ENGLISH FOR FINANCE - CAO XUÂN THIỀU
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HỌC VIỆN TÀI CHÍNH
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Chủ biên: Cao Xuân Thiều
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(ENGLISH FOR FINANCE)
NHÀ X y ấ T BÂN TÀI CHÍNK Đóng góp PDF bởi Nguyễn Thanh Tú
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HỌC VIỆN TẰI CHÍNH
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GIÁO TRÌNH k
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ENGLISH FOR FINANCE
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Chủ biên: Cao Xuân Thiều
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NHÀ XUẤT BẢN TÀI CHÍNH Hà nội - 2008 WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON
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Giáo trình “English for Finance” được tổ chức biên soạn lại, có sửa chữa và bổ sung nhiều bài mối từ cuốn giáo trình “English for Finance and Accounting” nhằm đáp ứng yêu cầu đổi mới nội dung chương trình đào tạo tại Học viện Tài chính trong giai đoạn đổi mối và phát triển của đất nước bưốc sang th ế kỷ 21. Giáo trình đã tập hợp được nhiều bài viết, nhiều kiến thức từ nhiều sách báo, tài liệu và giáo trình gốc của các tác giả ở các nước Anh, Mỹ, Australia... Việc hoàn thành giáo trình này sẽ đáp ứng được nhu cầu về tài liệu học tập của sinh viên, giúp sinh viên đọc hiểu, dịch thuật và rèn luyện được các kỹ năng ngôn ngữ về các lĩnh vực kinh tế, tài chính, ngân hàng, kế toán, marketing và quản trị kinh doanh... Đồng thòi, đây cũng là nguồn tài liệu tham khảo bổ ích đô'i với các nhà nghiên cứu, nhà quản lý kinh tế tài chính và những ai có nhu cầu nâng cao trình độ tiếng Anh về tài chính. *
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LỜI NÓI ĐẨU
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Giáo trình “English for Finance” gồm 42 bài vối thòi lượng 240 tiết được dùng cho các chuyên ngành khác nhau ỏ Học viện Tài chính (chương trình chính khoá là 120 tiết). Có những bài dùng chung, có những bài dùng cho chuyên ngành này là chủ yếu lại không dùng cho chuyên ngành khác và ngược lại. Giáo trình không chia rõ thành các chương riêng biệt, nhưng được sắp xếp theo các chủ đề: kinh tế học (economics), tiền tệ - ngân hàng (money and banking), tài chính (finance), kế toán - kiểm toán (accounting and auditing), phân tích tài chính (financial analysis), marketing và kinh doanh quốc tế (international business).
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Giáo trình do tập thể giảng viên khoa Ngoại ngữ của Học viện biên soạn gồm: Cao Xuân Thiều (chủ biên), Nguyễn Thị Định, Nguyễn Thị Hà, Trương Minh Hạnh, Mã Kim Khánh, Phạm Bích Loan, Bùi Bá Luy, Nguyễn Thị Mai, Đặng Phương Mai, Tạ Thị Phương, Hoàng Minh Phương và Nguyễn Hiền Từ.
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Giáo trình được hoàn thành là kết quả của quá trình lao động nghiêm túc, các tác giả đã cố gắng xây dựng cuốh giáo trình có nội dung thiết thực, kết cấu hợp lý với nguồn kiến thức đơn giản nhưng hiện đại phù hợp với qui trình đào tạo các chuyên ngành ở Học viện Tài chính. Tuy nhiên, do thời gian biên soạn còn hạn chế và nguồn tài liệu chưa th ật dồi dào nên giáo trình không tránh khỏi còn nhiều thiếu sót. Tập thể tác giả mong nhận được nhiều ý kiến chân thành của các thầy cô giáo cùng bạn đọc trong và ngoài Học viện để giáo trình được hoàn thiện hơn ỏ lần tái bản sau.
Hà nội, tháng 9 năm 2008 B an Q uản lý K hoa học H Ọ C VIỆN TÀI C H ĨN H
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Học viện Tài chính cảm ơn các nhà khoa học: GS. TS. Ngô Thế Chi; ThS. Nguyễn Phương Sửu; ThS. Hoàng Văn Hoạt; TS. Đỗ Phi Hoài; ThS. Trần Văn Phùng; TS. Lê Văn Liên; TS. Hoàng Thị Thúy Nguyệt, trong Hội đồng nghiệm thu đã có những ý kiến đóng £óp giá trị góp phần nâng cao chất lượng của giáo trình này.
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CONTENTS
Foreword
Page
Unit 2
Economic systems
Unit 3
Microeconomics
Unit 4
Macroeconomics
Unit 5
Demand and supply
Unit 6
Setting the price
Unit 7
Pricing strategies
Unit 8
Money and its functions
67
Unit 9
Money and banking
75
Unit 10
Banks and interest rates
84
Unit 11
Banking business
Unit 12
Fiscal policy
100
Unit 13
Finance and corporate finance
109
Unit 14
Funding the business
116
Unit 15
Management of working capital
125
Unit 16
Raising money for investments
135
Unit 17
What is The foreign exchange market?
147
Unit 18
The foreign exchange market
157
Unit 19
Functions of the stock exchange
166
Unit 20
Taxation
175
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Economics
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Unit 1
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Lồi nói đầu
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Introduction to corporate taxation
185
Unit 22
Customs and excise charges
196
Unit 23
Australian customs service
205
Unit 24
Insurance
215
Unit 25
What is accounting?
Unit 26
Financial statem ents
Unit 27
The balance sheet
Unit 28
The profit and loss account
Unit 29
Auditing
Unit 30
The role of auditors
Unit 31
Distinction between auditing and accounting
Unit 32
Financial analysis
Unit 33
Financial evaluation
Unit 34
Marketing
Unit 35
Marketing planning
314
Unit 36
The promotion mix in the marketing
322
Unit 37
Analysis of market opportunities
332
Unit 38
Ways of entering a foreign market
342
Unit 39
Project planning
351
Unit 40
International business
363
Unit 41
Trade surpluses and deficits
374
Unit 42
What is the balance of payments?
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• 383
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Unit 21
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Unit 1
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ECONOMICS I. Reading
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Most people want more than they can afford to buy. If a family buys one thing, they may not be able to afford something they would like. The same is true of nations. Whether a nation is rich or poor, most of its people want more than they can afford. They seek better schools, more houses and stronger armed forces. The field of economics studies the way the thing people need and want is made and brought to them. It also studies the way people and nations choose the things they actually buy from among the many things they want.
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Economists (specialists in economics) define economics as the study of how goods and services get produced and how they are distributed. By goods and services, economists mean everything that can be bought and sold. By produced, they mean the processing and making of goods and services. By distributed, they mean the way goods and services are divided among the people.
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In all countries, the resources used to produce goods and services are scarce. That is, no nation has enough farms, factories, or workers to produce everything th at everyone would like.
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Money is also scarce. Few people have enough money to buy everything they want when they want it. Therefore, people everywhere most choose the best possible way to use their resources and money.
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Children may have to choose whether to spend their allowances on a motion picture or a hamburger. Storekeepers may have to choose whether to take a summer vacation or to use their
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savings to buy more merchandise. A nation may have to choose whether to use tax money to build more submarines. In economic items, the children, the storekeepers, and the nation all must economize in order to satisfy their most important needs and wants. This means they must try to use the resources they have to produce the things they most want.
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Economics is a study of mankind. It tells us how man subsists, grows and develops in relation to the wealth available on Earth. Relations made by persons in the society which are in connection with material circumstances are economic.
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On a microeconomic scale, economics analyses the relations a person establishes with others while satisfying wants for his material life.Wants refer to both needs for a self to subsist and desires for the self to develop.
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Qn a macroeconomic scale, economics analyses the regulations that govern the ways of establishing relations between persons so as to assure the well-being of man’s world in the whole.
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1. Can people in most countries buy all the things they want?
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2. What do nations in the world want to do for their countries? 3. What does the field of economics study? 4. How do economists define economics?
5. Are the resources in the world used to produce goods and services abundant? 6. What do people and nations do with their limited resources and money?
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7. Why it is said that: Economics, is a study of mankind?
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8. Which relations are called economic? 9. What does economics analyze on a microeconomic scale?
III.
Language focus: If clause (Type I)
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10. What does economics analyze on a macroeconomic scale?
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When we talk about future events th at are reasonably likely and their results, we can use an if-sentence. The lf-clause states the condition, and the other clause states the result.
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“Unless” means the same as if...not. It always refers to the conditional part of the sentence and not the result part of the sentence.
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Example: - If the government raises taxes, consumer spending will fall.
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(If- clause can come in the first part of the sentence or the second)
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- Consumer spending will fall if the government raises taxes.
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- They won’t sign the contract unless we give them an additional discount. E x ercise 1: Put the verb in brackets into the correct tense.
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1. If sales (go)..... well this year, we will increase our products.
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2. We (sign).... the deal tomorrow unless something goes wrong.
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3. We will try to reduce our costs if sales (not / go)....... well this year.
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4. If the goods get damaged in transit, we (make)....... a claim. 5. We (go)..... to have a bad year unless demand increases
soon.
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Exercise 2: Match the sentences (1-6) with the sentences (a-f) a. Unless we give her the salary she wants.
1. She will accept the job 2. She won’t accept the job
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3. Unless sales improve dramatically b. We will not make a loss this year. c. Tthey will not take legal action. 4. If sales improve dramatically
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5. Unless we pay them immediately d. We will make a loss this year. e. They will take legal action. 6. If we pay them immediately
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f. If we give her salary she wants
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E xercise 1: Complete the sentences, using the words in italic.
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Available, activity, abundant, demand, government, safety, income,revenue,consumers, was
organized
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the
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1. Economic............................. assumption at cheap and........ oil.
producers,
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2. When the price of some commodities increases,..........will try to use less of it but...... will want to send more of it.
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3. A scarce resource is one for which the........ a zero price would exceed the.... supply.
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4. National..................... is the money received by the...........
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5. Governments spend part of their..... particular goods and services such as tanks, schools, and public......
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E xercise 2: Match the words with the definitions below. a- product
b- economic output
c- inflation
d- economics e- growth
f- gross domestic product (GDP)
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h- goods
1. the study of how money works and is used. 2. is rising prices
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3. the value of goods and services produced in a country or
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g- demand
area
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4. the value of all goods and services produced in a particular country 5. output in the economy increases
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6. something made to be sold
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7. the materials and components used to make products, or the products th at are made
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8. the amount of goods and services th at people want in a particular period
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V. Vocabulary
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Can we afford a new car?
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- afford(v): to have enough money or time to be able to buy or to do something: có đủ khả năng về tiền bạc, thòi gian... để làm điều gì đó
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- allowance(n): an amount o f money that is given to sb regularly or for a particular purpose: tiền trợ cấp, tiền cấp phát
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Do you get an allowance for clothing? - seek(v): to look for sth / sb: tìm kiếm
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- resources(n): a supply or sth that a country, an organization or a person has and can use, especially to increase their wealth (in plural): tài nguyên, nguồn lực
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- armed forces: lực lượng quân sự - scarce(adj): in short supply, khan hiếm, thiếu thốn 11
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- motion picture(n): phim, điện ảnh
- summer vacation(n): kỳ nghỉ hè
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- storekeeper(n): thủ kho, chủ cửa hàng
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It was wartime and food was scarce.
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- merchandise(n): goods that are bought or sold; goods that are for sale in a shop / store: hàng hóa - submarine(n): a ship that can travel under water: tàu ngầm
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- economize(v): to use less money, time, etc, than you normally use', tiết kiệm
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Our electricity bills are higher than we can afford-we must start to economize.
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Unit 2
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ECONOMIC SYSTEMS I. Reading
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F re e m a rk e t econom y: An economic system in which the market - that is the relation between producers and consumers, buyers and sellers, investors and workers, management and labour - is supposed to be regulated by the law of supply and demand. Business firms are supposed to compete freely, and any attem pt at hindering free competition ("restrictive practices") is punishable by law.
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Direct government intervention is theoretically ruled out although the government will influence the economic situation through its fiscal and budgetary policies.
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P la n n e d econom y: A system whereby the structure of the .market is deliberately planned by the state, in which production and consumption quotas are fixed beforehand, and where there is no real competition between industrial or commercial organizations. In the soviet model, for instance, all the means of production and the channels of distribution are state controlled. Private ownership does not exist in this field.
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In practice, there is wide gap between the theoretical model and economic realities: the so - called market economies relv more and more on Government planning and intervention, whereas in planned economies, such capitalistic notions as profit tend to be reintroduced. M ixed econom y: An economic system in which some goods and services are produced by the government and some by private enterprise. It lies between a command economy and a complete
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laissez-faire economy. In practice, most economies are mixed; the significant feature is whether an economy is moving towards or away from a more laissez-faire situation.
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II. Comprehension / interpretation
Using the inform ation in the text, answ er the questions ielow.
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1. What is a m arket economy? 2. What is a planned economy?
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3. What are differences between a m arket economy and a lanned economy? 4. What is a mixed economy?
The pa ssive
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III. Language focus
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The passive is formed by using the verb be and the past articiple. For example, the present tense passive is formed with m / is / are + past participle
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• We often use the passive to focus on something that appens to someone, when we do not want to focus on the person ho does the action:
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About 85% o f the world’s rubber is p ro d u ce d in the Far
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ast.
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• The passive is often used to talk about systems and ■ocesses:
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On most rubber plantations, the latex is collected from the bber trees every day. It is m ixed with water and then formic id is added. This process creates crude rubber, which is then lied into sheets. a The passive infinitive is be + p a s t p a rtic ip le. We can use e passive with a modal verb (or an expression like have to).
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Stamps can be bought at any office. Meals have to be p re p a re d every day.
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Changes to the taxation system are expected to be proposed.
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• Notice th a t in some contexts it is possible to make both verbs passive.
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E xercise 1: P u t the follow ing into the p a ssive voice.
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P u t the follow in g into the p a ssiv e voice.
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1. We can solve this problem.
2. People should send their complaints to the head office.
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3. They have changed the date of the meeting.
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4. The government will influence the economic situation through its fiscal and budgetary policies. * 5. In planned economies governments fix production and consumption quotas beforehand.
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6. Our supplier is shipping the goods next week. 7. The government raised interest rates by 1%.
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8. He was asking me some difficult questions.
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9. ABB gave a large order to us last year. 10. David Gill from Marketing lent me this book.
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E xercise 2: Complete the sentences using a p a ir of verbs. Use the p a s t sim ple for the fir st verb a n d a p a ssive form w ith being + past participle or to be + past participle for the second.
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deny / pay appear / crack
resent / ask
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tend / forget
avoid / run down
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1. He ............................. any money for giving his advice to the company.
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2. She ................................ to make tea for everyone at the meeting. 3. Many reliable methods of .............................when computers arrived.
storing
information
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4. I narrow ly..........................by the bus as it came round the corner.
Word study
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5. The window............................... in a number of places.
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Fill each of the numbered blanks in the following passage. Use only one word from the box in each space.
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principles the at anything what for issues both training how
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Economics is ................. (1) study of how individuals and nations make choices about how to use scarce resources to fill their needs and wants.A resource i s ................. (2) th at people can use to make or o b tain ....................(3) they need or want. You may be asking yourself................... (4) this point how economics will help you, a student. Also, you may be wondering how scarce resources is a problem ................ (5) a nation like the United States that has such abundant resources. It may surprise you to know that many of the decisions you will face as a citizen deal with ............... (6) the United States should use its resources. Learning economic...............(7) can help you make decisions about candidates for political office, political and social................ (8), and the goals the United States should set for itself, such as how to spend government revenues. Many people are familiar with the benefits of government programs
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such as job............... (9) and Medicare, but how many people are aware of the costs of these programs? Economics can help you to un derstand..................(10) costs and benefits and, therefore, help you to make better decisions.
V. Read the following passage and translate into Vietnamese
ĐẠ O
WHAT IS ECONOMICS ABOUT?
Í-
HÓ
A
10
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HƯ
NG
Economics is about the everyday things of life, how we get our living and why sometimes we get more and sometimes less. Nowadays, everybody realizes the important part played in their lives by economic factors, because nothing seems to stay put for more than a few weeks on end. Prices are continually changing, generally upwards, and no sooner do we congratulate ourselves on being a bit better off than we seem to lose all we have gained because of having to pay more for everything we want. Industries, such as coal mines and railways, which we have taken for granted as natural part of the scene, decline in size, and other quite new ones, electronics and plastics and so on, take their place as big fields of employment; and these changes in size directly affect the lives of hundreds of thousands of families.
ĐÀ N
TO ÁN
-L
Those of us who are now middle-aged can recall the shock we had during the war when the scarcity of so many of the goods we needed for our day-to-day living brought vividly home to us how much we depend on the four corners of the world for all the things we normally use without generally giving a moment's thought to their origin.
DI Ễ
N
There was a time when each family actually produced for itself most of the things it needed for its everyday life. In the modern world the relationship between work and wants is much less direct than it used to be, for most of us spend our time making things for sale and not for our own use. This
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specialization, which is the characteristic of the modern economy, enables us to enjoy things of which our grandfathers never dreamed, motor-cars bicycles and planes, vacuum cleaners and refrigerators, rayon and plastic clothing, more varied foods, and all sorts of other goods, but it also makes the world very much more complex. VI. Vocabulary
ĐẠ O
- attem pt (n) a thing produced by sb trying to do or make sth cố gắng
NG
- be supposed to do sth to be allowed to do sth cần phải được ...
HƯ
- hinder (v) to prevent or delay the progress of sb / sth càn trở, ngăn cản
TR Ầ
N
- punishable (adj) ... that can be punished, esp. by law có thể bị trừng phạt
00
B
- intervention (n) becoming involved in a situation, esp. so as preventing sth happening or trying to help sb can thiệp vào
10
- rule out exclude sth / sb loại trừ, không chấp nhận
Í-
HÓ
A
- fiscal policy the policy of a government in relation to taxation and government expenditure as a means of affecting aggregate economic activity chính sách tài khoá
TO ÁN
-L
- budgetary (adj) connected with the way money is spent in a budget (thuộc về) ngân sách - deliberately (adv) not freely có chủ ý sẵn
ĐÀ N
- quotas (n) a fixed amount of sth that must be done, given or received chỉ tiêu
DI Ễ
N
- exist (v) to happen or be present in a particular situation or I place tổn tại - laissez-faire (n) policy of nori-interference chính sách không I can thiệp / hoàn toàn tự do
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U n it 3
TP .Q UY
MICROECONOMICS I. Reading
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ĐẠ O
1. Many economists specialize in a particular branch of the subject. For example, there are labour economists, energy economists, monetary economists, and international economists. What - distinguishes these economists is the segment of economic life in which they are interested. Labour economics deals with problems of the labour market as viewed by firms, workers, and society as a whole. Urban economics deals with city problems: land use, transport, congestion, and housing. However, we need not to classify branches of economics according to the area of economic life in which we ask the standard questions what, how, and for whom. We can also classify branches of economics according to the approach or methodology th at is used. Thè very broad division of approaches into microeconomic and macroeconomic cuts across the large number of subject groupings cited above.
-L
Í-
Microeconomic analysis offers a detailed treatm ent of individual decisions about particular commodities.
DI Ễ
N
ĐÀ N
TO ÁN
For example, we might study why individual households prefer cars to bicycles and how producers decide whether to produce cars or bicycles. We can then aggregate the behaviout of all households and all firms to discuss total car purchases and total car production. Within a market economy we can discuss the market for cars. Comparing this with the market for bicycles, we may be able to explain the relative price of cars and bicycles and the relative output of these two goods. The sophisticated branch of microeconomics known as general equilibrium theory extends this 1o Đóng góp PDF bởi Nguyễn Thanh Tú
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approach to its logical conclusion. It sudy simultaneously every market for every commodity. From this it is hoped th at we can understand the complete pattern of consumption, production, and exchange in the whole economy at a point in time.
DI Ễ
N
ĐÀ N
TO ÁN
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ĐẠ O
2. If you think this sounds very complicated you are corr It is for many purposes, the analysis becomes so complicated that we tend to lose track of the phenomena in which we were interested. The interesting task for economics, a task th at retains an element of art in economic sienee, is to devise judicious simplifications which keep the analysis manageable without distorting reality too much. It is here that microeconomists and macroeconomists proceed down different avenues. Microeconomists tend to offer a detailed treatm ent of one aspect of economic behaviour but ignore interactions with the rest of the economy in order to preserve the simplicity of the analysis. A microeconomic analysis of miners’ wages would emphasize the charateristics of miners and the ability of mine owners to pay. It wouild largely neglect the chain of indirect effects to which a rise in miners’ wages might give rise. For example, car workers might use the precedent of the miners pay increase to secure higher wages in the car industry, thus being able to afford large houses which burned more coal in heating systems. When microeconomic analysis ignores such indirectly induced effects it is said to be partial analysis. II. Comprehension questions
Read the text carefully and then answer the following questions:
1. What distinguishes an energy economist from an urban economist? 2. Are the same questions asked in each area of economic life? 20
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5. What can be understood from such a study?
TP .Q UY
4. What does the general equilibrium theory examine?
NH ƠN
3. What is needed before total car purchases and productioi can be discussed?
6. What happens when an analysis becomes too complicated'
ĐẠ O
7. What can keep an analysis manageable?
8. What do most microeconomists leave out of their analysis:
NG
9. What does partial analysis ignore?
N
Language focus
TR Ầ
III.
HƯ
10. Why would most not make a breakdown of connsume goods?
Study the following sentence from the text:
00
B
the analysis becomes so complicated that we tend to ỈOSÍ track of the phenomena in which we were interested”.
10
G ram m ar issues: result clauses with so... th a t and such...
HÓ
A
that
-L
Í-
So and such with that express result. So is used with adjectives and adverbs:
TO ÁN
The manual was so com plicated th a t I couldn't understand it. The manual was written so badly th a t I couldn’t understand it.
ĐÀ N
Such (a) is used with an adjective + noun: They were such noisy machines that we couldn’t hear her voice.
DI Ễ
N
It was such a bad manual that I couldn't understand it. Exercise for practice:
Match the sentences in column A with the results in column B. Then rewrite them as one senetence, using so and such. 21
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The meeting went on for such a Ions time that I missed the train home. B
A
TP .Q UY
1. The meeting went on for a A. The factory couldn’t meet the demand for it. long time.
TR Ầ
N
HƯ
NG
ĐẠ O
2. The company was in a very B. Nobody ever wants to leave, bad financial state. c. We decided to interview him. 3. Frankfurt was very busy D. They called in the receivers. during the book fair. E. I missed the train home. 4. They treat their employees F. We couldn’t get a hotel room. very well. 5. My portable computer is very G. I don’t like to use it. unreliable.
10
00
B
6. The new drug was very successful.
Word study
Í-
IV.
HÓ
A
7. He had a very good cv.
TO ÁN
-L
In this section you should use a dictionary to help you answer the questions about the text.
ĐÀ N
1. Look at the first paragraph again. W hat words correspond to these definitions? * way of studying a subject
DI Ễ
N
* give particular attention to
* way of looking at a subject v * quoted
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2. Look at the first paragraph again and say what words have the opposite meaning to: * beginning
TP .Q UY
* at different times
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* simple and uncomplicated
ĐẠ O
3. Look at the first paragraph again. Can you explain the words: * consumption
NG
* exchange
N
HƯ
4. Look at paragraph 2 and say which words have the same meaning as:
TR Ầ
* pulling out of shape
B
* pay not enough attention to
00
* pay no attention to
10
* think out
HÓ
A
* keep safe Vocabulary
Í-
V.
’
TO ÁN
-L
- Economist (n): a person who studies or writes about economics', nhà kinh, tế học - Energy (n): a source of power: năng lượng
ĐÀ N
Solar energy, nuclear energy. - Monetary (adj): connected with money.
N
- Urban (n): connected with a town or a city, thuộc về đô thị
DI Ễ
- Segment (n): a part of sth that is separate from the other parts.
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- Classify (v): to arrange sth in groups according to features that they have in common: phân loại The books in the library are classified according to subject.
TP .Q UY
- Approach (n): a way of doing or thinking about sth, such as a problem or a task: cách tiếp cận, phương pháp. - Approach (v): to start dealing with sth / sb: tiếp cận.
ĐẠ O
- Methodology (n): a set of methods or principles used to perform a particular activity: phương pháp
HƯ
NG
- Commodity (n): a product or a raw material that can be bought and sold:
N
- Behaviour (n): the way that sb behaves: hành vi
TR Ầ
- Aggregate (vj: ~ (sth) (with sth): to combine different items, amounts, etc.
00
B
into a single group or total: tổng hợp, tính gộp.
10
The television audience aggregated 30 millions.
HÓ
A
- Aggregate (n + adj): tổng số, sô' lượng tính gộp; toàn bộ Aggregate demand / supply: tổng cầu Ị cung
-L
Í-
- Relative price (n): giá tương đối
TO ÁN
- Equilibrium (n): a State o f balance: sự cân bằng
- General equilibrium theory (n): thuyết cân bằng tổng thể
- Devise (v): to invent sth new or a new way o f doing sth: phát minh, tạo ra
DI Ễ
N
ĐÀ N
Equilibrium for a particular goods means that the demand of that goods equals the supply.
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A new system has been devised to control trafic in the city. - Interaction (n): tác động qua lại,, ảnh hưởng lẫn nhau.
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- Simple (adj): đơn giản - Simplify (v): to make sth easier to do or understand,', làm đơn giản hóa
TP .Q UY
- Simplification (n): the process of making sth easier to do or understand: sự làm đơn giản hóa
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
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ĐẠ O
- Simplicity (n): the quality o f being easy to understand or use: sự đơn giản.
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U n it 4
TP .Q UY
MACROECONOMICS I. Heading
HƯ
NG
ĐẠ O
Macroeconomics provides us with a bird’s eye view of country’s economic landscape. Instead of looking at behavior of individual businesses and consumer - called microeconomics - the goal of macroeconomics is to look at overall econom ic trends such as em ploym ent levels, econom ic growth, balance of paym ents, and in flatio n . The study of the world economy, for example, is essentially a macroeconomics survey.
HÓ
A
10
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TR Ầ
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Just as the speed of an engine is regulated by its supply of fuel, macroeconomics is influenced mainly by m o n e ta ry policy, which controls a nation’s m oney supply, and fiscal policy, which controls a governm ent’s revenue and spending. Control over an economy is essentially is the hands of each country’s cen tra! b a n k s and government, because they control the money that provides the fuel to keep the economy running.
ĐÀ N
TO ÁN
-L
Í-
Monetary policy, the control of a nation’s money supply is managed by each country’s central banks. Germany’s Bundesbank, Britain’s Bank of England, and the Bank of Japan all reg u la te their money supplies with basically the same goals as the US Federal Reserve to p rom o te economic growth and keep inflation under control.
DI Ễ
N
Just as a driver uses the accelerator to speed up or slow down a vehicle, central banks control the economy by decreasing the money supply. By carefully regulating the supply money to fuel economic growth, a central bari'k works to keep economy from o v erh eatin g or slow ing dow n too quickly. 26
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Monetary policy is essentially a guessing game. There is no one statistic to tell us how fast a economy is growing, and there is nothing th at tell us how quickly the economy will respond to changes that may take months or years to implement. Central banks try to keep one eye to unemployment, resulting from economic slow downs.
NH ƠN
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N
HƯ
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ĐẠ O
The economy at large can also be controlled by regulating fiscal policy, government revenue and spending. Although a country’s money supply is controlled by central banks, government spending also greatly influences by a country’ economic growth. Ju st as a family’s economic health is influenced by a parent’s earning and spending habits, a nation’s economic health is influenced by governmental fiscal policies, such as taxation, spending and governm ent borrowing.
00
B
For better or for worse, the major economic influences in our daily lives, such as inflation and unemployment, are primarily the result of macroeconomic decisions.
10
II. Com prehension / Interpretation
HÓ
A
1. Macroeconomics does not study:
a. the behavior of individual businesses and consumers.
-L
Í-
b. overall economic trends such as employment levels, economic growth,
TO ÁN
balance of payments and inflation. c. the world economy.
ĐÀ N
d. interactions among economic factors in the whole economy.
N
2. Macroeconomics is influenced mainly by
DI Ễ
a. monetary policy. b. fiscal policy. 77 Đóng góp PDF bởi Nguyễn Thanh Tú
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c. open door policy d. answers a & b
TP .Q UY
3. Which one is not an economic policy?
NH ƠN
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a. monetary policy. b. insurance policy
ĐẠ O
c. fiscal policy.
I
d. open door policy
Ị
I I !
HƯ
NG
4. The purpose of regulating the money supply by the central I bank is to: i I
N
a. keep inflation under control.
I
TR Ầ
b. promote economic growth.
00
B
c. keep the economy from overheating or slowing down too quickly. j
10
d. all the answers above. 5. Fiscal policy deals with
A
j
I
b. taxation.
I
c. government’s borrowing.
'
d. all the answers above.
I
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
a. government’s revenue and spending.
III.
Language focus
Study the following sentence from the text:
1. ... macroeconomics is influenced mainly by monetary I policy, which controls a nation’s money supply I 2. ... and fiscal policy, which controls a government’s revenue j and spending.
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G r a m m a r is s u e s : R e la tiv e c la u s e s
* People and things
TP .Q UY
We can use a relative clause beginning with who, th a t or which to describe and define a person or thing. To refer to people, we use w ho and th a t. To refer to thing, we use which or th at:
ĐẠ O
PEOPLE: The accountants who / that advised me wei'e very good.
NG
(The clause who a d vised m e helps to identify the accountants).
HƯ
THINGS: The computers which / that they bought were expensive.
TR Ầ
N
(The clause w hich they bought identifies the computers). * Subject and object relative clauses
10
00
B
Sometimes it is necessary to keep the relative pronoun in the sentence, and sometimes it is possible to leave it out.
HÓ
A
If the relative who, w hich, or th a t is followed by a verb, we must keep it
-L
Í-
We’ve got a machine th a t p r in ts in colour. (Not: a machine prints in colour)
TO ÁN
(In this sentence, th a t p r in ts in colour is a subject relative clause.)
ĐÀ N
If the relative w ho, w hich, or th a t is followed by a noun or pronoun + verb, we can leave it out. So we can say: OR The
N
The computers th a t you ordered have arrived computers you ordered have arrived.
DI Ễ
(In this sentence, th a t you ordered is an object relative clause.) 29
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Correct the m istakes in the follow ing sentences.
NH ƠN
Exercise for practice:
TP .Q UY
1. Yesterday I spoke to your director, th at seemed to be very pleasant.
2. The room where we held the meeting in was a little too smaỉỉ.
ĐẠ O
3. Brazil which is the world’s largest exporter of coffee has high inflation.
HƯ
NG
4. The negotiators finally reached a formula on what everyone could agree.
TR Ầ
N
5. I found it difficult to hear th at the speaker was talking about.
B
6. Tim Lang only joined the company six months ago is going to be promoted.
10
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7. The Rover group its name has been changed several times is now part of IBM.
Word study
-L
IV.
Í-
HÓ
A
8. I suggest we have a meeting in Romsey Street, which we rent a few offices.
TO ÁN
Complete the following sentences by using appropriate words or phrases in bold from the reading text. (Not all words are used).
ĐÀ N
1. A rapid rise in prices is called.............
DI Ễ
N
2. Japan has a .................. surplus because it exports more than it imports
3................. rests on the relationship between the rates of interest in an economy. r\
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4. Does inflation cause...............? 5. Macroeconomics is the study of overall.............. 6. Increases in in real GNP are called...................
TP .Q UY
7. Monetary policy should be contrasted with .................. . which refers to government borrowing, spending and taxation 8. Fiscal policy consists of................and taxation.
ĐẠ O
9. The central bank has the ability to alter the.............. and thus influence the interest rate Vocabulary
NG
V.
N
HƯ
- Trends: a general direction in which a situation is changing or developing: xu hướng
TR Ầ
- Economic trends: xu hướng kinh tế.
00
B
- Employment: work, especially when it is done to earn money; the state o f being employed: công việc
HÓ
A
10
- Unemployment: the state o f not having a job; the fact o f a number o f people not having a job: tình trạng không có việc làm, thất nghiệp
young
-L
of
people
are
facing
long-term
TO ÁN
Thousands unemployment.
Í-
This is an area o f high unemployment.
ĐÀ N
- Balance of payments (n): the difference between the amount a country pays for imports and the amount it receives for exports in a particular period o f time: cán cân thanh toán.
DI Ễ
N
- Inflation (n): a general rise in the prices o f goods and services an a particular country, resulting in a fall in the value of money: lạm phát Inflation is currently running at 3%. 71 Đóng góp PDF bởi Nguyễn Thanh Tú
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- Monetary (adj): connected with money, especially all the money in a country: thuộc về tiền tệ.
TP .Q UY
- Monetary policy (n): chính sách tiền tệ
- Money supply (n): the total amount o f money that exists in the economy of a country at a particular time: cung tiền
ĐẠ O
In times o f high iflation, we should reduce the money supply.
HƯ
NG
- Fiscal policy (n): one o f the main government policies that attempts to influence the direction of the economy through changes in government taxes, or through some spending: chính sách tài chính / chính sách tài khóa
B
TR Ầ
N
- Revenue (n): the money that a government receives from taxes, or that an organization, etc, receives from its business: thu nhập ■ i - Expenditure (n): an amount of money spent: chi tiêu
10
00
- Respond to (v): to react quickly or in the correct way to sth / sb: phản ứng
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
khóa
HÓ
A
- Taxation (n): the system of collecting money by taxes: thuế
I
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-Unit 5
TP .Q UY
DEMAND AND SUPPLY I. Reading
10
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
DEMAND
-L
Í-
HÓ
A
Demand describes how price influences buyer behavior. I the price of a specific good or service increases, the quantity £ buyer will purchase will decrease. If the price decreases, the quantity a buyer will purchase will increase.
N
ĐÀ N
TO ÁN
However, more than just price influences how much a buyei wishes to purchase. In order to focus on the influence of price on a buyer, we must hold all the other possible influences constant. Economists call factors other than the price of the specific good that influences how much a buyer purchases the shift factors oi demand, or society’s income, prices of other goods, expectations, and tastes.
DI Ễ
Demand curve shows the price influence on buyers. In the terminology of economics, a price change causes a movement along a given demand curve. An increase in price will decrease 33
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NG
ĐẠ O
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NH ƠN
the quantity demanded. We must be able to illustrate on our model how influences other than price, called shift factors, affect decisions to buy. On our demand model, we illustrate a change in one of these factors by a shift of the entire demand curve to the right or to the left. In the language of economics, if higher incomes cause the buyers of a specific good to be willing and able to buy more at various prices, this event is expressed as an increase in demand and is modeled as a shift of the demand curve to the right. If buyers are willing and able to buy less at all of the various prices, there is a decrease in demand, and the demand curve shifts to the left.
HƯ
SUPPLY
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
The seller, just like the p $ buyer, will be influenced by prices I c when deciding how much to Éa provide or produce. But for the seller, as the price of a good or 12 service rises, the quantity " supplied will increase. As price decreases, the seller will produce less and the quantity supplied will decrease.
ĐÀ N
TO ÁN
Other forces besides price affect sellers’ willingness and ability to sell at various prices. These forces are called shift factors and include changes in prices of inputs, technology, taxes, and suppliers’ expectations. These factors are held constant as we discuss how price influences the seller.
