商务英语考试真题1

第一篇：商务英语考试真题1

全国2011年4月高等教育自学考试国际商务英语及答案 课程代码：05844 Ⅰ.Translate the following words and expressions from English into Chinese.(10%)1.in a detour 迂回 2.competitive devaluation 竞争性贬值 3.consignor 寄售人 4.customer mobility 客户流动性 5.escape clauses 豁免条款 6.share holders 股东 7.potential loss 潜在损失 8.carrying vessel 运载船只 9.negligent 粗心大意 10.specific duty 从量税

Ⅱ.Translate the following words and expressions from Chinese into English.(10%)11.债权国 The credit country 12.国际合同

International contract 13.定期付款/分阶段付款 Term payment 14.被保险人 The insured 15.人口计划 The population plan 16.特惠税 The preferential duty 17.基础设施项目 Infrastructure construction project 18.装箱单 Shipping list 19.破产 Disrupted 20.土地和劳动力 Land and labor force Ⅲ.Match the words and expressions on the left with the explanations on the right.(10%)21.facilities(d)a.the price or cost of transportation 22.premises(g)b.easily to go bad 23.middleman(f)c.not to do something that has been arranged or decided upon 24.perishable(b)d.something designed, built or installed to serve a specific function or perform a particular service 25.access(j)e.the act of paying a bill, debt, charge, etc.26.controversy(i)f.trader through whom goods pass between the producer and the customer 27.carriage(a)g.a tract of land including its buildings 28.settlement(e)h.an official group of persons who direct or supervise some activities of a firm 29.board(h)i.public argument about something which many people disagree with 30.cancel(c)j.a way by which a place, esp.property can be reached or entered or used Ⅳ.Make brief explanations of the following terms or give the full name of the abbreviation in English.(10%)31.term draft 远期汇票

A draft which requires to pay after sight or in a given period of time after representation of relevant documents.32.transferable credit 可转让信用证

Credit which can be transferred to other parties during the transportation of goods.33.direct quote 直接报价

A certain amount of foreign currency, usually one unit or one hundred unit, is marked with equivalent amount of home currency.34.acquisition 收购

Buying existing facilities 35.GATT 关税和贸易总协定 The General Agreement of Tariff and Trade.V.Answer the following questions in English.(20%)36.What are the five major modes of the modern freight transportation system? Water, air, road, rail, pipeline 37.What do ―valued‖ policies mean? Valued policies mean that a country provide investors with preferential policies for insured return in order to attract foreign investment.38.What is the purpose to establish GSP(the Generalized System of Preference)? The purpose of GSP is to help development of developing countries by provide tariff concession to them.39.What is the relationship between MNEs and their host countries? The relationship of MNEs and their host countries is interdependable and interactive.Ⅵ.Translate the following into Chinese.(15%)40.The Bank for International Settlement(BIS)is a unique institution.Many of its operations are of types normally performed by a commercial bank, but it is owned principally by central banks, and managed by central banks and its principal customers are central banks.The objects of BIS are to promote the cooperation among central banks and to provide additional facilities for international operations.国际结算银行是一个独特的机构。尽管它拥有商业银行的许多常规业务，但它却是由中央银行拥有，管理并将各国央行作为其主要客户。它的目标是促进各国央行间的合作，从而为国际贸易提供额外的支持。

41.In the 1970s and 1980s counter trade was different from the old practice although some similarities remained.Current counter trade partners are not necessarily familiar partners and goods exchanged are sometimes vertically related.Current counter trade can be categorized as follows.20世纪七八十年代，对销贸易尽管保留一些与过去相似的地方，但它却与过去明显不同。它的贸易伙伴不再是熟悉的伙伴，交易的商品也并不总是垂直相关的。现行的对销贸易可分类如下。Ⅶ.Translate the following into English.(25%)

42．跨国公司是在一个以上国家拥有、控制和经营资产的商业组织。

MNC refers to an commercial organization which owns, controls and manages asset in more other one country.43．世界各国被世界银行分为三大领域：高收入国家，中等收入国家和低收入国家。

Countries in the world are grouped into four categaries by the World Bank:high-income, middle-income, and low-income countries.44．企业投保的主要刺激是他们可以腾出资金，进行其他项目的投资。

The main stimulas for intreprises to insure is that they can release their funds and invest in other projects.45．信用证的付款方式对买卖双方都提供了保障。The payment of credit provides assurance to both the buyers and the sellers.46．世界上任何一个地方任何一种社会的经济增长都与利用运输有直接的关系。In any place of the world, the economic growth of any society has a direct relation with the adoption of transportation.

