According to the passage, underwriting simply means ______.A．that the investor promises to buy the securitiesB．that the investment banker promises to sell the securitiesC．that the investment banker promises to buy the securitiesD．that the investor promise

正确答案：
(b) (i) Income tax:
Direct investment in residential or commercial property
The income will be taxed under Schedule A for both residential and commercial property investment. Expenses can be
offset against income under the normal trading rules. These will include interest charges incurred in borrowing funds to
acquire the properties. Schedule A losses are restricted to use against future Schedule A profits, with the earliest profits
being relieved first.
When acquiring commercial properties, it may be possible to claim capital allowances on the fixtures and plant held in
the building. In addition, industrial buildings allowances (IBA) may also be available if the property qualifies as an
industrial building.
Capital allowances are not normally available for fixtures and fittings included in a residential property. Instead, a wear
and tear allowance can be claimed if the property is furnished. This is equal to 10% of the rental income after any
tenants cost (for example, council tax) paid by the landlord.
Income tax is levied at the normal tax rates (10/22/40%) as appropriate.
Collective investment (shares in a property investment company/unit trust)
With collective investments, the investor either buys shares (in an investment company) or units (in an equity unit trust).
The income tax treatment of both is the same in that the investor receives dividends. These are taxed at 10% and 32·5%
respectively (for basic and higher rate taxpayers).
Investors are not able to claim income tax relief on either interest costs (of borrowing) or any other expenses.
Capital gains tax (CGT):
The normal rules apply for CGT purposes in all situations. Property investments do not normally qualify for business
rates of taper relief unless they are furnished holiday lets or in certain circumstances, commercial property. Investments
in unit trusts or property investment companies will never qualify for business taper rates.
It is possible to use an individual savings account (ISA) to make collective investments. If this is done, income and
capital gains will be exempt from tax.
Other taxes:
New commercial property is subject to value added tax (VAT) at the standard rate, but new residential property is subject
to VAT at the zero rate. If a commercial building is acquired second hand as an investment, VAT may be payable if a
previous owner has opted to tax the property. If this is the case, VAT at the standard rate will be payable on the purchase
price, and rental charges to tenants will also be subject to VAT, again at the standard rate.
The acquisition of shares is not subject ot VAT.
Stamp duty land tax (SDLT) will be payable broadly on the direct acquisition of any property. The rates vary from 0 to
4% depending on the value of the land and building and its nature (whether residential or non-residential). Stamp duty
is payable at a rate of 0·5% on the acquisition of shares.
Investment risks/benefits
Direct investment
Investing directly in property represents a long term investment, and unless this is the case, investment risks are high.
Substantial initial costs (such as SDLT, VAT and transactions costs) are incurred, and ongoing running costs (such as
letting agents’ fees and vacant periods) can be significant. The investments are illiquid, particularly commercial
properties which can take months to sell.
All types of properties are dependent on a cyclical market, and the values of property investments can vary significantly
as a result. However, residential property has (on a long term basis) proven to be a good hedge against inflation.
Collective investments
The nature of collective investments is that the investor’s risk is reduced by the investment being spread over a large
portfolio as opposed to one or a few properties. In addition, investors can take advantage of the higher levels of liquidity
afforded by such vehicles.

参考答案：A

正确答案：A
解析：文中提到it simply issues a dollar cheque or draft drawn on that account．所以A选项符合题意。

正确答案：C
解析：文章第一段提到Usually, the issue is not subscribed to in its entirety by the original investment banker。一般情况下，并不是由原始投资银行一家全部认购发行证券。所以C选项符合题意。

正确答案：D
解析：文章第三段提到The actual marketing…investment bankers directly to the public．新发证券的实际销售是由投资银行直接卖给公众。

正确答案：D

参考答案：他们做出承诺却不去执行又有什么用呢?

答案：D

解析：

正确答案：D
解析：最后一句指出Alternatively, the bank can stamp the draft "accepted" with the appropriate signature,...sell it in the secondary market, 意思是作为一种选择，由银行承兑的汇票可以在二级市场上流通(这是因为银行信誉度高的缘故)。

参考答案：A
解析：这是一个固定搭配题。Live up to表示“不辜负，做到”的意思。所以根据上下文，“如果你想赢得别人的尊重，你就要遵守诺言”。

正确答案：A
解析：securities证券。underwriting承销。stock股票。bond债券。funds资金，基金。

正确答案：D
解析：文章提到The original investment banker…to as co-lead managers。在这样的交易中，原始银行被称作牵头银行，如果有一家以上的银行牵头，则它们被称作联合牵头银行。所以D选项符合题意。

正确答案：D
解析：文章第三段提到with preferred shines investors…common stock．优先股股东可以保证得到一定水平的优先股股利，这是区别于普通股的一个特点。

正确答案：BCE

正确答案：B
5．B【解析】根据句意“我们能从书店买书”，故选B．

答案：C

解析：