DI Ễ
N
In the language of economics, any change in price will cause a change in quantity supplied. On the graph this is shown as a movement along a given supply curve. However, our model must also illustrate how the shift factors influence seller decision34
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Supply
ĐẠ O
making. A change in one of these p$ cn Cl R S it * ' factors is said to cause a change I in supply and is modeled as a EMl--------------------- r , shift of the entire curve.An increase in the costs of producing a good would result in a decrease in supply. We would model it by shifting the supply curve to the left. 24 2729
NH ƠN
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Q u a n ti ty
B
II. Comprehension / interpretation
TR Ầ
N
HƯ
NG
You need to be clear on the difference between an increase in supply and an increase in quantity supplied. An improvement in production technology would cause an increase in supply. An increase in price results in an increase in quantity supplied.
10
00
1. Which of the following statem ents about the law of demand is false?
HÓ
A
a. Price and quantity demanded are inversely related.
Í-
b. An increase in price results in a decrease in quantity demanded.
-L
c. A decrease in price results in a decrease in demand.
TO ÁN
d. The shift factors of demand are held constant.
ĐÀ N
2. Which of the following is not an example of a change in demand?
N
a. Reduced national income causes fewer sports cars to be purchased.
DI Ễ
b. The demand curve for steak shift to the right as the barbecue season heats up.
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c. Higher prices for beer cause a decrease in quantity of beer demanded.
TP .Q UY
d. A successful advertising campaign by the pizza institute results in buyers being willing and able to purchase more pizza at each possible price. 3. The law of supply states that as price increases,
b. supply increases
NG
c. quantity supplied increases
ĐẠ O
a. sellers are motivated to produce more.
HƯ
d. supply decrease
N
e. a and c
TR Ầ
4. Which of the following is a shift factor of supply?
B
a. Ạ change in price
00
b. A reduction in production costs
10
c. Higher family incomes
HÓ
A
d. Government-imposed price ceilings
Í-
5. Which of the following indicates a change in supply?
-L
a. Technological improvement in the production process
DI Ễ
N
ĐÀ N
TO ÁN
b. Movement along a particular supply curve c. Higher prices, causing an increase in quantity supplied d. Quantity supplied decreases as price increases e. b and c
6. If the demand for tennis rackets increases, which of the following is not likely to happen? a. The price of rackets will increase. b. The price of rackets will decrease. 36
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c. The racket demand curve will shift to the right. d. The quantity of rackets sold will increase 7. An increase in supply occurs if
TP .Q UY
a. demand increases b. price increases
ĐẠ O
c. production costs decrease d. a and b
NG
8. If the supply of wheat increases
HƯ
a. the supply curve will shift to the right
N
b. the market price of wheat will decrease
TR Ầ
c. the market quantity of wheat will increase
B
d. a, b, and c
00
9. If labor costs in the auto industry rise,
A
10
a. the demand for cars will decrease.
HÓ
b. the price of cars will increase.
-L
d. b and c
Í-
c. fewer cars will be bought and sold
TO ÁN
10. An increase in taxes on hard liquor will cause a. an increase in the market price of hard liquor
ĐÀ N
b. a decrease in the market price of hard liquor
DI Ễ
N
c. a decrease in demand for hard liquor d. an increase in the supply of hard liquor
III.
Language focus
Study the sentences from the text:
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1. I f the price decreases, the quantity a buyer will purchase will increase.
TP .Q UY
2. I f buyers are willing and able to buy less at all o f the various prices, there is a decrease in demand, and the demand curve shifts to the left.
ĐẠ O
Both sentences above are conditional (type 1) or first conditional
(result)
N
(condition)
future
HƯ
If + present,
NG
* When we want to talk about future events that will happen, or are likely to happen, we use:
TR Ầ
I f the government raises taxes, consumer spending w ill fall.
B
The if-clause can also come in the second part of the sentence
10
00
Consumer spending w ill fa ll i f the government raises taxex.
A
* Unless means the same as if... not.
Í-
HÓ
I f he doesn’t get here soon, we will have to start the meeting without him.
TO ÁN
-L
Unless he gets here soon, we will have to start the meeting without him.
ĐÀ N
We often use not + unless, which means only... if, when we want to emphasize a condition:
DI Ễ
N
They w ill only sign the contract if we give them an additional discount.
They won’t sign the contract unless we give them an additional discount.
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Exercises for practice: E xercise 1:
TP .Q UY
You have been asked to speak on these topics at a meeting. Write short paragraphs about what you think will happen during the next two or three yearrs, and what you or your company will do.
NH ƠN
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ĐẠ O
1. interest rates
NG
I think that interest rates will rise again during the next two or three years.
N
HƯ
I f they do, we will have to try to reduce our costs and the amount we
TR Ầ
borrow as much as possible, and we will not be able to expand.
HÓ
A
10
00
B
2. your market share
ĐÀ N
TO ÁN
-L
Í-
3. new competitors
DI Ễ
N
4. the political situation
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Exercise 2: Rewrite the following sentences using unless: 1. If nothing goes wrong, we will sign the deal tomorrow. We will sign the deal tomorrow unless something goes wrong.
TP .Q UY
2. We’re not going to get that contract if we don’t improve our offer. We’re not going to get that contract.................
ĐẠ O
3. Only phone me if it is an emergency.
Please don’t phone me..................................
HƯ
NG
4. If demand doesn’t increase soon, we are going to have a bad year.
N
We are going to have a bad year.................................
TR Ầ
This project will only be viable if you can cut your overheads.
B
This project will not be viable........................
W ord study: Use the following terms to fill in th
HÓ
A
10
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IV. blanks
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different prices, vertical axis, demand curve, horizontal axis, market, increase, decrease, line, shift factors, possible prices, line, individual supply curve, market, demand table,
DI Ễ
N
ĐÀ N
TO ÁN
A1 ...................................... shows the quantity a buyer plans to purchase of a specific good, at 2 ............ in a specific time period, while holding other things (3 .................. ) constant. To model this table, a graph is used to illustrate what the table shows. Price is measured on the 4 .................... of the graph and quantity per time period is measured on the 5............................ of the graph. Values from the table are plotted on the graph. This is an individual 6.................................. If we knew what the buyers were willing and able to purchase at the various prices on a 40
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demand table, then we could model a 7 .....................demand curve for specific good or services.
NG
ĐẠ O
TP .Q UY
Ju st as with demand, a table can be made to show how price influences a seller’s decision to sell. The table expresses a range of 8 ............................... and shows the quantity the seller is willing and able to sell at each of those prices, holding other factors constant. The table will indicate that quantity supplied will increase with an 9 ......................... in price for the specific good or service. On the other hand, quantity supplied will decrease with a 10........................in price.
TR Ầ
N
HƯ
The vertical 11 ........................... on a graph represents price and the horizontal 12 ........................ shows quantity per time period. Plotting the price / quantity combinations from the table onto the graph creates a model of an 13.................................
A
10
00
B
If we knew how much all sellers of the specific good or service were willing to make available at the various possible prices, we could create a model of the 1 4 ........................ supply curve. Vocabulary
HÓ
V.
-L
Í-
- Demand (n): quantities o f a good that will be bought at various prices; it is represented by the entire demand curve: cầu.
TO ÁN
- Demand curve (n): graphical representation of how m uch of a good will be bought at various prices', đường cau.
ĐÀ N
- Quantity demanded: quantity of a good that buyers want to buy; it can be represented by a point on a demand curve: lượng cầu.
DI Ễ
N
- Shift factors of demand: something other than price that affects how much of a good is demanded: các yếu tô" ngoài giá tác động tói cầu. - Movement along a demand curve: a change in the quantity demanded due to a change in price: di chuyển dọc đường cầu. 41
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- Shift in demand: a shift o f the entire demand curve', dịch chuyển đường cầu
TP .Q UY
- Supply (n): quantities that will be brought to market at various prices-, cung.
- Quantity supplied: quantity o f a good suppliers want to sell; it can be represented by a point on a supply curve: lượng cung.
ĐẠ O
- Shift factors of supply: other forces besides price affect sellers’ willingness and ability to sell at various prices: các yếu tô" ngoài giá tác động tới cung.
HƯ
NG
- Shift in supply: a shift o f the entire supply curve: dịch ĩhuyển đường cung.
TR Ầ
N
- Price ceiling: Government-imposed limit on how high a trice may be set: giá trần
00
B
- Price floor: Government-imposed, lim it on how low a price nay be set: giá sàn
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
- Factors of production: inputs or resources, necessary to troduce goods: các yếu tô' sản xuất
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U n it 6
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SETTING THE PRICE I. Reading
NG
ĐẠ O
How are prices set? Through most of history, prices were set by buyers and sellers negotiating with each other. Sellers would ask for a higher price than they expected to receive, and buyers would offer less than they expected to pay. Through bargaining, they would arrive at ail acceptable price.
N
HƯ
Setting one price for all buyers is a relatively modern idea. It was given impetus by the development of large-scale retailing at the end of the nineteenth century.
HÓ
A
10
00
B
TR Ầ
Through most of history, price has operated as the major determinant of buyer choice. This is still true in poorer nations, among poorer groups, and with commodity-type-products. However, non-price factors have become relatively more important in buyer-choice behavior in recent decades. Yes price still remains one of the most important elements determining company market share and profitability.
ĐÀ N
TO ÁN
-L
Í-
Price is the only element in the marketing mix th at produces revenue, the other elements represent costs. Yet many companies do not handle pricing well. The most common mistake are: pricing is too cost oriented, price is not revised often enough to capitalize on m arket changes, price is set independently of the rest of the marketing mix rather than as an intrinsic element of marketpositioning strategy, and price is not varied enough for different product items and market segments.
DI Ễ
N
Companies handle pricing in a variety of ways. In small companies, prices are often set by top management rather than by the marketing or sales department. AT.
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NH ƠN
In large companies, pricing is typically handled by divisional and product-line managers. Even here, top management sets the general pricing objectives and policies and often approves the prices proposed by lower levels of management. In industries where pricing is a key factor (aerospace, railroads, oil companies will often establish a pricing department to set prices or assist others in determining appropriate prices. This department reports either to the marketing department, or top management. Others who exert an influence on pricing include sales managers, production managers, finance managers, and accountants.
NG
II. Comprehension / interpretation
N
HƯ
According to the text, decide w hether the following sentences are true (T) or false (F).
TR Ầ
1. Through most of history, sellers and buyers made bargaining to reach suitable prices. □
00
B
2. One price set for all buyers is a traditional trend.□
10
3. Price has played an important role in buyer choice.□
HÓ
A
4. Companies with sound pricing strategies can gain market share and profitability. □
Í-
5. All elements in. the marketing mix represent costs.□
TO ÁN
-L
6. Prices should be various for different products and different market segments.□
8. Pricing departments in some companies such as aerospace, railroads, and oil companies set the price independently.□
DI Ễ
N
ĐÀ N
7. Prices are mostly set by pricing departments in any companies.□
III. Language focus Study the expressions from the text: 44
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These expressions are called com pound nouns.
NH ƠN
“commodity-type products; buyer-choice behavior; productline managers; sales managers; production managers; finance managers”
ĐẠ O
• A compound noun is two nouns together. Compound nouns are common in English, and are particularly common in business language.
NG
• When we use two nouns together, the first noun is like an adjective and discribes the second noun.
B
TR Ầ
N
HƯ
‘I can also report that manufacturing - despite the... exchange rate - grew last year by 1.6 percent; m a n u fa c tu rin g p ro d u ctivity grew by 4.4 percent and m a n u fa c tu rin g exports by 11.8 percent.’ - Chancellor Gordon Brown’s budget speech. (The Times website)
10
00
• We can use more than two nouns. To understand the meaning start at the end.
HÓ
A
an executive search com pany (a company th at search for executives)
TO ÁN
-L
Í-
a governm ent tra in in g course (a course of training provided by the government) E x ercises for p ractic e.
DI Ễ
N
ĐÀ N
Choose the one word in each group that does not m ake a com m on com pound n o u n w ith th e firs t w ord in bold. 1. sales
forecast / figures / trade / target.
2. market
forces / sector / check / share.
3. price
offer / list / range / rise
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image / leader / loyalty / process
5. tax
relief / benefits / output / allowance
6. product
manager / range / features / share
7. advertising
slogan / campaign / line / agency
8. production
market / line / capacity / target
9. working
conditions / trend / hours / lunch
10. stock
option / decision / market / exchange
ĐẠ O
IV.
TP .Q UY
4. brand
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W ord stu d y
NG
I. Complete the summary below by writing one word in each
HƯ
2P
TR Ầ
N
strategy buyer goods price bargaining cost differs costs 'aise fixed
TO ÁN
-L
Í-
HÓ
A
10
00
B
Nowadays (1)...........is just one of the factors which influence would-be (2).......... While it will always be a consideration, uality, service, reliability, etc may be equally or even more nportant considerations. Most (3)......... are sold at a (4)........ rice, although, particularly with large or repeat orders, some i)........ may be feasible. When bargaining a seller expects to wer the asking price and the buyer experts to (6)......... the riginal offer.
DI Ễ
N
ĐÀ N
Pricing (7)......... from the other 3 Ps because it results in ỉvenue while the others all lead to (8).......... To price well you lust continually review your price, you must relate it to your larket (9)........ and be prepared to charge different prices in ifferent market segments. In deciding on a price a company lould not look only at (10)......... 2. F in d w o rd s in th e te x t witK th e op p o site m e a n in g to lose listed below
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line number
buyers
________
________
ancient
________
________
small-scale
________
________
revenue
____ ___
________
extrinsic
________
________
fixed
________
________
ĐẠ O
V.
TP .Q UY
opposite
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Vocabulary
HƯ
NG
- negotiate (v) to have formal discussions with someone in order to reach an agreement with them thương lượng
TR Ầ
N
- bargain (v) an agreement between two people or groups in which each promises to do something in exchange for something else mặc cả
00
B
- orient (v) to discover your position in relation to your surroundings định hướng
A
10
- revise (v) to look at or consider again an idea, piece of writing, etc. in order to correct or improve it điều chỉnh
HÓ
- market-positioning strategy chiến lược định vị thị trường
Í-
- product-line managers nhà quản lý theo loại sản phẩm
-L
- capitalize (v) to supply money to a business so that it can develop or operate as it should cung ứng
TO ÁN
- intrinsic (a) being an extremely important and basic characteristic o f a person or thing bản chất, thực chất
ĐÀ N
- assist (v) to help hỗ trợ
N
- propose (v) to suggest someone for a position or for membership o f an organization đề đạt, đề xuất
DI Ễ
- appropriate (a) suitable or right for a particular situation or occasion phù hợp, thích đáng. 47
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U n it 7
TP .Q UY
PRICING STRATEGIES
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I. Reading
ĐẠ O
Read the extract about a price war in the construction equipment market. As you read it, complete Chart 7.1 using the labels listed at the end. PRICE WARS
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
Caterpillar, Inc..., the world's leading maker of heavy construction and mining equipment, has been locked in a long price war with Japanese challenger Komatsu Ltd. In this bloody battle, both companies are using price to buy long -run market share, even if it means lower profits or even losses in the short run.t For over fifty years, Caterpillar has dominated the world market for giant construction equipment. It built its 40% market share by emphasising high product quality, dependable after sales service and a strong dealer body. It used a premium pricing strategy - making high profit margins by convincing buyers that Cat's higher quality and trouble - free operation provided greater value and justified a higher price.
DI Ễ
N
ĐÀ N
TO ÁN
-L
But all this began to change when Komatsu entered the market. The Japanese firm started cautiously in the United States with only a few products. It realised the importance of non - price factors in buyer's purchase decision. Like Caterpillar, Komatsu stressed high quality and it expanded slowly to allow its parts and service capacity to keep up with sales. But Komatsu's major weapon for taking share from Caterpillar was price. A strong dollar and lower manufacturing costs allowed Komatsu to cut prices ruthlessly - its initial prices were as much as 40% lower than Caterpillar's. On a giant dump truck sold by Cat for $500,000 that could mean a saving of up to $200,000. Riding its
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strong price advantage, Komatsu grabbed a 17% market share by 1986.
N
HƯ
NG
ĐẠ O
TP .Q UY
Caterpillar fought back to protect its number one market position and the price war was on. To support lower prices, Cat reduced its workforce by a third and slashed costs by 22%. It vowed to meet Komatsu's prices and in some cases every initiated price cutting. With heavy discounting by both companies, manufacturer's list prices became meaningless. For example, a bulldozer that listed for $140,000 regularly sold for $110,000. In the battle for market share, all competitors lost out on profits, lesser companies were driven to the brink of ruin. Caterpillar lost $1 billion in less than five years and Komatsu, even with its cost advantages, saw its profit decline by 30%.
-L
Í-
HÓ
A
10
00
B
TR Ầ
By 1988, thanks to a falling dollar and its cost - cutting programmes, Caterpillar had managed to regain a quarter of Komatsu's u s market share. With a weaker dollar eating into Komatsu's price advantage, the challenger recently raised its prices 5 to 10%. Though fierce price competition continues, Komatsu may be signalling that it wants an end to the fighting and a return to peaceful coexistence and better profits for both companies. It hopes that Caterpillar will respond by raising its prices too.
DI Ễ
N
ĐÀ N
TO ÁN
Chart 7.1
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NH ƠN
Insert the following actions and responses into the right order in Chart 7.1 a. Competitor enters market c. Market leader charges premium prices d. Smaller competitors drop out of market
ĐẠ O
e. Market leader regains market share
TP .Q UY
b. Profit drastically reduced
f. M arker leader loses market share
NG
g. M arket leader holds dominant position
HƯ
h. Competitor undercuts prices dramatically
TR Ầ
j. Competitor raises prices
N
i. Market leader responds by raising prices k. M arket leader responds by cutting costs and prices
Com prehension / interpretation
10
II.
00
B
I.Profit margins restored
HÓ
A
1. What was Komatsu's marketing objective? 2. Why was Komatsu able to charge lower prices?
-L
Í-
3. Did Caterpillar regain its full market share by 1988?
TO ÁN
4. Why did Komatsu recently,have to raise its prices? III. Language focus
3.1.
P a st sim p le (irreg u la r verbs)
DI Ễ
N
ĐÀ N
Look at the following sentences taken from the reading passage: "It built its 40% market share by emphasising..."
"All this began to change when Komatsu entered the market"
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Now p ut the following sentences into the past: 1. We are fighting off the challenger from our competitors.
TP .Q UY
2. We have to cut prices dramatically. 3. They are outselling us in all sectors of the market. 4. We may lose our dominant position.
6. Komatsu is eating into our share of the market. 7. We are bringing forward our monthly meeting.
ĐẠ O
5. We have seen a gradual erosion of our position.
HƯ
NG
8. They are buying into the company by acquiring ordinary shares.
N
9. We will take market share from our competitors.
3.2.
TR Ầ
10. The whole market has swollen significantly. Su bordin ate clauses
00
B
Look at the following sentences from the reading passagf:
A
10
"Komatsu, even with its cost advantages, saw its profits decline by 30%"
Í-
HÓ
"By 1988, thanks to a falling dollar and its cost - cutting programmes,
TO ÁN
-L
Caterpillar had managed to regain a quarter of Komatsu's US market shares". Now make information:
sentences
which
combine
the
following
ĐÀ N
1. Caterpillar / reduced prices dramatically / regained market share
N
2. Komatsu / a low - price strategy / entered the market
DI Ễ
3. Construction equipment m arket / Caterpillar for many years / now fragmented.
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NH ƠN
4. Prices fell / heavy discounting in the sector / profit margins narrowed
TP .Q UY
5. Smaller competitors / margins squeezed / forced out of the market 6. Price / a major factor in some markets / ignored in this market
ĐẠ O
IV. Word study 4.1. Raise an d rise:
HƯ
NG
These two verbs are often confused. Study this example of how they are used: a. Komatsu raised its prices (transitive - with object)
TR Ầ
N
b. Prices rose, (intransitive - no object)
B
In (a) there is an agent (Komatsu) actively doing something, and th*ere is an object the verb (prices)
10
00
In (b) There is no agent, and there can be no object.
A
Decide which verb to use in the following sentences:
HÓ
1. The sun............ every morning.
Í-
2. He............ the question of salary.
-L
3. Profits............ last year by 25 percent. 5. Inflation................by 9 percent this year.
4.2. The R ead in g extract above uses m any words and expressions associated w ith "war". For exam ple, locked in a war. Go through the extract p ick in g out these words and expressions. You should find a fu rth er eight.
DI Ễ
N
ĐÀ N
TO ÁN
4. The company was forced to............ prices.
V. Vocabulary - price (n): money paid for a product: giá tính cho 1 sản phẩm 52
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NH ƠN
- strategy (n): future action to achieve objectives', chiến lược - challenger (n): company which enters a market where others are already established: ngưòi / công ty thách đố
TP .Q UY
- battle (v): fight: trận chiến, trận đấu - share (n): cổ phần
ĐẠ O
- dominate (v): have control o f or a very strong influence on sb / sth: điều khiển, kiểm soát, không chế, lãnh đạo - dependable (adj): có thể tin cậy
HƯ
NG
- deal (n): business agreement or arrrangement: thoả thuận kinh doanh
TR Ầ
N
- premium (n): 1. amount added to price for a prestige product: tiền bổ sung 2.
amount paid for insurance: tiền đóng bảo hiểm
00
B
- grab (v): chộp được, giành được
10
- slash (v): cut sharply: giảm đáng kể
HÓ
A
- vow (v): make a vow about sth, swear,promise or declare solemnly: thề, hứa, tuyên bô' nghiêm túc.
-L
Í-
- a dump truck (n): xe rác
TO ÁN
- a bulldoser (n): xe ủi đất - the brink of ruin (n): bờ vực thẳm (đến bờ của sựphá sản). - eat into (v): reduce-, làm giảm
DI Ễ
N
ĐÀ N
- signal (v): báo hiệu (cho thấy rằng)
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U n it 8
TP .Q UY
MONEY AND ITS FUNCTIONS I. Heading
NG
ĐẠ O
The concept o f money: Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, then facilitating trade, and it is the principal measure of wealth.
00
B
TR Ầ
N
HƯ
The functions o f money. All modern societies use money. With money people can easily trade goods and services with one another. That is money promotes trade. Money serves a medium of exchange, a measure of or a unit of account, a sotore of value and a standard of deferred payments. We discuss each of these functions of money in turn.
Í-
HÓ
A
10
a. M oney as a M edium o f Exchange: Workers exchange labour services for money. People buy or sell goods in exchange for money. Money is a medium through which people exchange goods and services.
TO ÁN
-L
What is a medium of exchange? A medium o f exchange is anything that is widely accepted in payment for goods and services and in settlement o f debts. Money is the most common medium of exchange.
DI Ễ
N
ĐÀ N
h. M oney as a M easure o f Value: The second function of money is as a measure of value. Ju st as we need measurements for distances, weights, and energy, so we need measurements for the value of things offered at the market. Money measures value in its units of accounts. The unit o f account is the unit in which prices are quoted and account are kept. In Britain prices are
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quoted in pound sterling. In the United States dollar, and in Vietnam VND. The use of such units helps simplify the exchange of goods.
HƯ
NG
ĐẠ O
TP .Q UY
c. Money as a Store o f value: Money also functions as a store of value. Money is a store of value because it can be used to make purchases in the future. This means that if we choose not to buy with our money today, we can save it to buy in the future. If money were a perfect store of value, we could buy the same items next year as we could today with the same amount of money. But money does function poorly as a store of value when there is inflation in the economy.
NH ƠN
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10
00
B
TR Ầ
N
d. M oney as a S ta n d a rd o f D eferred Paym ents: The last function of money is as a standard of deferred payments or unit of account over time. When you buy something but do not pay for it immediately, your payment is expressed in terms of money to be paid in the future. With the wide use of installm ent buying, this function of money has become increasingly important. f
HÓ
A
D ifferent kin ds of money: The most important types of money are commodity money, and token money.
TO ÁN
-L
Í-
C om m odity Money: Commodity Money is a useful good that serves as a medium o f exchange. As a result, the value of commodity money is about equal to the value of the material contained in it. The principal materials used for this type of money have been gold, silver and copper.
DI Ễ
N
ĐÀ N
In ancient times various articles made of these metals, as well as of iron and bronze, were used as money, while among primitive people such commodities as shells, beads, elephant tusks, furs, skins, and livestock served as medium of exchange. The gold coins in circulation in the u s before 1933 were examples of commodity money. ss
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NH ƠN
Token Money: Token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than asmoney. A $10 note is worth far more as money than as a 3x6 inch pieceof high quality paper. Similarly, the monetary value of the most coins exceeds the amount you would get by melting them down and selling off the metal they contain.
ĐẠ O
II. Comprehension / interpretation 1. What is money?
NG
2. What are the functions of money?
HƯ
3. What is a medium of exchange?
N
4. What is a unit of account?
TR Ầ
5. Why it is said that money as a store of value?
00
B
6. ‘ Explain the 4th function of money: money as a standard of deferred payment?
10
7. What are the important types of money?
HÓ
A
8. What is commodity money? 9. What is a token money?
-L
Í-
III. Language focus
DI Ễ
1. R elative clauses
Clauses beginning with question words (e.g. who, which, where) are often used to modify nouns and some pronouns - to identify people and things, or to give more information about them. Clauses used like this are called “relative clause".
N
ĐÀ N
TO ÁN
Relative Clause and relative Pronouns
Have you ever spoken to the people who live next door? Countries that (which) grow rapidly and without major imbalances are admired. 56
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He’s got a job in a new firm, where they don’t work such long hours. Here’s the book that you were looking for.
TP .Q UY
2. R elative pronouns
ĐẠ O
When who, whom etc. are used to introduce relative clauses, they are called “relative pronouns’ Who, which and that can be the subjects of verbs in relative clauses. Who refers to people and which to things; that can refer to both people and things.
NG
What’s the name of the tall man who has just come in?
HƯ
It’s a book which will interest children of all ages.
N
The people that live next door keep having all-night parties.
TR Ầ
They are the keys that open the front and back doors.
B
Make one sentence from two. Use who, what, that, which.
00
1. A girl was injured in the accident. She is now in hospital.
HÓ
A
10
2. A waitress served us. She was very impolite and impatient.
-L
Í-
3. A building was destroyed in the fire. It has now been rebuilt.
TO ÁN
4. Tom works for a company. It makes washing- machines. 5. This is a profitable company. My father works for it. 6. A man answered the phone. He told me you were away.
ĐÀ N
7. We stayed at the Grand Hotel. Ann recommended it to us.
DI Ễ
N
8. My office is very small. It is on the second floor of the building. IV.
Word study
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corporate, launch, commerce, circular, involve
1. Hong Kong has always been a center of....................
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TP .Q UY
2. How many people are...................... in making the new product?
ĐẠ O
3. The latest model of our electric car will be.................... on 1 January 2005.
NG
4. When a firm begins to do badly on the stock market, plans are often made to change its.........................structure. in a
HƯ
5. A letter th at is sent to many different people company is called a......................... letter.
TR Ầ
N
Vo Vocabulary
- consent (n): agreement• sự ưng thuận, sự chấp nhận
00
B
- medium: - means: phương tiện
10
- medium of exchange/means o f exchange: phương tiện trao
A
đổi
Í-
HÓ
Money is the medium through which people exchange goods and services.
-L
- circulate: be in circulation: luân chuyển, lưu hành
TO ÁN
Money circulates from person to person and country to country. - standard: bản vị
DI Ễ
N
ĐÀ N
Money serves as unit of account and a standard o f deferred payment. - money standard: bản vị tiền tệ
- commodity Standard: bản vị hàng hóa
- barter: sự đối lưu hàng hóa, hàng đổi hàng.
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trade in goods or services without using money.
A barter economy has no medium o f exchange. Goods are traded directly or swapped for other goods. - token: thing equivalent to something else, esp money
ĐẠ O
- token money: đồng tiền quy ước
TP .Q UY
- barter economic system: hệ thông kinh tế hàng đổi hàng
NG
A token money is a means o f payment whose value or purchasing power as money greatly exceeds its cost o f production or value in uses other than as money.
TR Ầ
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
You can buy a motorbike on instalment.
N
HƯ
- instalm ent buying: buying on hire purchase, buying on credit: mua trả góp
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U nit 9
TP .Q UY
MONEY AND BANKING
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I. Reading
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
All values in the economic system are measured in terms of money. Our goods and services are sold for money, and that money is in turn exchanged for other goods and services. Coins are adequate for small transactions. While paper notes are used for general business. There is additionally a wider sense of the word “money’, covering anything which is used as a means of exchange, whatever form it may take. Originally, a valuable metal (gold, silver or copper) served as a constant store of value, and even today the American dollar is technically “backed” by the store of gold which the u s government maintains. Because gold has been universally regarded as a valuable metal, national currencies were for many years judged in terms of the so-called “gold standard”. Nowadays, however, national currencies are considered to be as strong as the national economies which support them.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
Valuable metal has generally been replaced by paper notes. These notes are issued by governments and authorized banks, and are known as “legal tender”. Other arrangements such as cheques and money orders are not legal tender. They perform the function of substitute money and are known as “instruments of credit”. Credit is offered only when creditors believe th at they have a good chance of obtaining legal tender when they present such instruments at a bank or other authorized institution. If a man’s assets are known to be considerable, then his credit will be good. If his assets are in doubt, then it may be difficult for him to obtain large sums of credit or even to pay back for goods with a cheque. 60
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N
HƯ
NG
ĐẠ O
TP .Q UY
NH ƠN
The value of money is basically its value as a medium 0 exchange or, as economists put it, its “purchasing power”. Thi; purchasing power is dependent on supply and demand. Th( demand for money is reckonable as the quantity needed to affec business transactions. An increase in business requires ai increase in the amount of money coming into general circulatior But the demand for money is related not only to the quantity c business but also the rapidity with which the business is done The supply of money, on the other hand, is the actual amount i: notes and coins available for business purposes. If too muc money is available, its value decreases, and it does not buy a much as it did, say, five years earlier. This condition is known a “inflation”.
Í-
HÓ
A
10
00
B
TR Ầ
Banks are closely concerned with the flow of money int and out of the economy. They often co-operate with government in effort to stabilize economies and to prevent inflation. They ar specialists in the business of providing capital, and in allocatin funds on credit. Banks originated as places to which people too. their valuables for safe-keeping, but today the great banks of th world have many functions in addition to acting as guardians c valuable private possessions.
N
ĐÀ N
TO ÁN
-L
Banks normally receive money from their customers in tW' distinct forms: on current account and on deposit account. With I current account, a customer can issue personal cheques. N' interest is paid by the bank in this type of account. With a deposi account, however, the customer undertakes to leave his money ii the bank for a minimum specified period of time. Interest is paii on this money.
DI Ễ
The bank in turn lends the deposited money to customer; who need capital. This activity earns interest for the bank, am this interest is almost always at a higher rate than any interes 61
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which the bank pays to its depositors. In this way the bank makes its main profits.
NG
ĐẠ O
TP .Q UY
We can say th a t the primary function of a bank today is to act as an intermediary between depositors who wish to make interest on their savings, and borrowers who wish to obtain capital. The bank is a reservoir of loanable money, with streams of money flowing in and out. For this reason, economists and financiers often talk of money being “liquid”, or of the “liquidity” of money. Many small sums which might not otherwise be used as capital are rendered useful simply because the bank acts as a reservoir.
10
00
B
TR Ầ
N
HƯ
The system of banking rests upon a basis of trust. Innumerable acts of trust build up the system of which bankers, depositors and borrowers are part. They all agree to behave in certain predictable ways in relation to others, and in relation to the rapid fluctuations of credit and debit. Consequently, business can be done and cheques can be written without any legal tender visibly changing hands.
HÓ
A
IL C om preh ensio n / In te rp r e ta tio n 2.Ĩ. Answer these questions, basing y o u r answ ers on the
Í-
text:
-L
1. How are all values in the economic system measured?
TO ÁN
2. What is the wider sense of the word “money”? Give examples of some kinds of money.
ĐÀ N
3. How are national currencies judged nowadays?
N
4. What is “legal tender”? Are other arrangements like cheques legal tender?
DI Ễ
5. How do we reckon the demand for the supply of money? 6. In what way do banks cooperate with governments?
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8. How do banks earn profits? 9. What is the primary function of a bank today? Can you list its other functions?
ĐẠ O
10. Whose trust for each other m aintains the banking system? What does this trust permit?
TP .Q UY
7. In w hat two ways do banks receive money from their customers? What is their difference?
The
us -ỳ us dollars
HƯ
Example:
NG
2.2. Below is the list o f countries. W hat nam es do we give to the currencies used in the countries?
TR Ầ
N
The UK -ỳ pounds sterling
6. Indonesia
2. Mexico
7. Portugal
3. Japan
8. Iran
4. India
9. Brazil
A
10
00
B
1. Switzerland
5. Spain
Í-
HÓ
10. Australia
-L
N am e the countries an d th eir currencies you know.
TO ÁN
III. Language focus
3.2. Change these con dition al sentences. The form changes but the m eaning rem ains the same.
ĐÀ N
Example: A man can obtain money i f he issues a personal cheque.
DI Ễ
N
-ỳ A man can obtain money by issuing a personal cheque.
1. You can improve the factory if you install new machinery.
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2. You can learn something about economics if you study the basic textbooks. 3. They could improve conditions if they changed the laws.
TP .Q UY
4. You can make more money if you provide services which the public really need.
ĐẠ O
5. A person can obtain some additional money if he deposits his savings with a bank for certain length of time.
Make these sentences passive:
HƯ
3.2.
NG
6. Business can be done without banknotes if you use instruments of credit.
TR Ầ
N
Example: We measure all values in the economic systems in term o f money.
B
-> All values in the economic system are measured in terms of moneý.
10
00
1. In the planned economy the government fixes prices. 2. They have obtained various valuable minerals in that
HÓ
A
area.
Í-
3. The committee prepared a special scheme.
-L
4. I am sure that the government will change this policy.
DI Ễ
N
ĐÀ N
TO ÁN
5. They must deliver the goods as soon as possible.
IV.
W ord stu d y
Each of the adjectives listed below is derived from a noun. Example: nation (n)
national (adj)
Find the nouns from which these adjectives are derived, and then use them in the appropriate blanks in the sentences.
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subjective
productive
scientific
successful
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geographical
industrial
NH ƠN
capitalistic
- prestigious natural
TP .Q UY
monopolistic
1. Economics is a....................
ĐẠ O
2. Most new businesses need.................. in order to obtain accommodation, machinery and materials. 3. Coal-mining is a major.....................
HƯ
NG
4. The government has a................... of the sale of sugar, because no one else is permitted to sell it.
N
5. The new.....................is a special kind of soap powder.
TR Ầ
6. The factory has been a great................................. And its productivity is among the highest in the area.
10
00
B
7. National airlines usually have considerable ................... and people are often proud to be associated with them.