第二篇：2013年商务英语考试真题答案技巧通过

+7528-7585【修分】商务英语2013年考试真题答案权威保证

商务英语bec中级考试技巧

商务英语bec中级写作考试技巧：考前需要研究答案。

练习真题，然后看参考答案的文章，对比自己的和两个参考的区别（因为参考会给两个，一个高分一个低分版本，自己衡量自己的值多少吧）。研究什么呢？写作语气、句型、结构、语言组织、用词。这些都是根据评分标准来研究的。

商务英语bec中级听力考试技巧：关键信息速记

例如写单词前3个字母等，把握中心思想，听第一遍理解。第二遍听录音对照自己的答案是否与录音意思相符。一般不怎么会简单地写年份、数量等，思路是很清楚，但是需要听者很大的理解能力和把握中心意思的能力。所以第一遍听懂了很重要，就算落下没听清楚不要紧，别急，还有第二遍。

商务英语bec中级口语考试技巧

考BEC之前，最好找好搭档。木有的话就倒现场找。通常不认为搭档会影响自己的表现，因为前两部分都是自己讲，如果第三部分搭档讲得不好，考官也能分辨出来；若讨论环节旗鼓相当，考官会根据follow-up question衡量两人表现。

第三篇：商务英语考试

2013下半年剑桥商务英语证书（BEC）报考简章

报名条件与考试费用

BEC报名不受年龄﹑性别、职业﹑地区﹑学历等限制，任何人均可持本人身份证件到当地考点报名。报名时收取考试费：初级374元人民币； 中级475元人民币； 高级598元人民币。

报名时间

BEC考试每年举办两次，2013年下半年报名时间为9月1日至9月16日（不含双休日、法定假日），考生持本人身份证到福州大学新校区外国语学院BEC考点报名。（报考后不办理退考）

报名缴费方式

考生按考点指定的银行帐号存入考试费（不受理现金及网上银行转帐），持银行存款凭条带考生身份证到考点办理报名手续。（跨行应提前三个工作日）

考点开户银行：中国工商银行（福州大学城支行）

户名:（8月31日公布）

帐号：（8月31日公布）

报名地点

福州大学新校区（闽侯上街大学城）外国语学院BEC办公室（303室）

电话:22866626

公交线路：乘55、96、41、48、95路公交车至福州大学新校区北门站下车考试时间、地点

11月16日（周六）高级上午笔试下午口试

11月23日（周六）初级上午笔试下午口试

11月30 日（周六）中级上午笔试下午口试

准考证领取时间

初级、高级准考证定于11月11日凭身份证到报名点领取

中级准考证定于11月12、13日凭身份证到报名点领取

成绩领取及查询

2014年3月26、27、28日考生凭准考证到报名点领取成绩。

成绩查询网址：考点代号CN135

缺考考生务必于2014年3月底与考点联系，领取部分缺考费（凭身份证）。考点不再另行通知，逾期不予办理。

新版的BEC考试大纲

剑桥大学外语考试部已编写了新版的BEC考试大纲（BEC Handbook for Teachers），已将该手册放到中国教育考试网BEC考试项目考试大纲栏目下，考生可登录该网站浏览或下载该手册，具体网址为：

http:///zsks/bec/bec.jsp?class_id=10_01。

成绩评定及证书颁发

考试由英国剑桥大学考试委员会评卷，评出成绩后打印成绩单（包括不及格的N﹑F﹑D﹑E）和成绩证书向考生颁发。成绩证书终生有效。

BEC标准级：分Pass with merit﹑Pass﹑N﹑F 四等；

BEC中高级：分A﹑B﹑C﹑D﹑E五等；

BEC高级：分A﹑B﹑C﹑D﹑E五等；

成绩证书的认可

由于BEC考试特别注重考生运用英语在商务环境中进行交际的能力，因此该证书在全国商业界得到广泛的认可。在中国各涉外经济部门以及在华投资的 跨国公司中更是被受青睐。目前我国已有数百家外资企业把BEC证书作为衡量应聘人员英语水平的可靠标准。在英国和其他一些国家，许多大学认可获得BEC高 级证书成绩可免修工商管理硕士（MBA）学位商务英语课程。在英国，已有69所大学认可BEC高级证书为参加大学本科学习的语言能力证明。考点联系电话：22866626（新校区）

