a company to go
bankrupt and therefore risk increasing unemployment in the community.

Exercise 6: Read the information. Then read the words and phrases in the box. What are their
functions? Complete the table with the words and phrases.

Exercise 7: Read the paragraph about why businesses should accept an element of social
responsibility. Choose the correct words and phrases for balancing views to complete the
sentences.

First and foremost, although / in spite of / otherwise being in competition with each other,

organisations have to conduct business in a fair and ethical way in order to maintain a level playing field
in the market, likewise / otherwise / yet those that disobey the rules will be able to disregard

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environmental and human rights issues to gain a competitive advantage. Intense business activity can
create many environmental and social problems, including the contamination of air and water
resources as well as mental health issues for employees, despite / in spite of / yet these costs are never
accounted for, and are usually a burden on society as a whole. Lastly, employees may have other
motivations beyond simply earning an income, and although / however / that said this might conflict
with their employers’ interests, they should be free to choose who they give their time and expertise to.

Exercise 8: Put the words and phrases in the correct order to complete the concluding sentences.

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Exercise 9: Read the information. Then read the conclusion. Decide why the conclusion is not
appropriate, developed and clear. Read the sentences and choose Yes or No. 

In conclude, a business must take responsibility for the serious social and environmental mess their
business activity causes around the world so that we will all be able to live a better life in the future. I’m
then gonna be able to do some charity work for my favourite charity, as well as work for any business I
want.

Exercise 10:

WRITING TASK 2

You should spend 40 minutes on this task.

Companies are responsible only for making money for their investors. Therefore, they should not be
held accountable for the environmental and social costs of their business activity to society as a
whole.

Businesses should do no more than concentrate on making profit.

To what extent do you agree or disagree with this opinion? Give reasons for your answer and
include any relevant examples from your knowledge or experience.

Write at least 250 words

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C. LISTENING
Exercise 1: In this unit, you will practise the skills you need to answer short-answer, five-option
multiple-choice and diagram labelling questions in the IELTS Listening test.
Read the information. Then listen to three short recordings about a bank and answer the
questions. Write NO MORE THAN TWO WORDS for each answer. (Track 4.1)

Exercise 2: Read the information. Then listen to the bank manager. Which products do the
questions describe? Write the correct letter, A–E, for each question. (Track 4.2)

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Exercise 3: Read the information. Then listen to a description of a process and put the instructions
in the correct order. (Track 4.3)

Exercise 4: Read the information. Then listen to the description of the process again. Complete the
sentences from the description with the words in the box. (Track 4.4)

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Exercise 5: Listen and complete the diagram. Write the correct letters, A–F, for answers 1–4.
(Track 4.5)

Exercise 6: Listen and answer questions 5–7. Write NO MORE THAN TWO WORDS for each
answer. (Track 4.6)

Exercise 7: Listen and complete sentences 8–10. Write NO MORE THAN TWO WORDS for each
answer. (Track 4.7)

D. SPEAKING
Exercise 1: In this unit, you will learn about the different question types that you might encounter
in IELTS Speaking Part 3. You will also learn key words and phrases to help you improve your

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Lexical Resource mark. Read the information. Then watch the video of three native English
speakers asking and answering IELTS Speaking Part 3 questions. Complete the phrases with the
verbs in the box and read the definitions of the phrases. (Video 4.1)

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Exercise 2: Read the IELTS Part 3 question and a student’s response. Match the paraphrases in
the box with words and phrases 1–10 from the response.

Examiner: Do you think society places too much emphasis on money and possessions?
Student:  Definitely! Most people see (1) getting more money as (2) the most important thing in their
lives. I think it’s easy to understand why people think like this. After all, we need money to (3) pay for
the basic things we need for daily life, such as food and (4) a house. What’s more, we live in a world
where having, say, a nice car and a nice house are seen as (5) signs of social achievement. The
mainstream media only (6) makes this idea stronger in people, telling us how important it is to
(7)  always have newer, faster or more powerful versions of the products we already have. So, it doesn’t
come as a shock that many people think this way. It is how the world works and how we are taught to
behave. (8)  I think this is bad because  (9) many people spend too much of their time working, and as a
result, not enough time with their (10) family or friends. They can forget to enjoy the simple pleasures
in life. I think such people have their priorities wrong.

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E
Exercise 3: Read the information. Then match the IELTS Speaking Part 3 question types with the
example questions.