HÓ
A
8. The.................. of the area suggests that building a new airport would be a difficult undertaking.
-L
Í-
9. The......................... of the commodity make it difficult to prevent the formation of monopolies.
TO ÁN
10. The...................of the discussion was the number of new employees to be engaged during the next year.
ĐÀ N
V. Vocabulary - gold standard (n): kim bản vị
DI Ễ
N
- means of exchange (n): phương tiện trao đổi - legal tender (n): đồng tiền pháp định
- purchasing power (n): the amount of goods and services that money can buy at a given time: sức mua
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' circulation (n): the movement of such things as goods, money,...: sự lưu thông
TP .Q UY
- money circulation: lưu thông tiền tệ - to possess (v): to own: sở hữu - account (n): tài khoản
NG
- deposit account: tài khoản tiền gửi
ĐẠ O
- current account (n): on this account customers cash and draw cheques-, tài khoản séc
cash
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
liquidity (n): tính thanh khoản
HƯ
- liquid (adj): existing in the form of cash or easily turned into
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TP .Q UY
U nit 10 BANKS AND INTEREST RATES I. R e a d in g
ĐẠ O
Banks
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
Banks are institutions that accept various types of deposits and use the funds attracted primarily to grant loans. We use the term “banks” generically here to encompass not only the commercial banks where most people maintain checking accounts but other depository institutions such as saving and loan associations, mutual saving banks, and credit unions as well. Formerly, commercial banks were distinct from other depository institutions in their activities and functions, and differences still persist. However, as a result of deregulatory financial legislation in the 1980s, the distinctions have diminished- the depository institutions are today more homogeneous in nature. For example, all these institutions are authorized to issue checking accounts and make loans. We will therefore consider all of them to be “banks”.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Banks are key financial intermediaries- institutions that serve as “middlemen” in the transfer of funds from savers to those who invest in real assets such as houses, equipment, and factories. Financial intermediaries promote economic efficiency by gathering the surplus funds of millions of individual savers and making them available to investors in these real assets. In performing this function, financial intermediaries improve the well- being of both savers and investors. By improving economic efficiency, they raise living standards. Interest Rates
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NG
ĐẠ O
TP .Q UY
NH ƠN
An interest rate is the cost of borrowing (or the return from lending), expressed as an annual percentage. It is a key variable in the economy, playing an important role in household’s decisions to purchase durable goods such as cars and houses, and in influencing the construction of new business plants and commercial buildings. Especially significant is the real interest rate, the interest rate after adjusting for expected inflation. In addition to influencing consumption and investment expenditures, the real interest rate has major implications for the well- being of both borrowers and lenders, as it influences the way in which real wealth is redistributed among them.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
The real interest rate also influences the exchange rate in the international market- for example, the value of the us dollar expressed in units of foreign currency. By causing changes in the exchange rate, changes in real interest rates help to determine the cost of imports. Given other factors, an increase in real interest at home attracts foreign funds, thereby raising the value of the dollar (the number of yen or deusche marks per dollar). This increase in the value of the dollar raises the prices of domestic goods to foreigners and makes foreign goods cheaper in the United States. Because an increase the value of the dollar makes competing in foreign markets more difficult for us firms, it tends to increase the nation’s trade deficit- the amount by which imports exceed exports. II. Comprehension / interpretation 1. What are banks? 2. What are the major functions of banks?
3. Were commercial banks different from other depository institutions in their activities and functions? 4. Are all banks and other depository institutions authorized to issue checking accounts and make loans? 68
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NH ƠN
5. What is an interest rate? 6. What is the real interest rate?
III.
TP .Q UY
7. What does the real interest rate influence in the international market? Language focus
To be or not to be... Or be-ing?
ĐẠ O
Most learners of English have difficulty with the - ing from (the gerund) and to - (to+ infinitive)
NG
Study the following examples
HƯ
- ing AS THE SUBJECT OF SENTENCE:
TR Ầ
N
Traveling abroad can be exhausting. Visiting a new city can be exciting.
00
B
- ing AFTER PREPOSITIONS:
10
Is anyone interested in. playing tennis this evening?
dislike avoid give up don’t mind practice
-L
Í-
enjoy finish delay
HÓ
VERBS + -ing:
A
I’m looking forward to visiting the USA next summer.
TO ÁN
I’ve finished reading that report. I’m trying to give up smoking.
ĐÀ N
I avoid traveling by car on business.
VERBS + to-:
DI Ễ
N
Learn manage mean choose forget can’t afford help pretend need didn’t mean expect hope offer refuse want agree promise Td like recommend encourage train teach allow 69
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-
NH ƠN
They promised to phone me back. He didn’t mean to be rude to you. I can’t afford to stay at the Ritz.
start
continue
intend
hate
She began to make / making enquiries.
prefer
NG
I love to eat / eating Chinese food.
like love
ĐẠ O
Begin propose
TP .Q UY
VERBS + -ing or + to - WITH NO DIFFERENCE IN MEANING:
HƯ
She hates to stay / staying alone in restaurants. VERBS + -ing or to- WITH A DIFFERENCE IN MEANING:
TR Ầ
N
stop to Futures, (2>Forwards, (3) Options, (4) Swaps. Futures are promises to buy and sell something in the future at a priced that is agreed upon today. For example, a candy manufacturer might commit to purchasing a specific quantity of cocoa at specified price from the producer in six months. Futures are traded on organized future exchanges, such as Chicago Mercantile Exchange or Chicago Board of Trade. Forwards are similar to future but they are arranged directly between a firm and a bank. Options give a firm the right to buy or to sell something in the future at the price that is agreed upon today. For example, if the candy manufacturer does not know how much cocoa will be needed in six months, it could take out an option to buy cocoa at a certain price. Swaps involve firms swapping one set ỏf payments for another. For example, an American firm may agree to make a series of dollar payments to a Japanese bank in return promises to make a series of yen payments.
HÓ
A
10
Method of corporate finance continually evolves as financial managers invent new ways to raise money and avoid risk. Smart investment and financing decisions are crucial to a firm's success.
-L
Í-
II. Comprehension / interpretation
DI Ễ
N
ĐÀ N
TO ÁN
1. In what way(s) can a corporation increase its capital?
2. What are the advantages and disadvantages of each way?
3. Give the example to express th at a financial manager must consider factors other than cost when deciding how to raise money?
4. What is it advantageous for an American corporation to raise funds overseas? 5. What are Eurodollars? 6. What are Eurobonds? 108
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NH ƠN
7. What may effect the corporation's financing decisions? III.Language focus
TP .Q UY
GERUND:......................by doing something Notice this sentence from the text.
ĐẠ O
There are three common ways a corporation may be able to raise this cash: - By paying smaller dividends.
NG
- By borrowing.
HƯ
- By selling more stock.
TR Ầ
N
Note the (-ing) form after the preposition use this form to respond following cues:
B
Examples: How should I invest my savings? / buy common stock.
10
00
I should invest my savings by buying common stock.
A
How can they raise capital? / issue shares of stock.
HÓ
They can raise capital by issuing shares of stock.
-L
Í-
1. How can we finance this project? / borrow money from government.
TO ÁN
2. How can our company make a profit? / raise investment capital.
ĐÀ N
3. Where can our business get funding? / offer equity to interested friends.
DI Ễ
N
4. How can we sell more of stock? / offer a dividend. 5. What should we do first? / look at the Annual report.
6. How can He earn his living? Write. 7. How could he gain rapid promotion? / work hard. 109
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NH ƠN
IV.Word study Fill in each blank with one word from the list:
TP .Q UY
profit, shareholders, possessions, earnings, actual, retained, however, distributed, stock, investment, dividends.
.............. j
Vocabulary
-L
V.
Í-
HÓ
.............
A
10
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
A business regards an ...............(1)............. as successful if it increases the wealth of the shareholders who own the company. This is accomplish when the firm earns .............(2)............. and passes them back to the shareholders either in the form of ........... (3)............. or as increases in the value or price of the stock. Dividends are a share of profits paid to ..............(4)............... as cash or as additional shares of stock. Profits or earnings that are not.......... (5.............. to shareholders stay with the firm and are called returned earnings . These earnings influence the value of t h e .............(6 )........... because they increase the total asset value, or total amount of assets, of the firm. Because the value of their com pany's.............(7)............has increased, the shareholders own that is worth more. If the firm realizes retain e d ..........(8)............ of $1 per common share, it will add $1 to the value of each share, (9) since many forces influence stock prices, the ......... (10)........... price of the stock will probably fluctuate and to be more or less than the additional $1 per share.
TO ÁN
- Invest (v):- sth in sth: use o f money to buy shares, property,....in order to earn interest or bring profit', đầu tư
ĐÀ N
- The best time to invest is now. - He invested $1000 in government bonds.
DI Ễ
N
- Investment (n) in sth: investing of money, make a profit by careful investment: sự đầu tư. - Those oil shares were a good investment 110
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NH ƠN
- Investor (n): person who invest money', người, nhà đầu tư. - finance (v): provide money for a project, or fund,-, cấp vốn
TP .Q UY
- The scheme is partly financed by a government grant. - finance (n) a. management of money, tài chính - Ministry o f Finance
ĐẠ O
b. for sth: money used or needed to support an undertaking: tài chính
NG
- Finance for the National Health service comes from taxpayers.
N
HƯ
c. finances(pr) money available to a person, company or country.
TR Ầ
- Are the firm s finances sound?
00
B
- finance company: (finance house) company that lends money for hire- purchase transactions
A
10
- financial (adj): concerning money and finance: thuộc về tài chính.
HÓ
- in financial difficulties: short of money.
Í-
- Tokyo and New York are major financial centers.
TO ÁN
-L
- Financial year (US fiscal-year): period o f 12 months over which annual accounts and taxes are calculated.
ĐÀ N
- financier (n): person engaged in financing business: nhà tài chính. - dividend (n)-.share o f profits paid to shareholders in a CO t ứ c
N
company or in a football po ol :
DI Ễ
- To pay dividend: thanh toán cổ tức - retained earnings: tiền lãi giữ lại 111
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NH ƠN
- appeal (v)to sb for sth:- to make an earnest request: yêu cầu khẩn khoản
- avoid paying interest: tránh trả lãi
TP .Q UY
- attractive and interesting', rất quyến rũ và đẹp
- deduct (v) sth from sth: take away an amount or a part: trừ, khấu trừ
ĐẠ O
- Tax is deducted from your salary.
NG
- Deductive (adj): that may be deducted from one's taxable earnings: có thể bị khấu trừ
HƯ
- Money spent on business expenses is deductible
TR Ầ
N
- Deduction (n): deductions from pay for insurance and pension: sự khấu trừ
B
- bankrupt (adj):- declared by the court to be a bankrupt.
00
- unable to pay one's debts: phá sản
A
10
To go / to be bankrupt
HÓ
To make sb bankrupt
TO ÁN
-L
Í-
- Bankruptcy (n): person judged by a law court to be unable to pay his debts in full, whose property is then taken by the court and used to repay his creditors.
- These books belong to me. ie are mine. - be a member of (a group, a family, an organization)
ĐÀ N N DI Ễ
- belong to sb / sth: - be the property of sb: thuộc về ai
- return on investment (ROI): Lợi nhuận (lãi) từ vốn đầu tư - devote (v) oneself / sth to sb / sth - to give (one’s time, energy) to sb / sth: dành thòi gian, sức lực của mình cho ai, cống hiến, hiến dâng
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TP .Q UY
- Devoted (adj) to sb / sth: tận tụy, tận tình, trung thành
NH ƠN
- Devote all one's efforts to one's task: Dành hết cô" gắng cho nhiệm vụ
- A devoted son, friend, supporter. She is devoted to her children.
ĐẠ O
- Devotee (n): person who is devoted,-, người nhiệt tình, người hâm mộ
NG
A mother’s devotion to her children
HƯ
- devotion (n): sự tận tâm, sự tận tụy, lòng trung thành
N
- speculate (v) - upon / about / on sth: suy đoán
B
TR Ầ
- in sth: buy and sell goods or stocks and shares in the hope of making a profit through changes in their value, but with the risk of losing money: đầu cơ
10
00
- Speculator: người, kẻ đầu cơ
HÓ
A
- to be subject to sth: bị phụ thuộc, lệ thuộc, theo cái gì, tuỳ thuộc cái gì
Í-
- The plan is subject to the director's approval:
us
TO ÁN
-L
- eurodollars: dollars pu t outside the country whose currency used to write the bond: Đô la Châu Au Eurobonds: bonds sold outside the country whose currency used to write the bond: trái khoán Châu Âu
ĐÀ N
- US Federal Reserve System: Hệ thông của cục dự trữ liên bang Mỹ
DI Ễ
N
- denote (v): be the name sign or symbol o f sth : chỉ ra, cho biết - fluctuation (n) of / in sth: sự dao động, biên độ
- Fluctuate (v) between A and B: dao động
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NH ƠN
- derivative (n,adj) - derived from sth else, not original: phái sinh
- options: quyền lựa chọn - swaps: exchange: trao đổi - commit(v) sb to sth / to doing sth: cam kết
TP .Q UY
- forwards: thị trường định hạn
ĐẠ O
The company has committed funds to an advertising campaign
NG
- evolve(v): develop naturally and gradually: tiến triển dần
HƯ
- Evolution (n): sự tiến triển dần, tiến hóa
N
- crucial(adj) to / for sth: very important: rất quan trọng
TR Ầ
- A crucial decision, issue, factor.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
Getting this contract is crucial to the future o f our company.
1 A r>.
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NH ƠN
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U nit 17
TP .Q UY
WHAT IS THE FOREIGN EXCHANGE MARKET? I. Reading
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
The foreign exchange market is the market in which such national currencies as dollars, pesos, deutsche marks, yen, francs, and others are exchanged. It is not an organized market with fixed hours and a physical meeting place, such as the New York Stock Exchange or Chicago Board of Trade. The foreign exchange market is an over - the - counter market, the primary communications instrum ents being the telephone and the computer. The market has developed rapidly in the past quarter century, and the volume of activity has escalated dramatically in response to growth in the volume of world trade in goods and services, and especially in response to the expansion of international capital flows- the acquisition of financial ancĩ real assets across national borders. Total worldwide foreign exchange market transactions in 1996 were approximately $1.2 trillion, or $ 1200 billion per day. More than 90 percent of these transactions are associated with capital flows. Among the most important financial centers are New York, London, Tokyo, Paris, Frankfurt, Hong Kong, and Zurich.
DI Ễ
N
ĐÀ N
The direct participants in the foreign exchange market include us commercial banks with deposits in foreign branch banks or foreign correspondent banks, and these foreign banks. Several hundred dealers (mostly banks) m aintain inventories of major foreign currencies in the form of bank deposits denominated in foreign currencies. The Chase M anhattan Bank, for example, maintains deposit balances in foreign correspondent banks in the form of yen in Tokyo, francs in Paris, deutsche 1 1c
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ĐẠ O
TP .Q UY
NH ƠN
marks in Frankfurt, and so on. When the dealer sells a foreign currency, it sells deposits its owns in foreign commercial bank. When it buys foreign exchange, it acquires addition deposits in foreign bank. In other words, the foreign exchange market involves buying and selling bank deposits rather than physical packages of currency and coins. Foreign exchange dealers do not charge a commission. Instead, as with dealers in U.S. government securities, a bid- to- ask price spread is the source of income.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
But who are the ultimate participants in the foreign exchange market? First, consider the thousands of large and small import and export firms in the United States, together with their foreign counterparts, that must buy or sell foreign currencies in connection with their business. Second, consider all the tourists and other travelers around the world who want foreign currencies. For example, Americans want lire to finance vacations in Italy, and Japanese businessmen need dollars to travel in the United States. Third, consider financial entities such as banks, private pension and government retirement funds, and money market mutual funds in one country, which seek to purchase financial assets (relatively high - yielding CDs and other money market instrument, bonds, and stocks) in another country. In addition, the Federal Reserve and U.S. Treasury often have occasion to conduct transactions in the foreign exchange market, as do corresponding agencies in other countries. II. C om prehension / in te rp re ta tio n 1. What is the foreign exchange market? 2. What were the total worldwide foreign exchange market transactions in 1996? 3. What are the most important financial centers in the world? 116
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TP .Q UY
5. What does the foreign exchange market involve?
NH ƠN
4. Who are the direct participants in the foreign exchange market?
6. Why don’t foreign exchange dealers charge a commission? 7. Who are the ultimate participants in the foreign exchange market?
Language focus
NG
III.
ĐẠ O
8. What does CD stand for? Explain the meaning of CDs.
HƯ
1. G erunds a n d in fin itiv es
TR Ầ
N
The gerund is a noun formed from a verb by adding - ing •Use the gerund: - after verbs and expressions of liking and disliking:
B
hate, love, can't stand, enjoy, dislike
10
00
I hate working overtime at weekends.
A
- after certain verbs, such as: risk, avoid, mind
HÓ
Would you mind swapping your day off next week?
Í-
- as the subject or object of a sentence
-L
Smoking is bad for your health.
TO ÁN
- after prepositions, expressions and phrasal verbs which use prepositions:
ĐÀ N
Ju st after arriving at work she was given an important message.
DI Ễ
N
He gave up smoking last week.
I look forward to hearing from you.
2. a. Use the in fin itive w ith out to (base from o f the verb) 117
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NH ƠN
- after modal verbs He can type fifty words a minute. - after make (someone) and let (someone)
TP .Q UY
She made him write the report again.
b. Use the fu ll infinitive (to + base form o f the verb) - to express a reason or purpose:
ĐẠ O
He rang to apologize for the late delivery.
NG
- after certain common verbs, such as: want, offer, manage, seem, forget, need, hope
HƯ
I hope to meet him at the next conference.
TR Ầ
N
- with the verb patterns with two objects, such as: persuade, order, permit, remind, force He persuaded him to place an order.
00
B
Use the correct form o f w ords in the brackets:
A
10
1. My boss expects me.................. (fulfill) this work as soon as possible.
Í-
HÓ
2. Do you mind........................... (travel) such a long way to work everyday?
-L
3. Do you enjoy........................... (play) tennis?
TO ÁN
4. She sent a letter........................ (request) payment. promised........................
(come)
on the
ĐÀ N
5. Mrs. Brown following day.
6..........................(Fish) is prohibited here.
DI Ễ
N
7. You can improve your English by..................... (do) a lot of reading.
8. If you w ant....................... "... (buy or sell) some stocks,, you can go to a Stock Exchange. 11«
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NH ƠN
9....................... (Start) a. business you require capital.
IV. Word study F ill in the ga p s using the given words in the box below.
ĐẠ O
management,
is call
HƯ
1. In Britain the Chief Executive Officer (CEO) the.... ........................ Director.
NG
organization, managing, competition, organizational, competitor, economy, economic
TP .Q UY
10. A business must be profitable........................... (attract) investors.
N
2. The firm went bankrupt because of bad...........
TR Ầ
3. An.......................... chart shows the structure of the entire company.
10
00
B
4. I wonder how our main....................... will react to the new product.
HÓ
A
5. Speculation in stocks and shares is bad for the ........
TO ÁN
V. Vocabulary
-L
Í-
6. The............................. problems of developing countries are very hard to solve.
- Foreign exchange market: Thị trường ngoại hối (ngoại tệ)
N
ĐÀ N
International market in which foreign currencies are traded. It consists primarily of foreign exchange dealers employed by commercial banks (acting as principals) and foreign- exchange brokers (acting as intermediaries) York
DI Ễ
- New York Stock Exchange: sở giao dịch chứng khoán New 1 1n
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NH ƠN
Main US stock exchange, situated on New York city’s Wall Street. Founded in 1972, it is an Unincorporated organization with over 1500 members.
TP .Q UY
- Foreign counterparts (n): Đồng sự, đốì tác nưỗc ngoài.
ĐẠ O
- Counterpart (n): Ngưòi đồng sự (cùng chức năng / chức vụ) person or thing like another or forming the complement or equivalent to another. - Federal Reserve: Cục dự trữ Liên bang
NG
- US Treasury: funds or revenue o f a state - Ngân khố Hoa Kỳ
HƯ
- Kho bạc, ngân quỹ, ngân khô'
N
- The Treasury (UK): Bộ Tài chính
TR Ầ
The UK Treasury is responsible for the country’s financial policies and management of the economy. i
10
00
B
- Currency (n): the money in circulation, legal tender (tien đang lưu hành, tiền chính thức)
HÓ
A
Importers and exporters must exchange their currency for the currency o f the country with which they are doing business.
TO ÁN
-L
Í-
- Over - the - counter market: (OTC market): market in which shares are traded outside (thị trường ngoài quầy, thị trường ngoài danh mục) - the jurisdition of a recognized Stock Exchange (quyền pháp
DI Ễ
N
ĐÀ N
định)
- escalate (v): increase or develop by successive stages (leo thang) - transaction (n): a business activity which involves the transfer of money, goods, and or services (sự giao dịch, công việc giao dịch) All business transactions must be recorded in the journal. 120
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NH ƠN
- transfer (v): to convey or move from one place to another (chuyển tiền)
TP .Q UY
This financial information needs to be transferred to the ledgers. - correspondent bank: ngân hàng đại lý
- acquisition (n): thing acquired (vật, điều thu được, có được)
ĐẠ O
- deposit balance: số’dư tiền gửi
- a bid- to- ask price: giá hỏi mua và chào bán
NG
Bid price ị offer / asked price: giá hỏi mua -ệ giá chào bán
HƯ
- spread (n): difference: chênh lệch, mức chênh lệch giá
TR Ầ
N
- entity (n): a separate unit for ownership or legal purpose (thực thể pháp nhân: một đơn vị biệt lập để làm chủ hoặc có những mục đích pháp lý)
00
B
- CD: certificate of deposit: chứng chỉ tiền gửi
HÓ
A
10
A certificate issued by a bank in which the bank acknowledges that it holds the face o f the certificate; CDs are negotiable instruments.
Í-
- high - yielding CDs: chứng chỉ tiền gửi có lợi tức cao
TO ÁN
-L
- inventory (n): the amount of goods, merchandise or materials on hand (hàng hóa tồn kho: vật liệu có sẵn trong kho)
ĐÀ N
Once each year the owners of the store must record all their inventory in order to know which goods they have on hand.
DI Ễ
N
- financial (a): refers to money or the management o f money (liên quan đến tiền bạc - tài chính - hoặc việc quản lý tiền bạc) This company is in good financial condition
- commission(n): the money or fee which salesman receives from making a sale: tiền hoa .hồng 121
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Unit 18 THE FOREIGN EXCHANGE MARKET
TP .Q UY
I. R e a d in g
NH ƠN
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NG
ĐẠ O
The foreign exchange market enables banks and nternational corporations to trade foreign currencies in large imounts. Capital flows arising from trade in goods and services, nternational investment and loans together create this demand or foreign currency.
TR Ầ
N
HƯ
Foreign exchange trading is divided into spot and forward msiness. Generally speaking, spots transactions are undertaken or an actual exchange of currencies (delivery or settlement) two msiness days later (the value date).
HÓ
A
10
00
B
Forward transactions involve a delivery date further into the uture, possibly as far as a year or more ahead. By buying or selling in the forward market a bank can, on its own behalf or hat of a customer, protect the value of anticipated flows of foreign :urrency from exchange rate volatility.
ĐÀ N
TO ÁN
-L
Í-
Un'iike some financial markets, the foreign exchange market las not single location - it is not dealt across a trading floor, nstead, trading is via telephone, telex, and computer links ietween dealers in different centres and, indeed, different :ontinents. London is the world’s largest foreign exchange centre, ỉanks here trade almost $200 billion each day in foreign mrrencies.
DI Ễ
N
London’s trading position arises partly from the large volume of international financial business generated here nsurance, eurobonds, shipping, commodities and banking, -london also benefits from its geographical location, which enables IS to trade not only with Europe through - out the day but also 22
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TP .Q UY
ĐẠ O
From 1 p.m. London Banks can trade with banks in New York: before they close at 5 p.m, their counterparts may be in Los Angeles or San Francisco. The foreign exchange market thus trades 24 hours a day.
NH ƠN
with the US and the Far East, whereas time difference makes it difficult for those two centres to trade with each other. When banks in London begin trading at 8 a.m. they can deal with banks in Tokyo, Hong Kong, Singapore whose trading day is just ending.
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
Broadly speaking, there are three types of participants in the market: customers, such as multinational corporations, are in the market because they require foreign currency in the course of their cross border trade or investment business. Some banks participates as market makers; that is their dealers will at all time quote buying and selling rates for currencies - dollars to the pound, deutschemarks to the dollar and so on. Other banks or corporations call them ask for their rates, and then buy or sell as the caller chooses. The market makers earn a profit on ithe difference between their buying and selling rates, but clearly they have to be ready to change their prices very quickly so that they avoid holding large volumes of a depreciating currency, or being short of a rising currency. The third type of participant, the brokers, act as intermediaries between the banks. They are specialist companies with the telephone lines to the banks throughout the world so that at any time they should know which bank has the highest bid (buying) rate for a currency and which the lowest offer (selling) rate. By calling a broker, therefore, it should be possible for banks to find the best dealing rate currently available. The broker doesn’t deal on his own account but charges a commission for his services.
DI Ễ
II. Comprehension / Interpretation 1. What is the foreign exchange market? !?•* Đóng góp PDF bởi Nguyễn Thanh Tú
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2. How are foreign exchange dealings done?
NH ƠN
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3. Where is the world’s biggest foreign exchange centre?
TP .Q UY
4. Which parts of the world can London deal with directly? 5. Is the world foreign exchange market on the go round the clock? 6. How many types of participants are there? Who are they?
ĐẠ O
7. Why do multinational corporations need foreign currency?
NG
8. When corporations / banks call the market makers? What do they want to know?
N
HƯ
9. Why do the dealers have to be ready to change their prices very quickly?
TR Ầ
10. What is the meaning of the “bid rate” for a currency? What is the opposite of the “bid rate”?
00
B
ill- Language focus
HÓ
A
10
3.1. Showing D irect Opposition: (Adverb Clause) “whereas and while” are used to show direct opposition, whereas and while may be used with the idea of either clause with no difference in meaning.
-L
Í-
Eg: Some people are fat, whereas others are thin.
DI Ễ
N
ĐÀ N
TO ÁN
Mary is rich, while John is poor.
3.2. Expressing Purpose: Using “so th a t”
“So th a t” expresses purpose. It express the same m eaning as “in order to”. The w ord “th a t” is often om itted especially in speaking.
Eg: a. I turn off the T.v in order to enable my roommate to study in peace and quiet.
b. I turn off the T.v so (that) my roommate could study peace and quiet. 124
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NH ƠN
So th a t + can or could “so that” is often used instead of “in order to” when the idea of ability is being expressed.
TP .Q UY
“can” is used in the adverb clause for a present or future meaning. Eg: I’m going to cash a check so that I can buy my textbooks.
ĐẠ O
“could” is used after “so that” in past sentences.
NG
Eg: I cashed a check so that I could buy my textbooks.
HƯ
* Also possible but less common: the use o f “may or might” in place o f “can or could”.
TR Ầ
N
“so th a t” + Will / sim ple presen t or w ould eg: I’ll take my umbrella so that I won’t get wet.
00
B
I’ll take my umbrella so that I don’t get wet.
10
Yesterday I took my umbrella so that I wouldn’t get wet.
A
IV.Exercises
Í-
HÓ
4.1. Complete the follow ing sentences, using w hereas or while:
-L
1. Some people are tall, whereas..........
TO ÁN
2. Some people prefer to live in the country, while........ 3. While some people know only their native language,.........
ĐÀ N
4. Some people are extremely rich,......... 5. Some people like fat meat,..........
DI Ễ
N
4.2. Combine the ideas by using “so th a t”
1. saying.
Please be quiet. I want to be able to hear what Peter is
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NH ƠN
2. I asked the children to be quiet. I wanted to be able to hear the president’s speech.
TP .Q UY
3. I’m going to cash a check. I want to make sure th at I will have enough money to go to the market.
ĐẠ O
4. Ann and Larry have a 6-year-old child. Tonight they’re going to hire a baby-sister. They want to be able to go out with some friends.
NG
5. I unplugged the phone. I didn’t want to be interrupted while I was working.
HƯ
V. Word study
N
Read the text carefully and then find words which haue the same meaning as the definitions below:
TR Ầ
Definition
Word in text
00
10
1. Makes it possible
B
From another country....................... Abroad
A
2. quantities
HÓ
3. resulting from
-L
5. world
Í-
4. need, desire, want
TO ÁN
5. for itself, for its own benefits 7. expected
ĐÀ N
8. selling rate 9. buying rate
DI Ễ
N
10. The intermediaries between banks
11. If Mr. Brown wants to sell his shares, what do we call the price he will be offered? Ỉ26
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12. If Mr. Brown wants to buy some shares, what do we call the price he will be quoted?
TP .Q UY
A. The bid price B. The offer price c . The share value
ĐẠ O
D. The capital value VI.
NH ƠN
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Vocabulary
NG
- exchange (n): giving one thing for another-, buôn bán, trao đổi, hôi đoái, phòng giao dịch
TR Ầ
- trade 1. (n): business of buying and selling
N
HƯ
- capital flow (n): movement o f money into and out of a business as goods are bought and sold: luồng vôn
B
2. (v): to buy and sell
10
00
- spot (n): immediate; the spot rate gives prices for immeĩỉiate delivery: ngay tức thì
A
- spot and forward business: kinh doanh tức thì và kỳ hạn
Í-
HÓ
- transaction (n): exchange o f goods or services for money. kinh doanh, giao dịch, trao đổi (mua - bán)
TO ÁN
-L
- anticipate (v): expect sth, see what is going to happen or what needs to be done: thây trưốc, đoàn trưốc, tính trưốc. - volatility (n): (of trading conditions, etc) likely to change suddenly or sharply: hay thay đổi, không ổn định, dễ đột biến
N
ĐÀ N
- a trading floor (n): sàn kinh doanh (công việc kinh doanh ngoại hối, chứng khoán được tiến hành ngay tại sàn của sỏ giao dịch)
DI Ễ
- deal 1. (n): a business agreement-, hiệp định, thỏa thuận 2. (n): amount: số lượng
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3.(v): to trade, buy and sell
TP .Q UY
- counterpart (n): person or thing that corresponds to or has the same function as sb or sth else: vật đôi chiếu, bản đối - quote (n): an estimate: bản dự kê giá, khảo giá (v): estimate the value ■cost: định giá
ĐẠ O
quota (n): fixed amount which is allowed: hạn ngạch, chỉ tiêu
NG
- depreciate (v): to reduce the value o f currency in the accounts over a certain time: sụt giá, mất giá của đồng tiền
HƯ
- rising currency (n): đồng tiền tăng giá
N
- bid (n): offer to buy sth at a certain price: định giá mua
TR Ầ
bidder (n): a person who makes an offer: người đấu giá / đấu thầu
10
00
B
- bròker (n): person who buys and sells shares / currency: người môi giới
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
- commission (n): payment to sb for selling goods which increases with the quantity of goods sold: tiền hoa hồng, tiền thù lao
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Unit-19
TP .Q UY
FUNCTIONS OF THE STO CK EXCHANGE
NH ƠN
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I. Reading
NG
ĐẠ O
To start a business you require capital. Perhaps you have enough money yourself - or you may borrow it. But if you are starting a large enterprise, you will need considerably greater sums than friends or relatives could possibly provide and in one way or another the extra capital must be found.
00
B
TR Ầ
N
HƯ
To meet this situation, the practice of forming Joint Stock Companies came into being - a system whereby a large number of people can, by buying the shares of a company, provide the capital for a business enterprise that is too large for an individual to support financially.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
But it is an essential of this system that those who own shares must be able to sell them whenever they wish to do so. No one can reasonably be expected to lock up money in a company forever and a company cannot give an investor his money back because it has been spent on buildings, machinery, materials, and so on. So the shareholder must be able to sell his shares to someone else who wants to buy them and to take his place as a shareholder in the company. The Stock Exchange has, ever since Joint Stock Enterprise first began, made this possible by providing a market place where sellers and buyers can be brought together to buy or sell their shares at fair prices which are determined by the free competition which exists in this open market. A company, when it wishes to issue shares th at can be freely bought or sold on the stock market, must apply for permission 129
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NH ƠN
known as a "quotation" - and this is only granted if certain strict conditions are fulfilled.
TP .Q UY
The Stock Exchange, therefore, has two main functions: through its market men with ideas can find the capital they need to start new enterprises or to expand existing businesses and individuals are given the widest possible scope to invest their savings in securities which they can sell again when they choose.
ĐẠ O
II. Com prehension / Interpretation
1. What will you need if you want to start a business?
HƯ
NG
2. How can people provide the capital for a business enterprise? 3. What is the basic necessity of this system?
TR Ầ
N
4. What m ust a company do when it wants to issue shares that can be freely bought or sold on the stock market?
00
B
5. What are the two main functions of the Stock Exchange?
10
III. Language focus Expressing pu rpose
HÓ
A
° We use the to infinitive to express purpose, to say why we do things.
Í-
Example: We went to the airport to m eet Mr All.
TO ÁN
-L
o We can use in order + to infinitive or so as + to infinitive place of to infinitive. They are more formal. Example: The CEO called a press conference in order to exp la in the merger.
DI Ễ
N
ĐÀ N
° We can use the negative in order not + to infinitive or so as not + to infinitive. Example: Til call a taxi so as not to m iss my flight.
Exercise 1. Com plete thesề sentences w ith the infinitive o f pu rpose sta tin g the reasons why these th in gs were done: 130
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1. He went to the b a n k ............................................
3. He turned out the lig h t......................................... 4. To get a good seat, you n e ed ................................ 5. The company borrowed m oney............................
HƯ
8 .1 wrote it in my diary so as n o t...........................
NG
7................................. we'll fax all the information.
ĐẠ O
6. Paul wore a suit to his job interview so as .....
TP .Q UY
2. Laura has gone to tow n.......................................
N
9. They studied English in order............................
TR Ầ
10.1 went to the police sta tio n ...............................
A
10
00
B
E xercise 2. Fill in the following spaces, using can, could, be able to: I 1. At the end of the month the post office will send him an enormous telephone bill which h e ..................... pay.
-L
Í-
HÓ
2. When I was a child I .................................... understand adults, and now that I am an adult....................... understand children.
TO ÁN
3. The police were suspicious at first but I .................... convince them that we were innocent. 4 .1 am afraid I..................... come to your party next Friday.
ĐÀ N
5 . 1................................. sleep recently. IV.
Word study
DI Ễ
N
Exercise 1. Select the answ er which is m ost accurate according to the inform ation given in the passage: 1.......................... You need to start a business.
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NH ƠN
a. money and equipment’s b. a sum of money
TP .Q UY
c. capital d. capital and funds
ĐẠ O
2. One of the main functions of the stock exchange is to gi individuals to invest their savings in securities. a. The greatest area
NG
b. The wide scope
HƯ
c. The large field
3 can be expected to lock up money in a company for ever.
TR Ầ
N
a. Everyone
00
B
b. Nobody 1 c. All stockholders
A
10
4. Those who own shares to sell them whenever they wish to do so.
HÓ
a. have the right
Í-
b. have an opportunity
TO ÁN
-L
c. have the power d. must be able
5. The shareholder must be able to sell his shares to someone else who wants to buy them and .
ĐÀ N
a. to be replaceable
DI Ễ
N
b. to take on a replacement c. to be in his place as a shareholder Exercise 2. Look a t the pa ssa g e above and say what words have the sam e meaning as: 132
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NH ƠN
- agree to give - a sum of money used to start a business - to invest money
TP .Q UY
- completed - at reasonable prices
ĐẠ O
- necessary thing
Exercise 3. What words have the opposite m eaning to:
NG
- small
HƯ
- narrow
N
- decrease
TR Ầ
- loose
00
B
E x ercise 4. Look a t the p assag e a g a in a n d explain what the fo llow ing m ea n :
HÓ
A
- stock Exchange
10
- come into being
-L
Í-
V. Read the follow ing passage and translate it into V ietnam ese What is the Stock Exchange?
DI Ễ
N
ĐÀ N
TO ÁN
A market is a place where people meet to buy and sell. Most markets deal in goods that have a practical use and are sold by producers of those goods. The sellers have grown more corn, tomatoes, or rubber than they themselves require. The buyers need vegetables to eat, coal or oil to burn, or metals to supply their factories. In most markets, the producers, on the one hand, provide a steady supply of the goods traded, and the consumers, on the other hand, provide a steady demand, which keeps the producers and the market in business. 133
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NH ƠN
The Stock Market deals with a different sort of commodity. The goods of sale, in themselves, have no intrinsic use or worth. Stock and share certificates merely represent value and are evidence of your stake in the company.
TP .Q UY
How can the Stock M arket operate to ensure th at there are always shares available to meet buyers' requirements, and buyers available to meet sellers' needs? How can there be a market at.all, when the public all want to buy or sell at the same time?