福州大学外国语学院BEC考点

2013年6月

第四篇：商务英语考试 .doc

武汉工业学院 2013–2014学年第二学期

考试试卷

课程名称商务英语

注：

1、考生必须在《武汉工业学院学生考试答卷》上答题，答题时需注明大、小题号；

2、答题纸共1页。

---------

一． General terms Translation 商贸术语英汉互译(15分)

合资企业：joint venture 余额：balance利率：interest rate议程：agenda 还盘：counter offer 试用期：probation索赔：claim信用证：letter of credit订单：indent蓝筹股：blue chips Probation：试用期Dividend：股利Portfolio:投资组合CFR: 成本加运

费Gold bug:黄金爱好者Mutual fund: 互惠基金shipping advice：发货通知bill of landing: 货运 提单War babies:战争证券Cats and dogs:价值低的股票

二． General Business Manner(15分)

西方人六不吃：忌吃动物内脏，忌吃动物头脚，忌吃宠物，忌吃淡水鱼，忌吃无

鳞无鳍鱼

西方人六不谈：国家，政府；国家，行业机密；交往对象内政；不背后议论同行，领导,同事；格调不高的话题； 私人问题

西方人私人问题五不问：收入，年龄，婚姻家庭，健康，个人经历

西方人送花的禁忌：其一，送花前要数数花枝数目，要成单不成双，成双会被认为招致厄运。其二，切忌送菊花。菊花在任何欧洲国家，以及日本，都只用于万圣节或葬礼，它代表着哀伤，不宜送人。

其三，不宜送黄色的花。在法国，黄色的花象征夫妻间的不忠贞；在墨西哥，它表示死亡。

其四，不能送白花，尤其是红白相间的花。对英国人来说，白色的百合花表示死亡。其五，不要把铃兰花赠送给友人，因为它意味着友情终结。

三． Translate the Following Phrases(20分)

蚂蚁上树（译成英文菜名）vermicelli with spicy minced pork

红烧狮子头（译成英文菜名）Braised pork ball in brown sauce

What we do, we do well.（译成汉语广告口号语）

我们做好我们该做的事。

Love me tender, love me true.（译成汉语广告口号语）

温柔地爱我，真实地爱我。

Like a rat in a hole.（译成汉语成语）

瓮中之鳖

四.试分析下面几个商标的翻译，为什么它们堪称是妙译、绝译？（10分）

Colgate：高露洁（日用品）

Colgate 是通过音译的，洁说明是洗漱用品，而且表明这种品牌的牙膏可以使牙齿洁净亮白。

既传达出了该产品的功能，由具有审美趣味。满足翻译的原则：Informative function, Aesthetic, Expressive, Vocative.Safeguard：舒肤佳（日用品）

Safeguard本意为保卫，保护措施。这个品牌的翻译主要是音译，便于记忆。舒肤佳，肤说明了这个日用品为香皂，而且可以使皮肤舒适，感觉良好。

五．解释以下商务行为失败产生的原因。（10分）

向英国人推销中国皮鞋

分析：英国人喜欢时髦，所以对于他们来说款式更重要。中国皮鞋质量太好，总也穿不坏，违背了英国人的消费理念，因此不会畅销。

向美国人推销熨斗

分析：美国人十分讲效率，他们舍不得花费时间熨衣服。所以还是找错了销售对象。

六.商务书信写作（写一封英文信函，内容如下）注意书信的格式！（30分）

李先生：

我们很荣幸能为贵方提供我方产品并随函附上贵方所需要的产品的价格和详细信息。真丝衬衫是我厂最畅销的产品之一，采用真丝面料，质量上乘。每打价格215美元，最低订购量是200打。由于这是我们初次合作，订购400打以上，可享受5%的折扣。另以航空函寄一件样品给贵公司。

