Ingls
Csar Lira
POLTICA/GOVERNO
Amendment
payroll
approach
poll
bill
public servant
body
red tape
budget
reinstatement
budget gap
shortfall
budgetary
strike
centrist
term
civil servant
to bilk
compliance
to default
contender
to enact
eligible
to entitle
expenditure
to exempt
expense
fiscal monitor
to levy
lame duck
liability
to run for
loophole
unemployment benefits
money laundering
unemployment rate
payola
union
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TRIBUTRIO
Bribe
tax audit
current asset
tax burden
current liability
customs
tax ratio
embezzlement
taxpayer
estate
to lift tax
excise
to yield
exemption
toll
filer
treasury
fiscal gimmick
vat
form
wage
form 1040
income
income tax
income tax refund
income tax return
internal revenue service (IRS)
levy
revenue
smuggler
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INGLS
For questions 1 through 3, choose the best answer in accordance with Text 1.
Text 1
Brazil's exports
Trade barriers imposed by Argentina on imports in general have resulted in a drop of 16% in Brazil's
exports to its neighbor in the rst half of this year. Between January and June last year, Brazil sold goods
worth US$ 10.43 billion to Argentina. This year, during the same period, the value of goods sold to
Argentina is US$ 1.6 billion less.
In spite of the trade barriers, the executive secretary at the Ministry of Development, Industry and
Foreign Trade, Alessandro Teixeira, blames the international crisis for the situation. "The cause of these
problems is the international crisis. It affects Argentina and it affects us, too," he declared. Teixeira noted
that negotiations have improved the relationship with Argentina, that there has been a more positive
dialogue.
Brazils exports to Eastern Europe are down 38% and down 8% to the European Union in the rst
half. On the other hand, they have risen by over US$ 2 billion to China during the same period.
From: Brazzil Magazine July 2012 [adapted]
1- In 2012, Brazil's exports
a) have all been reduced in comparison with last year.
b) to Argentina have increased due to positive dialogue.
c) have decreased with Eastern Europe but gone up with the European Union.
d) are expected to show an increase by the end of the year.
e) have generally declined, except for goods sent to China.
2- Argentina has
a) placed restrictions on most imports.
b) discriminated against Brazil more than others.
c) encouraged the entry of goods from abroad.
d) allowed Brazil to export more than last year.
e) blamed the international crisis for it imports.
3- Alessandro Teixeira's comments on Argentina's position could best be described as
a) hostile.
b) cowardly.
c) diplomatic.
d) unfriendly.
e) pessimistic.
For questions 4 through 6, choose the best answer in accordance with Text 2.
Text 2
South Korea banks in rate-rigging investigation
A South Korea nancial regulator has started an investigation into alleged interest rate rigging by
some of the country's banks. The Fair Trade Commission is looking at possible collusion over setting
certicates of deposit (CD), used as a benchmark to set lending rates. It follows the Libor-rigging scandal
involving Barclays and possibly several other UK banks.
A CD is a way of saving with a xed interest rate and maturity sold by banks and circulated in the
secondary market by brokerages. Financial rms benet from a high CD rates as many household loans
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are linked to them. They are frequently used to help South Koreans buy homes. The possible rigging of CD
can help atter companies' nancial health.
The indebtedness of South Koreans has become a particular worry to the authorities as the
economy slows.
From: www.bbc.com/news [slightly adpated]
4- The opening paragraph suggests that some South Korean banks may have
a) acted dishonestly.
b) deserved commendation.
c) been unfairly attacked.
d) started an investigation.
e) moved to the UK.
5- In paragraph 2 line 3, the word "brokerages" refers to
a) second class nancial deals.
b) companies that buy and sell nancial assets.
c) rms perceived as likely to go bankrupt.
d) large accountancy enterprises.
e) risky exchange rate transactions.
6- Ofcials in South Korea are concerned about
a) high levels of personal debt in a sluggish economy.
b) poor credit-ratings and economic over-heating.
c) rising household expenditures and house prices.
d) broken homes and inability to support attery.
e) the national debt and how to pay it off.