HƯ
NG
ĐẠ O
In Britain, this essential function used to be performed by a group of traders operating within the Market, who stood ready to buy or sell securities as principals at their own risk. The role played by these traders, the Jobbers, constituted a unique feature of the British Market.
10
00
B
TR Ầ
N
Since the computerization and reorganization of the London Stock Exchange, brokerage firms have been entrusted with the role of market makers: by standing ready to buy or sell securities, they provide the constant flow of business th at is needed to match supply and demand and thus ensure freedom of dealings.
A
VI. Vocabulary
TO ÁN
-L
Í-
HÓ
- stock exchange (n) a market where stocks and shares are bought and sold under fixed rules, but at prices controlled by supply and demand thị trường chứng khoán / sỏ giao dịch chứng khoán - considerably (adv) much nhiều / lớn, đáng kể - come into being to begin to exist ra đòi, hình thành
DI Ễ
N
ĐÀ N
- essential (n) a necessary basic element or thing nét độc đáo, nét cơ bản... - whenever (conj) at any time bất kỳ lúc nào - reasonably (adv) in a ỉogical and sensible way một cách hợp
lý 134
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__/
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
- scope (n) the range or extent of matters being dealt with, studied lĩnh vực, phạm vi
TP .Q UY
- quotation (n) a statement of the current price of stocks “sự yet gian _ a 'j
NH ƠN
- lock up money in a company to invest money so that it cannot easily be converted into cash forever đầu tư dài hạn / vôn nằm mãi ỏ một công ty
135
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TAXATION I. Reading
TP .Q UY
Unit 20
NG
ĐẠ O
Most of the money to run the Government comes from taxes of all sorts -on personal and corporate incomes, on sales of goods, on imports and on inheritances. The ultimate source of all tax money is the same-people.
HÓ
A
10
00
B
TR Ầ
N
HƯ
The primary function of taxation is, of course, to raise revenue to finance government expenditure, but taxes can also have other purposes. Indirect excise duties, for example, can be designed to dissuade people from smoking, drinking aleohol, and so 0 *1 . Governments can also encourage capital investment by permitting various methods of accelerated depreciation accounting that allow companies to deduct more of the cost of investments from their profit, and consequently reduce their tax bills.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
There is always a lot of debate as to the fairness of tax system. Business profit, for example, are generally taxed twice: companies pay tax on their profits (corporation tax in Britain, income tax in the USA), and the shareholders pay income tax on dividends. Income taxes in most countries are progressive, and are one of the ways in which governments can redistribute wealth. The problem with progressive taxes is that the marginal rate- the tax people pay on any additional income-is always high, which is generally a disincentive to both working and investing. On the other hand, most sales taxes are slightly regressive, because poorer people need to spend a larger proportion of their income on consumption than the rich. 136
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N
HƯ
NG
ĐẠ O
TP .Q UY
NH ƠN
The higher the tax rate, the more people are tempted to cheat, but there is a substantial ‘black’ or ‘underground’ economy nearly everywhere. In Italy, for example, self- employed people whose income is more difficult to control than that of company employees - account for more than half of national income. Lots of people also have undeclared part-time jobs (some people call this ‘moonlighting’) with small and medium - sized family firms, on which no one pays any tax or national insurance. At the end of 1996, the Director of the Italian National Institute of Statistics calculated the size of the underground economy, and added 16.7% to Italy’s gross national product (GNP) figure, and then claimed that Italy had overtaken Britain to become the world’s fifth largest economy.
-L
Í-
HÓ
A
10
00
B
TR Ầ
To reduce income tax liability, some employers give highpaid employees lots of ‘perks’ (short for perquisites) instead of taxable money, such as cars, free health insurance, and subsidized lunches. Legal ways of avoiding tax, such as these, are known as loopholes in tax laws. Life insurance policies, pension plans and other investments by which individuals can postpone the payment of tax, are known as tax shelters. Donations to charities that can be subtracted from the income on which tax is calculated are described as tax- deductible.
DI Ễ
N
ĐÀ N
TO ÁN
Companies have a variety of ways of avoiding tax on profits. They can bring forward capital expenditure (on new factories, machines, and so on) so that at the end of the year all the profits have been used up; this is known as making a tax loss. Multinational companies often set up their head offices in countries, where taxes are low; such countries are known as tax havens. Criminal organizations, meanwhile, tend to pass money through a series of companies in very complicated transactions in order to disguise its origin from tax inspectors - and the police; this is known as laundering money. 137
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II. Comprehension / interpretation
NH ƠN
According to the text, are the follow ing statem ents TRUE or FALSE ?
TP .Q UY
1. Taxes can be designed both to discourage and to encourage spending. 2. The same amount of money can be taxed more than once.
ĐẠ O
3. Progressive taxes may discourage people from working extra hours.
NG
4. Sales taxes are unfair because poor people spend more than rich.
N
HƯ
5. The Italian government knows th at about one seventh of national income escapes taxation
TR Ầ
6. ‘Loopholes’ are a common form of tax evasion.
00
B
7. If you pay a lot of your income into a pension fund or a life insurance policy you never have to pay tax on it.
HÓ
A
10
8. A company th at makes an unusually large profit during a tax year might quickly decide to spend it, for example, on a new factory or equipment.
Í-
III. Language focus THE PRESENT PARTICIPLE
-L
A. Form: The infinitive + ing Use:
TO ÁN
Bo
1. To form the continuous tenses:
ĐÀ N
The economy is growing.
Interesting people developing countries
DI Ễ
N
2. As adjectives
3. The present participles can sometimes replace relative clauses 138
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NH ƠN
The girl talking to our Sales manager is his daughter. 4. It can also replace the construction: s + V
TP .Q UY
She sat in the garden reading a book. Taking a key out o f the pocket, John opened the door.
ĐẠ O
5. After verbs of sensation (see, hear, feel, sm ell, listen, watch...) I heard him making arrangement for his journey.
HƯ
They spent a lot o f money modernizing the factory.
NG
6. After go, come, spend., waste, be busy
7. After catch, fin d , leave
TR Ầ
N
The Marketing Manager left him talking to clients.
10
00
B
Exercise: Indicate if the follow ing sen ten ces are correct (C) or incorrect (I). If they are incorrect, correct them. ’
HÓ
A
1. We study the effect of the fall in the dollar’s value at the moment.
-L
Í-
2. The shift in relative wages will cause a shift of workers into the growing occupations.
TO ÁN
3. While lived in Burma last year, I learned many things about Burmese customs.
ĐÀ N
4. Lack the necessary qualifications, he was not considered for the job.
N
5. Driving to my grandparents’ house last night, we saw a young woman selling flowers.
DI Ễ
We stopped so th at we could get some flowers for my grandparents. 139
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NH ƠN
6. We didn’t have much trouble finding a suitable office. 7. She has a PhD and an MBA so she’s certainly very well qualify.
TP .Q UY
8. In my opinion, the advantage of to have a credit card is that you can pay for things over the phone..
ĐẠ O
9. The latest economic statistics show th at both unemployment and inflation are falling and that the economy is growing at an annual rate of 7.6%.
Word study
N
IV.
HƯ
NG
10. You are wasting your time to try to persuade him: he’ll never help you.
TR Ầ
A .Find words in the text that m ean the following.
00
B
1. reducing the value of a fixed asset, by charging it against profits
10
2. something which discourages an action
HÓ
A
3. an adjective describing a tax that is proportionally higher for people with less money
Í-
4. spending money to buy things, rather than saving it
-L
5. working for yourself, being your own boss
DI Ễ
N
ĐÀ N
TO ÁN
6. a tax on incomes that pays for sickness benefit, unemployment benefit, and old-age pensions 7. non-financial benefits or advantages of a job 8. a way to delay the payment of tax to a later time 9. an adjective describing expenditure that can be taken away from taxable income or profits
10. a country offering very low tax rates to foreign businesses 140
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NH ƠN
B. Which term s do the follow ing sentences define? 1. The tax people pay an. their wages and salaries is called B. income tax
TP .Q UY
A. capital transfer tax c. wealth tax
B. indirect tax
NG
A. direct tax
ĐẠ O
2. A tax on wages and salaries or on company profit is a / an
HƯ
c.value-added tax
TR Ầ
N
3. A tax levied at a higher rate on higher incomes is called a A. progressive tax
B. regressive tax
B
c. wealth tax
A
10
00
4 A tax paid on property, sales transactions, imports, and so on is a / a n ...............
HÓ
A. direct tax
B. indirect tax
Í-
c. value-added tax
TO ÁN
-L
5. A tax collected at each stage of production, excluding the already-taxed costs from previous stages, is called a / a n ............... A. added-value tax
B. sales tax
ĐÀ N
c. value-added tax
DI Ễ
N
6. Profits made by selling assets are generally liable to a
A. capital gains tax
B. capital transfer ta
c. wealth tax 14] Đóng góp PDF bởi Nguyễn Thanh Tú
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NH ƠN
7. Gifts and inheritances over a certain value are often liable to a............................
B. capital transfer tax
TP .Q UY
A. capital gains tax c. wealth tax
A. added-value tax
B. capital gains tax
NG
c. wealth tax
ĐẠ O
8. The annual tax imposed on people’s fortunes is a / an
HƯ
9. Making false declarations to the tax authorities is called B. tax avoidance
N
A. fiscal policy
TR Ầ
c .tax evasion
10
A. creative accounting
00
B
10. Reducing the amount of tax you pay to a legal minimum called...............
HÓ
A
c .tax evasion
B. tax avoidance
Í-
V. Vocabulary
-L
- dissuade (v) ~sb (from sth / doing sth)
TO ÁN
to persuade or try to persuade sb not to do sth: ngăn cản, cản !, can gián
DI Ễ
N
ĐÀ N
- progressive tax: tax in which the rate o f tax increases with reases in the tax base thuế lũy tiến - disincentive (n) (to sth) a thing that discourages an action effort: điều làm nản lòng 1 hành động hoặc một sự cố gắng - regressive tax: tax levied at a rate that decreases as income "eases thuế lũy thoái
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- loophole (n) a way o f avoiding sth, esp. because the words of a law, contract,... are not clear or are badly chosen, kẽ hỏ - donation (n) a thing, esp. money that is donated vật, quà tặng, cúng
ĐẠ O
- disguise (v) - to hide something che giấu
TP .Q UY
- perk (perquisite) money or goods received in addition to salary tiền thù lao thêm
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
- to make sb / sth look or sound different from normal, to give sb / sth a false appearance: cải trang, trá hình
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Unit 21
TP .Q UY
INTRODUCTION TO CORPORATE TAXATION I. R eading
TR Ầ
N
HƯ
NG
ĐẠ O
A well - worn saying holds that nothing is certain but death and taxes. Unhappily, governments are often responsible for the former, and they are virtually always the source of the latter. Since the United States is the world’s largest capital market, we will focus on taxes levied on us citizens and corporations. Most of the specific tax rates and provisions applied in the first half of the 1980s. By far the most important taxes for investment decision making are personal and corporate income taxes.
00
B
1 CORPORATE INCOME TAX
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
In the US and most countries, the corporate form of organisation is the most important in terms of dollar value of assets owned, although many more firms are organised as partnerships or single proprietorships. Legally, a corporation is regarded as a separate entity, while partnerships are considered as extensions of their owners. Income earned through proprietorships and partnerships is taxed primarily through the personal tax levied on their owners. Income earned by a corporation may be taxed twice - once when it is earned via corporate income tax and again when it is received as dividends by holders of the firm’s securities, via personal income tax.
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El
(.source: Sharp. Investment. Prentice HƠIKÌ978)
B
CORPORATE TAX RATES
TR Ầ
N
HƯ
NG
ĐẠ O
TP .Q UY
a _____
NH ƠN
Chart 21.1: M arginal and average corporate tax rates, 1983
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
The corporate income tax is relatively simple in one respect. There are usually only a few basic rates. For example, in 1983 there was a tax rate of 15 percent applicable to the first $25,000 of taxable income, a rate of 18 percent applicable to the next $25,000, a rate of 30 percent applicable to the next $25,000, 40 percent to the next $25,000 and finally a rate of 46 percent applicable to all income over $100,000. The result is shown in Chart 19.1 above - the top line shows the marginal rate, the bottom line shows the average tax rate. The marginal rate is more relevant for most decisions. For example, if a corporation were considering an investment that would increase its income from $65,000 to $70,000 each year, the increase in income would be (10.3) X $5,000. As the figure shows, the larger a corporation’s taxable income, the closer its average tax rate comes to the higher marginal rate. Overall, such corporations pay taxes equal to virtually the largest marginal rate (46 percent). 145
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DEFINING INCOME
N
HƯ
NG
ĐẠ O
TP .Q UY
NH ƠN
For tax purposes, corporate income is defined as revenue minus expenses. The problems arise in measuring these two elements. The most dramatic instance of this difficulty concerns depreciation of assets. If a corporation buys a computer for $1 million, it is entitled to eventually charge off this cost as a deductible expense when computing taxable income. On 46 percent rate, this represents an eventual tax saving of $460,000. The sooner the cost can be written off, the greater the benefit to the company. For the purposes of reporting corporate income to the IRS, assets are grouped into four broad classes. Automobiles and research equipment are considered three - year property, most business equipment is considered five year property, buildings are usually considered as fifteen - year property.
Í-
HÓ
A
10
00
B
TR Ầ
Another vexing problem associated with the measurement of corporate income concerns the cost of inventory sold during the year. This arises when prices are changing fairly and rapidly and a company holds inventory for long periods. To take a fairly simple case, imagine a retailer of sailboats. At the start of the year he has 100 in stock, all purchased for $10,000 each. During the year he takes delivery of 100 more but must pay $11,000 each, ending with 90 in stock. The boats are sold for $15,000 each.
-L
What was his income?
ĐÀ N
TO ÁN
The question concerns the relevant cost of the 110 boats that were sold and of the 90 th at remain. The firm may have sold all the “old” boats first, or all the “new” boats, or a mixture of the two. An accountant may assume any of the above combinations without regards to the actual facts of the situation.
DI Ễ
N
The impact of different inventory valuation methods is illustrated in Chart 21.2. When prices have been rising, the LIFO method will permit a corporation to charge more to cost in the 1AA
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ĐẠ O
present and less in the future. This will lower taxes in the present and raise them in the future. However, before 1970 many companies used the FIFO method, suggesting th at in times of moderate inflation many managers were willing to sacrifice some real benefits to improve the appearance of their company’s financial statements. In all cases, investors should examine depreciation and inventory procedures carefully when assessing the profitability of a company.
NH ƠN
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TP .Q UY
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method
b. Cost by
method
c. Cost b y ___method
HƯ
a. Cost by
NG
C h a rt 21.2. The impact of different inventory valuation methods
[00 at $11,000 = $1,100,000
55 at $10,000 = 5550,000
10 at 11,000=
10 at 510,000= 100,000
55 at 11,000= 605,000
$1,200,000
$540,000
$450,000
Tax (at 46%)
-2,484,000
-207,000
Income after tax
$2,916,000
$243,000
00
Income
$1,155,000 5495,000 -277,70»
10
$267,300
90 at $10,000 = $900,000
45 at $10,000 45 at $11,000=
$945,000
Í-
$990,000
HÓ
A
Cost remaining inventory: 90 at SI 1,000=
TR Ầ
$1,110,000
B
110,000
N
100 at SI0,000 = $1,000,000
-L
Revenue: 110 boats at $15,000 = $1,650,000
TO ÁN
Source: Sharp, Investment, Prentice Hall (1978) II. C om p reh en sio n / In te rp r e ta tio n
ĐÀ N
1. What are the tax advantages of a single proprietorship / partnership versus a corporation?
N
2. In what senses is corporate income liable to double taxation?
DI Ễ
3. Why is the marginal rate of taxation most relevant for investment decisions?
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how long does it take to depreciate a
NH ƠN
us,
4. In the photocopier?
TP .Q UY
5. Why do most companies nowadays operate the LIFO inventory method? III. L anguage focus 3.1.
E xpressing com parative relations
ĐẠ O
Look at the following sentences taken from the Reading passage:
HƯ
NG
“The larger a corporation’s taxable income, the closer its average tax rate comes to the higher marginal rate”.
TR Ầ
N
“The sooner the cost can be written off, the greater the benefit to the company”.
00
C h art 21.3
B
Now study the four graphs in Chart 21.3 and write two sentềnces about each expressing a comparative relation:
10
Tim e
HÓ
A
2
Dem and
4 Probability
Trade deficit
3.2. M uch / m any / few / little Look at the following sentences taken from the Reading passage:
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
ROI
“Although many more firms are organized as partnerships...” “There are usually only a few basic rates...” 148
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Much
many few little
fewer
NH ƠN
Now complete the sentences with one of the following words: less
TP .Q UY
1. ______ people realise how _______ tax they could avoid paying if they studied the tax laws. 2 . ______ people believe they pay to o_______ tax.
ĐẠ O
3. There is to o______ time and too_______problems to talk about irrelevant issues. 4. There isn’t ______ evidence to support these figures.
have clear plans for
N
6. Very ______ tax authorities corporation tax in the future.
HƯ
NG
5. You’ll pay m uch ______ tax in the Cayman Islands than most places.
TR Ầ
7. There are many ______ opportunities to avoid tax nowadays.
Word study
10
IV.
00
B
8. ______ companies operate the FIFO method nowadays.
HÓ
A
Complete the list below:
-L
to govern to provide
Í-
V erb
N oun
A djective
______________ ___________ _ ______________ ______________ ___
TO ÁN
______________ A decision
ĐÀ N
______________ ______________ considerable to a p p l y ______________________________
DI Ễ
N
______________ Depreciation to deduct ______________ ______________ to assess to sacrifice
______________ _____________ ______________ ______________
to profit
______________ ______________
___
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V ocabulary
NH ƠN
- well-worn (adj): over-used: cổ, cũ rích
- levy 1. (n) money collected by the authorities: tiền thuế thu 2.(v) to demand payment o f taxes and dues, levy sth / on sb: đánh thuế lên, thu thuế
TP .Q UY
được
ĐẠ O
- provision (n): money set aside in accounts for later use: tiền dự phòng, tiền dự trữ
NG
- tax (n) money charged by the government or an official body to pay for services: tiền thuế, thuế
HƯ
- corporate (adj): refering to the whole company
TR Ầ
N
- partnership (n): unregistered business where two or more people share risks and profits', hợp doanh (hai hoặc nhiều người cộng tác vói nhau)
00
B
- proprietorship (n): kinh doanh do 1 ngưòi độc quyền sỏ hữu
10
- via (prep): by way ofsth, through: qua
HÓ
A
- securities (n): investments in stocks and shares: chứng khoán
-L
Í-
- dividend (n): percentage of profits paid to share holders: cổ tức (phần lợi tức chia cho cổ đông)
TO ÁN
- one respect (n): một khía cạnh, một phương diện - rate (n): charge for service or work, or for loans: tỷ suất
ĐÀ N
- ratio (n): proportion o f something compared with another
DI Ễ
N
thing
- applicable (adj): thích hợp, có thể áp dụng được - marginal rate (n): tỷ suất tối hạn / mức cao nhất (trần)
- virtually (adv): hầu như, gần như
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NH ƠN
- depreciation (n): sự sụt / giảm giá
- vexing problem (n): difficult problem that causes much discussion: vấn đề khó khăn - measure (n): action, step: hoạt động, bước (biện pháp) - take delivery of sth (v): nhận (hàng, cái gi đó)
ĐẠ O
- LIFO: Last in First out (inventory system): nhập sau, xuất
TP .Q UY
- an eventual tax (n): thuế tận thu
trước
HƯ
NG
- FIFO: First in First out (inventory system): vào trưóc, ra' trước (nhập trước, xuất trưổc) - ROI: return on investment: Thu nhập từ vôn đầu tư
TR Ầ
N
- write down (v): to enter an asset in the books at a lower value than before: giảm giá
00
B
- write off (v): to cancel I remove a debt from the accounts: xóa / hủy bỏ một món nợ »
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
- bad debt (n): debt which will not be paid: nợ không trả được, nợ xấu.
151
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Unit 22
TP .Q UY
CUSTOMS AND EXCISE CHARGES I. R e a d in g
Customs and excise charges take three forms as follow:
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
1. Customs duties, which are indirect taxes levied on imports at the point of entry. The rates are laid down in the EC Common Customs Tariff (CCT) and are standard throughout the community. Duties can be calculated in two ways by value or by unit measurement. They have been reduced progressively in the various GATT (the General Agreement on Tariffs and Trade) rounds. The full rate is now paid on imports from only a few developed countries, other countries being beneficiaries of a variety of preferential schemes. Goods can be relieved from duties in a number ways:
10
(a) Under EC free circulation rules.
HÓ
A
(b) Under outward and inward processing relief procedures.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
(c) Under the concession which, in certain circumstances, temporarily suspends duty on some goods which are not currently produced within the EC or are used in industrial research or for the handicapped. 2. Excise duties, which are also indirect taxes levied on specific products, both imported and domestically produced. The most important of these products, in terms of imports, are beers, wines, spirits, tobacco, perfume and hydrocarbon products. Excise duties are a replacement for and not in addition to tariff duties. Currently the EC member states have widely disparate excise duties and the European Court has ruled that these differentials have equivalent effect to quantitative restriction and are therefore 152
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NH ƠN
illegal. In the meantime, goods subjects to excise duties are charged with these differentials when they cross member state borders.
TP .Q UY
3. A g ricu ltu re levies are charged which replace customs duties on products which are covered by the Common Agriculture Policy regime. They are adjusted annually and are highly complex.
Choose the best answ ers according to the text.
B
1.1
TR Ầ
II. Comprehension questions
N
HƯ
NG
ĐẠ O
From the government’s point of view, these three taxes have two advantages: they discourage import and provide revenue. The weakness is that they can rarely be levied at a rate which ensures a controlled reduction in import because of the wide range of prices at which the different exporting countries are able and willing to trade in the same product.
10
00
1. Customs duties - a kind of tax levied on imports - are...
HÓ
c. value-added tax
b. indirect tax
A
a. direct tax
Í-
2. Customs duties can be computed based on...
-L
a. value of imports
b. quantity of imports
TO ÁN
c. both a & b
3. The abbreviation “EC” in the first paragraph refers to:
ĐÀ N
a. European Community
b. European Countries
DI Ễ
N
c. European Court 4. The term “beneficiaries” in the first paragraph means:
a. countries who gain preferential schemes. b. countries who offer preferential schemes. 153
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NH ƠN
c. neither a or b. 5. Excise duties are indirect taxes levied on... a. imports
b. exports
TP .Q UY
c. some special goods
8. Excise duties are.......... . among the EC members. b. a little different
ĐẠ O
a. not different c. much different
b. change every year,
HƯ
a. are very simple.
NG
7. Agriculture levies...
N
c. stay the same for years.
TR Ầ
8. The goal of imposing three kinds of taxes (customs duties, excise duties and agriculture taxes) is to...
00
B
a. limit import.
10
b. increase revenue for the Government’s budget.
HÓ
A
c. protect domestic goods.
L an g u ag e focus
-L
III.
Í-
d. all the answers above.
TO ÁN
Study the sentences from the text
ĐÀ N
1. Customs duties, which are indirect taxes levied on im ports a t th e p o in t o f entry.
DI Ễ
N
2. Excise duties, which are also indirect taxes levied on specific pro ducts, both im p o rted a n d do m estica lly produced. The words in bold in the aboye sentences are p a rtic ip ia l p h rase s - VecL 154
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NH ƠN
Participial phrases:
The people who are m a k in g the real decisions are all at Head Office.
ĐẠ O
Food w hich is sold in su p erm a rkets needs a relatively long shelf-life.
TP .Q UY
* Relative clauses can have a continuous verb form (with an -ing ending) or a passive verb form (with an -ed ending).
HƯ
NG
* In this cases we can simplify the sentence by leaving out both the relative pronoun and the verb be. The phrases reduced from relative clauses are called participial phrases.
N
The people m a k in g the real decisions are all at Head Office.
10
00
B
participial phrases are derived from two sentences or with the same subject. Participial phrases contain no so the subject in these sentences is understood to be the the main clause nearest the participial phrase.
A
* Most clauses subject, noun in
TR Ầ
Food sold in su p erm a rkets needs a relatively long shelf-life.
HÓ
These are the technologies cla ssified as tra d itio n a l.
TO ÁN
-L
Í-
The law crea tin g an extension service was passed in 1898.___________________________________________________ Exercise for practice;
ĐÀ N
Put a continuous verb form (with an -ing ending) or a passive verb form (with an -ed ending) for the verbs in brackets.
N
1. The products........... . (attract) most interest were smaller, lighter models. door.
DI Ễ
2. There’s a lot of noise from the builders.............(work) next 1ss
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NH ƠN
3. This is a new drug............ (develop) at our Cambridge laboratories.
TP .Q UY
4. I was talking to a man........... (go) to the same conference as us. 5. The ‘assets’ include everything.............. (own) by the company. (run) by
ĐẠ O
6. LVMH fought a battle with Gucci............ Domenico De Sole.
HƯ
NG
7. Tom took me to the restaurant........... (call) ‘Noodle Heaven’. 8. The train ............ (go) to Brussels leaves from here.
IV.
TR Ầ
N
9. This model............ (launch) last year is selling very well. Word study
10
00
B
4.1 Read the text again and answ er the followin questions:
HÓ
A
1. Look at the first paragraph again. What words have the same meaning as:
Í-
- Quantity of goods
-L
- Taxes rate
ĐÀ N
TO ÁN
2. Look at the second paragraph again. What words have the opposite meaning as: - Overseas - Simple
DI Ễ
N
3. Can you explain the following word: - Regime - EC free circulation rules 156
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to goods trading
TP .Q UY
specified by of international including objectives reducing trade with
NH ƠN
4.2. Fill in the blank with a suitable word:
TR Ầ
N
HƯ
NG
ĐẠ O
The General Agreement of Tariffs and Trade (GATT), an (1)........... organization set up in 1947, had the (2)........... of encouraging international trade, (3)............ making tariffs the only form of protectionism, and of (4)............ these as much as possible. The most favored nation clause of the GATT agreement (5)........... that countries could not have favored (6)........... partners, but had to grant equally favored conditions (7)........... all trading partners. The final GATT agreement - (8)........... services, copyright, and investment, as well as trade in (9)........... - was signed in Marrakech in 1994, and the organization was superseded (10)........... the World Trade Organization.
00
B
V. V ocabulary
HÓ
A
10
- charge (n): the amount o f money that you have to pay for something, especially for an activity or service', phi.
Í-
- customs (n): the taxes that must be paid to the government on goods brought form other countries: hải quan.
-L
- customs charge / customs duty: phí / thuế hải quan.
ĐÀ N
TO ÁN
- excise charge / duty(n): a tax made by a government on some types of goods produced and used within their own country: thuế tiêu thụ đặc biệt.
DI Ễ
N
- tariff (n): a charge or list o f charges either for services or on goods entering a country: biểu thuế; thuế xuẩt nhậpkhẩu. - customs tariff: thuế quan, thúế suất nhập khẩu.
- preferential (adj): describes something you are given which is better than what other people receive: ưu đãi 157
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NH ƠN
preferential tariff: biểu thuế ưu đãi. - GATT: General Agreement on Tariffs and Trade', hiệp định chung về thuế quan và mậu dịch.
TP .Q UY
- disparate (adj): (of two or more things) so different from each other that they cannot be compared or cannot work together, khác nhau
ĐẠ O
The five experiments gave quite disparateresults.
NG
fNam cuộc thí nghiệm đem lại những kết quả hoàn toàn khác hẳn nhau)
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
- regime (n): a particular government or a system or method of government or o f organizing in business: chế độ, cách thức quản trị, hệ thống (trong kinh doanh).
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Unit 23
I. R e a d in g
NG
ĐẠ O
Customs plays a vital role in protecting Australia’s borders from the entry of illegal and harmful goods and unauthorized people. These crucial community protection roles are balanced with the need to ensure th at legitimate movement of people and goods across the border is not unnecessarily impeded.
TP .Q UY
AUSTRALIAN CUSTOMS SERVICE
TR Ầ
N
HƯ
Recent changes in the international environment required Australia to implement rapid responses at the border to protect our community. Outbreaks of infections disease, and the consequences of overseas terrorism, are examples of events that can change border priorities at short notice.
Í-
HÓ
A
10
00
B
Australia’s current level of border control and security is unprecedented. Customs is a world leader in the commitment of innovative, cutting-edge technology to border protection tasks, real-time satellite communication technology and container examination facilities work together with our world-renowned Detector Dog Unit to protect Australia’s borders.
N
ĐÀ N
TO ÁN
-L
Australian Customs continues to maintain close bilateral links with other border protection administrations around the world, as well as playing an active role in a number of multilateral and regional organizations. Our international activity assists in harmonizing and simplifying international customs procedures to facilitate global trade and travel, while providing for greater trade and travel, while providing for greater cooperation in protecting our community.
DI Ễ
Customs meets the challenge of balancing urgent Government priorities, while continuing deliver day-to-day 1i n
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ĐẠ O
TP .Q UY
NH ƠN
business requirements, through a robust strategic and risk planning framework. Our regulatory philosophy recognizes that our interaction with clients represents a continuum that balances service, facilitation and enforcement activities. A stronger, more coordinated approach to risk identification and intelligence client focus resulted in development of a national compliance assurance strategy and an Integrated Cargo System. Customs underwent a major organizational restructure to realign our business processes and functions to meet future needs and the expectations of our stakeholders.
TR Ầ
N
HƯ
NG
Securing Australia is achieved through Customs use of innovation, technology, counter-terrorism activity; cooperation with the other international agencies; and the adaptability and flexibility of the organizations and its people in the face of challenges. The performance highlights outline briefly just some of the ineasures taken by Customs to protect our borders.
00
B
II. C om prehension / in te rp re ta tio n
HÓ
A
10
1. The role of Australian Customs is to protect their border from... a. illegal and harmful imports.
Í-
b. unauthorized immigration
-L
c. both a & b
ĐÀ N
TO ÁN
2. What is not the reason for Australia to implement rapid responses to protect their community? a. trend of free cross border trade b. outbreaks of infected diseases c. the consequences of overseas terrorism
DI Ễ
N
3. The word “unprecedented” in the 3rd paragraph refers to: a. having happened or existed before. b. have never happened or existed before. c. have been done or been known before. 160
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a. harmonizing international customs procedures.
TP .Q UY
b. making international customs procedures simpler.
NH ƠN
4. Australian Customs’ international activity is aimed at...
c. providing for greater cooperation in protecting their country.
5. The tasks of Australia Customs are to...
NG
a. balance urgent government priorities.
ĐẠ O
d. all the answers above
HƯ
b. deliver day-to-day business requirements.
N
c. balance service, facilitation and enforcement activities.
TR Ầ
d. all the answers above
B
6. Securing Australia is achieved through customs use of...
10
00
a. innovation, technology, counter-terrorism.
A
b. cooperation with the other international agencies
Í-
HÓ
c. the adaptability and flexibility of the organization and its people in the face of challenges.
TO ÁN
-L
d. all the above. III.
L anguage focus -ing form after prepositions.
• We use -ing form after prepositions.
DI Ễ
N
ĐÀ N
Please switch off the lights before leaving. She succeeded in the business by being completely single. We never launch a new product witnout doing extensive minded. market research. Our international activity assists in harmonizing... After washing the fruit, we sort it according to size and put it into b o i ^ ^ e providing for greater trade and travel. 161
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in
against
by
in addition to
as a result of
by means of
in favour of
as well as
despite
in spite of
because of
for
instead of
before
how about
NH ƠN
beside
TP .Q UY
after
ĐẠ O
We can use - ing form after th ese prepositions
on
NG
while
HƯ
Exercise:
TR Ầ
N
Complete each sentences by choosing a preposition from list A followed by an -ing from list B.
00
B
A: after, without, by, in spite of, after, of, before, instead of, how about, in
HÓ
A
10
B: leaving, taking over, going, having, increasing, building, landing, coming, being.
-L
Í-
1...................................... leaving university I worked in IT recruitment for a while.
TO ÁN
2. I still feel tired ....................................... slept eight hours. 3 Manchester.
a Heathrow, we had to go to
5.......................................... round this evening?
DI Ễ
N
ĐÀ N
4. The new drug was put on the m a rk e t....................... .......... approved by the government.
6............................................ a new motor way, they attracted new industry to the area. 162
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NH ƠN
7. I was aware ................................... very nervous at the start of my presentation.
9. The Fed is hoping to ................................................ interest rates.
reduce
inflation
ĐẠ O
10.....................................on, I’d just like to book at this graph in a little more detail.
TP .Q UY
8. Vodafone g rew .......................................................................... .......local operators.
IV. Word study
HƯ
NG
From the words listed below, select a work to fit each blank space in the passage progress
protection
aids
considerable
promoting
basic
permits
trade
collection
illegal
system
B
TR Ầ
N
institution
TO ÁN
-L
Í-
HÓ
A
10
00
t Customs is recognized as a critical (1) ...................... to good governance, prosperity and the (2) ........................ of society. The World Customs Organization (WCO) (3) ................ the national economic wealth and social protection of its Members by (4) ......................... an honest, transparent and predictable Customs environment. This (5) ................... legitimate international (6) ................... to flourish and effective action to be taken against (7) ..........activity.
DI Ễ
N
ĐÀ N
For many years, the wco has been making (8) ............ on the harmonization of international Customs procedures. These efforts have met with (9 )..... .........success. The wco developed and introduced the Harmonized Commodity Description and Coding (10)............., which is used world-wide as the (11) ............... for classifying goods and for the (12) .................. of Customs revenue.
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Vocabulary
NH ƠN
V.
TP .Q UY
- protect (v): to keep someone or something safe from harm, damage or illness bảo vệ - unauthorized (adj): without official approval or permission không được phép, trái phép - legitimate (adj): acceptable or allowed by law hợp pháp
ĐẠ O
- impede (v): to make it difficult for someone or something to move forward làm trở ngại
NG
- outbreak (n): it suddenly starts to happen Sự bột phát
N
HƯ
- priority (n): the most important thing that needs attention before anything else Ưu tiên
TR Ầ
After several burglaries in this area, security is now a high priority.
00
B
* - innovative (adj): an idea or way of doing something is ne different, and better than those that existed before. Làm thay đổi
HÓ
A
10
- facilities (plural N): opportunity or equipment for doing something easily and well: Điều kiện thuận lợi, phương tiện dễ dàng
DI Ễ
renowned author / actor / photographer... He is a renowned as a brilliant speaker. - Detector Dog Unit: Đội chó nghiệp vụ
- security (n): protection from danger or from bad situation-. an toàn, an ninh
N
ĐÀ N
TO ÁN
-L
Í-
- renowned (adj) = famous for, known and admired by a lot of people, especially for a special skill, achievement or quality.
- bilateral (adj): involving two groups or nations: song phương - multilateral (adj): involving several different countries or groups: đa phương 164
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NH ƠN
- robust (adj): a robust system or organization is strong and not likely to have problems. cứng rắn, nghiêm minh, trôi chảy
TP .Q UY
- continuum (n) a scale o f related things on which each one is only slightly different from the one before: chuỗi, liên tục things having a continuous structure: bảng biến thiên
ĐẠ O
- compliance (n) = someone obeys a rule, agreement or demand.
NG
compliance with the rules is expected o f all members.
HƯ
He is a renowned as a brilliant speaker.
N
- Integrated Cargo System: Hệ thống hàng hóa hợp nhất.
10
00
B
TR Ầ
- stakeholder (v) someone who has invested money into something or who has some important connections with it and therefore is affected by its success or failure, người giữ tiền đặt cược / doanh nghiệp.
