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Section B
Directions: There are 2 passages in this section. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A, B, C and D. You should decide on the best choice.
The term investment portfolio conjures up visions of the truly rich the Rockefellers, the Wal-Mart Waltons, Bill Gates. But today, everyone—from the Philadelphia firefighter, his part-time receptionist wife and their three children, to the single Los Angeles lawyer starting out on his own needs a portfolio.
A portfolio is simply a collection of financial assets. It may include real estate, rare stamps and coins, precious metals and even artworks. But those are for people with expertise. What most of us need to know about are stocks, bonds and cash (including such cash equivalents as money-market funds).
How do you decide what part of your portfolio should go to each of the big three？ Begin by understanding that stocks pay higher returns but are more risky; bonds and cash pay lower returns but are less risky.
Research by Ibbotson Associates, for example, shows that large-company stocks, on average, have returned 11.2 percent annually since 1926. Over the same period, by comparison, bonds have returned an annual average of 5.3 percent and cash, 3.8 percent.
But short-term risk is another matter. In 1974, a one-year $1000 investment in the stock market would have declined to $ 735.
With bonds, there are two kinds of risk: that the borrower won't pay you back and that the money you'11 get won' t be worth very much. The U.S. government stands behind treasury bonds, so the credit risk is almost nil. But the inflation risk remains. Say you buy a $1000 bond maturing in ten years. If inflation averages about seven percent over that time, then the $1000 you receive at maturity can only buy $ 500 worth of today' s goods.
With cash, the inflation risk is lower, since over a long period you can keep rolling over your CDs every year (or more often), ff inflation rises, interest rates rise to compensate.
As a result, the single most important rule in building a portfolio is this: If you don' t need the money for a long time, then put it into stocks. If you need it soon, put it into bonds and cash.
This passage is intended to give advice on ______.
Most Asian-American students owe their success to the influence of parents who are determined that their children take full advantage of what the American educational system has to offer. An effective measure of parental attention is homework. Asian parents spend more time with their children than American parents do, and it helps. Many researchers also believe there is something in Asian culture that breeds success, such as ideals that stress family values and emphasize education.
Both explanations for academic success worry Asian Americans because of fears that they feed a typical racial image. Many can remember when Chinese, Japanese and Filipino immigrants were the victims of social isolation. Indeed, it was not until 1952 that laws were laid down giving all Asian immigrants the right to citizenship.
While making tremendous achievements at college, Asian-American students ______. ()
For an increasing number of students at American universities, Old is suddenly in. The reason is obvious: the graying of America means jobs. Coupled with the aging of the babyboom generation, a longer life span means that the nation's elderly population is bound to expand significantly over the next 50 years. By 2050, 25 percent of all Americans will be older than 65, up from 14 percent in 1995. The change poses profound questions for government and society, of course. But it also creates career opportunities in medicine and health professions, and in law and business as well. "In addition to the doctors, we're going to need more sociologists, biologists, urban planners and specialized lawyers," says Professor Edward Schneider of the University of Southern California's (USC) School of Gerontology.
Lawyers can specialize in "elder law," which covers everything from trusts and estates to nursing-home abuse and age discrimination. Businessmen see huge opportunities in the elder market because the baby boomers, 74 million strong, are likely to be the wealthiest group of retirees in human history. "Any student who combines an expert knowledge in gerontology with, say, an MBA or law degree will have a license to print money," one professor says.
Margarite Santos is a 21-year-old senior at USC. She began college as a biology major but found she was "really bored with bacteria." So she took a class in gerontology and discovered that she liked it. She says, "I did volunteer work in retirement homes and it was very satisfying."
"…Old is suddenly in" (Line 1, Para.1) most probably means" ______ ".
The sentence "students should ask their parents and friends to be on 'scholarship' alert for them" the last sentence in Paragraph 3 under subtitle 1 means that students should be very careful and not be cheated by untrue scholarship information.
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