TOEFL Reading Practice Test 1 (Part 4 of 5)

Where in the passage does the author define joint-stock companies?

• Sentence 1

• Sentence 3

• Sentence 5

• Sentence 7

Which of the following is NOT true about the origin of banking in the United States?

• The first private commercial bank was chartered by Congress in 1781.

• The early banks were limited in scope.

• Banking developed rapidly in the United States.

• The first national bank was located in Philadelphia.

According to the passage, when did commercial corporations appear in the United States?

• After 1800

• Before the 1600s

• Around 1750

• In 1791

What does the passage mainly discuss?

• How mergers provided the capital for expansion of railroads, utilities, and factories

• The establishment of the Federal Reserve System

• How commercial corporations developed from nonprofit companies

• The origin and development of banks and corporations

The words "all these banks" in sentence 7 refer to

• private commercial banks

• national banks

• investment banking houses

• nonprofit corporations

Where in the passage does the author's focus move from corporations to banks?

• Sentence 4

• Sentence 6

• Sentence 8

• Sentence 11

Which of the following could be used to replace the word "phenomenon" in sentence 1?

• Factor

• Occurrence

• Development

• Examination

In sentence 11, the word "capital" is closest in meaning to

• building materials

• large city

• financial resources

• corporate structure