HÓ
A
- undẹrgo (v): to experience sth, especially a change or sth unpleasant: trải qua
Í-
The country has undergone massive changes recently.
TO ÁN
-L
- agencies (n): an organization or department, especially within a government, that does a specific job: Cục, sở A UN agency is responsible for helping refugees.
ĐÀ N
- enforcement (n) when people are made to obey a rule, law: thi hành nghiêm nghặt
DI Ễ
N
- realign (v) to change the way in which something is organized: chỉnh đốn, sắp xếp lại The company is planning to realign its sales operations.
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Unit 24
TP .Q UY
INSURANCE I. Reading
HƯ
NG
ĐẠ O
Throughout human history, unexpected economic losses have occurred. Such losses would continue to occur whether or not a system of insurance had ever been devised. But through the operation of insurance system, losses can be predicted in advance, it allows the cost of losses to be financed and redistributed in advance.
00
B
TR Ầ
N
The first definition of insurance th at we will examine is the finance one. In this instance, insurance is a financial arrangement that redistributes the costs of unexpected losses. The insurance arrangement involves the transfer of many different exposures to loss to one insurance pool, which combines the numerous
10
exposures.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
An insurance system accomplishes the redistribution of the costs of losses by collecting a premium payment from every participant in the system. In exchange for the payment of the premium, the insured receives a promise from the insurance system to be compensated in the event of a loss. In most insurance systems only a small percentage of those insured suffer losses. Thus, an insurance system redistributes the costs of losses from the unfortunate few members who experience them to all the members of the insurance pool (including those who suffer losses) who have paid premiums. An insurance system is able to operate because all the insured are willing to substitute a relatively small certain outlay, the insurance premium, for a relatively large uncertain loss. ifiiS
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ĐẠ O
TP .Q UY
It is generally assumed that most people find the possibility of suffering a large loss unpleasant to contemplate. Therefore, people are willing to pay an insurance premium to be relieved of the uncertainty about a loss, as well as to be compensated if the loss actually occurs. Thus, even if no loss occurs during a year, as will be the case for most insured, value has still been received in the form of an eliminated unpleasant mental state, the anxiety about a loss.
NH ƠN
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II. Com prehension / interpretation
TR Ầ
N
HƯ
NG
It is sometimes said that insurance is like gambling. The law however has found a mean of distinguishing between gambling contracts, which it will not enforce, and insurance contracts, which it will. Contracts of insurance form a special class of contract in that the law requires parties to them, the insured and the insurer, to exercise the utmost goods faith towards each other.
A
10
00
B
1. In what way, losses can be predicted before they occur? * 2. Why the predictability of losses in advance is basic to an insurance system’s operations?
HÓ
3. What is insurance in financial definition?
-L
Í-
4. What does the insurance agreement involve? system
accomplish
the
TO ÁN
5. How can an insurance redistribution of the costs of loses?
6. What does the insured receive when a loss occur?
ĐÀ N
7. Why are people willing to pay an insurance premium? 8. Is insurance like gambling? Why?
DI Ễ
N
9. What do you know about contracts of insurance? III. Language focus: Use the - ing form (gerund) after prepositions 167 Đóng góp PDF bởi Nguyễn Thanh Tú
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NH ƠN
We use the - ing form after prepositions. Example: - She became successful by providing the right product at the right price.
TP .Q UY
Exercise 1: Rewrite the following sentences, using the - ing form of the verb in italic and the prepositions in brackets. 1. He left the office. He did not speak to his boss, (without)
ĐẠ O
2. We will not offer them a discount. We will give them better credit terms, (instead of)
HƯ
NG
3. We managed to expand. We didn’t increase our debts, (without)
TR Ầ
N
4. He worked in industry for many years. Then she joined the government, (before)
00
B
The company made 700 workers redundant. That is how it became more profitable, (by)
A
10
Exercise 2: Complete the following sentences by putting the suitable verbs in italic into the gerund.
HÓ
examine, fall, advertise, start, order, make
Í-
1. Before.... anything, first get the different quotations.
TO ÁN
-L
2. Nobody is really responsible for....decisions on.... I wish it wasn’t such a gray area.
DI Ễ
N
ĐÀ N
3. After.... throughout the morning stock prices gained ground steadily by the close of trading.
4. It’s necessary before.... a business to raise sufficient capital. 5. By..... the balance sheet and other documents we ware able to find out that the company was not doing as well as they claimed. 168
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Word study
NH ƠN
IV.
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E xercisel. Choose the -best answ ers to complete the following sentences.
a. life
TP .Q UY
1. Insurance companies can be considered as professional .......... takers. b. risk d. misfortune
ĐẠ O
c. chance
b. branch
c. rank
d. standard
HƯ
a. selection
NG
2. My insurance company offers a wide.................of coverage.
TR Ầ
N
3. His insurance company has told him not to admit......... even though it was clearly his fault. b. likelihood
c. liability
d. crime
10
00
B
a. legality
HÓ
A
4. N atural........... insurance is obligatory in areas prone to flood, earthquakes, and hurricanes. b. chaos
Í-
a. damage
-L
c. catastrophe
d. disaster
TO ÁN
5. Make sure all this equipment is insured............accidental damage.
ĐÀ N
a. over
c. with
b. against d. from
DI Ễ
N
E xercise 2: From the list below, select the w ord th a t best fits each blank. Use each w ord only once.
between market
claim, medical premium
relationship
factors 169
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over price loss original insure policies life
NH ƠN
1. A man or woman obviously has an interest in his or her own.......... and can therefore.......... it and also the life of a husband or wife.
TP .Q UY
2. There are many......... th at provide the basis for an insurable interest.
ĐẠ O
3. Government tax policies will affect cost of private......... insurance.
NG
4. Many insurance companies will only pay you th e..........cost of the items for which you make a.......
HƯ
5................ can change significantly from month to month, year to year o r ..........companies.
B
TR Ầ
N
6. The easiest way to build up .........share is to offer low premiums, even if th at means making a ......... for the first few years.
10
00
7. If insurers want to avoid a ..........war, they may start trying to compete on o th e r.....
HÓ
A
8. Direct insurers are those which sell only their own ........... , and only directly to the consum ers......... the telephone.
-L
Í-
Vo Vocabulary
TO ÁN
- accomplish(v): to succeed in doing or completing sth / to achieve: hoàn thành - compensate(v): bồi thường
ĐÀ N
- economic losses(n): những tổn thất về kinh tế
DI Ễ
N
- experience(v): to have a particular situation after you or happen to you: trải qua, nếm mùi - exposure(n): nguy cơ, sự rủi ro. - occur(v): to happen: xảy ra
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- devise(v): to invent sth new or a new way o f doing sth\ tạo ra
TP .Q UY
- the predictability of losses in advance: khả năng dự doán trước các tổn thất
NH ƠN
Something unexpected occurred.
- cost of unexpected losses: chi phí cho các tổn tha't ngoài dự kiến
ĐẠ O
- premium payment / payment of premium: thanh toán / trả phí bảo hiểm
HƯ
- insurance pool / insurance fund(n): quĩ bảo hiểm
NG
- the insured(n): người mua bảo hiểm
TR Ầ
N
- participant(n): a person who is taking part in an activity or event: - to be willing to do sth: ready to undertake: sẵn lòng, sẵn
B
sàng
00
They are willing to accept responsibility.
*
HÓ
A
10
- contemplate (v): to thing about whether you should do sth or how you should do sth: suy ngẫm
Í-
He contemplated what the future would be like without money.
-L
- eliminate(v): to remove to get rid ofsth / sb: loại bỏ
TO ÁN
Credit cards eliminate the need to carry a lot o f cash. - mental state: trạng thái tinh thần
DI Ễ
N
ĐÀ N
anxiety: sự lo lắng
171
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Unit 25
TP .Q UY
WHAT IS ACCOUNTING?
NH ƠN
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I. R e a d in g
N
HƯ
NG
ĐẠ O
Some people think of accounting as a highly technical field which is practiced only professional accountants. Actually, nearly everyone practices “accounting” in one form or another on an almost daily basis. Accounting is simply the means by which we measure and describe the results o f economic activities. Whether you are managing a business, making investments, preparing your income tax return, or just paying your phone bill, you are working with accounting concepts and accounting information.
A
10
00
B
TR Ầ
Accounting often is called the “language of business” because it is so widely used in describing all types of business activities. Every investor, the manager, and business decision maker needs a clear understanding of accounting terms and concepts if he or she is to participate and communicate effectively in the business community.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
But the use of accounting information is not limited to the business world. We live in an era of accountability. An individual must account for his or her income and m ust file income tax returns. Often an individual must supply personal accounting information in order to qualify for a loan, to obtain a credit card, or to qualify for a college scholarship. The federal government, the states, the cities, and the school districts all use accounting information as the basis for controlling their resources and measuring their accomplishments. Accounting is just as important to the successful operation of a government, a social program, or a church as it is to a business organization. The study of accounting should not be limited to students majoring in accounting or finance. Everyone who engages in 172
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economic activity- which means everyone- will benefit from understanding the nature, significance, and limitations of accounting information.
TP .Q UY
The Purpose o f Accounting
NG
A ccounting from a User's Perspective
ĐẠ O
The basic purpose of accounting is to provide decision makers with information useful in making economic decisions. The input to the accounting process is economic activity; the output is useful information.
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
Our primary goals in this text are to develop your understanding of accounting information and your ability to use it effectively. The diagram below illustrates the role of accounting in society.
ĐÀ N
In order to use accounting information effectively, you must understand: described in
DI Ễ
N
- The nature o f the economic activities accounting reports.
- The assumptions and measurement techniques involved in the accounting process. 173
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How to relate the accounting information to the decision at
NH ƠN
hand.
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Types o f A cco u ntin g In fo rm a tio n
ĐẠ O
TP .Q UY
Just as there are m any types o f econom ic decisions, there are many types o f accounting inform ation. The terms fin an cial accounting, m anagem ent accounting, and tax accounting often are used in describing the types of accounting inform ation m ost w idely in the business community.
10
00
B
TR Ầ
N
HƯ
NG
Financial Accounting - "General - Purpose": Information Financial accounting refers to information describing the financial resources, obligations, and activities of an economic entity (either an organization or an individual). Accountants use the term financial position to describe an entity’s financial resources and obligations at one point in time, and the term results of operations to describe its financial activities during the year.
TO ÁN
-L
Í-
HÓ
A
Financial accounting information is designed primarily to assist investors and creditors in deciding where to place their scarce investment resources. Such decisions are important to society, as they determine which companies and industries will receive the financial resource necessary for growth, and which will not.
DI Ễ
N
ĐÀ N
However, many other decision makers also make use financial accounting information. A company’s managers and amployees constantly need such information in order to run and control daily business operations. For example, they need to know ;he amount of money in the company’s bank accounts, the types ind quantities of merchandise in the company’s warehouse, and ;he amounts owed to specific creditors. Financial accounting nformation also is used in income tax returns. In fact, financial 174
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NG
ĐẠ O
Management Accounting: Management (or managerial) accounting involves the development and interpretation of accounting information intended specifically to aid management in running the business. Managers use this information in setting the company’s overall goals, evaluating the performance of departments and individuals, deciding whether to introduce a new line of products- and in making virtually all types of managerial decisions.
NH ƠN
accounting information is used for so many different purposes that it often is called “general- purpose” accounting information.
B
TR Ầ
N
HƯ
Much “management accounting” information is financial in nature, but has been organized in a manner relating directly to the decision at hand. However, management accounting information often includes evaluations of “nonfinancial” factors, such as political and environmental considerations, product quality, customer satisfaction, and worker productivity.
Í-
HÓ
A
10
00
Tax Accounting: The preparation of income tax returns IS a specialized field within accounting. To a great extent, tax returns are based upon financial accounting information. However, the information is often adjusted or reorganized to conform with income tax reporting requirements.
ĐÀ N
TO ÁN
-L
The most challenging aspect of tax accounting is not the preparation of an income tax return, but tax planning. Tax planning means anticipating the “tax effects” of business transactions and structuring these transactions in a manner that will minimize the income tax burden. II. Comprehension / interpretation
N
1. What is accounting?
DI Ễ
2. What is the basic purpose of accounting? 3. What are the types of accounting information?
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4. What does Financial Accounting refer to? 5. What does Management Accounting involve in? III.
Language focus
must, have to, do not have to
TP .Q UY
6. What is Tax Accounting?
We use have to and must to express obligation or necessity.
ĐẠ O
• Use have to
- to talk about duties or responsibilities.
HƯ
NG
I have to check the mail in the morning and welcome visitors to the office.
N
- to indicate an absence of obligation or necessity
TR Ầ
I don't have to pay the invoice until next month. - ỉịave to behaves as a full verb
00
B
He has to stay late today.
10
You’ll have to do it again.
A
• Use must
HÓ
- for order we give to ourselves
Í-
I / We must pay these bills straight away.
TO ÁN
-L
- for strong commendations
You must get the new model; It’s so much faster.
ĐÀ N
Remember: There is no past or future from of must, so use have to. He must send it. He had to send it. He’ll have to send it.
DI Ễ
N
- to prohibit something You mustn't interrupt her while she’s on the phone. Complete these sentences w ith m u st or have to (in its correct form )
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1. I’m sorry I couldn’t come yesterday. I
NH ƠN
work late.
2. Tom may........................ gcfaway next week. 3. The government really, about unemployment.
TP .Q UY
4. I.....
do something
write to Ann. I haven’t written to her for ages.
..................... forget what I told you. It’s very
ĐẠ O
5. You important.
N
IV. Word study
tell anyone
HƯ
7. I don’t want anyone to know. You what I said.
NG
wear a suit to work but I usually do.
6. I.....
TR Ầ
Complete the gaps with one of the words from this box employment,
quotas,
competition,
10
00
B
dumping, competitive, employ, unemployment
A
1. People are worried about the rise in........................... has
provided
opportunities
of
Í-
HÓ
2. The new factory ..................... for local people.
TO ÁN
-L
3. Government.....................limit the import of luxury cars to just 200 each year. 4. We can’t compete with their prices; be.....................their goods to put us out of business.
they
must
ĐÀ N
5. Our prices are no longer........................; we have to cut costs somehow.
DI Ễ
N
V. Vocabulary
- accounting (n) (Am. E): accountancy (n): work as an account: nghề kế toán, công việc kế toán - financial accounting: kế toán tài chính
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NH ƠN
- management accounting = managerial accounting: kế toán quản trị
TP .Q UY
Management accounting applies to the decision need of managers, as oppose to the decision need o f investors and creditors. - tax accounting: kế toán thuế
- obligation: constraining power of a law, duty, contract, etc: trách nhiệm, nghĩa vụ pháp lý.
ĐẠ O
- entity (n): thing’s existence in itself-, sự tồn tại của một vật
NG
Thing with real existence: thực thể
N
HƯ
- community (n): group of people living in the same local or having same religion: cộng đồng nhóm người sông cùng một khu vực hoặc có chung tôn giáo chủng tộc, v.v...
TR Ầ
- economic community: cộng đồng kinh tế
B
- tax return: giấy khai th uế
00
income tax return: giấy khai thuế thu nhập
A
10
Statements o f any capital gains, inheritances, etc. are also required in the return.
Í-
HÓ
- tax burden: amount of tax suffered by an individual or organization'. gánh nặng thuế khoá
-L
- scholarship (n): award, o f money học bổng
TO ÁN
- accomplishment (n): sự hoàn thành tốt đẹp accomplish (v): One’s aim, a task:
ĐÀ N
- perspective (n): Viễn cảnh perspective (a): có tỉ lệ
DI Ễ
N
- conform (v): (cause to) fit, suitable with: làm cho phù hợp, thích hợp, thích ứng - anticipate (v): deal with or use before due time: xử lý trước, dùng trưốc hạn kì 17Q
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U nit 26
TP .Q UY
FINANCIAL STATEMENTS I. R e a d in g
10
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
All businesses need to maintain financial records in order to find out if they are making a profit. These records exist in several forms. In daily business operations recordings of business transactions are first made in a journal. This journal is sometimes called the book of original entry. In the journal, bookkeepers record sales, uses of raw materials, and purchases. Periodically, bookkeepers transfer figures from the journals to ledgers. This activity is known as posting. The ledger is a book containing all the accounts of a company. An account is a financial record which contains information about a group of similar transactions. For example, all sales activities are recorded in one account. Another account may be a record of all the costs of raw materials.
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
Nowadays, a more sophisticated system of accounting is needed. The design, maintenance, and interpretation of the formation recorded in account are referred to as accounting. Accountants use information in account to construct financial statements. These statements are analyzed by management and used as a basis for business decisions such as allocation of financial resources, development of new products, and expansion of operations. The most important of these financial statements are the balance sheet and the statem ent of income and expenses. These statements are also used for determining income taxes liabilities.
DI Ễ
Companies generally include three financial statements in their annual reports. The profit and loss account (GB) or income statement (US) shows earning and expenditure. It usually gives
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TP .Q UY
NH ƠN
figures for total sales or turnover and costs and overhead. The first figure should obviously be higher than the second, i.e. there should be a profit. Part of the profit goes to the government in taxation; part is usually distributed to shareholders (stockholders) as dividend, and part is retained by the company.
TR Ầ
N
HƯ
NG
ĐẠ O
The balance sheet shows a company’s financial situation on a particular date, generally the last day of the financial year. It lists the company’s assets, its liabilities and shareholders’ (stockholders’) funds. A business’s assets include debtors or accounts receivable as it is assumed that these will be paid. Liabilities include creditors or accounts payable, as these will have to be paid. Negative items on financial statements, such as creditors, taxation, and dividends paid, are usually enclosed in brackets.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
In accordance with the principle of double-entry bookkeeping (that all transactions are entered as a credit in one account and as a debit in another), the basic accounting equation is Assets = Liabilities + Owners’ (or Shareholders’) Equity. This can be rewritten as Assets - Liabilities = Owners’ Equity or Net Assets. This includes share capital (money received from the issue of shares), share premium (GB) or paid- in surplus (US) (any money realized by selling shares at above their nominal value), and the company’s reserves, including the year’s retained profits. Shareholders’ equity or net assets are generally less than a company’s market capitalization (the total value of its shares at any given moment, i.e. the number of shares times their market price), because net assets do not record items such as good will. The third financial statement has various names, including the source and application of funds statement, and the statement of changes in financial position. This shows the flow of cash in and out of the business between balance sheet dates. Sources of funds include trading profits, depreciation provisions, sales of assets, 180
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II. Com prehension / interpretation
TP .Q UY
NH ƠN
borrowing, and the issuing of shares. Applications of fun include purchases of fixed assets or financial assets, payment dividends, repayment of loans, and- in a bad year- trading losses
1. Why do businesses need financial statements? 2. What are financial statements used for?
ĐẠ O
3. How profits are usually split?
NG
4. How many financial statements do companies include their annual report?
HƯ
5. What does the profit and loss account show?
N
6. What does the balance sheet show?
TR Ầ
7. What do a business’s assets include?
B
8. What do liabilities include?
10
00
9. What do a company’s net assets consist of?
HÓ
A
10. Where is flow of cash both in and out of the compa recorded?
Í-
III. Language focus: Infinitive of purpose
-L
To + infinitive can be used to explain why we do something
TO ÁN
In order to + infinitive and so as to + infinitive are also us to express purpose but they are more formal than to + infinitive. Example: - 1 went to the warehouse to get some more stock
DI Ễ
N
ĐÀ N
- You should book your tickets early in order to avc disappointment. - She put the letter in her bag so as not to lose it. Exercise 1.Complete the sentences, using the words in italii attract, reduce, prevent, increase, demand
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1. I am writing..... you of our change of address. 2. It is likely that the union will go on strike..... a pay rise.
4. We have cut the 0%.......... more customers.
price
out
of our
TP .Q UY
3. We will have to employ more factory workers..... reduction. products
by
ĐẠ O
5. The government may soon raise interest rates........ iflation growing.
NG
IV. Word study
HƯ
Exercise 1: Match up these words or phrases with the .efinitions below.
00
B
TR Ầ
N
a- assets b- depreciation c- liabilities d- turnover ereditors (GB) or accounts payable (US) f- debtors (GB) or iccounts receivable (US) g- overheads (GB) or overhead (US) hevenue or earnings or income 1- stock (GB) or
A
10
i- shareholders (GB) or stockholders (US) nventory (US)
HÓ
1. a company’s owners
Í-
2. all the money received by a company during a given period
TO ÁN
-L
3. all the money th at a company will have to pay to someone ỉlse in the future including taxes, debts, and interest and mortgage payments
ĐÀ N
4. the amount of business done by a company over a year
DI Ễ
N
5. anything owned by a business (cash investments, buildings, machines, and so on) th at can be used to produce goods or pay liabilities 6. the reduction in value of a fixed asset during the year it is in use (charged against profits)
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9. (the value of) raw materials, work in progress, and finished products stored ready for sale.
ĐẠ O
10. The various expenses of operating a business that can not be charged to any one product, process or department
TP .Q UY
8. sum of money owed to suppliers for purchases made 0 X1 credit
NH ƠN
7. sum of money owed by customers for goods or services purchased on credit
NG
Exercise 2: Choose the best answers.
c. Posted in the ledger
b. Balanced
TR Ầ
a. Entered in the journal
N
HƯ
1. Financial information is regularly transferred from the journal to a book containing all the accounts. This means th at the figures are:
d. Considered as assets. difference between
10
00
B
2. The best way to explain the bookkeeping and accounting is:
HÓ
A
a. Bookkeeping is done by a bookkeeper, but accounting must be done by an accountant.
-L
Í-
b. Bookkeeping is the daily recording of financial information, but accounting is the design and maintenance of the bookkeeping system.
TO ÁN
c. Bookkeeping is done in the journal, but accounting is done in the ledger.
ĐÀ N
d. Bookkeeping is more sophisticated than accounting.
DI Ễ
N
3. An accountant can interpret the information found in the ledger and use it to construct financial statements. This means an accountant can. a. Make financial decisions for the company. 183
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b. Allocate capital resources.
d. Analyze book keeping procedures.
TP .Q UY
c. Prepare a balance sheet and income - expense statement after examining the accounts.
4. Management analyzes the financial statements and uses them as a basis for allocating financial resources. This means:
ĐẠ O
a. All transactions and sales of securities must be considered.
HƯ
NG
b. The statements help them decide how to invest their capital.
TR Ầ
d. All of the above.
N
c. The sale of securities can help finance expansion.
B
5. Since all the fixtures are included in the price of the building,
10
00
a. Lighting and plumbing equipment are to be removed by the seller.
HÓ
A
b. All attach shelves and heating equipment must show a decline in value.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
c. Air conditioning and other attached electrical and plumping devices will remain attached when the building is sold. d. All of the above.
V. Vocabulary
- the profit and loss account (GB) or income statement (US): báo cáo lỗ lãi (Anh) hoặc báo cáo thu nhập (Mỹ)
- overheads (GB) or overhead (US): the various expenses of operating a business that can not be charged to anyone product, process, or department: tổng phí (các loại chi phí hàng ngày có liên quan đến hoạt động của doanh nghiệp). 184
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NH ƠN
- liabilities: all the money that a company will have to pay to someone else in the future including taxes, debts, and interest and mortgage payments', trách nhiệm trả nợ, nợ
TP .Q UY
- accounts receivable (US) or debtors (GB): sum of money owed to customers for goods or services purchased on credit: khoản phải thu
ĐẠ O
- accounts payable (US) or creditors (GB): sum of money owed to suppliers for purchases made on credit', khoản phải trả
NG
- negative items: the items les than zero: (khoản) mục âm / lỗ
HƯ
- double-entry bookkeeping: every transaction is recorded in one account as a sum received and other as a sum paid: ghi sổ kép
TR Ầ
N
- equation: statement that two mathematical expression are equal: phương trình, công thức - share premium (GB) or paid-in surplus (US): chênh lệch cổ
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
phần
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U nit 27 THE BALANCE SHEET
TP .Q UY
L R e a d in g
Read the following explanation o f the balance sheet. As you •ead it, fill in the headings in the left - hand column o f Chart 27.1:
NG
ĐẠ O
The balance sheet is a statem ent of what a company owns its assets) and what it owes (its liabilities) at a particular time. It :onsists of three major sections: assets, liabilities and equity.
TR Ầ
N
HƯ
These three sections are arranged differently from country to ountry. In the USA and many European countries, the assets ippear on the left - hand side of the page and the liabilities on the ight. In England, the three sections mentioned above are .rranged vertically.
Í-
HÓ
A
10
00
B
In the balance sheet below (Chart 27.1), the fixed assets are iroken down into intangibles (such as patents and goodwill, ntered in the books at a value of £1.5 million) and tangible assets such as freehold property, land and equipment, at a book value of 7.5 million).
DI Ễ
N
ĐÀ N
TO ÁN
-L
The next heading is current assets and this is split into hree: firstly stocks valued at £3.2 million, then debtors (in other /ords outstanding payment for goods sold) at £1.3 million, and hirdly cash at the bank, worth £350,000. The total of current ssets is then reduced by the total of current liabilities, which in his case is £2.2 million and represents amounts owing to reditors, leaving a net figure of £2.65 million. Thus the total ssets less the current liabilities amount to £11.65 million. To reach the final balance this figure must be reduced by the um of long - term liabilities such as loans and also any
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TR Ầ
N
HƯ
NG
ĐẠ O
The net asset figure is represented by the final section of the balance sheet - capital and reserves. This company has a share capital of £6.5 million. This sum is topped up by a share premium account which represents the difference between the above issued share value and the actual price of the shares. In this case, the capital is further increased by £1.4 million. The company has also revalued its fixed assets to give them a more realistic market price so that the shareholders’ equity increases by a further £1.15 million and an equivalent amount is charged to depreciation in the profit and loss account. Finally, £300,000 is deducted in retained profit.
TP .Q UY
provisions. In this case £2.45 million is set aside for long - term loans and there is a £450,000 provision for deferred taxation. So this leaves a final balance of £8.75 million worth of net assets.
1991
1990
10
as at 31 December
*
00
BALANCE SHEET
B
Chart 27.1
0
1.500
1.40
7.500
7,200
9,000
8,600
3,200
2,800
1,300
1,400
350 4 ,8 5 0
250 4 ,4 5 0
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
0
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(2,100)
TP .Q UY
2,650
NH ƠN
(2,200)
2,350
10,950
(2,450)
ĐẠ O
11,650
(2,850)
8,750
8,100
6,500
6,500
1,400
1,200
1,150
800
(300)
(400)
8,750
8,100
TR Ầ
N
HƯ
NG
(450)
10
00
B
*
A
Shareholders' funds
HÓ
II. Comprehension / Interpretation
DI Ễ
2. Why should taxation be deferred?
3. Why is it sometimes necessary to account for the share premium? ■ III. Language focus
N
ĐÀ N
TO ÁN
-L
Í-
1. In many companies, intangible fixed assets do not appear in the balance sheet. In what circumstances must a company value its intangible assets?
3.1.
Prepositions - am ount and difference
Look at the following sentences taken from the Reading passage: 188
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“This leaves a balance of £8.75 million...” the
sentences
below
with
the
correct
TP .Q UY
Now complete prepositions:
NH ƠN
“This figure must be reduced by the sum of the long - term liabilities...”
ĐẠ O
1. When current liabilities are subtracted _____ current assets, there is net balance_____ £50,000.
NG
2. Debtors have increasedlast year’s figure of £25,000 _____ a to ta l______£48,000.
HƯ
3. Our bank loan has decreased _____ 10 percent, so a balance_____ £25,000 remains.
TR Ầ
N
4. The bank overdraft stood______ £18,000 last year. It has been reduced_____ £5,000 and now sta n d s____________ £13,000.
10
00
B
5. There has been an in crease______ 2 percent per year in interest payments. So in fact it’s rocketed _____ 6 percent in 1987_____ 12 percent this year.
HÓ
A
3.2. Sequence
Í-
Look at the following sentence taken from the Reading passage:
TO ÁN
-L
“The next heading in current assets...: firstly..., then... and thirdly...” Now pu t the following process in the right order:
ĐÀ N
Setting up a joint venture
DI Ễ
N
a. If no published accounts are available, then you should check on its financial standing with credit agencies. b. Initially, s / h e may be wary of your approach.
c. In the meeting, you should identify clear objectives for both sides. 189
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d. The first step is to identify a company in the right sector. e. Once you have a clear picture of its financial status, arrange to meet the managing director.
TP .Q UY
f. Finally, it’s important to remember that, however, good relationship, a clear legal contract is necessary to cement the deal.
ĐẠ O
g. Having done this, you need to look closely at its published accounts.
IV.
NG
h. However, once you have made your intensions clear, you should be able to establish a good relationship. W ord stu d y
Value expression is valued at
TR Ầ
N
Item
HƯ
Expressing value
A m ount £2 5 million
B
has been revalued at amounts to
10
00
Property
A
is worth
HÓ
is set at a book value of
-L
Í-
is topped up by
TO ÁN
Am ount
DI Ễ
N
ĐÀ N
Ê 25 million
Value expression is charged to
Item fixed assets
is entered under is set aside for
Now complete these sentences: 1. The la n d ______ at $40 million. 2, $40 million______ for the land.
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NH ƠN
3. The share value was too low so i t ______ by £10 million.
5. An additional $400,000______ to depreciation. V.
Vocabulary
ĐẠ O
- balance (n): amount which makes the total credits and debits equal: số lượng cân đối giữa có và nợ (số dư)
TP .Q UY
4. Fixed a s s e ts ______ of £20 million. However, in reality they are at least £35 million.
HƯ
NG
- balance sheet (n): statement o f the financial position of a company or business at a certain moment: bảng cân đối, bảng quyết toán, bảng tổng kết tài sản
TR Ầ
N
- asset (n): something o f value which is owned by a company: tài sản
10
00
B
+ current assets (n): assets in daily use by a business: tài sản lưu động * + fixed assets (n): property and machinery', tài sản cố định
HÓ
A
+ frozen assets (n): assets which can not be sold, usually because there is a dispute: tài sản phong toả
-L
Í-
+ intangible assets (n): assets which can not be seen (such as goodwill, patents, etc): tài sản vô hình
TO ÁN
+ liquid assets (n): cash or bills which can be easily converted into cash: tài sản dễ thanh tiêu
ĐÀ N
+ tangible assets (n): assets which can be seen (such as property, machinery, etcj: tài sản hữu hình
DI Ễ
N
- asset - stripping (v): buying a company in order to sell its assets: mua thanh lý tài sản giá rẻ (tháo dỡ tài sản) - goodwill (n): good reputation of a business - intangible asset connected to customer base, track record, etc: uy tin
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NH ƠN
- patent (n): bằng phát minh / sáng chế; quyền sỏ hữu đất. - split (v): break sth into parts; divide or share sth: chia ra thành từng phần, chia sẻ
TP .Q UY
- stock (n):kho hàng, trái phiếu, cổ phần, chứng khoán (Mỹ) - liability (n): legal obligation: trách nhiệm pháp lý
ĐẠ O
- liabilities (n): debts of a business: những khoản nợ của doanh nghiệp, công nợ
NG
+ current liabilities (n): short - term debts-, những khoản nợ ngắn hạn, nợ không kỳ hạn
N
HƯ
+ deferred liabilities (n): long - term debts', những khoản nợ trả chậm, nợ kỳ hạn.
TR Ầ
- defer (v): to p ut to a later date: để chậm lại (ngày) sau
00
B
-k deferred payments (n): payments postponed to a later date: mua chịu / thanh toán sau.
10
+ deferred taxation (n): đánh thuế sau.
HÓ
A
- provision (n): money set aside in accounts for later use: khoản dự trũ, dự phòng
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
- share (n): a small part of a company's capital', một phần nhỏ vốn của công ty (cổ phần của công ty) - premium (n) 1. extra charge: tiền bù, tiền các (tính thêm)
2.
price paid for insurance: phí bảo hiểm
- profit (n): money gained from doing bussiness: lợi nhụận
- outstanding (adj): not yet paid, done, resolved, etc\ còn tồn đọng, chưa chi trả, chưa giải quyết xong. - freehold (adj): complete ownership of property for an unlimited period of time: quyền sở hữu
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U nit 28
TP .Q UY
THE PRO FIT AND LOSS ACCOUNT I. R e a d in g
ĐẠ O
Read the following explanation o f profit and loss (P&L) accounts. As you read it, complete the statement of accounts (Chart 28.1)
HƯ
NG
The profit and loss account, also known as the income statement, summarises the profitability of the company by balancing revenue against expenses.
00
B
TR Ầ
N
Revenue (sometimes called turnover) represents any increase in the owner’s equity resulting from the operation of the business. Expenses are costs incurred in connection with the earning of revenue.
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
In the P&L account below (Chart 28.1), the direct costs, or cost of sales of £30 million, are deducted from the turnover of £65 million to reach a gross profit of £35 million. The operating profit is reached by deducting other operating expenses, sometimes called fixed costs (in this case £15.5 million) to reach a figure of £19.5 million as an operating profit. On some statements, especially consolidated accounts, minority interests will be deducted from this sum. In this case, £5.4 million is due to the minority shareholders in the company’s subsidiaries and associated companies.
DI Ễ
N
The profit figure now reached (£14.1 million) is taxable at whatever rate of corporation tax is applicable. This company pays £1.8 million in tax to end up with £12.3 million in profit after tax. This year, an amount of £450,000 is set aside as an extraordinary item. This represents a sum contributed to a special disaster fund. 193
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ĐẠ O
TP .Q UY
NH ƠN
The £11.85 million can now be distributed between shareholders and retentions to the reserves. In this case there are a small number of preference shareholders who receive a fix dividend of £50,000 in total; a further £300,000 is paid out as a dividend to the ordinary shareholders. The company retains earnings of £11.5 million. Of particular interest to investors is the earnings per share, which has risen from 25p last year to 31p this year. Chart 28.1
NG
CONSOLIDATED PROFIT AND LOSS ACCOUNT
HƯ
Year ended 31 December
£000 60,000
(30,000)
(29,000)
35,000
31,000
(15,500)
(14,800)
19,500
19,200
(5,400)
(4,800)
14,100
11,400
(1,800)
(1,900)
12,300
9,500
00
65,000
10 A HÓ Í-L TO ÁN ĐÀ N N DI Ễ
1990
B
TR Ầ
£000
N
1991
(450) 11,850
9,500
(50)
(40)
(300)
(190)
11,500
9,280
31p
25p
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II. Com prehension / Interpretation
2. W hat type of expenses would be included under ‘other operating expenses (fixed costs’?)
ĐẠ O
3. W hat type of cost can be included under ‘extraordinary items’?
TP .Q UY
1. Compare this year’s with last year’s results. What are the significant changes?
NG
4. What is the difference between preference and ordinary shares?
HƯ
5. Why is the earnings per share interesting to the investor?
III. Language focus
N
D efining an d non-defining relative clauses
TR Ầ
3.1.
B
Look at the following sentences taken from the Reading passage:
10
00
‘The profit and loss account, also known as the inc’ome statement, summarises the profitability...’
HÓ
A
‘In this case there are a small number of preference shareholders who receive a fixed dividend of £50,000 in total...’
-L
Í-
Now complete the following sentences: 1. The profit and loss statem ent make depressing reading.
TO ÁN
You received it yesterday. 2. The bookkeeper made some terrible mistakes.
ĐÀ N
We hired him last year. 3. The accounts were audited two months late.
DI Ễ
N
You will find the accounts attached. 4. The production manager underestimated the operating costs.
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We fired the production manager two days ago.
5. Profits have still not been distributed to the employees.
3.2.
Passive versus active voice
TP .Q UY
Profits were well down on last year.
ĐẠ O
Look at the following sentences taken from the Reading passage: ‘The direct costs... are deducted from the turnover...’
