In the PTE Academic, one of the most essential tasks in the Speaking and Writing module is “Summarize Written Text.” This task requires test-takers to condense a given passage into one sentence, capturing its essence effectively. Topics in this task can vary widely, and today, we’ll focus on the increasingly relevant theme: “Digital Currencies In Global Trade”. This theme is gaining traction with the rise of blockchain technology and financial innovations, making it crucial for both exam preparation and real-world relevance.
Here you’ll find sample exercises, tailored responses, and in-depth analyses which will sharpen your skills while preparing you for the PTE exam. Start by attempting the summaries and then compare them to the model answers provided.
Sample Summarize Written Text Exercises on Digital Currencies in Global Trade
Exercise 1:
Digital currencies, particularly cryptocurrencies, have become an emerging alternative to traditional fiat currencies in global trade. Initially met with skepticism due to their volatility and lack of regulation, they have gained wider acceptance as decentralized financial systems offer more security, transparency, and efficiency. With key advocates like Bitcoin and Ethereum, companies and even governments are now exploring blockchain technology for trade settlements and cross-border payments. Despite regulatory hurdles and concerns over misuse, the benefits of faster transaction speeds and lower fees make the future of digital currencies in international commerce promising.
Task: Summarize the passage in one sentence.
Possible Answers:
High Band Response (79+ points):
Digital currencies, despite initial skepticism and regulatory concerns, are gaining acceptance in global trade due to their increased security, transparency, and efficiency in cross-border payments.
Mid Band Response (65-78 points):
Digital currencies are becoming more accepted for global trade transactions because they offer faster and more secure payments.
Low Band Response (50-64 points):
Cryptocurrencies like Bitcoin and Ethereum are being used in global trade despite some concerns over regulations.
Analysis:
- Content: The High Band response includes all key aspects: rising acceptance, improvements in transaction efficiency, and regulatory challenges.
- Form: Only one sentence, between 5-75 words.
- Grammar: The top response shows proper syntax with no errors.
- Vocabulary: The High Band response effectively uses a wide range of vocabulary, including terms like “transparency”, “efficiency”, and “cross-border payments”.
- Spelling: All responses have correct spelling but show variation in lexical complexity.
Exercise 2:
The adoption of digital currencies in global trade offers both opportunities and challenges. Countries favoring innovation, such as Singapore and Switzerland, have embraced blockchain technology quickly, facilitating sectoral growth. However, larger economies remain cautious, as volatility and concerns over illegal activities still loom. Many argue that digital currencies can reduce reliance on the US dollar in international markets, shifting the balance of economic power, while skeptics warn that current systems lack the necessary regulation to support such wide-scale use.
Task: Summarize the passage in one sentence.
Possible Answers:
High Band Response (79+ points):
While progressive economies like Singapore and Switzerland have embraced digital currencies, larger economies remain cautious due to concerns about volatility and regulation, though the shift in global economic power remains an enticing prospect.
Mid Band Response (65-78 points):
Some countries are adopting digital currencies in trade, while others are hesitant because of volatility and regulatory issues.
Low Band Response (50-64 points):
Singapore and Switzerland use blockchain technology in trade, but other countries are worried about regulations.
Analysis:
- Content: The High Band response efficiently summarizes the opportunities and challenges without missing key details.
- Form: The High and Mid Band responses fit within the task requirements, while the Low Band lacks detail.
- Grammar: All responses use proper grammar—though High Band employs more advanced structures.
- Vocabulary: “Progressive economies”, “volatility”, and “economic power” elevate the High Band response.
- Spelling: All spelling is correct, with the High Band standing out in word choice.
Vocabulary and Grammar Insights
Below are ten words/phrases extracted from the exercises above, with their meanings and example sentences to further aid your preparation for the PTE:
-
Cryptocurrency /ˈkrɪptəʊˌkʌrənsi/: A digital or virtual currency that uses cryptography for security.
Example: Bitcoin is the most well-known cryptocurrency used today. -
Volatility /ˈvɒlətɪlɪti/: The degree of variation in the price or value of something, often related to fluctuations in markets.
Example: The volatility of cryptocurrencies makes them a risky investment. -
Blockchain /ˈblɒkˌʧeɪn/: A system in which secure, decentralized records are created and maintained in a continuous chain.
Example: Blockchain technology is the foundation of most digital currencies. -
Decentralized /diˈsentrəlaɪzd/: Distributed away from a central authority or governing body.
Example: The decentralized nature of blockchain increases trust between trading parties. -
Cross-border payments /krɒs ˈbɔːdə(r) ˈpeɪmənts/: Financial transactions between entities located in different countries.
Example: Digital currencies are revolutionizing cross-border payments by reducing costs and delays. -
Economic power /ˌɛkəˈnɒmɪk ˈpaʊər/: The influence a country or entity has on the global economy.
Example: China has gained significant economic power in recent years. -
Regulation /ˌreɡ.jəˈleɪ.ʃən/: The imposition of rules by a governing body to control or manage sectors.
Example: Governments are struggling to implement effective regulation for digital currencies. -
Sectoral growth /ˈsɛktərəl ɡrəʊθ/: The expansion of a specific industry or sector within an economy.
Example: The technology sector has experienced rapid sectoral growth due to digital innovations. -
Innovation /ˌɪn.əˈveɪ.ʃən/: The process of introducing new methods, ideas, products, or services.
Example: Innovation in blockchain technology can dramatically reduce transaction costs. -
Illegal activities /ɪˈliːɡəl ækˈtɪvɪtiz/: Actions that are forbidden by law.
Example: There are concerns about the use of cryptocurrencies in illegal activities.
Conclusion
The growing inclusion of digital currencies in global trade is a significant theme not just for real-world economics but also in forums like the PTE Academic exam. The Summarize Written Text exercises provide valuable practice in synthesizing complex ideas into concise, accurate summaries, an essential skill for performing well in the Speaking & Writing section of the PTE. Given how frequently financial technology topics appear in the test, consistent practice with these exercises can be a game-changer.
For more information on related themes like fintech and global economic shifts, readers may find this article on Financial technology and global economy particularly useful.
