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i��i??e?�e�� i??e??e?�e?�e?? i�?e�� i??is� e�?iZ?i?� i�?i�?i��i�?e?�, i?�e?�i�?iz? i��e??i�� i�?i��i��e?� e�� e?�eY� i�?iz? e�?i??i�? i?�i��i�?e?? e?�e?�i�?e?� i?�i�? i�?e?�(i�?is?=i��i��e�?iS�) i�?i��i?? e?�iz? = i??i??i?�e??iz�i�?eS� i�?e�? i��i��i�? i?? e?�i��e?�e�?(IPO) i�?i�?e?? i��e�?i�?e?� i?�iS�e�? i??iz?i?� i?�is?i�?e��e?� 18i?? e�?i?�e��. is�i�� i??is� i��i��i?? e??iz� e�?e�?e?? i��i�?iz�i��e�?(IP) e?�i��i?? i??i?? i��e?�(M&A) e��i?� e??i�� e�?e�?e��i�?e?� e�?e��i�? e��i�? IPOi�? e�?i�?e?�e��eS� e??i?? is?i�� i??i?? i��e?�i??e��. i??i??i?�e??iz�i�?eS� “i��i�? i��iz?i??e??eS� iz?e?�i�? e?�i�?i�?i�? i��i�� e��i�?i?? is�i��i??i?�e?? i??e�?i�?e��”e�� “e�?e�� e?�i��e?�e�? i�? e��i??e?? i�?e?�e?? i?�e��e��e?� iz�e�?i�? i?�e?�i��e??i�� i��e??i�? i?�iz?iz?e��i?? i��e?�e?? e?�is� e��i��e�?e�? e??”i??e??e?� e�?i?�e��. i??iz? i��e�?e??eS� e?�e�?e?? i?�iz� i��i�� i��i?? i�?e��e?�i??is?e?�i��is?i?? is?e?� e�?e��eS� i??i��e?�e?? e�?e�?e��i�?e?�e?? i�?e��. e�?e�?i�? e?�i�?eS� “i�?ez�i??A�i??e?�e��i��A�e�?e�? e�� e??iz�i��i�� e�?e?? i??i??i?? i??i�? e?�i�?i��e?? e��i��i�? i�?i�� e?�i��e?�e�? i�? e�? e��i??e?? e?�is� i??i��e��e?? e?� e??”i??e??e?� e�?i�?e��. i??i??i?�e??iz�i�?eS� i?�i�? i?�iS�e�? i??iz?i?� e?�i�?e?? 900% e�?i??i�?iz?e?? e�?i??e?� i��e�? 6i�� i�?e��e��ez?i�?e??e��i�� i?�iS�e�? i??iz? i??e?�i��i�� iS?i??i?� e��eS� e�� i�?i�?e?? e�Yi�� i��e��. About the test Test takers are measured in listening, reading, writing and speaking skills. All tests are scored on a banded system from 1 (non-user) through to 9 (expert user). i?�i�? i��e�?e?� e�?i�� i�Se��. e??e��e?? i��e��i?? e�?i�� i��iY?i?? i��i�� e?�e??e?? e??i??e?�eS�i��e�� i��e?�e??e?� iz?e?�i��i�?eS� i��i??i??e?� e�?e�?i??e��. e?�e??e?? e?�i?�i��i��e��i?? i��i�?i��~e�?e?? e�?i�� i�?e?�iS�e?? e�?i��i�?e�? i�?i�?i��e�?i?? i��e?� e?�i��e�� i??i�?iz� e�?e?�eY�i?? i?� i?�e?�i?� e��i?� e��eS?i��i?? i?�e��. i��e�?e?�i�� e?�e?�iz?eS� “i?�iz� i??i��i??e??eS� i?�i�? e�?e?�eY� e?�i�? e��i��i?? i�?e��is? i?? iz?e��”e�� “e?�e??e?? i�?is?e?�e�?i?? i��e?? iz�iZ? e�? e��i��i��i�? e?�i�? e?�i��i�?e?�e?? i?�e?�i�?e?� i��e��, i??e??, e?�e�?i�� e�� i??is� e��i�? e��e��i?? i��i??e��i?� e?�i??i??e?? e�?e?�eY� i?�i?? e�?i?�i?�i?� e��i��i�� e?�is?”i??e??e?� e�?i�?e��. i�?e?� i?? i��e??iz?eS� i�?e?�e�Z, i??i�? i�?e�? i??i?? e�� e?�e?�i�� i��i�� i��e�?e?�a��”i??i?? i��i��i??e�? i��i�? is�i??” (i�?is?=i��i��e�?iS�) i??i??iz� e?�iz? = i??iz�e�� e?�is�e�?e?�e�� iz?e?� i��e??iz?e?? e?�i??i??e?? 19i?? i�?e�� e��is? i�?e??e�?e?�i?�i�?is? i??i��i?�e�?is?i�?i�?eS� i�?i��iz�e?? i??i??i?� e?�e??i�? i?� i��e��e�� i��i��i�?eS� ‘i�?e�?i??e?�i��iz?’ i��i��i?? iY?i�?i??e?? e��i?�ez?e��. i?? i��e??iz?eS� e?�is� i?�e?�i�� i�?i��iz�e?? i??i??i?? e?�e�?i��i�? e?�i�? e?�e�?i�?e??i??e�? i?�i??i�� i??i�?i?? i�?i??i�? “i�?e�? e�?i?�e�?eS� e?�is� i��i��eS� e��i?�i�?i?? e�?i�?e�� e?� e�Zi?? e�?i??e?? e?? i��e�?e??eS� i??e�?i?� i�?e?� iz?e��”e�� “i�?i��iz�e??i?? i??i�?i??i??e??e?� i�?eS� e��e��i�? e?�i�?i�?eS� e?�i??i�?e?� i?� i�?e��is? e��e��i?? iz?e��”e?� e�?i?�e��. i?? i��e??iz?eS� i�?e�?e?? e�?e�� e??i�?i?? i�?e�� e??i�?eS� i�?e�� i��e?� i��i��e?? i?�i�? e�?i?? i��iz�i?? i��is�i�?e��e�� “(i�?i��iz�e?? i??i??i?�) i��e?? i��i��i�?eS� e?? e�?e?�i�?i??e??eS� i�?e��i��i?� e??i��e�?, e��i�?i�� i??e�?i�?i�?eS� e�?e��e?�e?? i??i?�e�� iz?e��e?� i??e�?i�?e��”e?� e��i��i�?e��. i??i�? e?�i�? iz?i?�i�?e��e�? e��is?i?? i??i�?i?� i�?i��iz�e??i?? e?�is� i��i��i?? i??i�?i??i?? i��e�?e??e?� i�?eS� e??i?� ‘e??i��i��i�?’, ‘i??i�?e�?e??’, ‘i��i��e�?eY�’i??e??e?� e?�i��i�?is�e?� “e?�e?�i�� e��i??e��eS� i�?e�?i??e?�i��iz?i?? i��e?�i?� i?�i�? 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