NG
‘This company pays £1.8 million in tax...’
HƯ
Now change the following sentences from active to passive voice or vice versa:
TR Ầ
N
1. The profit and loss account summarises the profitability the company.
B
2* This company pays £1.8 million in tax.
10
00
3. The preference shareholders received a fixed dividend of £50,000.
HÓ
A
4. Earnings of £11.5 million are retained by the company.
Í-
5. The accountants calculate the taxable profit.
DI Ễ
7. We will maximise our profits by deferring taxation.
8. Savings would have been made by reducing production capacity. IV.
Word study
With some words, many forms can be generated. For example:
N
ĐÀ N
TO ÁN
-L
6. Considerable costs have been incurred by investing in property.
to profit
a profit
profitability
profitable
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Adjective
to operate
______________
_____________
to deduct
______________
_____________
to tax
______________
_____________
to apply
______________
_____________
to contoibute
______________
_____________
to retain
______________
_____________
to distoibute
_____________
_____________
Vocabulary
ĐẠ O
HƯ
V.
TP .Q UY
Noun
NG
Verb
NH ƠN
Generate other forms (where indicated) of the following verbs:
TR Ầ
N
- turnover (n): total amount of sales: Doanh thu e.g: Our turnover in 2006 was 25 percent upon 2005.
10
00
e.g: incur debts: mắc Ĩ1 Ợ
B
- incur (v): to be liable, to have to pay: Gánh chịu
A
- P&L account: profit and loss account', báo cáo thu chi
HÓ
- deduct (v): to subtract from the total figure'.
khấu trừ
Í-
e.g: after deducting all the costs, we actually made a loss
TO ÁN
-L
- consolidate (v): to put the accounts o f subsidiary companies into the parent's accounts: kết hợp, liên kết e.g: Consolidated accounts: tài khoản hợp nhất
ĐÀ N
- subsidiary (n): công ty nhánh, công ty con - subsidise (v): to help or support financially, trợ giúp, trợ cấp
DI Ễ
N
e.g: the government subsidises new investment in depressed areas. - subsidy (n): money given to support unprofitable enterprises: tiền trợ cấp 197
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- retention (n): giữ lại, tích lại
NH ƠN
- retain (v)
- retained earinings / profits: undistributed earnings / profits
- account (n): a record o f financial transactions
TP .Q UY
- operating profit (n): profits from normal trading of a company: lợi nhuận kinh doanh
ĐẠ O
accounts (n): the financial records of a business.
e.g: The bank would like to see the accounts- profit and loss
HƯ
NG
account (n): accounts showing income and expenditure (u .s : income statement): báo cáo thu chi
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
- earnings per share (EPS): dividends per share shown as a percentage o f the market value o f a share: Tiền lòi theo đầu cổ phiếu
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U nit 29
TP .Q UY
AUDITING I. Reading
TR Ầ
N
HƯ
NG
ĐẠ O
Auditing is an accounting function that involves the review and evaluation of financial records. It is done by someone other than the person who entered the transactions in the records. Not so many years ago, the presence of an auditor suggested that a company was having financial difficulties of that irregularities had been discovered in the records. Currently, however, outside audits are a normal and regular part of business practice. In addition, many corporations, especially the larger ones with complex operations, maintain a continuous internal audit by their own accounting departments.
A
10
00
B
Even those companies th at do not conduct an internal audit need to maintain a system of internal control. Most good systems will provide accounting controls against errors, as well as a division of duties to reduce the possibility of misappropriations.
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
Ideally, a business should use as many internal controls as are consistent with efficient operation. Many companies employ their own accountants to maintain an internal audit. They continuously review operating procedures and financial records and report to management on the current state of the company’s fiscal affairs. These accounts also report on any deviations from standard operating procedures; th at is, the company’s established methods for carrying on its operating and recording functions. The internal auditors also make suggestions to management for improvements in the standard operating procedures.
DI Ễ
Finally, they check the accounting records in regard to completeness and accuracy, making sure that all irregularities 199
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NH ƠN
are corrected. Overall, the internal auditors seek to ensure that the various departments of the company follow the policies and procedures established by management.
NG
ĐẠ O
TP .Q UY
The emphasis placed on different parts of the internal auditor’s report varies from company to company. In some organizations, the auditor’s major or even sole function is to report on the completeness and accuracy of the books of account, as the financial records are known collectively. In more progressive companies, greater attention may be paid to the auditor’s suggestions.
A
10
00
B
TR Ầ
N
HƯ
A weakness exists, however, in internal auditing. If a report is unfavorable, it may not be shown to the person in management who can correct the problem. As a result, management receives the false impression that things are running smoothly because they ỔO not know about the problems that the internal audit has uncovered. To make effective use of an internal auditing function, management must ensure that reports are received at all levels with an absolutely objective attitude.
HÓ
II. Comprehension / interpretation
Í-
1. What does auditing function of accounting involve?
-L
2. How is auditing done?
DI Ễ
N
ĐÀ N
TO ÁN
3. What kind of system for checking on operating and recording jobs is maintained by many organizations? 4. What do accountants do to maintain an internal audit? 5. What is the aim of internal auditors? 6. What different emphases can be placed on an internal auditor’s report? 7. What weakness exists in the internal auditing system?
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9. How can management overcome this weakness?
NH ƠN
8. What happens if management receives the incorrect information?
TP .Q UY
III. Language focus: The differences between the present perfect simple and the past simple.
ĐẠ O
- We use the present perfect simple to talk about a present situation which is a result of something that happened at unspecified time in the past.
HƯ
NG
Example: I have given your report tố the Managing Director. (I gave him your report and he has it now.)
N
- We use the past simple to talk about completed actions in the past.
B
TR Ầ
Example: We did business with that company a few years ago, but then we stopped dealing with them.
10
00
Exercise 1: Complete the following sentences by putting the verbs in brackets into the correct tense.
HÓ
A
1. The company lost money in its first year, but last year it (make)..... a profit of $ 25m.
-L
Í-
2. We (spend)........ a lot of modernizing, and it is now very well equipped.
TO ÁN
3. Their shares (fall)........ by over 23% and now look like a good buy.
ĐÀ N
4. He couldn’t find a suitable job in his own country, so he (go abroad)....... to look for work.
DI Ễ
N
5. I am going to send them a reminder.They (not pay)....... us for their last order. 6. High interest rates (drive up)........ real estate prices during the first quarter of last year. 201
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NH ƠN
Exercise 2: Match each of the sentences (1-8) with a suitable context (a-f).
2 .1 hope you have enjoyed the launch party. 3. Has the post come this morning?
ĐẠ O
4. Did the post come this morning?
TP .Q UY
1 .1 hope you enjoyed the launch party.
5. Has Mary finished th at report?
NG
6. Did Mary finish th at report?
HƯ
a. Mary has gone home. It is 5.15. b. the launch party is about to finish.
TR Ầ
N
c. Mary is still at the office. It is 2.30. d. it is 10.00 in the morning.
00
B
e. it is 3.00 in the afternoon.
10
f. the launch party was last week.
A
Word study
HÓ
IV.
GAAS
TO ÁN
CPA
-L
Í-
Exercisel: Look up in a dictionary or reference book the correct meanings of the following abbreviations.
VACO
IAG
AASC
AISC
IAPC
IFAC
AFC
ĐÀ N
Exercise 2: Complete the sentences with one of the words in italic. modern liabilities discount
DI Ễ
N
accountant accounting fiscal transactions
accounting purchased
record
payable controller
period
reliable
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1. The accounting........ for the budget is usually either the calendar year or the........... year.
TP .Q UY
2............. are price that are generally reduced, as when a store has a sale.
NH ƠN
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3. Debts owed to creditors are known as..........
ĐẠ O
4. The chief...... officer of a company is the.............. , as he or she is sometimes called.
NG
5. Many private organizations also hire salaried............. to perform audit.
HƯ
6. Knowledge of different aspects of law is necessary in many areas of..........
TR Ầ
N
7. Accounting is an essential element of every............ business.
00
B
8. Auditors can help the business set up a ............accounting system. f
A
10
9. If money is owed to an organization or person for things or services...........on credit this liability is called an account............
-L
V. Vocabulary
Í-
HÓ
10. An account is a............of the financial.......... th at concern one item or a group of similar items.
TO ÁN
audit(v): to officially examine the financial accounts o f a company, kiểm toán
ĐÀ N
. audit(n): an official examination of business and financial records to see that they are true and correct', sự kiểm toán
DI Ễ
N
. auditor(n): a person who officially e r m in e s the business and financial records o f a company, kiểm toán viên . internal audit: kiểm toán nội bộ 203
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NH ƠN
- affairs(n): matter, concern, or thing to be attended to: vấn đề, công việc That is my affair.
TP .Q UY
- record(yj: to keep a permanent account o f facts or events by writing them down, filming them, storing them in a computer, etc: ghi chép
ĐẠ O
. record(n): a written account of sth that is kept so that it can be looked at and used in the future: sổ sách, chứng từ kế toán
N
. misappropriation(n)
HƯ
NG
- misappropriate^): to take sb eỉseũs money or property for yourself, especially when they have trusted you to take care o f it: tham ô, tham nhũng
TR Ầ
- state(n); the mental, emotional or physical condition that a person or thing is in: trạng thái
00
B
anxieties about the state o f the country’s economy
A
10
- procedure(n): the official or formal order or way of doing th, especially in business, law or politics: trình tự, thủ tục
-L
Í-
HÓ
- review(v): to carefully examine or consider sth again, especially so that you can decide i f it is necessary to make changes'. rà soát
DI Ễ
N
ĐÀ N
TO ÁN
- deviation(n): the act o f moving away from what is normal or acceptable, a difference from what is expected or acceptable: sai lệch
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U nit 30 THE ROLE OF AUDITORS
TP .Q UY
I. R e a d in g
ĐẠ O
Read the article “Auditors may assume the role of whistle blower” by David Walker. After you have read it, complete true Ị false exercise:
HƯ
NG
An auditor finds out early in his training that he is a watchdog and not a bloodhound. From today, when the Auditing Practices Committee (APC) issues its long - awaited guideline on auditors and fraud, an auditor will also have to consider himself a whistle - blower.
10
00
B
TR Ầ
N
The guideline, which follows a gestation period of no less than five years, sets out to clarify auditors’ responsibilities in relation to fraud, as well as other irregularities and errors. It recommends that auditors take a modestly pro-active role in reporting fraud to third parties.
-L
Í-
HÓ
A
The document acknowledges that an auditor’s primary duty is one of confidentiality to the client. But the document says an auditor should also consider throwing this narrow duty aside and think of the wider public interest.
ĐÀ N
TO ÁN
Taking its cue from an ethical statem ent issued in 1998, Professional Contact in Relation to Defaults or Unlawful Acts, the document spells out the circumstances when the public interest could be served by a nod and a wink to the Department of Trade and Industry or some other official authority.
DI Ễ
N
Under normal circumstances, the auditor’s first step would be to alert the client’s management to the existence of fraud. But the guideline says th at if senior managers or directors are involved in the fraud, the auditor may see fit to go over the head 205
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NH ƠN
of the board of directors, even non-executive directors and the audit committee, to directly report to the regulatory authorities.
ĐẠ O
TP .Q UY
Alerting the authorities would be justified the fraud is likely to result in a material gain or loss for any one person or group of people; is likely to be “repeated with impunity” if not disclosed; or if “there is a general management ethic....... of flouting the law and regulation”. The strength of the auditor’s evidence is deemed important too.
N
HƯ
NG
Legal advice on the m atter given to the APC said auditors should attach importance to the wider interests of the company in any case “where the auditor considered th at the directors could not be relied upon to apply their minds property to those interests”.
HÓ
A
10
00
B
TR Ầ
The advice continued: “An auditor will not be in breach of any legal duty if, although entitles to disclose, he fails to do so. His decision whether to do so or not is therefore a m atter of professional judgment and not a m atter of law. It is a decision which should reflect the proper expectations which the public has of his profession”.
ĐÀ N
TO ÁN
-L
Í-
So despite the codification of responsibilities within the guideline, it is all a m atter professional judgement. It appears that the only circumstances where the auditor of a company not in the financial sector definitely must “blow the whistle” is when he stumbles upon treason; a practice for which there is as yet no APC guideline.
DI Ễ
N
Responsibilities are different for companies covered by the special requirements of the Financial Services Act 1986, the Building Societies Act of the same year and the Banking Act 1987. Following Professor Grower’s reports on Investor Protection (in 1982 and 1984), companies covered by this legislation can only be
206
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authorised to conduct business if they'keep proper accounting records and have adequate internal controls.
TP .Q UY
These Acts require that auditors make specific representations to the regulators 0 X1 these and other points and describe the circumstances when auditors should go directly to the authorities in order to protect the interests of shareholders or depositors.
NH ƠN
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NG
ĐẠ O
Today’s guideline - which for the first time establishes rules for auditors reporting on companies not in the financial sector will offer solace to auditors confused about the precise nature of their duties.
B
TR Ầ
N
HƯ
The guideline makes it clear that the prime responsibility for detecting fraud rests with management. The auditor must plan an audit so th at he or she has a “reasonable expectation” of spotting serious misstatements which impinge on the tru th and fairness of a set of accounts.
-L
Í-
HÓ
A
10
00
Thus the discovery of a major fraud after a set of accounts has been signed off is not necessary evidence that the auditors have been failed to meet their responsibilities, guideline will say. This is accurate - but hardly consolatory to companies who employ auditors or investors who rely on audited accounts which subsequently prove to be less than “true and fair”.
ĐÀ N
TO ÁN
Investors, for one, are still reeling from the implications of the verdict in the Caparo case earlier this month which, in layman’s terms, said that auditors do not owe much of a duty to anybody other than existing shareholders.
DI Ễ
N
Today’s guideline from the APC is pitched towards the practitioner and not the business public at large. It is unlikely to do much to tackle the gulf between what the public think auditors should do and what the auditors themselves think that they are doing. 907
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NH ƠN
Research by KPMG Peat Marwick Me Linktock shows, this gap is very wide.
NG
ĐẠ O
TP .Q UY
Peat Marwick polled 2,191 adults in the UK, of whom 122 were categorised as “influential” (i.e. chairman, director or partner in an enterprise employing more than 50 people), and a further 232 described as “financially aware” (owing and managing a portfolio of shares). For the accountant worried about his or her image, the results were disturbing. There was widespread ignorance of what auditors do, even on the part of people in the influential and financially aware groups.
TR Ầ
N
HƯ
Three - quarters of the total sample thought th at it was the responsibility of auditors to check for fraud of all kinds, including 56 percent of the influential category and 78 percent of the financially aware group.
10
00
B
Mpre than 61 percent of the total believed th at it was the responsibility of auditors to actively search for fraud, including 42 percent of the influential and 65 percent of the financial aware.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
Other disturbing findings were that more than one third of the financially in the know group thought that auditors guaranteed the financial soundness of a company; and one-in-five of this group thought th at audited financial statements give a very accurate or exact picture of the financial soundness of a company.
Some 27 percent of the total thought that auditors checked between 91 and 100 percent of all a company’s financial transactions. However, there is some good news for the much misunderstood auditors: almost two-third of the top people have a favourable impression of auditors. This compares to a mere 33 percent who have a favourable impression of the management consultants. 208
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NH ƠN
Exercise
Indicate whether the following statements are true (T) or false
TP .Q UY
(F):
1. The report confirms an auditor’s first responsibility of confidentiality to his client.
ĐẠ O
2. The report suggests auditors must also consider other publics.
NG
3. Auditors should always go direct to the regulatory authorities in cases of fraud.
N
HƯ
4. There are no cases where an auditor is legally obliged to disclose information to the authorities.
TR Ầ
5. Most “professional people” are aware of what auditors do.
00
B
6. An auditor’s role is very often confused with that of an accountant.
10
II. Comprehension / Interpretation
HÓ
A
Match these three roles (the expressions are metaphors) with their best definition:
TO ÁN
1. Watchdog
a. Responsibility for overseeing a company’s finances
b- ResPonsibility for authorities of malpractice
informing
the
ĐÀ N
2 Bloodhound
D efinitions
-L
Í-
Roles
N
c. Responsibilities for tracking down the 3. W histle-blower instigators of malpractice.
DI Ễ
2.2. In what circumstances should auditors not inform management of fraud / malpractice? 2.3. Who is protected by the Financial Services Act 1986? 209
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2.4. What do you think the Carapo case was about?
NH ƠN
2.5. How would you summarise the responsibilities of an auditor?
TP .Q UY
III. Language focus 3.1. M ass a n d U nits
ĐẠ O
Look at the following sentences taken from the Reading passage:
NG
“It is a decision which should reflect the proper expectations which the public has of his...”
TR Ầ
N
HƯ
Now decide whether the following words are mass words (they cannot be counted / can only be used in the singular) or unit words (they can be counted / can be used in singular and plural). Use this code: uncountable (U), countable (C): 8.
information
9.
public
10.
confidentiality
11.
advice
12.
duty
guideline
13.
practice
solace
14.
fairness
equipment
2.
news
3.
fraud
4.
ignorance
5.
ethics
6. 7.
HÓ
Í-
-L
TO ÁN
A
10
00
B
1.
3.2. O bligation
ĐÀ N
Look at the following sentences taken from the Reading passage:
DI Ễ
N
“The only circumstances where the auditor... must “blow the whistle” is when he stumbles upon treason...”
Now use the modal verbs: m ust, have to, and sh o u ld to complete the sentences below: Tin
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NH ƠN
1. It is compulsory to obey the law. You____________________obey the law. 2. It is not a legal duty to report fraud.
TP .Q UY
Y ou____________________report fraud. 3. It is a moral obligation to report fraud.
ĐẠ O
You______________ ______ report fraud.
NG
4. It is the prime duty of an auditor to respect a client’s confidentiality. You____________________ respect a client’s confidence.
N
TR Ầ
You____________________ follow the code.
HƯ
5. Auditors are advised to follow the code.
6. Auditors are not allowed to be employed by a client.
00
Word study
10
IV.
a client.
B
Y ou____________________ be employed by
HÓ
A
Match the words on the left with their best synonym on the right: 1. to alert
TO ÁN
-L
Í-
to stumble upon to spot to give a nod and a wink pro-active to spell out to see fit
ĐÀ N
2. 3. 4. 5. 6. 7.
a. to affect
DI Ễ
N
8. impunity 9. to flout 10. solace
11. to impinge upon 12. a g u lf
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b. c. d. e. f. g.
consolation to consider right to state clearly to come across to warn to notice
h. i. j. k.
to inform indirectly initiating to openly ignore an abyss
1. freedom from punishment
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Vocabulary
NH ƠN
V.
- audit (n): examination of the accounts of a company, kiểm - auditing (n): quá trình kiểm toán
TP .Q UY
toán
- auditor (n): person who audits: nhân viên kiểm toán
ĐẠ O
- bloodhound (n): chó săn khát máu - guideline (n): nguyên tắc
HƯ
NG
- fraud (n): making money by not telling the truth: gian trá, gian lận, lừa đảo - fraudulent (adj): not honest
TR Ầ
N
- gestation (n): sự thai nghén / ấp ủ (một ý tưỏng) - clarify (v): make clear: làm rõ i
00
B
- pro-active role (n): vai trò chủ động tích cực
10
- acknowledge (v): accept the truth o f sth: thừa nhận
HÓ
A
- throw sth aside (v): để... sang một bên - cue (n): gương tốt, điển hình
-L
Í-
- ethical (adj): hợp lẽ phải, có đạo đức
- spell sth out (v): giải thích - a nod and a wink (n): một cái gật đầu và một cái nháy mắt
- see / think fit to do sth (v): quyết định / chọn lựa thích hợp để làm cái gì đó
DI Ễ
N
ĐÀ N
TO ÁN
- default (n): trễ hẹn trả nợ, thất bại
- justify (v): chứng minh - impunity (n): thoát nạn, được miễn tội - disclose (v): tiết lộ, phơi bày ra
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- breach (n): to be in breach: vi phạm (luật...) - codification (n): việc soạn / lập bộ luật, điều lệ.
- solace (n): niềm an ủi, niềm khuây khỏa
NG
- spot (n): ngay lập tức, ngay tại chỗ
ĐẠ O
- treason (n): sự phản ứng, phản đối
TP .Q UY
- deem (v): regard, consider (in passive): nghĩ rằng
NH ƠN
- flout (v): disobey sb / sth openly and scornfully, coi thường (luật pháp, pháp luật...)
HƯ
- misstatement (n): lời phát biểu sai, lời tuyên bô" sai - impinge on / upon sth (v): gây ảnh hưỏng / tác động tới
TR Ầ
N
- consolatory (n) sb on sth: để chia sẻ, an ủi - reel from sth (v): cảm thấy chóng mặt / choáng váng
00
B
- verdict (n): lòi phán quyết, nhận định
10
- layman (n): ngưòi không chuyên môn, nghiệp dư
HÓ
A
- pitch towards sb (v): tạo đà làm việc hăng say cho ai - tackle (v): khắc phục, giải quyết
-L
Í-
- gulf (n): sự khác biệt, hô" sâu ngăn cách
TO ÁN
- poll (v): hỏi ý kiến thăm dò
DI Ễ
N
ĐÀ N
- malpractice (n): việc làm phi pháp, hành động bất chính.
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U nit 31
TP .Q UY
DISTINCTION BETWEEN AUDITING AND ACCOUNTING
NH ƠN
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1 Reading 0
TR Ầ
N
HƯ
NG
ĐẠ O
Many financial statem ent users and members of the general public confuse auditing with accounting. The confusion results because most auditing is concerned with accounting information, and many auditors have considerable expertise in accounting matters. The confusion is increased by giving the title “ public accountant” to individuals performing a major portion of the audit function.
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
Accounting is the process of recording, classifying and summarizing economic events in a logical manner for the purpose of providing financial information for decision making. The function of accounting, to an entity and to society as a whole, is to provide certain types of quantitative information that management and others can use to make decisions. In order to provide relevant information, accountants must have a thorough understanding of the principles and rules th at provide the basis for preparing the accounting information. In addition, accountants must develop a system to make sure that the entity’s economic events are properly recorded on a timely basis and at a reasonable cost.
DI Ễ
N
In auditing accounting data, the concern is with determining whether the recorded information properly reflects the economic events that occurred during the accounting period. Since the accounting rules are the criteria-for evaluation whether the accounting information is properly recorded, any auditor involved 214
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with these data must also thoroughly understand the rules accounting standards.
II. Comprehension / interpretation
NG
1. Why do people confuse auditing with accounting?
ĐẠ O
TP .Q UY
In addition to understanding accounting, the auditor must also possesses expertise in the accumulation and interpretation of audit evidence. It is the expertise that distinguishes auditors from accountants. Determining the proper audit procedures, sample size, particular items to examine and timing of the test, and evaluating the results, are problems unique to the auditor.
NH ƠN
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HƯ
2. What is the job of an accountant?
N
3. What is the function of accounting?
TR Ầ
4. In your opinion, what qualifications are needed for an accountant? *
00
B
5. What is the task of an auditor?
A
10
6. What is the expertise that distinguishes auditor from accountants?
Í-
m u st and have to to say th at something is
-L
We use obligatory.
have to ; must
HÓ
III. Language focus
TO ÁN
I have to finish this report before the sales conference. Applicants must include the names o f two referees.
N
ĐÀ N
Often the difference between m u st and have to is very small. We use have to to talk about things which are necessary because of some objective necessity, for example, company policy or law.
DI Ễ
We use m u st or ‘11 have to to talk about things which are necessary because of a subjective necessity. ?1S
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Vocabulary
NH ƠN
V.
- audit (n): examination of the accounts of a company, kiem - auditing (n): quá trình kiểm toán
TP .Q UY
toán
- auditor (n): person who audits: nhân viên kiểm toán
ĐẠ O
- bloodhound (n): chó săn khát máu - guideline (n): nguyên tắc
HƯ
NG
- fraud (n): making money by not telling the truth: gian trá, gian lận, lừa đảo - fraudulent (adj): not honest
TR Ầ
N
- gestation (n): sự thai nghén / ấp ủ (một ý tưỏng) - clarify (v): make clear: làm rõ *
00
B
- pro-active role (n): vai trò chủ động tích cực
10
- acknowledge (v): accept the truth of sth: thừa nhận
HÓ
A
- throw sth aside (v): để... sang một bên - cue (n): gương tốt, điển hình
-L
Í-
- ethical (adj): hợp lẽ phải, có đạo đức
- spell sth out (v): giải thích - a nod and a wink (n): một cái gật đầu và một cái nháy mắt
- see / think fit to do sth (v): quyết định / chọn lựa thích hợp để làm cái gì đó
DI Ễ
N
ĐÀ N
TO ÁN
- default (n): trễ hẹn trả nợ, thất bại
- justify (v): chứng minh - impunity (n): thoát nạn, được miễn tội - disclose (v): tiết lộ, phơi bày ra
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- breach (n): to be in breach: vi phạm (luật...) - codification (n): việc soạn / lập bộ luật, điều lệ.
- solace (n): niềm an ủi, niềm khuây khỏa
NG
- spot (n): ngay lập tức, ngay tại chỗ
ĐẠ O
- treason (n): sự phản ứng, phản đối
TP .Q UY
- deem (v): regard, consider (in passive): nghĩ rằng
NH ƠN
- flout (v): disobey sb / sth openly and scornfully, coi thường (luật pháp, pháp luật...)
HƯ
- misstatement (n): lời phát biểu sai, lời tuyên bố sai - impinge on / upon sth (v): gây ảnh hưởng / tác động tối
TR Ầ
N
- consolatory (n) sb on sth: để chia sẻ, an ủi - reel from sth (v): cảm thấy chóng m ặt / choáng váng
00
B
- verdict (n): lời phán quyết, nhận định
10
- layman (n): ngưòi không chuyên môn, nghiệp dư
HÓ
A
- pitch towards sb (v): tạo đà làm việc hăng say cho ai - tackle (v): khắc phục, giải quyết
-L
Í-
- gulf (n): sự khác biệt, ho’sâu ngăn cách
TO ÁN
- poll (v): hỏi ý kiến thăm dò
DI Ễ
N
ĐÀ N
- malpractice (n): việc làm phi pháp, hành động bất chính.
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U n it 31
TP .Q UY
DISTINCTION BETWEEN AUDITING AND ACCOUNTING
NH ƠN
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I « Reading
N
HƯ
NG
ĐẠ O
Many financial statem ent users and members of the general public confuse auditing with accounting. The confusion results because most auditing is concerned with accounting information, and many auditors have considerable expertise in accounting matters. The confusion is increased by giving the title “ public accountant” to individuals performing a major portion of the audit function.
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
Accounting is the process of recording, classifying and summarizing economic events in a logical manner for the purpose of providing financial information for decision making. The function of accounting, to an entity and to society as a whole, is to provide certain types of quantitative information that management and others can use to make decisions. In order to provide relevant information, accountants m ust have a thorough understanding of the principles and rules th at provide the basis for preparing the accounting information. In addition, accountants must develop a system to make sure th at the entity’s economic events are properly recorded on a timely basis and at a reasonable cost.
DI Ễ
N
ĐÀ N
In auditing accounting data, the concern is with determining whether the recorded information properly reflects the economic ỉvents that occurred during the accounting period. Since the iccounting rules are the criteria for evaluation whether the iccounting information is properly recorded, any auditor involved 114
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II. Com prehension / interpretation
TP .Q UY
NG
1. Why do people confuse auditing with accounting?
ĐẠ O
In addition to understanding accounting, the auditor must also possesses expertise in the accumulation and interpretation of audit evidence. It is the expertise that distinguishes auditors from accountants. Determining the proper audit procedures, sample size, particular items to examine and timing of the test, and evaluating the results, are problems unique to the auditor.
NH ƠN
with these data must also thoroughly understand the rules accounting standards.
HƯ
2. What is the job of an accountant?
N
3. What is the function of accounting?
TR Ầ
4. In your opinion, what qualifications are needed for an accountant?
00
B
5. What is the task of an auditor?
A
10
6. What is the expertise that distinguishes auditor from accountants?
Í-
m u st and have to to say th at something is
-L
We use obligatory.
have to ; m ust
HÓ
III. Language focus
TO ÁN
I have to finish this report before the sales conference. Applicants must include the names of two referees.
N
ĐÀ N
Often the difference between m u st and hav e to is very small. We use h ave to to talk about things which are necessary because of some objective necessity, for example, company policy or law.
DI Ễ
We use m u st or ‘11 have to to talk about things which are necessary because of a subjective necessity.
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NH ƠN
Notice these two: It is not necessary to = don’t have to (no obligation)
TP .Q UY
It is necessary not to = m u stn ’t (prohibition)
Exercise. Complete these sentences w ith must, have to, don’t have to or m ustn’t
ĐẠ O
1. You...............save a file before you turn the computer off, or you will lose it.
NG
2. You................ come to the meeting if you have more important things to do.
N
HƯ
3. Employees are reminded th at they.................... use the office phone to make personal call.
TR Ầ
4. We............. submit our VAT returns quarterly. 5. Next time you’re in Milan, you.................come and see us.
10
00
B
6. We................ spend too much time on the details. Let’s keep to the main point.
A
7. Y ou................forget to bring the sales figures with you.
HÓ
8. If you don’t like the canteen food, you................eat here.
Í-
9. Italy is a good market. We...............miss this opportunity.
IV.
Word study
Exercise 1: The letters in the words in brackets are in the wrong order. Rearrange them and put the words with the letters in the correct order into the gaps in the sentences:
DI Ễ
N
ĐÀ N
TO ÁN
-L
10. I...............send in my tax return before March 31st or pay a fine.
1.
Many accountants work in government offices or (pnorofnit) organization.
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NH ƠN
2. Business enterprises, government agencies all employ .....................(biclpu) accountants either regularly or on a part time basis.
TP .Q UY
3. An audit is a.................... (riweve) of the financial records of an organization.
ĐẠ O
4. The account which describes the trading activities of a business over a period of time is.................. (tforpi) and loss account.
NG
5 Money used to operate a business on a day-to-day basis is its................. (girwokn) capital.
TR Ầ
N
HƯ
6. A statem ent produced, usually at the end of a financial year, showing the financial state of the business and including, among other things, its assets and liabilities, is its................ (nablaec) sheet.
10
00
B
7. Items which a business expects to keep for a year or more are its..................(xidfe) assets.
HÓ
A
8. A company plans how much money it wants to make in the coming year by setting a............... (aslse) target.
Í-
Exercise 2. Match the definitions to the words in the
-L
box.
ĐÀ N
TO ÁN
salary, asset, depreciation, cash flow, tax accounting, cost accounting, profit (margin), internal audit
N
1. The actual receipt and expenditure of cash by an organization.
DI Ễ
2. Anything of value or use to an organization. This includes cash, receivables, securities, property and intangibles, such as goodwill. 217
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4. The difference between the cost and the selling price.
NH ƠN
3. Fixed regular pay each month for a job, especially á job done by a senior member of staff.
TP .Q UY
5. The gradual decline in value of a fixed asset, such as real estate (but not land) or machinery.
ĐẠ O
6. The branch of accounting th at involves determining the correct liability - th at is, the amount owed - for taxes, and preparing the necessary tax- return forms.
NG
7. A review and evaluation of a company’s financial records by employees of the same company.
TR Ầ
N
HƯ
8. Calculating and controlling the cost of a unit - a single item or a group of items - of a product, service, function, or operation of a business. TEXT TWO
00
B
AUDITING
TO ÁN
-L
Í-
HÓ
A
10
To related parties and to outsiders of a business, any financial record should be fair and lawful. They want it audited. Auditing is the task of checking and affirming the fairness and reliability of financial records on the base of accounting standards. Each country has its own auditing standards. International auditing standards aim at developing the coordination of accounting work across the world.
DI Ễ
N
ĐÀ N
Auditing is carried out in three levels: government auditing or legal auditing, a compulsory inspection-, independent auditing or certified public accounting, a consultant service performed at the request o f businesses; and internal auditing, a system of internal control that aims at protecting the assets o f a business. An audit is an investigation of every item, in currency amount, and disclosure which appears in the financial 21R
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statements. Its process consists of: audit planning (an internal control is analyzed to assess inherent and control risks), audit performance (serious improperties should be found or the auditor may suffer auditing risks that affect his fame), audit completion (audit report - auditor’s opinion - is given). Comprehension / Interpretation
ĐẠ O
A ccording to the text, are the following statem ents TRUE o r FALSE ?
NH ƠN
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TP .Q UY
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HƯ
NG
1. Auditing is an accounting function that involves the review and evaluation of financial records. 2. All countries have the same auditing standards.
TR Ầ
N
3. The precision with which an auditor expresses his opinion is not important.
B
4. Only very large corporations need audits.
10
00
5. An auditor needs to have a good backgrounfi in accounting.
HÓ
A
6. Independent auditing is done by accountants who are not employees of the organization whose books they examine.
-L
Í-
7. The more internal controls an organization has, the more efficient is its operation.
ĐÀ N
TO ÁN
8. The people who keep the financial records for an organization are the same people who carry out an audit of those records. V. Vocabulary
DI Ễ
N
- confuse (v): to mistake one person or thing for another. nhầm lẫn - expertise (n): (in sth / doing sth)
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NH ƠN
expert great knowledge or skill, esp. in a particular field kiến thức chuyên môn, sự lão luyện - quantitative (adj): of or concerned with quantity định lượng
TP .Q UY
- entity (n): a thing with distinct and independent existence thực thể
ĐẠ O
- criterion (pi: criteria): a standard or principle by which something is judged tiêu chuẩn - unique (adj) (to sb / sth)
HƯ
NG
belonging to or connected with only one person, group or thing chỉ liên quan, thuộc về 1 người, 1 nhóm người, 1 đồ vật... - affirm (v) to State form ally or confidently that sth is true or
TR Ầ
N
correct xác nhận
B
- compulsory (a) that must be done required by the rules cưỡng bách
10
00
- inspection official examination thanh tra
HÓ
A
- disclosure the action of making sth known a thing that is made known những ghi chép sự công khai, không che giấu
-L
Í-
- inherent existing as a matural or permanent feature or quality ofsb / sth cố hữu, vốn có, tiềm tàng
DI Ễ
N
ĐÀ N
TO ÁN
- improperty behaviour that is dishonest, morally wrong or not appropriate in the circum stances sai phạm
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U n it 32
TP .Q UY
FINANCIAL ANALYSIS I. R e a d in g
ĐẠ O
Read the following text about financial ratios and complete Chart 32.1 below:
NG
There are four critical areas of a company’s business which can be analysed by applying ratio. These are liquidity, capital structure, activity and efficiency, and profitability.
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
Measurements of liquidity should answer the question: Can a company pay its short - term debts? There are two ratios commonly used to answer this question. Firstly, the current ratio, which measures the current assets against the current liabilities. In most cases, a healthy company would show a ratio above 1, in other words more current assets than current liabilities. Another method of measuring liquidity is the so - called quick ratio - this is particularly appropriate in manufacturing industries where stock levels can disguise the company’s true liquidity. The ratio is calculated in the same way as above but the stocks are deducted from the current assets.
DI Ễ
N
ĐÀ N
TO ÁN
The balance sheet will also reveal the gearing of the company - this is an indicator of the company’s capital structure and its ability to meet its long - term debts. The ratio expresses the relationship between shareholder’s funds and loan capital. Income gearing is also important and shows the ratio between profit and interest paid on borrowings. Relatively high borrowings would indicate vulnerability to an interest rate rise. Highly geared companies generally represent a greater risk for investors. The balance sheet and the profit and loss account can be used to assess how efficiently a company manages its assets. 221
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NG
ĐẠ O
TP .Q UY
NH ƠN
Basically, sales are compared with investment in various assets. For example, in the retail sector, an im portant ratio which indicates efficiency is sales divided by stock - the resulting figure should be much higher than in the manufacturing sector where stock tends to show a much slower turnover. Another example of efficiency measurement is to calculate the average collection period on debts. This is found by dividing debtors by the sales per day. This can vary tremendous from industry to industry. In the retail sector it may well be as low as one or two days, whereas in the heavy manufacturing and service sectors it can range from thirty to ninety days.