Text 3
Rio+20: reasons to be cheerful
Read the commentaries from Rio+20, and you'd think a global disaster had taken place. The UN
multilateral system is said to be in crisis. Pundits and NGOs complain that it was "the greatest failure of
collective leadership since the rst world war", "a bleak day, a disastrous meeting" and "a massive waste of
time and money".
Perspective, please. Reaction after the 1992 Rio summit was uncannily similar. Countries passed
then what now seem far-sighted treaties and embedded a slew of aspirations and commitments into
international documents but NGOs and journalists were still distraught. In short, just like Rio 2012, the
meeting was said to be a dismal failure of governments to co-operate.
I was pretty downhearted then, too. So when I returned I went to see Richard Sandbrook, a
legendary environmental activist who co-founded Friends of the Earth, and profoundly inuenced a
generation of governments, business leaders and NGOs before he died in 2005. Sandbrook made the point
that NGOs always scream blue murder because it is their job to push governments and that UN
conferences must disappoint because all views have to be accommodated. Change, he said, does not
happen in a few days' intense negotiation. It is a long, muddled, cultural process that cannot come from a
UN meeting. Real change comes from stronger institutions, better public information, promises being kept,
the exchange of views, pressure from below, and events that make people see the world differently.
Vast growth in global environmental awareness has taken place in the past 20 years, and is bound
to grow in the next 20.
[From The Guardian PovertyMatters blog- adapted]
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7- According to the text, the general reaction to the Rio+20 Conference was
a) generally optimistic.
b) absolutely singular.
c) relatively cheerful.
d) extremely gloomy.
e) remarkably sanguine.
8- The author of the article believes that immediately after the 1992 environmental conference
a) his only hope was to visit a famous environmentalist.
b) the response to the event was much the same as now.
c) the United Nations failed to foster any agreements.
d) everybody praised the far-sighted accords reached.
e) the climate began to change all around the world.
9- The main aim of the third paragraph is to report on
a) the views of a well-known environmentalist on how change occurs.
b) the failure of the UN to achieve any signicant results in 1992.
c) the life and work of a late-lamented UN environmental activist.
d) he author's despondent mood in 1992 and the reasons for it.
e) the similarities between the conference results in 2012 and 1992.
10- The expression "scream blue murder" in paragraph 3 line 7 means
a) feel severely threatened.
b) call out for protection.
c) commit environnemental crimes.
d) shout about their mistreatment.
e) raise an indignant outcry.
Read the text below entitled The long climb so as to answer questions 11 to 13:
The long climb
Source: www.economist.com
st Oct, 2009 (Adapted)
The world economy is tfully getting back to normal, but it will be a new normal. This phrase has
caught on, even if people disagree about what it means. In the new normal, as dened by Pimcos CEO,
Mohamed El-Erian,
growth will be subdued and unemployment will remain high. The banking system will be a shadow of its
former
self, and the securitization markets, which buy and sell marketable bundles of debt, will presumably be a
shadow of a shadow. Finance will be costlier and investment weak, so the stock of physical capital, on
which prosperity depends, will erode.
The crisis invited a forceful government entry into several of capitalisms inner sanctums, such as
banking, American carmaking and the commercial-paper market. Mr El-Erian worries that the state may
overstay its welcome. In addition, national exchequers may start to feel some measure of the scal strain
now hobbling California. Americas Treasury, in particular, must demonstrate that it is still a responsible
shepherd of other countries savings.
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18- In his answer to question 2, Luiz Incio Lula da Silva says that
a) the Brazilian domestic market was frail.
b) a miracle did come about in Brazil.
c) credit on affordable items was halved.
d) part of the sales tax was lowered.
e) consumers were not willing to spend.