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Exercise 4: Read the information. Then look at the phrases for expressing importance in the box.
Watch the video of a native English speaker responding to seven IELTS Speaking Part 3
questions. Match the phrases with the responses in which they are used. (Video 4.2)

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Exercise 5: Read the IELTS Speaking Part 3 questions and responses on the subject of health.
Correct the underlined phrases which express importance.

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Exercise 6: Read the information. Then watch the video of the three native English speakers
discussing online shopping. Choose the advantages and disadvantages of online shopping that the
speakers mention. Be careful – the speakers will paraphrase some of the answers. (Video 4.3)

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Exercise 7: Read the information. Then read the phrases. Are they used to introduce advantages
or disadvantages? Choose the correct answers. 

Exercise 8: Read the information. Then watch the video of some native English speakers
responding to six questions. Match the words and phrases in the box with the questions in which
they are used. There are more words and phrases than you need, and you will need to use some of
them more than once. (Video 4.4)

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Exercise 9: Read the information. Then look at the words and phrases in the box. What do they
mean? Complete the table with the words and phrases.

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Exercise 10: You are going to do IELTS Speaking Part 3.

1. What are the key financial decisions do people face during their life?
2. How important is it to learn to be financially responsible?
3. What are the benefits of organizing a personal pension when you are young?
4. How have shopping habits changed over the last ten years?
5. How important is it to be safe when shopping online?
6. Do you think in the future we will do all our shopping online?

E. GRAMMAR&VOCABULARY
Exercise 1: Match the words and phrases with the definitions.

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Exercise 2: Match the words to form collocations.

Exercise 3: Complete the sentences. Use the words and phrases in the box.

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Exercise 4: Match the sentences in the box with the sentences with similar meanings.

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Exercise 5: Read the information. Then choose the correct modal verb forms to complete the
sentences.

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1 Our company got into such financial difficulty that we had to / have to / would have to file for
bankruptcy last year.

2 You had to / have to / would have to apply for a loan this week, otherwise you won’t be able to pay
your bills at the end of the month.

3 We urgently needed to / needn’t have / would have to launch a new product to remain competitive.

4 The factory must have / shouldn’t have / would have to make a profit to avoid closure.

5 He had to / must / needed to be very well prepared, otherwise he’ll never close the deal.

6 The company has got to / must / should have set a higher production target if it really wanted to win
the contract.

7 We don’t have to / needn’t have / would have to increase production, because the sales forecast
indicates a big drop in demand.

8 We needed to / needn’t have / should have published a new mail-order catalogue because all of our
customers now access information about our products online.

Exercise 6: Read the consultant’s report to a company. Complete the board of directors’ action
points with the correct modal verbs in the correct tenses.

Consultant’s report
Necessary action points (for urgent attention)
1 Change the logo from a rectangle to a square.
2 Don’t use red in the branding.
Recommendations
1 Modify the company website.
2 Don’t continue with the current marketing strategy.
Regrets
1 Failure to export to China.
2 Too much time and money spent on redesigning the warehouse.

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Exercise 7: Correct the underlined mistake in each sentence.

Exercise 8: Rewrite the sentences using modal verbs. The first one has been done for you.

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Exercise 9: Look at the words and phrases in the box which could be used in a business
presentation. Then put them in the correct categories.

Exercise 10: Read the opening remarks made by a company chairman at a board meeting.
Complete the sentences with the words and phrases in the box.

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AUDIO SCRIPT
Exercise 1.
Hello, everyone. Before we start the meeting, I’d like to welcome you to the bank and to our new location in the
High Street. The facilities here are much more modern than they were in Castle Road, and I’m sure you’ll all
enjoy working here.

OK, so let’s talk about products and services. Unfortunately, due to some technical problems, we are unable to
offer our online current account. However, we did launch our savings account last week, and it’s already doing
well. We are still planning to offer customers monthly electronic statements, but that won’t be until early next
year.

Now, the children’s bond will, unfortunately, no longer be available for both new and existing customers. It
wasn’t very popular, I’m afraid. We are hoping to replace it with something else eventually. In the meantime, it is
still possible to take out insurance cover, but only for those who already have an account with us or use our
services.