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
Finally, profitability ratios show the manager’s use of the company’s resources. The profit margin figure (profit before tax divided by sales and expressed as a percentage) indicates the operational day-to-day profitability of the business. Return on capital employed can be calculated in a number of ways. One common method is to take profit before taxes and divide by the total assets - this is a good indicator of the use of all the assets of the company. From a shareholder’s point of view, the return on owner’s equity will be an important ratio; this is calculated by dividing the profit before taxes by the owner’s equity and expressing it as a percentage. If the company does not earn a reasonable return, the share price will fall and thus make it difficult to attract additional capital.
Key in d ica to rs
R atio s u sed
ĐÀ N
Chart 32.1
(i)
DI Ễ
N
Liquidity
I n te rp r e ta tio n
(ii) ...
Capital structure
ft) .................
Efficiency
(ii)
.............. ........... ............
' ‘l
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ii) Profitability
TP .Q UY
(ii) (l) (ii)
ĐẠ O
(iii) .. II. Comprehension / Interpretation
HƯ
NG
Which o f the ratios is likely to be the key indicator for the following groups ?
N
1. Shareholders
TR Ầ
2. Managers 3. Customers
00
B
4. Suppliers
10
5. Employees
HÓ
A
III. Language focus 3.1.
Adjective m odification
-L
Í-
Look at the following sentences taken from the Reading passage:
TO ÁN
“This is particularly appropriate in manufacturing industries where stock levels...”
ĐÀ N
“Relatively high borrowing would indicate vulnerability to an interest rate rise”.
DI Ễ
N
Now combine two adjectives from the list below to complete the sentences: High particular
Long lower
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short unusual
High geared Dangerous considerable
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3. Retail companies collection periods on debts.
have
companies
TP .Q UY
2. __________ ____________ represent a greater risk for investors.
NH ƠN
1. Normally a healthy company has a current ratio above 1. This company has a n ____________ratio of 2.
___________
generally
___________
ĐẠ O
4. Most people would consider a collection period over 90 days a s _______________ . ___________
HƯ
NG
5. Manufacturing companies have a ___________stock turnover than retail companies. 3.2.
Adjectives and adverbs
TR Ầ
N
Look at the following sentences taken from the Reading passage:
10
00
B
“The balance sheet and the profit and loss account can be used to assess how efficiently a company manages its assets”.
HÓ
A
“Finally, profitability ratios show the managers’ use of the company’s resources”.
Í-
Now complete the list beloui: Adjective
Adverb
Profitable
____________
efficiency
____________
____________
health
____________
____________
appropriacy
____________
____________
operation
____________
____________
finance
____________
____________
productivity
____________
____________
management
____________
____________
-L
Noun
DI Ễ
N
ĐÀ N
TO ÁN
profitability
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4.1. indicated.
NH ƠN
IV. Word study Group the follow ing adjectives under the headings reasonable
disastrous
disappointing
excellent
satisfactory
vulnerable
poor
adequate
weak
marvellous
moderate
strong
tremendous
catastrophic
ĐẠ O
NG
Average / okay
Negative
HÓ
Now stu dy how we can use these a djectives? For
Í-
4.2. example:
A
10
00
B
TR Ầ
N
HƯ
Positive
TP .Q UY
healthy
-L
We can say: The company is in a vulnerable position.
TO ÁN
We can not say: The company had vulnerable results. Which of the adjectives in 4.1. above can not be used with the following nouns:
ĐÀ N
1. __________ results
______ condition / position
DI Ễ
N
2.
V. Vocabulary
ratio (n): proportion of something compared with another thing : tỷ số, tỷ lệ
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NH ƠN
- liquidity (n): having assets which can be converted into cash: tài sản có khả năng đổi thành tiền m ặt (tài sản lưu động)
- capital structure (n): cơ cấu vốn (của công ty)
TP .Q UY
- liquid (adj): easy to realize: lỏng, dễ thanh tiêu, lưu lượng tiền mặt.
ĐẠ O
- profitability (n): ability to make a profit: khả năng kiếm lòi (thu lợi nhuận) - disguise (v): hide sth: che dấu, che đậy
NG
- deduct (v): to subtract from the total figure: khấu trừ
HƯ
deductable (adj): which can be deducted
deduction (n): subtraction from the total figure
TR Ầ
N
- reveal (v): make sth known: tiết lộ - vulnerability (n): sự tổn hại, sự công kích
00
B
- gearing (n): tỷ sô' vốn vay
10
- assess (v): to calculate the value of', định giá
HÓ
A
- turnover (n): total amount of sales: doanh thu - collect (v): to make somebody pay their debts: thu
-L
Í-
- resources (n): source of supply of something-, nguồn
TO ÁN
- margin (n): difference between income and costs: giới hạn, sự chênh lệch, suất lợi nhuận - operational (adj): working, running: hoạt động, điều hành
ĐÀ N
- return on capital (n): tiền lãi thu về từ vôn
DI Ễ
N
- employ (v): to use (money, return on capital employed): sử dụng tiền lãi từ vốn - indicator (n): something which is significant-, vật biểu thị
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U nit 33
TP .Q UY
FINANCIAL EVALUATION I. R e a d in g
ĐẠ O
Read the chief accountant’s report. As you read it, complete Chart 33.3. FINANCIAL EVALUATION
NG
Project: Automation of No. 3 assembly line
HƯ
Estimated cost: $2,000,000 (see detailed costing attached) INTRODUCTION
00
B
TR Ầ
N
This project has been very carefully costed and all the production, quality and short-term financial benefits are undisputed. This short report aims to evaluate the return on investment over a full five year period.
10
FINDINGS
TO ÁN
-L
Í-
HÓ
A
If we adopt a simple payback method of analysis, the project will recoup its investment after three years. However, it is vital that we take a more complex view of the project given that there are other competing projects involving similar sums. It is important that we look at the return and cash flow implications over a full five years and take account of the opportunity cost of this investment.
N
ĐÀ N
If we adopt an average rate of return (ARR) method, we can spread the cash flow beyond the payback period to the full five years and we calculate an ARR of 40%. This figure would seem to be considerably better than some competing projects.
DI Ễ
However, this method does not take account of the timevalue of money and therefore can give a very misleading rate of
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TP .Q UY
NH ƠN
return. We have therefore applied a discounted cash flow calculation which translates any future earnings into their present-day value. In the table below, we have set the discounted cash flow at two different rates: firstly 10% which is 2% above the current bank base rate, and secondly 25% which is 2% above the best rate of return we earn from one of the franchise operations in our portfolio.
NG
ĐẠ O
It is clear that at 10% DCF the project shows a very healthy profitability of $932,000 net after five years’ operation; at 25 % DCF the project breaks even in the fifth year.
HƯ
CONCLUSION
B
TR Ầ
N
The 25% DCF makes the project look very unattractive but, as stated above, this is based on a highly competitive, if not unrealistic rate of return. The true picture lies somewhere in betweerj. This means we can probably expect an internal rate of return of about 15% on this project.
10
00
RECOMMENDATION
Í-
HÓ
A
Given the activities of our competitors and the increasing difficulty of employing skilled workers to run our existing semiautomated production line, I would recommend the project is adopted.
TO ÁN
-L
Chief Accountant Chart 33.3
DI Ễ
N
ĐÀ N
10%
Capital cost Year 1 Year 2 Year 3 Year 4 Year 5 -2,000
546
496
600
546
744
-2,000
-1,454
-958
-358
188
a.____
DCF
-2,000
-480
384
410
330
396
Cumulative cash flow
-2,000
-726
-396
DCF Cumulative cash flow 25% -1,520 -.1,136
b.
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NH ƠN
II. Comprehension / Interpretation What are the advantages / disadvantages of the three methods mentioned?
TP .Q UY
1. Straightforward payback method 2. Average rate of return
ĐẠ O
3. Discounted cash flow III. Language focus C onditions
NG
3.1.
HƯ
Look at the following sentence taken from the Reading passage:
TR Ầ
N
‘If we adopt a simple payback method of analysis, the project will recoup its investment after three years.’
00
B
Now complete the following sentences by putting the verbs in the right form:
10
1. If the project _____ (fail), w e _____ (lose) a lot of money.
HÓ
A
2. W e _____ (can) extend the payback period if w e _____ (adopt) an ARR method.
-L
Í-
3. We _____ (get) a truer picture if w e _____ (take) into account present values of money.
TO ÁN
4. We _____ not (invest) unless we _____ (foresee) a realistic chance of long-term profits.
ĐÀ N
5. As long as the project______ (be financed) from outside sources, w e______ (have to) ensure a much higher rate of return.
DI Ễ
N
6. If w e ______ (lose) money in the first two years, w e______ (start) to doubt the viability of the project.
7. Unless w e______ (be committed) to the project long-term, w e_____ not (carry) it through. 229
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3.2.
NH ƠN
8. Breakeven point ______ (come) a year earlier if we ______ (manage) to reach these sales targets. R eport-w ritin g
aims
to
evaluate
the
return
on
ĐẠ O
‘This short report investment...’
TP .Q UY
Look at the following sentences taken from the Reading passage:
NG
‘Given the activities of our competitors... I would recommend the project is adopted.’
TR Ầ
N
HƯ
One o f the decisions a report writer must take is whether to use a person a l or im personal style. Now change the following sentences from personal to impersonal (avoid the use o f I / we)
B
1. In this report, I aim to evaluate the return on investment...
10
00
2. It is vital th at we take a more complex view of the project.
A
3. If we adopt the ARR method, we can spread the cash flow.
HÓ
4. We have therefore applied a DCF method.
-L
Í-
5. We have set the DCF at two different rates.
TO ÁN
6. This means we can probably expect an internal rate of return of about 18%. 7. We can conclude th at the 25% DCF is unrealistic.
IV.
competitors,
I
would
Words study
DI Ễ
N
ĐÀ N
8. Given the activities of our recommend the project is adopted.
Match the financial terms ỒĨÍ the left with a situation on the right: 230
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3. Investment portfolio
b. The company must consider what else it could do with its money c. We must calculate the benefit to the company not only in terms of the market’s calculations
NG
4. Breakeven point
TP .Q UY
2. Time - value of money
a. The company is putting together a number of shareholdings in a variety of companies
ĐẠ O
1. Opportunity cost
Situations
NH ƠN
F inancial term s
TR Ầ
N
HƯ
5. Internal rate of return d. The company must take into account the project’s value in presentday figures
Vocabulary
A
V.
*
10
00
B
e. The least we can achieve is for sales to cover our costs
HÓ
- evaluate (v): đánh giá
Í-
e.g: We can't evaluate his ability without seeing his work.
-L
- estimated cost (n): chi phí dự tính
TO ÁN
-payback (n): paying back money which has been borrowed or invested: hoàn vốn
ĐÀ N
- recoup (v): to get back money, nhận lại vốn, đền bù e.g: We recouped our investment in two years.
N
- take account of, take sth into account: đánh giá, xem xét
DI Ễ
- opportunity cost (n): chi phí cơ hội - ARR (n): average rate of return', tỷ lệ lợi nhuận bình quân 231 Đóng góp PDF bởi Nguyễn Thanh Tú
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NH ƠN
- misleading (adj): đưa ra ý tưỏng sai, lừa dối - discount (v): to reduct the full price: chiết khấu, chiết tính
TP .Q UY
Discount (n): percentage reduction in a full price: tiền lãi chiết khấu - present-day value (n): giá trị hiện thòi
- discounted cash flow (DCF) (n): luồng tiền chiết tính
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
- portfolio (n): danh mục đầu tư
ĐẠ O
- franchise (n): đặc quyền kinh tiêu, mức miễn bồi thường
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U nit 34
TP .Q UY
MARKETING I. Reading
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
The term market and marketing can have several meanings depending upon how they are used. The term stock market refers to the buying and selling of shares in corporations as well as other activities related to stock trading and pricing. The important world stock markets are in London, Geneva, New York, Tokyo, and Singapore. Another type of markets is a grocery market, which is a place where people purchase food. When economists use the word market they mean a set of forces or conditions that determine the price of a product, such as the supply available for sale and the demand for it by consumers. The terra marketing in business includes all of these meanings, and more.
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
In the past, the concept of marketing emphasized sales.The producer or manufacturer made a product he wanted to sell. Marketing was the task of figuring out how to sell the product. Basically, selling the product would be accomplished by sales promotion, which included advertising and personal selling. In addition to sales promotion, marketing also involved the physical distribution of the product to the places where it was actually sold. Distribution consisted of transportation, storage, and related services such as financing, standardization and grading, and the related risks.
DI Ễ
N
The modern marketing concept encompasses all of the activities mentioned, but it is based on a different set of principles. It subscribes to the notion that production can be economically justified only by consumption. In other words, goods should be produced only if they can be sold. Therefore, the 233
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NH ƠN
producer should consider who is going to buy the product, or what the market for the product is before the production begins. This is very different from making a product and then thinking about how to sell it.
HƯ
NG
ĐẠ O
TP .Q UY
Marketing now involves first deciding what the customer wants, and designing and producing a product th at satisfies these wants at profit to the company. Instead of concentrating solely on production, the company must consider the desires of the consumer, and this is much more difficult since it involves human behavior. Production, on the other hand, is mostly an engineering problem. Thus, demand and market forces are still an important aspect of modern marketing, but they are considered prior to the production process.
HÓ
A
10
00
B
TR Ầ
N
Because products are often marketed internationally, distribution has increased in importance. Goods must be at the place where the customer needs them or brought there. This is known as place utility: it adds value to a product. However, many markets are separated from the place of production, which means that often both raw materials and finished products must be transported to the points where they are needed.
ĐÀ N
TO ÁN
-L
Í-
Raw materials requiring little or no special treatm ent can be transported by rail, ship or barge at low cost. Large quantities of raw materials travel as bulk freight, but finished products that often require special treatm ent, such as refrigeration or careful handling, are usually transported by truck. This merchandise freight is usually smaller in volume and requires quicker delivery.Merchandise freight is a term for the transportation of manufactured goods.
DI Ễ
N
Along all points of the distribution channel various amounts of storage are required. The time and manner of such storage depends upon the type of product. Inventories of this stored merchandise often need to be financed.
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TP .Q UY
Modern marketing is therefore a coordinated system of many business activities, but basically it involves four things: (1) selling the correct product at the proper place, (2) selling it at a price determined by demand, (3) satisfying a customer’s need and wants, and (4) producing a profit for the company.
NH ƠN
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II. Com prehension / interpretation
ĐẠ O
1. In general, what is said about the term marketing? 2. What are two aspects of marketing?
NG
3. What are two activities of sales promotion in the second paragraph?
HƯ
4. What are three aspects of distribution?
TR Ầ
N
5. How does modern marketing differ from the past ideas and practices of marketing?
00
B
6. What makes solving marketing problems more difficult than solving production problem? *
HÓ
A
10
7. What activity of marketing deals with the need for goods to be at the place where customers can use them?
Í-
8. How does the cost of rail freight compare with truck freight?
TO ÁN
-L
9. Why do you think finished products require faster transport than raw materials?
ĐÀ N
10. Why does the author conclude th at marketing is a coordinated system of activities? III. Language focus: Zero conditional
DI Ễ
N
We can talk about general facts or things th at are always true using if sentence. This kind of sentence has the present tense in both parts. In statem ents like this, if means the same as when or every time.
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NH ƠN
Example: - If interest rates fall, company profits rise. Exercise: Match the sentences (1-10) with the sentences (a-j)
2. Every time Peter chairs a meeting 3. People are more productive
ĐẠ O
4. If you send a letter by Datapost,
TP .Q UY
1. Governments expect something in return
5. If inflation rises,
NG
6. When you have a high staff turnover,
HƯ
7. If anyone from our Hamburg office visits,
N
8. We spend a great deal on promotion
TR Ầ
9. I always fly Club Class 10. *Ef the camera is on
00
B
a. something is wrong with the management.
10
b. it gets there the following morning.
HÓ
A
c. I usually look after them.
Í-
d. if they give aid
-L
e. if we launch a new model.
TO ÁN
f. it goes on for a long time.
g. if they work in pleasant surroundings.
ĐÀ N
h. the value of people’s savings goes down. i. when I go on a long haul flight
DI Ễ
N
j. a red light appears IV.
Words study
Exercise 1: Match the price term with the person or organization that charges it: 236
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Price term
2. rate
b. insurance company
3. premium
c. white-collar worker
4. fare
d. local council
5. commission
e. social club
6. fee
f. blue-collar worker
7. rent
g. taxi driver
8. dues
h. sales agent
9. retainer
i. private school
10. tuition
j. lawyer
11. wage
k. bridge owner
12. toll
1. bank
TP .Q UY
a. visiting lecturer
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
1. salary
NH ƠN
Personal / organization charging
m. architect
10
13. honorarium
n. property owner
A
14.interest
Í-
HÓ
Exercise 2: Choose the best answer to complete the following sentences.
TO ÁN
-L
1. In-the past, the main objective of marketing was sales promotion. Marketers ware people who... a. bought and sold stock
ĐÀ N
b. consumed
c. tries to sell products
N
d. supplied and demanded
DI Ễ
2 The word market can have several meanings. A person who wants to buy uses the word to indicate... a. standardization and grading 237
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b. a place where groceries are for sale
NH ƠN
c. sales prices 3. Marketing is an important consideration for... a. the consumer b. the distribution
ĐẠ O
c. all aspects of production
TP .Q UY
d. supply and demand
d. the salesman
HƯ
NG
4. Demand and market forces are considered prior to production. Before designing and producing the product, companies consider...
TR Ầ
b. the desire by consumers
N
a. the supply of consumers
B
c. distribution to the consumers
10
00
d. all the marketing activities to purchase a product
HÓ
A
5. Among other things modem marketing considers selling the correct product at the proper place. This means that...
Í-
a. place utility and consumer demand m ust be considered
-L
b. advertising will help increase sales
TO ÁN
c. distribution is more important than product design d. if a product is for sale, someone will buy it V. Vocabulary
ĐÀ N
- advertise (v): to announce that something is for sale
N
. ad (n-informal): short for advertisement.
DI Ễ
. advertisement (n): notice or announcement that sth is for sale: sự quảng cáo . advertiser (v): person or company which advertises
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. advertising (n): business of announcing that sth is for sale: công việc quảng cáo - barge (n): xà lan
TP .Q UY
- coordinated (adj): được phối hợp
NH ƠN
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- demand (n): need for goods: cầu, nhu cầu There’s not much demand for these products.
ĐẠ O
- desires (n): nhu cầu, ao ưốc, mong muốn, cần
- determine (v): find out or establish precisely: xác định, định rõ
HƯ
NG
- distribute (v): to send out goods from the manufacturer to the end user: phân phôi . distribution channel (n): tuyến / mạng lưới phân phối
TR Ầ
N
- emphasize (v): to focus on: nha'n mạnh, chú trọng vào... - grading (n): xếp hạng
00
B
- inventory (n): stock, store: kho hàng, hàng tồn kho
10
To reduce inventory is the aim of all businsses.
A
- personal selling (n): chào / bán hàng trực tiếp
HÓ
- place utility (n): tiện ích về địa điểm
Í-
- sale promotion (n): khuyến mại, quảng cáo bán hàng
-L
- standardization (n): tiêu chuẩn hóa 2.
TO ÁN
- supply 1. (n): providing products or services: cung (v): to provide a service or product', cung cấp
ĐÀ N
- task (n): a business: công việc - transportation (n): việc vận chuyển
N
- concept (n): khái niệm
DI Ễ
- grocery (n): hàng tạp hóa, tạp phẩm - encompass (n): bao gồm, chứa đựng
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Unit 35
TP .Q UY
MARKETING PLANNING
NH ƠN
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I. R eading
ĐẠ O
In this section you will find an edited extract from The Principles o f Marketing (Kotler and Armstrong) entitled “Strategic plannin”. Read it through and complete Chart 35.1 and 35.2.
TR Ầ
N
HƯ
NG
Strategic planning is the process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing market opportunities. It relies on developing a clear company mission, supporting objectives, a sound business portfolio, and co-ordinated functional strategies.
-L
Í-
HÓ
A
10
00
B
The steps in the strategic planning process are shown in Chart 39.1. At the corporate level, the company first defines its overall purpose and mission. This mission is then turned into detailed supporting objectives th at guide the whole company. Next, top management decides what portfolio of businesses and products is best for the company, and how much support to give each one. Each business and product unit must in turn develop detailed marketing and other functional plans that support the company - wide plan.
DI Ễ
N
ĐÀ N
TO ÁN
Chart 35.1
When management senses that the organisation is drifting, it must renew its search for purpose. It is time to ask: What is our 240
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NH ƠN
business? Who is the customer? What is value to the customer? What will our business be? What should our business be?
ĐẠ O
TP .Q UY
Companies traditionally defined their business in product terms such as, ‘We manufacture video games’, or in technological terms such as, ‘We are a chemical processing firm’. But some years ago, Theodore Levitt proposed that market definitions stated in terms of particular customer groups or needs were better.
00
B
TR Ầ
N
HƯ
NG
Management should avoid making its mission too narrow or too broad. Mission statements should be specific, realistic and motivating. As an illustration, the International Minerals and Chemical Corporation is in many businesses including the fertilizer business. As you can see in Chart 35.2, the fertilizer division does not say that its mission is to produce fertilizer. Instead, it says th at its mission is to ‘fight world hunger’. This mission leads to a hierarchy of business objectives, marketing objectives and, finally, marketing strategy.
HÓ
A
10
Chart 35.2 Business mission
TO ÁN
-L
Business objectives
Í-
a.
T Increase agricultural productivity
1 ị
b. c. d.
Reduce costs
N
ĐÀ N
Marketing objectives
DI Ễ
f.
*
Marketing strategy g- ...
h. 241
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TP .Q UY
NH ƠN
The mission of fighting world hunger leads to the company’s prime business objective of ‘increasing agricultural productivity’. This in turn leads to ‘researching new fertilizers which promise higher yields’. But research is expensive and requires improved profits to plough back into research programmes. So a major objective becomes ‘to improve profits’.
NG
ĐẠ O
Profits can be improved by increasing sales or reducing costs. Sales can be increased by enlarging the company’s shares of the J S market and by entering foreign markets. These became the :ompany’s current marketing objectives.
TR Ầ
N
HƯ
Marketing strategies must be developed to support these narketing objectives. To raise its u s market share, the company vill increase its product’s availability and promotion. To enter lew foreign markets, the company will cut prices and call on large arms abroad. These are the broad marketing strategies.
00
B
II. Com prehension / Interpretation
A
10
1. What is wrong with definition a company’s mission in erms of its products or technology?
Í-
HÓ
2. Do you think the following mission statem ent of a pencil nanufacture is too broad or too narrow”
-L
‘We are in the communication equipment business’
TO ÁN
3. Why is improving profits a necessary objective for the ertilizer division?
ĐÀ N
III. Language focus 3.1. Sequence
DI Ễ
N
Look at the following sentences taken from the Reading >assage: ‘The company first defines its overall purpose and mission.’
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NH ƠN
‘This mission is then turned into detailed...’
a. Following these meetings, progress reports must be submitted to the Board.
ĐẠ O
b. Before final submission of the project report, the project leader should match the findings with original specification.
TP .Q UY
The following steps describe management procedure. Put them into the right order.
NG
c. Having agreed investment, the first step is to see what action steps are needed to implement it.
N
HƯ
d. As the project neat completion, it is im portant to outline future steps.
TR Ầ
e. Once an action plan has been agreed, select a competent project leader. ?
00
B
f. Finally, the result should be presented to the Board.
A
10
g. Once the project has started, regular meetings should be held to monitor progress.
Í-
HÓ
h. The project leader should then call together his or her team and establish clear roles and responsibilities. E xpressin g p urpose
-L
3.2.
TO ÁN
Look at the following sentences taken from the Reading passage:
ĐÀ N
‘Sales can be increased by enlarging the company’s share of the US market...’
DI Ễ
N
‘To raise its market share, the company will increase its product’s availability and promotion.’ Now match the purpose with the means:
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Means
NH ƠN
Purpose
a. a regular product update was circulated
2. To establish a technological lead
b. research efforts were increased
3. The salesforce strengthened
d. by headhunting salespeople
IV. Word study
were
ĐẠ O
N
customers
e. by introducing new accounts software.
TR Ầ
5. So that informed
new
NG
reporting was
c. the workforce was reduced
HƯ
4. Financial streamlined
was
TP .Q UY
1. In order to reduce labour costs
A
HÓ
2. goal
10
1. purpose
00
B
Find the closest synonym for the word in the left. Select from a-k on the right.
b. narrow c. reduce
4. reinvest
d. mission
Í-
3. plan
-L TO ÁN ĐÀ N N DI Ễ
a. drift
5. wander aimlessly
e. overall
6. sensible
f. objective
7. general
g. increase
8. limited
h. broad
9. wide
i. plough back
10. raise
j. sound
11. cut
k. strategy
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Vocabulary
NH ƠN
V.
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- strategy (n): future action to achieve objectives - chiến lược
TP .Q UY
Strategic (adj): refering to a plan of action
- mission (n): long term objectives and philosophy of a company - sứ mạng, nhiệm vụ
ĐẠ O
- portfolio (n): collection; a product portfolio - range of a company products
NG
- drift (v): buông trôi vô hưống, phó mặc
HƯ
- renew (v): đổi mối
TR Ầ
- illustration (n): ảnh minh họa
N
- motivating (adj): khích lệ, khuyên khích làm việc
- fertilizer (n): phân hóa học, phân bón
00
B
- hierarchy (n): sự phân cấp
A
10
- productivity (n): measurement o f output per worker: năng suất lao động
HÓ
- yields (n): sản lượng
Í-
- plough back (v): reinvest in... - tái đầu tư, đầu tư lại
TO ÁN
-L
- promotion (n): all means o f communicating a message about a product or service: sự quảng cáo, hoạt động khuyến mại
DI Ễ
N
ĐÀ N
- sense (v) that: cảm nhận được
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U nit 36 THE PROMOTION MIX IN THE MARKETING
TP .Q UY
L R eading
NH ƠN
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ĐẠ O
A d v e rtisin g lets the seller repeat a message many times, and it lets the buyers receive and compare the message of various competitors. Large-scale advertising by a seller says something positive about the seller’s size, popularity, and success.
10
00
B
TR Ầ
N
HƯ
NG
Advertising is also very expensive, letting the company dramatize its products through the artful use of print, sound, and color. Advertising can reach masses of geographically spread-out buyers at a low cost per exposure. But advertising also has some disadvantages. Advertising is able to carry on only one way communication with the audience. Although some forms, such as newspaper and radio advertising can be done on small budgets, other forms. Such as net work TV advertising, require very large budgets.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
P e rso n a l selling. Personal selling is the most effective tool at certain stages of the buying process, particularly in building up buyers’ preferences, convictions, and actions. As compared with advertising, personal selling has several unique qualities. It involves personal interaction between two or more people, so each person can observe the other’s needs and characteristics and make quick adjustment. Personal selling also lets all kinds of relationships spring up, ranging from a mater-of-face selling relationship to a deep personal friendship. The effective salesperson keeps the customer’s interests at heart in order to build a long-run relationship. Finally, the buyer usually feels a greater need to listen and respond'J even if the respond is a polite: ‘no thank you’.
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TP .Q UY
S ales prom otion . Sales promotion includes a wide assortment of tools coupons, contests, cents-off deals, premiums, and others and these tools have many unique qualities. They attract consumer attention and provide information that may lead the consumer to buy the product. They offer strong incentives to purchase by providing inducements or contributions that give addition value to consumers.
NH ƠN
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N
HƯ
NG
ĐẠ O
P u b lic rela tio n s. Public relations offer several unique qualities. It is very believable news stories, features, and events seem more real and believable to readers than do ads. Public relations can reach many prospects who avoid salespeople and advertisements the massage gets to the buyers as ‘news’ rather than as sales-directed communication. And like advertising, public relations can dramatize a company or products.
00
B
TR Ầ
Marketers tend to under use public relations or use it as an afterthought. Yet a well-thought-out public relations campaign used with other promotion mix elements can be effective and economical. ’
10
II. Comprehension / interpretation
HÓ
A
1. What are advantages and disadvantages of advertising? 2. What’s role of personal selling?
-L
Í-
3. What can sales promotion help consumers?
TO ÁN
4. What is a key difference between public relation and advertising? 5. Which ones have influenced you? Why?
ĐÀ N
I. L an gu age focus
Study the sentences from the text:
DI Ễ
N
1. Advertising lets th e seller repeat a message many times, and it lets the buyers receive a n d com pare the message of various competitors. 247
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NH ƠN
2. Marketers tend to un d er use public relations or use it an afterthought
TP .Q UY
1. Verb + to + in finitive * Some verbs are foolowed by to + infinitive.
ĐẠ O
‘PCCW has openly stated that it w ishes to become the biggest broadband
NG
player in Asia,’says Richard Ferguson, a telecom analyst in Hong kong.
HƯ
‘That means it cannot afford to s ta n d s till.’ (Asiaweek website)
ag ree
arra n g e
a tte m p t
claim
decide*
dem and
deserve
expect
fail
g u a ra n te e
h e sita te
hope
le a rn
m anage
offer
plan
p re p a re
p re te n d
refu se
seem
te n d
10
B
afford
00
TR Ầ
N
List of the verbs which are usually followed by to + infinitive
Í-
tra in
HÓ
prom ise
A
neglect
w ant
th re a te n
w ould like
-L
2. V erb + object + in fin itiv e
Common examples are:
advise
allow
ask
invite
o rd e r
p ersu ad e
DI Ễ
N
ĐÀ N
TO ÁN
* There are a number of verbs that can take a direct object and to + infinitive
en able
en co u rag e
rem in d
tell
force w arn
The lawyer advised me to read the contract carefully. 248
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NH ƠN
The negotiators p ersu a d ed the un ion to accept the pay deal. 3. Verb + object + bare infinitive
TP .Q UY
* Some verbs are followed by an object and a bare infinitive, such as let, m ake:
ĐẠ O
She wanted to go home, but her boss m ad e h er sta y until the work was finished.
NG
My boss let m e have the afternoon o f to go to my sister’s weeding.
B
I saw h im sign the cheque.
TR Ầ
N
HƯ
We use some verbs of perception see, w atch , n o tice, hear, liste n to an d feel with bare infinitive if we want to say that we h e a rd or saw , etc the whole action from beginning to end.
10
00
I h ea rd the m a ch in e m a ke a strange noise.
HÓ
A
E xercises for p ractice:
We were very unhappy with the service they had provided,
TO ÁN
1. (refuse)
-L
Í-
A. Continue the sentences using the words in brackets with a verb in the infinitive.
ĐÀ N
2. The company is taking on a lot of new staff, (plan)
DI Ễ
N
3. He was angry about the way the company had treated him.(threaten)
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NH ƠN
4. Maria was getting tired of her job. (decide)
Answers: (sample answers only)
TP .Q UY
1. We refused to pay them. 2. We are palnning to expand. 3. He threatened to take them to court.
ĐẠ O
4. She decided to give in her notice.
NG
B . Rewrite the sentences beginning with They made us... or hey let us...
N
HƯ
1. We had to work extremely hard on the training course.
B
TR Ầ
2. We were allowed to go out at the weekends.
A
10
00
3. w e gave a presentation every morning.
Í-
HÓ
4. We spoke English all the time.
TO ÁN
-L
5. There was a TV we could watch.
Answers:
ĐÀ N
1. They made us work extremely hard on the training course.
DI Ễ
N
2. They let us go out at weekends. 3. They made us give a presentation every morning. 4. They made us speak English all the time. 5. They let us watch TV.
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IV. Word study
design
develop
identify
influence
modify
paragraph
by
TP .Q UY
4.1 Now com plete the following inserting these verbs in the gaps below:
NH ƠN
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persuade
TR Ầ
N
HƯ
NG
ĐẠ O
M arketers have to: (1)........... or anticipate a consumer need; (2)............ a product or service that meets th at need better than any competing products or services; (3)............target customers to try the product and service; and, in the long term, (4)........... it to satisfy changes in consumer needs or market conditions. M arketers can (5)........... particular features, attractive packaging, and effective advertising th at will (6)........... consumers’ wants. Marketing thus combines m arket research, new product development, distribution, advertising, promotion, product improvement, and so on.
10
00
B
4.2 Match up the words or expressions on the left with the definitions on the right.
B. an idea for a new product, which is tested with target consumers before the actual product is developed
TO ÁN
2. to launch a product
-L
Í-
HÓ
A
1. distribution channel A. all the companies or individuals involved in moving a particular good or service from the producer to the consumer
ĐÀ N
3. market opportunities
DI Ễ
N
4. m arket research
c. attributes
or characteristics of a product: quality, price, reliability, etc D. dividing a market into distinct groups of buyers who have different requirements or buying habits 251
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E. places where goods are sold to the public - shops, stores, kiosk, market stalls, etc
6. packaging
F. possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services
7. points of sale
G. someone who contacts existing and potential customers, and tries to persuade them to buy goods or services
8. product concept
H. collecting, analyzing and reporting data relevant to a specific marketing situation (such as a proposed new product)
TR Ầ
N
HƯ
NG
ĐẠ O
TP .Q UY
NH ƠN
5. market segmentation
00
B
9. product feature
J. wrappers and containers in which products are sold
A
10
10. sales representation
I. to introduce a new product onto the market
HÓ
V. Vocabulary
TO ÁN
-L
Í-
message (n) a short piece of information that you give to a person when you cannot speak to them directly: lời nhắn, thông điệp.
DI Ễ
N
ĐÀ N
large-scale (a) describes an event or activity that is large in size: phạm vi rộng. spread-out (v) to reach or have an effect on a wider or increasing area', rải khắp. exposure (v) to remove what is covering something so that it can be seen: chào hàng, phơi bày. one way communication: giao tiếp một chiều. 252
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NH ƠN
spring up (v) to appear or start to exist suddenly, nảy sinh. matter-of-fact selling: mua- bán đơn thuần.
TP .Q UY
coupon (n) a piece of paper which can be used to obtain something without paying for it or at a reduced price: phiếu giảm giá.
ĐẠ O
contest (n) a competition to do better than other people, usually in which
Premium (n): bán hàng có thưỏng
HƯ
cents - off - deal: bán hàng giảm giá.
NG
prizes are given: cuộc thi có trao giải
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
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00
B
TR Ầ
N
premium offer (n): giá chào đặc biệt (để quảng cáo).
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U n it 37
TP .Q UY
ANALYSIS OF MARKET OPPO RTU NITIES
NH ƠN
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I. Reading
ĐẠ O
Read the following overview o f the market research process. As you read it complete charts 37.1 and 37.2. MAHKET RESEARCH
TR Ầ
N
HƯ
NG
This section briefly describes the four steps in market research process, as shown in chart 37.1: firstly defining the problem and the research objectives, secondly developing the research plan, then implementing the plan, finally interpreting and presenting the findings.
TO ÁN
-L
Í-
HÓ
A
10
00
B
Defining the problem and research objectives is often the hardest step in the research process. The manager may know that something is wrong, but not the specific causes. For example, managers of a discount retail chain store hastily decided that falling sales were caused by poor advertising. When the research showed that the current advertising was reaching the right people with the right message, the managers were puzzled. It turned out that the stores themselves were not providing what the advertising promised.