小红服装公司

2014年3月18日

March 18th, 2014

Dear Sir,We are honored to give you a general idea of our products and enclose the price and further information of the goods you’re interested in.The silk shirt is one of the best-sellers of our factory.It’s made of silk and the quality is perfect.The price is $215 a dozen and the minimum order is 200 dozen.As this is the first time for us to cooperate, you will be allowed a 5% discount for an order of 400 dozen or more.A sample is coming to you by airmail.We hope you will kindly examine the sample and give usyour order soon.Yours faithfully,Xiaohong Clothes Co.Ltd.行政管理1101班

110901127

晏凯

第五篇：商务英语考试试题

一、词汇词组（10个，英翻中）

job title 职别shipping lines 航运公司personnel manager 人事主管 customs officer 海关人员

packaging 包装duty checking 关税检查marketing director销售主管Chamber of Commerce 商会 publicity controller 宣传主管Certificate of Origin 货物原产地证明书managing director 常务董事 layout 布局，安排，版面设计 house style 印刷风格，独特风格，排字风格 letterhead 信头logo 专用标记，标记，商标 records for the files 文件记录trade exhibition 商品交易展览会 company stand 公司展位delivery date 交货日期 printed matter 印刷品relative merits 优缺点 head office 总公司board 董事会 health and safety provisions 健康与安全规定 safety regulations 安全规程，安全规定divisional personnel manager 部门人事主管clerical grades 文书人员职系 abbreviations 缩写，缩写词make a firm offer 下订单 staff turnover 员工交替parking lot 停车场 concentric circles 同心圆fiscal year 财政，会计 Branch Offices 分支机构General manager 总经理 marketing dept.营销部photocopying room 影印室 purchasing dept.采购部sales dept.销售部 shipping agent 运货代理商freight forwarder 货运代理行，转运行

二、缩写（5个）PS--postscript p.p.--per pro(on behalf of)c.c.or cc--Carbon copy to(often now a photocopy)– or cubic centimeters

insurance broker 保险经纪人 credit insurance 信用保险Bill of Lading 提货单 Sea Waybill 海运单Air Waybill 空运单 Shipping Note / Shipment Advice 装船通知单Dangerous Goods Note 危险物品通知单

Certificate of Insurance 保险证明order book 订货簿 shipping date 船期，装船日期money-back warranty 退款保证

Samples of Merchandise 货物样品public relation 公共关系 in good shape 完整无损，处于良好状态，健康情况良好

sole supplier 唯一供给者 trade journal 行业杂志yellow page 电话黄页 confirmed irrevocable letter of credit 不可撤销的保兑的信用证 import license 进口许可证special introductory price 新产品特价 bill of exchange 汇票house bills 公司汇票 inventory position(BR.stock position)库存水平interest charges 利息费用 bad debt 呆账（收不回的账）debt collection agency 债务托收代理 trade&bank reference 银行征信（银行提供有关商号信誉等情况）pay-back date 付费日期business card 名片 Ref.--Reference(number)ASAP--as soon as possible Rd--road

CEO--chief executive officer MD--managing director

c/o--care of Inc.--Incorporated

Attn--for the attention of b/f--brought forward

POB--Post Office Box c/f--carried forward

Eg or e.g.--For example N/A--not applicable

Ie or i.e.--That is / in other words St.--Street or Saint

Etc.--Et cetera / and so onSq.--Square

PA--personal assistantNo.(US#)--number

&Co.--And CompanyEnc.or encl.--Enclosure

Plc or p.l.c.--Public Limited CompanyMisc.--Miscellaneous

Ltd.--Limitedp.a.--per annum(per year)

Corp.--CorporationPC--personal computer

三、贸易术语（5个）

CFR – Cost and Freight 成本加运费价DEQ – Delivered Ex-Quay 目的港码头交CIF – Cost, Insurance and Freight 成货价

本保险加运费价DDU – Delivered Duty Unpaid 交货关税

CPT – Carriage Paid To 运费付至„未付价

CIP – Carriage and Insurance Paid ToDDP – Delivered Duty Paid 完税后交货

运费、保险费付至„ EXW – Ex-Works 工厂交货DAF – Delivered At Frontier 边境交货 FCA – Free Carrier 货交承运人价

价FAS – Free Alongside Ship 装运港船边

DES – Delivered Ex-Ship 目的港船上交 交货价

货价FOB – Free On Board 装运港船上交货价

四、标点符号（5个）

apostrophe 撇号，所有格comma 逗号,question mark 问号?符号’dash 破折号--semi-colon 分号;brackets / parentheses exclamation mark 感叹号!single quotes 单引号‘ ’括号()full stop / period 句号.stroke / oblique / slash colon 冒号:hyphen 连字符-斜杠号/

double quotes / quotation marks / inverted commas 双引号“ ”

1.The words ‘explained’ or ‘illustrated’ in this sentence are between single quotes.2.A full stop / period marks the end of a sentence.3.A question mark shows that there is some doubt, doesn’t it? What do you think?