Exercise 2.
Now, I want to talk about some more of our products in a bit more detail. You’ll all be aware that we started
offering our retirement account in January last year, and it is proving to be very successful. Because it is aimed at
those over 65, we’ve decided not to offer it online – we felt that many of our older clients prefer banking face-to-
face. This isn’t the case for the student account, however, which must be set up through the website. It’s quite
straightforward but for anyone having difficulties, the online help desk is available and can be contacted 24 hours
a day, 7 days a week. Now, we have had some problems with our travel insurance. It used to be relatively easy to
arrange, but due to the changes in the law, we’re now asking customers for proof of name and address. You can
accept a number of documents, and these are listed in your company folder. The mobile phone insurance has been
updated and will be available to customers from next month. We’ve decided to sell it on its own as we think it
will be very popular. This is not the case for the pet insurance, however, which can only be added to a contents
insurance policy as an extra benefit. It just isn’t cost-effective for the bank otherwise, I’m afraid.

Exercise 3:
Here is a guide on how to safely use a cash machine, or ATM. First, make sure it is safe by checking the ATM is
clean and in a well-lit place. Next, insert your card into the machine. You might have to push the card in. Once
the card has been inserted correctly, follow the on-screen instructions. Be sure to cover the keypad when asked to
enter your PIN, because thieves can install devices to steal your card number. You can do this by covering the
keypad with your free hand.

After your identity is confirmed, you may proceed with the transaction. You’ll get a list of choices and can
usually complete several transactions in one session. Before the transaction is complete, you should be informed
of any fees and can cancel the transaction if you decide you don’t want to pay them. After the transaction is
complete, you’ll be asked to remove your card and take your money. Make sure you do this as soon as you’re
asked, as the machine may swallow your card if you take too long. Finally, before you move away from the
machine, put your card and your money away quickly and carefully.

Exercise 4:
Here is a guide on how to safely use a cash machine, or ATM. First, make sure it is safe by checking the ATM is
clean and in a well-lit place. Next, insert your card into the machine. You might have to push the card in. Once
the card has been inserted correctly, follow the on-screen instructions. Be sure to cover the keypad when asked to
enter your PIN, because thieves can install devices to steal your card number. You can do this by covering the
keypad with your free hand.

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After your identity is confirmed, you may proceed with the transaction. You’ll get a list of choices and can
usually complete several transactions in one session. Before the transaction is complete, you should be informed
of any fees and can cancel the transaction if you decide you don’t want to pay them. After the transaction is
complete, you’ll be asked to remove your card and take your money. Make sure you do this as soon as you’re
asked, as the machine may swallow your card if you take too long. Finally, before you move away from the
machine, put your card and your money away quickly and carefully.

Exercise 5:
Hello, I’ve come along today to tell you how credit card transactions are processed. Although the entire cycle
only takes about two or three minutes, it’s quite a complex process. Let me talk you through the first two stages
using this simple diagram. OK, so first, we have the authorisation stage. This is when the consumer presents their
card to the shop assistant for payment of goods or services. After swiping the card at the point-of-sale terminal,
the credit card details are sent to the shop’s bank using an internet connection or telephone line. After payment
has been cleared, the request is received by the issuing bank and then sent for authorisation. Now comes the next
part of the process. As soon as the credit card number, billing address and available funds have been checked, a
payment authorisation request is received from the credit card network and, as soon as this is received, a hold for
the amount of the purchase is placed on the card, and the customer is provided with a small piece of paper to show
proof of purchase. At this point, the customer may leave the store with the goods they have purchased.

Exercise 6:
Now, let’s look at security. Criminal gangs are constantly inventing new ways to steal your money, and there are
many ways you can protect yourself against fraud and scams. First, think before you respond. Treat all phone
calls, emails and texts that you have not asked for with suspicion. Criminals use many tactics to try to get you to
share your personal and financial information, so don’t feel under pressure to answer any questions. Make sure
the phone line is clear and, if you have any doubts about who is calling you, hang up. Your bank would never ask
you to reveal your password in full or give them your PIN number. Next, ensure you keep your computer and
laptop safe by installing anti-virus software – and keep this up to date. Finally, create strong passwords. Always
use a mixture of letters and numbers, and never use information which could be guessed or easily discovered,
such as your name or date of birth.
Exercise 7:

OK, so now I’d like to talk to you about how to safely use social media. First and foremost, never leave your
personal details on social media sites such as Twitter or Facebook. Why? Well, it increases your risk of being
targeted for ID theft – this is when thieves steal your identity and use it to get loans or other forms of credit. Next,
only accept friend requests from people you know, never from strangers. I realise the idea of having lots of virtual
friends is appealing, but keeping your details safe is far more important than having a few more friends! Always
check your security settings carefully. You wouldn’t leave your front door unlocked and open, would you? So
only share your personal profile with those you have complete trust in. Remember, just because you’re online
doesn’t mean you shouldn’t take precautions to protect yourself.

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