Read the following passage and mark the letter A,B,C or D on your answer sheet to indicate the word or phrase that best fits each of the blanks.

Until recently, most American entrepreneurs were men. Discrimination against women in business, the demand of caring for families, and lack of business training had kept the number of women entrepreneurs small. Now, however, businesses owned by women account for more than $40 billion in annual revenues, and this figure is likely to continue rising throughout the 1990s. As Carolyn Doppelt Gray, an official of the Small Business Administration, has noted, “The 1970s were the decade of women entering management, and the 1980s turned out to be the decade of woman entrepreneur”. What are some of the factors behind this trend? For one thing, as more women earn advanced degrees in business and enter the corporate world, they are finding obstacles. Women are still excluded from most executive suites. Charlotte Taylor, a management consultant, had noted, “In the 1970s women believed if they got an MBA and worked hard they could become chairman of the board. Now they’ve found out that isn’t going to happen so they go out on their own”.

In the past, most women entrepreneurs worked in “women’s” field: cosmetic and clothing, for example. But this is changing. Consider ASK computer system, a $22- million-a-year computer software business. It was founded in 1973 by Sandra Kurtzig, who was then a housewife with degrees in math and engineering. When Kurtzig founded the business, her first product was software that let weekly newspaper keep tabs on their newspaper carriers-and her office was a bedroom at home, with a shoebox under the bed to hold the company’s cash. After she succeeded with the newspaper software system, she hired several bright computer-science graduates to develop additional programs. When these were marketed and sold, ASK began to grow. It now has 200 employees, and Sandra Kurtzig owns $66.9 million of stock.

Of course, many women who start their own businesses fail, just as men often do. They still face hurdles in the business world, especially problems in raising money; the banking and finance world is still dominated by men, and old attitudes die hard. Most businesses owned by women are still quite small. But the situation is changing; there are likely to be many more Sandra Kurtzings in the years ahead.

The word “that” refers to_________.

A. a woman becomes chairman of the board

B. women working hard

C. women achieving advanced degrees

D. women believing that business is a place for them