4.A hyphen is used for word-division or word-joining.5.And it should not be confused with another – longer – mark: the dash.This is

used to separate ideas or words – usually added as an afterthought.6.When writers wish to express emphasis or even surprise they use the exclamation mark.This is no problem!

7.“Double quotes are used to show what someone actually said.”

8.Sometimes you may wish to separate two sentences;but they are somehow closely connected;this is when you can use the semi-colon instead of the full stop.9.NOTE: a colon can help to emphasize what is coming next: to list things: reports,letters, memos and so on.10.If a person wants to show alternatives, he/she can separate them by using a stroke / oblique / slash.11.And if they are using words(i.e.phrases or expressions)which are not of primary important they can be placed between brackets(parentheses).12.An apostrophe is used in possessives(Mr.Jones’s)and it’s also used in

contraction, isn’t it?

五、判断（10个）

六、简答（3个）

1.What are 12 telephone tips?

1)Fax or e-mail ahead if you want to make sure the other person has time to prepare

for the call.2)Make sure you have with you all the documents you’ll need before you dial the

number.3)The other person can’t my not understand you easily, so try to speak slowly

and clearly.4)The other person can’t see your reactions, so always confirm that you have

(or have not)understood each point that’s been made.Don’t pretend you have understood when you haven’t.5)The other person can’t see what a nice person you are, so make sure you sound

polite and agreeable.6)The other person hasn’t got all day, so make sure your call is brief.7)The other person is getting an impression of your firm while talking with you,so make sure that you sound efficient – your firm’s image may be at stake, even if you’re just taking a message.8)Don’t rely on your memory: make notes during a call and rewrite these notes

immediately afterwards as a record of the call.9)Smile while you’re talking.Your listener can ‘hear’ your smile.10)Don’t try to be funny – you may be misunderstood.11)Don’t interrupt the other person: let them finish what they want to say.12)Send a follow-up e-mail, fax or letter to confirm any important details

(especially prices and numbers), so that you both have a written record.2.Different modes of communications:

1)Face to face communication.2)Communication on the phone.3)Written communication.3.Four “Golden Rules” for writing a business report:

1)Be accurate.2)Be brief.3)Be clear.4)Be decisive.4.What are 7 steps of planning a letter?

1)Write down your aim: what is the purpose of this letter?

2)Assemble all the relevant information and documents: copies of previous

correspondence, reports, figures, etc.3)Arrange the points in order of importance.Decide which points are irrelevant

and can be left out.Make rough notes.4)Write an outline in note form.Check it through considering these questions:

• Have you left any important points out?

• Can the order of presentation be made clearer?

• Have you included anything that is not relevant?

5)Write a first draft, leaving plenty of space for changes and revisions.6)Revise your first draft by considering these questions:

• Information: Does it cover all the essential points?

Is the information relevant, correct and complete?

• English: Are the grammar, spelling and punctuation correct?

• Style: Does it look attractive?

Does it sound natural and sincere?

Is it clear, concise and courteous?

Will it give the reader the right impression?

Is it the kind of letter you would like to receive yourself?

7)Write, type or dictate your final version.5.Three major sectors of industry:

1)Primary: agriculture, fishing, mining, construction.2)Secondary: crafts & manufacturing.3)Tertiary: services, inc, education, banking, insurance, etc.6.Specialists involved in import/export transaction:

1)Shipping agent（运货代理商）/ freight forwarder（运货代理行，转运行）

(supplier’s own export department)

2)Airlines, Shipping lines（航运公司）, railways or road haulage（货运）firms.3)Importer’s and exporter’s bank arranging payments（付款安排）.4)Customs officers（海关人员）for duty checking（关税检查）.5)The manufacturer or Chamber of Commerce（商会）(Certificate of Origin)（货

物原产地证明）.6)An insurance company / insurance broker（保险经纪人）.7)An exporter credit insurance（信用保险）company（出口信贷保险公司）.8)A lawyer for a special contract.7.Methods of payment:

1)On a cash with order basis(cash deposit with order).2)On open account（往来账户）.3)By irrevocable letter of credit（不可撤销信用证）.4)By bill of exchange（汇票）.5)By check.（支票）

6)Cash with order（CWO）（订购即付）.8.What is letter of credit?

