درک مطلب زبان انگلیسی کنکور ارشد

Fund performance is the acid test of fund management, and in the institutional context 
accurate measurement is a necessity. For that purpose, institutions measure the 
performance of each fund (and usually for internal purposes components of each fund) 
under their management, and performance is also measured by external firms that 
specialize in performance measurement. The leading performance measurement firms 
(e.g. Frank Russell in the USA) compile aggregate industry data, e.g., showing how
funds in general performed against given indices and peer groups over various time 
periods.
In a typical case (let us say an equity fund), the calculation would be made (as far 
as the client is concerned) every quarter and would show a percentage change 
compared with the prior quarter (e.g., +4.3% total return in US dollars). This figure 
would be compared with other similar funds managed within the institution (for 
purposes of monitoring internal controls), with performance date for peer group funds, 
and with relevant indices (where available) or tailor-made performance benchmarks 
where appropriate. The specialist performance measurement firms calculate quartile 
and decile date and close attention would be paid to the (percentile) ranking of any 
fund.
Generally speaking, it is probably appropriate for an investment firm to persuade 
its clients to assess performance over longer periods (e.g., 3 to 5 years) to smooth out 
very short term fluctuations in performance and the influence of the business cycle. 
This can be difficult however and, industry wide, there is a serious preoccupation with 
short-term numbers and the effect on the relationship with clients (and resultant 
business risks for the institutions).
An enduring problem is whether measure before-tax or after-tax performance. 
After-tax measurement represents the benefit to the investor, but investors’ tax 
positions may vary. Before-tax measurement can be misleading, especially in 
regimens that tax realised capital gains (and not unrealised). It is thus possible that 
successful active managers (measured before tax) may produce miserable after-tax 
results. One possible solution is to report the after-tax position of some standard 
taxpayer.

1-What would the possible topic be for the above passage?
1) After-tax Measurement 2) Compile Aggregate Industry
3) Performance Measurement 4) Influence of Business Cycle
 

2-According to the passage, performance of each fund is considered ……… .
1) very essential for proper fund management
2) very significant in the institutional context
3) to be a strong chemical that can damage other substances like acid
4) to be a strong element in damaging accurate and efficient management
 

3-As the author mentions, Frank Russel in the USA ……… .
1) gives numbers that show the price or value of product over various time periods
2) shows indices provided by peer groups over a period of time
3) leads performance measurement institutions in the USA
4) makes a list of total industry data

4-If the author is right, the performance is measured every quarter ……… .
1) in normal circumstances 2) as far as the vendor is concerned
3) in exceptional conditions 4) insofar as the dealer is concerned
 

5-The number obtained by performance measurement ……… .
1) is always compared with appropriate performance benchmarks
2) is always correlates with performance date for peer group funds
3) may correlate with other similar funds within the institution if available
4) may be compared with appropriate lists of figures if obtainable
 

6-According to the passage, it seems that an investment foundation should ……… .
1) persuade its applicants to consider performance over shorter periods
2) convince its dependents to calculate performance over longer periods
3) satisfy its clients to smooth out very short term fluctuations
4) encourage its customers to smooth out the influence of the business cycle
 

7-What does ‘this’ in paragraph 3 refer to?
1) influence of the business cycle
2) calculation of quartile and decile date
3) performance assessment over longer periods
4) assessment of short term fluctuations in performance
 

8-If what the author says is true, then whether to measure before-tax or after-tax 
performance ……… .
1) is a very fleeting trouble 2) is sometimes very misleading
3) represents a permanent question 4) represents the benefit to the investor
 

9-The author finally concludes that ……… .
1) there is a potential answer to the problem
2) after-tax measurement is to investors’ advantage
3) before-tax measurement is deceptive and so unreliable
4) successful active managers produce poor after-tax results
 

10-The word “miserable” in the passage is closest in meaning to ……… 
1) profound 2) pathetic 3) receptacle 4) expound