19- Brazils president refers to the countrys diversied trade balance as having
a) contributed to worsen the global economic crisis.
b) resulted from trade with one sole strategic partner.
c) been prevented by internal regulations.
d) been considered as an unattainable goal.
e) minimized the adverse effects of the world crisis.
20- In his answer to question 3, Brazils president
a) emphasizes the role played by the private sector.
b) criticizes initiatives derived from private ownership.
c) sees the private sector as an inducer of growth.
d) afrms the signicance of the state.
e) disregards duties attributed to the state.
A HISTORY OF TAXATION
During the various reigns of the Egyptian Pharoahs tax collectors were known as scribes and for one period
they even imposed a tax on the cooking oil consumed by their citizens. The Athenians imposed a tax
referred to as eisphora which was used to pay for special wartime expenditures. The Greeks were one of
the few societies that were able to resend the tax once the emergency was over. When additional
resources were gained by the war effort, the resources were used to refund the tax. Athenians also
imposed a monthly poll tax on foreigners, people who did not have both an Athenian Mother and Father,
which was referred to as metoikion. In Rome, the earliest taxes were customs duties on imports and
exports called portoria. Caesar Augustus was considered by many to be the most brilliant tax strategist of
the Roman Empire. He instituted an inheritance tax to provide retirement funds for the military. The tax was
5% on all inheritances except gifts to children and spouses. At the time of Christ, Augustus Caesar ruled
the Roman Empire, which included large areas of the Middle East. In Judea, those who collected taxes
were unpopular members of society, and it appears that people criticised Jesus choice of Saint Matthew,
one of these members, as one of his disciples.
21- In ancient Egypt, the scribes were
a) the most notorious tax strategists
b) taxes imposed on foreigners
c) in charge of collecting levies
d) citizens who avoided paying levies
e) responsible for banning the cooking oil tax
22- The tax referred to as eisphora was
a) optional
b) Egyptian
c) illegal
d) refundable
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e) deductible
23- The inheritance tax instituted by Caesar Augustus
a) resulted from military funds not used in the wars
b) was banned during the reign of Julius Caesar
c) made him the most hateful strategist of all times
d) was 5% imposed on presents to children and spouses
e) derived from assets left by someone who died
24- According to the text, at the time of Christ, tax collectors were
a) disliked by other members of society
b) criticised for being too numerous
c) popular members of the community
d) condemned for following Jesus
e) corrupt officials in society
25- According to the text,
a) portoria were Roman products which were exempted from taxing.
b) the Egyptian Pharoahs did not impose levies on their citizens throughout history.
c) sales taxes could be refunded as soon as a war was over.
d) wartime expenditures were not financed by taxes in ancient civilisations.
e) in Ancient Greece, citizens of other nationalities were not exempt from taxes.
Read the text below in order to answer questions 26 to 30:
THE BRAZILIAN FISCAL STABILIZATION PROGRAM
The first component of the Fiscal Stabilization Program encompasses the approval of constitutional and
legal reforms in areas such as social security, labor, public administration and taxes, as well as the
introduction of a Fiscal Responsibility Act, addressing fundamental fiscal issues at the three levels of
government (Federal, States and Municipalities) and the three branches of government (the Executive
branch, Congress and the Judiciary).
The second component is the Plan of Action for 1999-2001 which fulfills the commitment of President
Cardoso to present a medium term fiscal program aimed at stabilizing the debt/GDP ratio. It was formulated
with the purpose of guaranteeing stabilization, creating the necessary environment for growth as well as
protecting the Real against speculative market pressure. Measures contemplate the reduction of budget
expenditures as well as revenue increases. They should create the basis for a reduction of interest rates in
a short period of time.
Particular attention is attached to the main cause of fiscal desequilibria, namely the social security deficit at
the three levels of government.
26- According to the text, constitutional and legal reforms
a) could have been included in the Brazilian Fiscal Stabilization Program
b) have been included in the Brazilian Fiscal Stabilization Program
c) would have to be formulated by the three branches of government
d) have been imposed by the International Monetary Fund
e) have been monitored by public and private servants
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