Meaning: "equity" means ownership in a company.

Wrong options:

• equitiy: It adds an extra "i". The right spelling is "equity". Every letter must be correct to get the mark.
• equities: "equities" is a close word, but it ends in "ies". The speaker says "equity", which ends in "y".

Correct answer: operating

Explanation: On the recording you hear "limited operating history that". It comes after "limited", so the word ends in ing.

Meaning: "operating" means running or working as usual.

Wrong options:

• operting: It leaves out the "a". Check the letters: "operating". A small spelling mistake loses the mark.
• operation: "operation" is a close word, but it ends in "on". The speaker says "operating", which ends in "ng".

Correct answer: offering

Explanation: Listen again to "a debt offering". It follows "debt", so the word ends in ing.

Meaning: "offering" means a sale or issue of securities.

Wrong options:

• ofering: It leaves out the "f". Check the letters: "offering". A small spelling mistake loses the mark.
• offer: "offer" is missing the ending. The speaker says "offering", with "ing" at the end.

Correct answer: capitalists

Explanation: Here you hear "venture capitalists assume by". The word is people, more than one, so add s at the end.

Meaning: "capitalists" means people who invest money.

Wrong options:

• capatalist: It has "a" where the word has "i" and it leaves out the "s". Write "capitalists". Only the exact spelling gets the mark.
• capitalist: "capitalist" has no "s" at the end. The speaker says "capitalists", so write the "s".

Correct answer: significant

Explanation: The speaker says "usually get significant control over". You need a word that tells how much.

Meaning: "significant" means large or important in size or effect.

Wrong options:

• signficant: It leaves out the "i". Write "significant". Only the exact spelling gets the mark.
• significance: "significance" is a close word, but it ends in "ce". The speaker says "significant", which ends in "t".

Correct answer: consequently

Explanation: You hear "and consequently value." It links ideas and the word ends in ly.

Meaning: "consequently" means as a result.

Wrong options:

• consequetly: It leaves out the "n". Write "consequently". Only the exact spelling gets the mark.
• consequence: "consequence" is a close word, but it ends in "ce". The speaker says "consequently", which ends in "tly".