BioMedical Admissions Test 4500/11 Wednesday 6th November 2013 One hour SECTION 1 Aptitude and Skills Instructions to Candidates Please read this page carefully, but do not open the question paper until you are told that you may do so. A separate answer sheet is provided for this section. Please check you have one. You also require a soft pencil and an eraser. Please complete the answer sheet with your: x x x x BMAT candidate number centre number date of birth name Speed as well as accuracy is important in this section. Work quickly, or you may not finish the paper. There are no penalties for incorrect responses, only points for correct answers, so you should attempt all 35 questions. All questions are worth one mark. Answer on the sheet provided. Most questions ask you to show your choice between options by shading a circle. If questions ask you to write in words or numbers, be sure to write clearly in the spaces provided. If you make a mistake, erase thoroughly and try again. Any rough work should be done on this question paper. Calculators are NOT permitted. Please wait to be told you may begin before turning this page. This paper consists of 23 printed pages and 1 blank page. ©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µKDELWDEOH]RQH¶±LHWKH UHJLRQDURXQGDVWDUVXFKDVWKH6XQLQZKLFKOLTXLGZDWHUFDQWKHRUHWLFDOO\H[LVW7KLV]RQHLV DOVRFDOOHGWKH*ROGLORFNV]RQHEHFDXVHWHPSHUDWXUHVDUHµMXVWULJKW¶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±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µ&ORYLV)LUVW¶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ʹUHIHUWRWKHIROORZLQJWUDQVFULSWRIDUDGLREURDGFDVW ,W VRQHRIWKRVHSLHFHVRIUHVHDUFK,ORYH/LNH FKRFRODWHPDNHV\RXKDSS\ RU EORQGHVKDYHPRUH IXQ 1RZLW V FKLOGKRRGLVOHVVFDUHIUHHWKDQLWXVHGWREH 1RUHDOO\" 6WXGLHVKDYHVKRZQIRUVRPHWLPHWKDWZH UHQRWJHWWLQJKDSSLHUDVZHJHWULFKHUʹWKRXJK,UHDOLVHLI \RX YHMXVWORVW\RXUMRE\RXPLJKWWKLQNDVSRWRIGRVKPLJKWFRPHLQSUHWW\KDQG\IRUFKHHULQJ\RX XS1HYHUWKHOHVVWKHHYLGHQFHLVVRXQG2YHUWKHODVWKDOIFHQWXU\ZH YHDFTXLUHGWZLFHDVPXFKPRQH\ DQGDORWPRUHPLVHU\&KLOGUHQLQSDUWLFXODUH[HPSOLI\WKLV7KHLUGHSUHVVLRQDQGDQ[LHW\KDYHLQFUHDVHG DORQJVLGHWKHLUPDWHULDOZHOOEHLQJ$WILUVWLWVHHPVFRXQWHULQWXLWLYH:HDOWKVKRXOGEULQJHDVHDQG VHFXULW\%XWSV\FKRORJLVW'DQLHO.DKQHPDQLQWKLVSURJUDPPHRQ6DWXUGD\PDGHWKHOLQNEHWZHHQ VXFFHVVDQGVWUHVV3UHVXPDEO\WKHEHWWHU\RX UHJRLQJWREHDW\RXUMREWKHPRUHWLPHDQGHQHUJ\\RX PXVWLQYHVWLQLWʹ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z z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±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±HQFRXUDJLQJ µUHVSRQVLEOHGULQNLQJ¶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µ<HV¶µ1R¶RUµ&DQQRWEH GHWHUPLQHGIURPWKHLQIRUPDWLRQ¶DQGWRJLYHDUHDVRQIRUKLVDQVZHU 'DYHDQVZHUHGFRUUHFWO\JLYLQJRQHRIWKHIROORZLQJUHVSRQVHV:KLFKRQHZDVLW" $ ,WFRXOGQ¶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±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±\HDUVROG)LUVWVLJQVRISV\FKRVLVDSSHDUZKHQ SDWLHQWVDUH±\HDUVROG ( :KHQUHIHUUHGIRUPHGLFDOKHOSSDWLHQWVWHQGWRGHQ\ERWKFDQQDELVXVHDQGV\PSWRPVRI SV\FKRVLV UCLES 2013 >7XUQ2YHU 24 %/$1.3$*( UCLES 2013
© Copyright 2025 Paperzz