It refers to a letter addressed by a bank instructing the addressee to allow the person named to draw a specified sum on the credit of the addressor bank.9.Considerations in choosing a good supplier:

1)competitive price

2)need to import

3)ability to deliver on time

4)after-sale service

5)technical support services

10.What are advantages for having a regular sole supplier?

1)getting a better discount.2)having favorable terms of payment and even extended credit.3)helping you out with an urgent order at short notice.4)tailoring his products to your needs.5)delivering goods of the quality on time.11.What is international trade?

International trade, also known as world trade, or overseas trade, is the fair and deliberate exchange of goods and services across national boundaries.From a broad sense, international trade includes the overseas trade of the countries all over the world.The scale of international trade to some extent reflects the development and trend of economic globalization.12.What is international business?

International business is the worldwide exchange of goods and services among nations, generally using some form of currency as payment.Exports are goods trades sent out of a country, while imports are goods purchased abroad and brought into a country.A country also can export and import talent, patents, know-how, and skills.In this definition, international business refers to two aspects, one is the international trade transaction such as the sales of goods and services;the other is the funds transfer as a result of some trade and non-trade transactions such as international lending and investment, international aids and grants, cross-border personal remittances.13.Face-to-face communication

Advantages & pleasures:

1)more personal.2)more interaction and feedback possible.3)can make more impact.4)cheaper if no travel involved.5)you can smile.6)body language.7)language expressiveness.Disadvantages & difficulties:

1)must think as you speak once you’ve said something it can’t be unsaid.2)saying something once may not be remembered.14.Writing

Advantages & pleasures:

1)A record can be kept for the files.2)Copy for others.3)Errors can be changed.4)You can write or read when you’re in the right mood.5)You can take your time over planning and how you’ll express complicated or

delicate details.Disadvantages & difficulties:

1)Writing takes longer.2)There is no feedback or the feedback is delayed.3)No “personal touch”.4)No smiles.5)No handshakes.七、翻译（3个）

1.我们的每一个产品都是用百分之百的天然原料制成。

Every single one of our products is made from 100% natural ingredients.2.我们期待在适当的时候收到您的订单。

We look forward to receiving your esteemed order in due course.3.我们通常以保兑的、不可撤销的、60天有效期的信用证为付款条件。

We usually pay by confirmed 60-day irrevocable letter of credit.4.货款由一家美国银行开具的银行汇票或支票支付。

Payment with order is by banker’s draft or cheque on a US bank.5.您能否确认您已经收到了我们的样品？

Could you confirm that you’ve received our samples?

6.他们认识到掌握自己未来要担负的责任。

They recognize the responsibility that comes with controlling their own futures.7.对于新的供货商，我们的付款方式一般是以我国货币支付的、保兑的、不可撤销的信用

证。

We usually deal with new suppliers on the basis of payment in currency byconfirmedirrevocableletterofcredit.8.从收到你方书面订单以及信用证3至4周后货物即装运。

The goods will be ready for shipment 3 to 4 weeks from receipt of your written order and confirmation of your letter of credit.9.我们下订单前需要检测样品。

Before placing an order we should need to examine samples of products.10.所有产品附全额无条件退款保证。

Full no-argument money-back warranty is on all our products.11.请报给我们最优惠价格及装运期。

Please quote us your best price and shipping date.12.我们对定期订购你方产品的可能性表示乐观。

There is good prospect of our placing regular orders.13.附单上有我们所需货物的详细规格说明。

A full specification of our requirements is given on the attached sheet.14.改善信用控制可以大大地改变你的生意前景。

Improving credit control can make a world of difference to your business prospects.15.据我所知，你们的产品在这个地区有潜在的市场。

As far as I know, there is potential market for your products in this area.16.一家私人公司可能是仅有一个所有人的小公司，也可能是有数千股东的很大的公司。

A private company might be a small firm with just one owner, or a very large firm with thousands of shareholders.