DI Ễ
N
ĐÀ N
Chart 37.1
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When the problem has been carefully defined, the research objectives must be set. The research may be exploratory in order to gather information to better define the problem. It may be descriptive - in order to describe market potential, customer attitudes, etc. Sometimes, it may be causal - to test hypotheses about cause - and - effect relationships: for example, would a 10 percent decrease in price lead to significantly higher sales or not?
NH ƠN
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NG
ĐẠ O
The second step involves developing a plan for collecting the information. The information may be available in the form of secondary data - i.e. it already exists somewhere or it needs to be collected specifically for this project - primary data.
TR Ầ
N
HƯ
Primary data collection calls for decisions about the research approaches, contact methods, sampling plan and research instrum ents (see Chart 37.2) Chart 37.2 Contact methods g.
b.
e.
h.
c.
f.
i.
B
00 10
d.
Research instruments
j.
m.
k.
n.
.
1
TO ÁN
-L
Í-
a.
Sampling plan
A
Research approaches
HÓ
Research objectives
DI Ễ
N
ĐÀ N
There are three main research approaches: the observational approach involves gathering information by observing relevant people, actions and situations. For example, a museum checks the popularity of certain exhibits by noting the floor wear around them. This approach is most suited where the objective is exploratory. For descriptive research, surveys are best suited. These can be structured using formal lists of questions asked of all
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respondents in the same way or unstructured where the interview is guided by the respondent's answers.
TP .Q UY
Finally for causal research, an experimental approach is most effective. Experiments involve selecting matched groups of subjects, giving them different treatments, controlling unrelated factors and checking for differences in group responses.
NG
ĐẠ O
We will look at contact methods in more detail in Part 2. Briefly, information can be gathered either by mail, telephone or personal interview.
00
B
TR Ầ
N
HƯ
Another decision which has to be made concerns the sampling plan. A sample is segment of the population selected to represent the population as a whole. There are three variables here: firstly, the sample unit, i.e. who is to be sampled.? Secondly, the sample size, i.e. how many should be surveyed? Thirdly, the sampỉing procedure, i.e. how should the people be chosen: at random, at convenience, on the basis of prejudgement?
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
Finally, in developing the research plan, a choice must be made in terms of the research instruments. The most common is the questionnaire. In preparing the questionnaire, the market researcher must decide what questions to ask, the form of the questions (e.g. open / closed, multiple choice), the wording of the questions and their ordering. Although questionnaires are the most common instrument, mechanical instrum ents such as a galvanometer can be used: this instrument measures the strength of a subject's interest or emotions aroused by and exposure to an advert or a picture.
Once all these decisions have been made concerning the research plan, the researcher must then put it into action. The implementation phase is generally the most expensive and the most subject to error. The fieldwork must be monitored closely to make sure the plan is correctly implemented. 256
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TP .Q UY
NH ƠN
The last phase is the interpretation and reporting. The I researcher should try not to overwhelm managers with statistics, but to present major findings that are useful in the decisions faced by the management. II. Com prehension / interpretation
2. Can you think of another example of a causal research objective?
NG
I
ĐẠ O
1. In the case of the retail chain store, what should the I management have done first?
HƯ
I 3. Where could the researcher find secondary data such as I competitor information?
TR Ầ
N
4. What do you think are the advantages / disadvantages of structured versus unstructured surveys?
10
00
B
5. What sort of experimental research could you carry if you wanted to find out about the relationship between the weather and the incidence of psychological depression?
3.1. Questions
HÓ
A
III. Language focus
-L
Í-
Look at the following sentences taken from the reading passage:
TO ÁN
"Who is to be sampled?" How many should be surveyed?
ĐÀ N
How should these people be chosen?
DI Ễ
N
Now make questions for the following answers as part of a market research survey: 1. A: My name's Dorothy. 2. A: It's Squires. Mrs. Squires. 257
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3. A: Yes, I live here.
NH ƠN
4. A: There are four of us: My husband, two daughters and myself.
TP .Q UY
5. A: No, I don't. I used to work as a nurse before the children were born. 6. A: He's a computer analyst.
ĐẠ O
7. A: He works for Halfords - a food processing group. 8. A: Yes, we've got two. An Audi and Peugeot.
NG
9. A: I drive the Audi.
HƯ
10. A: They're both at school. One's 12, the other 16.
N
11. A: We usually go to the South of France.
TR Ầ
12. A: Two weeks in the summer holidays. 13. A: No, we drive.
A
M odals.
HÓ
3.2.
10
00
B
14. A: No, not this year. We're going to visit our relatives in the States.
Í-
Look at the following sentences taken from the reading passage:
-L
"The manager may know th at something is wrong..."
TO ÁN
"Another decision which has to be made..."
ĐÀ N
Now complete the following sentences with an appropriate modal verb:
DI Ễ
N
1. Entrance is forbidden. You____ not enter.
2. Success is possible. We____ be successful. 3. Participation is compulsory. We____ to take part.
4. Permission is given. You____ take thè afternoon off.
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' 5. Success is probable. W e___ succeed. 6. He has the ability. He___________ win the competition.
8. Failure is impossible. We____ fail.
TP .Q UY
7. Participation is voluntary. We_____ go to the reception.
9. It’s possible to segment the market. It____ be segmented.
ĐẠ O
10. Permission is not given. You______leave the building. IV. Word study
NG
A useful way of expanding your active vocabulary is to generate different forms o f a word from the base form, for example:
HƯ
- to compete (verb) - competition (noun / concept)
- competitive (adjective)
TR Ầ
N
- competitor (noun / agent)
Fill in the following table. Use dictionary if necessary: Noun (concept)
Noun (agent)
to explore
___________
__________
_______ 1
to respond
___________
__________
___________
to describe
___________
__________
to analyse
___________
to manage to hypothesise
___________
to observe to interpret
___________
__________
___________
___________
__________
___________
__________
___________
___________
__________
___________
___________
__________
___________
TO ÁN
Í-
HÓ
A
Adjective
-L
10
00
B
Verb
ĐÀ N
V. Vocabulary
brief 1. (nj objectives for a campaign given by an advertiser to an agency, bản tóm tắ t hồ sơ tố tụng, bản cáo thị
DI Ễ
N
-
2. (v) to explain to people before an assignment: giải thích cho mọi người trưốc khi nhiệm vụ được giao. 'K Q
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NH ƠN
3.(adj) ngắn gọn, vắn tắt. - objective (n): thing aimed at or wished for, purpose: mục tiêu. hiện.
which
is
not
easily
ĐẠ O
interpret (v): explain sth understandable: giải thích, lý giải.
TP .Q UY
- implement (v): put sth into effect, carry out: thi hành, thực
NG
- puzzle (v): make sb think hard: bắt ai phải suy nghĩ, nghiền ngẫm
TR Ầ
N
HƯ
- hypothese (n): idea or suggestion that is based on known facts and is used as a basic for reasoning or further investigation: những giả thuyết.
B
- observation method (n): market research method based on watching consumers', phương pháp quan sát.
10
00
- respond (v): phúc đáp, trả lòi.
HÓ
A
- sample 1. (n) a specimen o f a product used to show what it is like: mẫu hàng, mẫu sản phẩm
Í-
2.(v) to try out something', thử hàng mẫu, dùng thử.
-L
- segment 1. (n) a section o f the market', phần, đoạn
DI Ễ
N
ĐÀ N
TO ÁN
2.(v) to divide a market into different parts. - represent (v): to act on behalf of a company, đại diện representative (n): a sales person-, người đại diện bán hàng.
- survey (n): an investigation o f a particular market'. CUỘC điều tra, xem xét. - prejudge (v): make a judgement about (a person or case): phán xét về ai / phán đoán - galvanometer (n): máy mạ kim loại 260
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NH ƠN
- arouse (v): đánh thức, gợi lên tình cảm của ai - exposure (n): publicity given to a product or company, sự phơi bày 1 sản phẩm hay 1 công ty ra trước công chúng.
TP .Q UY
- monitor (v): make continuous observation of sth,record or test the operation o f sth: theo dõi, quan sát liên tục, ghi chép hoặc kiểm nghiệm hoạt động.
ĐẠ O
- overwhelm (v): overpower sb / sth by force of numbers, defeat: áp đảo bằng... đánh bại.
HƯ
NG
- a discount retail chain store (n): cửa hàng liên nhánh bán lẻ hạ giá
TR Ầ
N
- exhibit (n): tang vật, hiện vật đưa ra triển lãm (hoặc làm chứng cố) - at convenience (n): tuỳ tiện, tuỳ thích
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
- fieldwork (n): việc nghiên cứu bên ngoài, việc nghiêncứu thực tế.
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U n it 38
TP .Q UY
WAYS OF ENTERING A FOREIGN MARKET
NH ƠN
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I. Reading
ĐẠ O
Read the extract about entering foreign markets. As you read t, complete Chart 38.1.
10
00
B
TR Ầ
N
HƯ
NG
The simplest way to enter a foreign m arket is through ixporting. The company may passively export its surpluses, or it nay make a commitment to expand exports to a particular (larket. In either case the company produces all its goods in the Lome country though it may make changes to them for the export larket. There are two types of exporting: indirect and direct, ndirect exporting means working through independent liddlemen such as agents and dealers. Indirect exporting can be one with little investment and therefore involves less risk, listakes can be made but they shouldn’t be too costly.
-L
Í-
HÓ
A
Direct exporting involves setting up an export department or ven an overseas sales branch which actively uses the company’s wn employees. This will give the seller more presence and )ntrol in the m arket but obviously means heavier investment.
TO ÁN
A second method of entering a foreign market is through lint ventures with foreign companies. There are four types of lint venture.
DI Ễ
N
ĐÀ N
Licensing is the simplest way for a manufacture to produce s goods in the foreign market. The company enters into an ịreement with a licensee offering the right to use a lanufacturing process, trademark, patent or other item of value r a fee or royalty. Once again the cởrtipany gains entry into the arket at little risk but there are potential disadvantages. The )2
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TP .Q UY
NH ƠN
company has less control over the licensee than if it had set up its own production facilities. If the licensee is very successful, the company has given up the potential for large profits and, if and when the contract ends, it may find it has created a competitor.
NG
ĐẠ O
Another option is contract manufacturing. This means contracting with foreign manufacturers to produce the product. It has the drawback of less control over the manufacturing process and the loss of potential profits on manufacturing. On the other hand, it offers the company the chance to get off to a quicker start and take on less risk. There is also the opportunity to form a partnership or buy out the local manufacturer later.
HÓ
A
10
00
B
TR Ầ
N
HƯ
Joint ownership ventures consist of the company joining with foreign investors to create a local business in which they share joint ownership and control. Joint ownership may make sense for political or economic reasons. Sometimes foreign governments make joint ownership a condition for entry. It also has certain drawbacks. Above all, there is the danger of disagreement over crucial issues such as investment and marketing. One firm may want to put money back into the company while the other wants to take it out.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
Beside exporting and joint ventures, there is also the possibility of direct investment - in other words developing foreign-based assembly or manufacturing facilities. If the foreign market is large enough, local production facilities offer many advantages. The company may have lower costs in the form of cheaper labour, raw materials and transport / distribution. The company will gain a better image in the host country because it creates jobs. It also develops deeper relationship with government, customers, suppliers and distributors. Finally, by direct investment, the company keeps full control over investment and marketing policies. The main disadvantage is that the firm
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faces many risks such as devalued currencies, declining market or even government takeover. C hart 38.1 Method of entry
Disadvantages
TP .Q UY
Advantages
1. Export
ĐẠ O
1.1. Indirect 1.2. Direct
NG
2. Joint venture
HƯ
2.1. Licensing 2.2. Contract manufacturing
TR Ầ
3. Direct investment
N
2.3. Joint ownership
00
B
II. Comprehension / Interpretation
A
10
1. Why do you think joint ventures, rather than direct investment, are becoming more common in international trade?
-L
Í-
HÓ
2. Setting up a foreign subsidiary is a large investment for the parent company. Do you think the senior management positions should be held by local or headquarters staff?
DI Ễ
3.1.
M ake a n d do
Look at the following sentences taken from the Reading oassage: ‘It may make a commitment to expand exports...’ ‘Indirect exporting can be done with little investment...’
N
ĐÀ N
TO ÁN
III. Language focus
Now complete the following sentences with an appropriate orm of m a ke and do: 64
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1. W e_______ the mistake of setting up a joint venture.
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2. There’s a lot of work to- 2 ______ before setting up in a foreign country.
TP .Q UY
3. H e _______ the job of importing goods from the Far East. 4. The government_______ us register the company locally.
ĐẠ O
5. If we had _______ our homework, we wouldn’t have _______ the investment. 6. It’s important t o _______ friends in high places.
HƯ
NG
7. Deals like th at are _______ on the ground. You can’t business with these people without meeting them.
TR Ầ
N
8. We could _______ without interference from politicians but w e _______ the best of the situation.
00
B
9. H e _______ very well to establish the business. It’s a pity he didn’t _______ more money.
Verb + prepo sitio n
HÓ
3.2.
A
10
10. In order t o _______ this work. We’re going to have to _______ a lot of research.
-L
Í-
Look at the following sentences taken from the Reading passage:
TO ÁN
‘Direct exporting involves setting up an export department...’ ‘It offers the company the chance to get off to a quicker start...’
DI Ễ
N
ĐÀ N
Now complete the following sentences with the correct preposition: 1. They put a lot of money_____ the project.
2. The project had to be p u t_____ due to production delays.
3. Once we had got _____ the joint venture, it was very difficult to g e t_____ of it.
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5. I’d like to ta k e _____ your offer of collaboration.
NH ƠN
4. Companies are often unwilling to give _______ their independence.
TP .Q UY
6. The company was put _____ by the size of the investment. They decided instead to g o _____ partnership with a local firm.
ĐẠ O
7. They m ade_____ for their lack of financial investment by doing a lot of the ground work.
Inhabitant
Language
United States
American
France
__________
__________
China
__________
__________
Japan
__________
__________
Brazil
__________
__________
A
10
B
TR Ầ
N
Country
00
HƯ
NG
8. We could only p u ll_____ of the joint venture if they gave _____ their position in the market.
__________
__________
__________
__________
United Kingdom __________
__________
Germany
__________
__________
Netherlands
__________
__________
HÓ
Spain
English
TO ÁN
-L
Í-
Sweden
ĐÀ N
IV. W ord stu d y Complete the following table:
DI Ễ
N
V. Vocabulary - surplus (n): having more stockthan needed: dư thừa - make a commitment (v): cam kết
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- direct export (n): selling direct to an overseas customer xuất khẩu trực tiếp
TP .Q UY
- direct selling (n): selling direct to a customer without going through any middlemen - bán hàng trực tiếp
NH ƠN
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- agent (n): person who represents a company - đại lý
- dealer (n): person / company who buys and sells - người bán
ĐẠ O
buôn
- royalty (n): money paid to an investor / creator / writer by the license or publisher - tiền bản quyền, tiền nhuận bút
NG
- licence (US: license) (n): official permission to do sth - giây who
has
permission
to
sell,
N
person
licensor (n): person who give the license
TR Ầ
licensee (n): manufacture...
HƯ
phép
10
00
B
- contract (n): legal agreement between two or more parties'. bản hợp đồng
HÓ
A
- contract manufacturing (n): agreement which allows an overseas manufacture to make your goods ■ sản xuất theo hợp đồng
Í-
- joint ownership venture (n): xí nghiệp liên doanh đồng sỏ
-L
hữu
TO ÁN
- drawback (n): số tiền th uế quan được giảm - advantage (n): lợi thế
ĐÀ N
- disadvantage (n): bất lợi - customer (n): person / company that buys goods: khách hàng
N
customize (v): to adapt a product for a particular customer
DI Ễ
- supplier (n): person or company which provides products or services: nhà cung cấp
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U nit 39
TP .Q UY
PRO JEC T PLANNING
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I. R eading
As you read, complete the tasks in the text:
TR Ầ
N
HƯ
NG
ĐẠ O
The project process is adopted by businesses involved in providing tasks normally of considerable magnitude and usually, but not always, carried out on a one - off basis. If the project contains only a few activities, an informal scheduling and control approach can be adopted. However, most projects are complex and involve a large number of interrelated activities and hence it is necessary to develop a formal plan.
HÓ
A
10
00
B
The one - time or infrequent nature of these tasks, however, militates against the use of the more traditional scheduling methods. As a result, network analysis has been developed for projects and the principles behind this technique are now described. GENERAL ASPECTS
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
The first task is to determine the level of detail on which the activities to complete the task will be based. Often in large projects an overall network will be developed with subnetworks being provided to give control at a more detailed level. After this has been agreed, the activities which have to be completed will be listed. Activities are tasks which have a time duration. At the start and finish of each activity there will be, in network language, an event which occurs at an instantaneous moment in time and says that the preceding activity (or activities) is now complete and other activities which depend upon its (or their) 268
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o Event
TP .Q UY
—>Activity —> Dummy activity
NH ƠN
completion can now start. These are the two principal building blocks for the networks and use the symbols shown below. In addition, there is one further symbol, that of a dummy activity.
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
All the activities listed represent the total task. By building a network, the task is stated as a series of activities, all of which have to be completed for the task to be finished. The key, however, is to build so th at the activities are shown in the order in which they have to occur. To do this it is necessary to establish for each activity the other activity (or activities) which has to be completed before it can start. This is called dependency. One or more activities will, however, be independent of other activities and these are obviously the ones which are completed at the beginning. When these have been completed (an event) then other activities can start and so on. In this way the network is developed. Those activities which follow others are said to be sequential whilst those which can be completed at the same time as others (i.e. they are independent) are said to be parallel. The steps to follow in network construction are:
TO ÁN
-L
Í-
1. Planning. Establishing all the activities or steps to be completed, determining the dependency between these activities and drawing the network.
N
ĐÀ N
2. Scheduling. Applying to the network any limiting factors such as time, cost and the availability of materials, equipment and labour. These factors will often necessitate the redrawing of parts of the network to accommodate the constraints they impose.
DI Ễ
3. Controlling. The task of obtaining feedback during the project to ensure adherence to the plan and to update the plan in the light of any changes which occur. 269
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PLANNING
NG
ĐẠ O
TP .Q UY
NH ƠN
The first task is to establish and list all the activities or stages necessary to complete the project and at the level of detail already agreed. This is the most important step and will be invaluable as part of the overall control of the project. Following this, it is necessary to determine which activities depend upon which other activities being completed before they can start: this is described as dependency. The final task is to draw the network. The following general guidelines will prove useful when setting about the task of drawing a network. 1. All activities start and end with an event.
N
HƯ
2. An activity is a time - consuming task and happens for a period of time.
10
00
B
TR Ầ
3. An event is instantaneous and occurs at a moment in time. In effect it says th at all activities entering that event sign have now been completed and therefore all activities leaving th at event sign can now be started.
A
4. Any number of activities can go into and out of an event.
HÓ
5. Activities, wherever possible should go from left to right.
-L
Í-
6. Activities occurring on the same path are sequential and are thus directly dependent upon each other.
ĐÀ N
TO ÁN
7. Activities on different paths are termed parallel activities, are independent of other sets of parallel activities are taking place. 8. Dummy activities are used in two ways:
As and aid to drawing the network and, as such, form part of the set of conventions to be followed. Thus, two or more activities cannot leave one event sign and enter the same end sign.
DI Ễ
N
(a)
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(b) As the way of extending the dependency of one or more activities to other activities.
TP .Q UY
The role of the dummy activity is, therefore, to facilitate the presentation of networks and to extend the dependency function which is the essence of the network concept Dummy activities, therefore, are not time - consuming (this is already covered by the original activity) and hence their name.
NH ƠN
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ĐẠ O
Only one of the diagrams below is possible. Which is it, (a) or (b)? Chart 39.1
o —_ >o__
,o —
NG
A ctivity c
N
HƯ
A ctivity a
TR Ầ
A ctivity b Q
10
00
B
The following example lists the activities to be undertaken to complete a task and indicates those activities on which an activity is dependent. As you read complete Chari 39.2
TO ÁN
-L
Í-
HÓ
A
Activity A is the start point and is independent of other activities. Activity B cannot start until activity A has been completed and the same goes for activity E. Activities c and D cannot start while activity B is still in operation. F cannot start until both c and D have been completed and c cannot start until E had been completed. Finally, H cannot start until F and c have been completed. C h a rt 39.2: Activity table
ĐÀ N
Activity
F H
DI Ễ
c
N
A
Activities on which it is dependent None A
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NH ƠN
Chart 39.2 can now be built up into a network to represent the statement o f the task.
TP .Q UY
Complete Chart 39.3 by inserting the appropriate letter for the activity.
B
TR Ầ
N
HƯ
NG
ĐẠ O
C hart 39.3: Network
00
II. Comprehension / Interpretation
A
10
1. What type of analysis lends itself to project planning?
Í-
HÓ
2. Networks are made up of activities and events. What is the difference between these two elements?
TO ÁN
-L
3. What principle of relationship is used to build up a network?
(i) Sequential activities cannot take place at the same time.
ĐÀ N
(ii) Parallel activities can take place at the same time. III. Language focus
N DI Ễ
4. Are the following statements true or false?
3.1.
Be
Look at the following sentences taken from the Reading passage: 272
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NH ƠN
“To do this it is necessary to establish for each activity the other activity (or activities) which has to be completed before it can start”.
TP .Q UY
“In addition, there is one further symbol, that of a dummy activity”.
ĐẠ O
“Those which can be completed at the same time as others (i.e. they are independent) are said to be parallel”.
NG
Now complete the following sentences by putting in it, they or there with an appropriate part o f the verb to be:
HƯ
I ...........important first to determine the level of detail on which the activities to complete the task will be based.
TR Ầ
N
2. In the project we did last year............. a clear need to develop an overall network.
00
B
3 three principal building blocks for networks: the activity, the dummy activity and the event.
A
10
4. When this activity has been completed.............. time for the next activity to start.
HÓ
5...............no other way that the network can be developed.
-L
Í-
6. If you had looked, you would have seen th at.............places on the chart for all the activities.
TO ÁN
7........... nearly time to draw the network. 8........... still time to draw the network.
ĐÀ N
9........... many factors over the last month that have necessitated the redrawing of parts of the network.
DI Ễ
N
10. As I said before..... all the activities or stages necessary to complete the project.
I I ............... some important general guidelines to follow when drawing a network. 273
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NH ƠN
1 2............. many activities which can go into and out of the same event. 1 3............. the role of the dummy activity to facilitate the presentation of networks.
TP .Q UY
1 4 ............. where an activity starts and where it finishes that is important. 3.2. For, during, w h ile a n d u n til
ĐẠ O
Look at the following sentences taken from the Reading passage:
HƯ
NG
“An activity is a time - consuming task and happens for a period of time”
TR Ầ
c
and D can not sta rt while activity B is still in
B
"Activities operation".
N
“Controlling (is the) task of obtaining feedback during the project to ensure adherence to the plan...”
10
00
Now complete the following sentences with for, during, while or until:
HÓ
A
1. We don’t expect them to finish the project.............the end of the year.
-L
Í-
2. The project has already been running.............. three months.
TO ÁN
3.......... the initial stages of the project, we used an informal control approach.
ĐÀ N
4.......... we were preparing for the project we didn’t realise how complex it was.
DI Ễ
N
5. We worked on the first task............. the whole of the summer. 6. Often............ large projects-an overall network will be developed.
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7.............. discussing this, the activities which have to be completed will be listed. 8. An actively continues.............. a point of time when an event occurs,
NH ƠN
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TP .Q UY
9. The task is not completed.............. all the activities have been carried out.
11. Each activity continues............... a period of time.
ĐẠ O
10............... the activities are in progress, the task is not completed.
HƯ
NG
12................. the planning stage, we establish all the activities or steps to be completed. task
and
TR Ầ
N
13. An activity is a time - consuming happens............a specified period of time.
00
Word study
f
10
IV.
B
14. We expect to have to change the project............... the coming months.
Find in the text the opposites of the words given
HÓ
A
4.1. below:
Í-
1. simple
-L
2. following
4. general
ĐÀ N
5. leave
TO ÁN
3. initial
6. interrelated
N
7. often
DI Ễ
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NH ƠN
4.2. Form a verb from the ita licised w ord in order make a sentence with the sam e m eaning as the one given. For example:
TP .Q UY
"Activities occurring on the same path are dependent upon each other.” “Activities occurring on the same path depend (up) on each other.”
ĐẠ O
1. We must make sure of adherence to the plan.
NG
2. The plan must be made up-to-date in the light of any changes which occur.
N
HƯ
3. These factors often make it necessary to redraw parts of ;he network.
TR Ầ
4. These activities will be the basis of the task.
B
(Begin your sentence: “The task...”)
00
5. We must have a formal plan.
10
6. The next step is to make an analysis of the activities and
HÓ
A
5vents.
V.
V ocabulary
-L
Í-
- project (n): way of doing work based on the demand for one l.hing: dự án, đề án
TO ÁN
- magnitude (n): size: -
ĐÀ N
2. (v): fix the timetable for the planned activities - militate (v): have great force or influence - one-off (adj): (of an order or product) produce only once:
N DI Ễ
schedule 1. (n): timetable for planned activities'.
- dummy activity (n): activity in cortical path analysis which is not time-consuming; it is a convention for the logic o f the path: >76
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Unit-40
TP .Q UY
INTERNATIONAL BUSINESS I. R e a d in g
ĐẠ O
Most countries realize the advantages of world trade. Countries have developed their economies, increased production of goods, and met market demands though increased world trade. The interdependence among trading nations has provided
TO ÁN
-L
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
International trade develops because certain countries are able to produce some goods more efficiently than other countries. They exchange goods to satisfy their needs and wants. Efficient production may be the result of several factors. A certain climate in particular country may allow that country to grow agricultural products in abundance. For instance, the climates in the United State and Canada are suitable for production of large amount of wheat. Natural resources such as oil or coal are abundant in other countries. Countries with a large pool of unskilled laborers are able to produce products which are labor intensive more cheaply than countries with highly paid, skilled labor forces. Another factor is geographical location. Countries like Singapore and Panama engage in banking and trading because they are located on world trade routes.
DI Ễ
N
ĐÀ N
The Scottish economist, Adam Smith (1723-1790) theorized th at in a free market, countries produce whatever they can most efficiently grow or manufacture, or what is of the greatest advantage to them. In other words, if they can make more money growing cotton than making cloth, they grow cotton and export it. Then they import cloth from a country that makes cloth more efficiently than it grows cotton. In an uncontrolled free market trade situation, there is international specialization which results in the most efficient production of goods. Therefore, competition
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ĐẠ O
TP .Q UY
NH ƠN
guarantees that countries import products which are most efficiently manufactured abroad and export products which are most efficiently produced domestically. Price is determined by the supply side of the market. Smith’s theory was a theory of absolute advantage. The English economist, David Ricardo (1772 - 1823) refined Smith’s theory to one of comparative. He theorized th at an exporting country does not have to be the most efficient producer of the product; it only has to be more efficient than the country which imports the product. Mutually beneficial trade arises when one country has a comparative advantage.
Í-
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
There are several reasons why governments try to control :he imports and exports of a country. One reason is th at a country injoys an advantage if it exports more than it imports. Wealth iccrues to the exporting country. Some countries have special urograms to encourage exports. They may be programs that )rovide marketing information, establish trade missions, lubsidize exports and provide tax benefits or incentives, jovernment subsidies allow companies to sell products cheaply, sometimes these subsidized companies export their products and ell them cheaply overseas. This practice is known as dumping. )umping is selling' on a foreign market at a price below the cost of iroduction.
N
ĐÀ N
TO ÁN
-L
On the other hand, governments impose taxes and quotas to estrict imports of certain products. For example, to protect apanese farmers, Japan limits the amount of produce th at can be mported. Sometimes governments want to protect a domestic ndustry because th at industry provides employment for the opulation. Not only the industries, but also the labor unions ncourage the government to enact protectionist controls.
DI Ễ
The comparative advantage which exporting countries enjoy ometimes changes. If transportation'costs increase or currency xchange rates change, it may become cheaper to produce the 78
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NG
ĐẠ O
TP .Q UY
product in the market country, especially if large amounts of exports are involved. Exporting companies sometimes set up subsidiaries in the market countries. The larger company is referred to as the parent company. Some countries have laws restricting the foreign ownership of factories or other production facilities, while others encourage foreign investment. A large company th at sets up production facilities in several different countries is referred to as a multinational. Multinational corporations develop a global philosophy of management, marketing and production. They choose to operate in those countries th at afford them comparative advantages.
NH ƠN
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HƯ
II. Com prehension / interpretation
N
1. What advantages do countries derive from world trade?
TR Ầ
2. How could climate affect a country’s production efficiency? 3. Why do governments encourage exports?
Ị
00
B
4. How do governments encourage exports?
10
5. Why do governments try to control imports?
HÓ
A
6. Why might government subsidize an inefficient export industry?
-L
Í-
7. Why does the comparative advantage which exporting countries enjoys sometimes change?
TO ÁN
8. What is a parent company? 9. What would be a good reason for an exporting company to set up a subsidiary in the country th a t imports its product?
ĐÀ N
10. Why might a country encourage foreign investment or the establishment of subsidiaries of foreign companies?
DI Ễ
N
III. Language focus: Gerund as subjects and objects of sentences + Gerund can be subjects of sentences:
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+ Gerund can be objects of sentences:
TP .Q UY
- What time did you finish reading last night?
NH ƠN
- Living in a foreign country can be very difficult.
Exercise 1: Match the beginning of the sentences (1-6) with the ending (a-f).
ĐẠ O
1. Giving employees shares 2. Flying Business Class
NG
3. Taking over other businesses
HƯ
4. Becoming a fully - qualified doctor 5. Breaking into the Japanese market
TR Ầ
N
6. Getting unemployment down a. is difficult without local contacts.
00
B
b. can make overseas trips less stressful.
10
c. can help to increase motivation.
A
d. is one of the government’s priorities
HÓ
e. takes about seven years.
Í-
f.is one way of increasing market shares.
-L
E xercise 2: Complete these sentences with a verb in -ing
DI Ễ
N
ĐÀ N
TO ÁN
form.
1. I’ll never forget (see)........... ..her for the first time.
2. A lot of business people in this country object ............ such high taxes.
to (pay)
3. I am not aware of any regulations th at shouldprevent us from (export)...... to those countries. 4. They have imposed restrictions on the (sell).................of certain electronic goods. 28 0
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IV.
NH ƠN
5. If a country has a floating currency, importers and exporters may have to keep (change)........ the prices of their goods. Words-study
а. balance of payment
b. balance of trade
e. tariffs
NG
d. deficit
ĐẠ O
c. barter or counter-trade
TP .Q UY
Exercise 1: Match up these words and expressions with the definitions below:
HƯ
f. visible trade (GB) or merchandise trade (US) h. surplus
i. quotas
j. invisible imports and exports
TR Ầ
N
g. dumping
1. trade in goods
00
B
2. trade in services (banking), insurance, tourism, and so on
10
3. direct exchanges of goods, without the use of money
HÓ
A
4. the difference between what a country receives and pay for its exports and imports of goods
-L
Í-
5. the difference between a country’s total earnings from exports and total expenditure on imports
TO ÁN
б. a positive balance of trade or payments 7. a negative balance of trade or payments
ĐÀ N
8. selling goods abroad at (or below) cost price 9. taxes charged on imports
DI Ễ
N
10. quantitative limits on the import of particular products or commodities Exercise 2: Select the answer which is consistent with the meaning of the sentence. 281
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NH ƠN
1. International trade develops because certain countries are able to produce some goods more efficiently than other countries. They exchange these goods in order to satisfy their needs and wants.
TP .Q UY
a. Countries import the goods which they produce efficiently. b. Countries probably export the goods which are not efficiently produced.
ĐẠ O
c. Countries probably exchange goods which they produce efficiently for goods which other countries produce efficiently.
NG
d. Efficiently exchange results from international trade.
HƯ
2. Price is determined by the supply side of the m arket
N
a. If the demand for products increased so would the price.
TR Ầ
b. There is such an abundance of products for sale that prices would have increase.
00
B
c. If the supply is low, the price is low.
A
10
d. Supply is more of a factor than demand in determining the price.
Í-
HÓ
3. A country cans accurse wealth if it exports more than it imports.
-L
a. This country has a balance of trade deficit.
TO ÁN
b. Demand for this country’s currency will fall.
ĐÀ N
c. This country receives money from countries which import its products. d. All of the above.
DI Ễ
N
4. Governments try to control imports of products to protect domestic industries.
a. quotas.
Protectionist measures take the form if import duties and
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c. Workers are always opposed to protectionism.
TP .Q UY
d. All protectionist policies have the same effect on the market.
NH ƠN
b. Protectionist measures insure free trade.
5. M ultinational companies set up production facilities in countries where production is most efficient.
ĐẠ O
a. All countries allow foreign ownership of production facilities.
NG
b. The larger company is called the parent company the production facilities are referred to as a subsidiary.
N
HƯ
c. Subsidiary companies climate the problem of worldwide competition.
B
Vocabulary
00
V.
TR Ầ
d. Each subsidiary needs to consider only local market conditions. 5
A
10
- accrue (v): to increase and to be due at a later date: tích lũy, dồn lại
Í-
HÓ
Interest will accrue i f you keep your money in a saving account.
-L
. accrual (ĩì):graduaỉ increase by addition
TO ÁN
- advantage (n): lợi thế, lợi điểm - deficit (n): amount by which expenditure is higher than income: thâm hụt
ĐÀ N
- division of labor (n): sự phân bô" lao động
DI Ễ
N
- dump (v): sell goods to a foreign market at a low price: bán phá giá hàng xuất khẩu The government has passed anti-dumping legislation. - duty: thuế
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NH ƠN
- geographical (adj): thuộc về địa lý - global (n): worldwide: toàn cầu
TP .Q UY
- interdependence (n): dependence on each other: sự phụ thuộc lẫn nhau - labor intensive (n): việc tận dụng lao động chân tay - multinational (adj): operating in several countries: đa quốc
ĐẠ O
jia
NG
- parent company: company which owns more than 50% of he shares of another company: công ty mẹ
HƯ
- protectionism (n): chế độ bảo hộ
TR Ầ
N
- quota (n): a limit on the amount o f goods which can be mported / exported: hạn ngạch, chỉ tiêu, cô ta Distribute through a quota system.
10
00
B
- subsidiary (n): company which is at least 51% owned by a r all things it needs. 2. “ bottom line” in the first paragraph refers to:
DI Ễ
N
a. the lowest part of something.
b. what the most im portant part"-of situation is or w hat the lost important thing to consider is.
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the profit or the amount of money that a business makes
3. What can not be definition for the term ‘trade balance’?
TP .Q UY
a. a statem ent of how much money a business has earned and how much it has paid for goods and services.
NH ƠN
c. or losses.
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ĐẠ O
b. the difference in value between the goods a country buys from abroad and the goods it sells abroad. c. the net balance between a country’s exports and imports.
NG
4. Current account in the third paragraph refers to: a. a bank account that you can at any time.
TR Ầ
c. both visible and invisible transactions.
N
HƯ
b. part of the balance of payments account th at records non capital transactions.
B
5. What does a country gain a current account surplus for?
00
a. to invest overseas
HÓ
A
c. both a & b
10
b. to reserve foreign currency
*
6. Balance of payment in the last paragraph means:
-L
Í-
a. the total and capital account.
TO ÁN
b. the difference between what a country spends in order to buy goods and
ĐÀ N
services abroad and the money it earns selling goods and services abroad.
DI Ễ
III.
N
c. a detailed record of all financial and economic transactions between the residents of two countries. Language focus
Study the oppossite adjectives in pairs from the reading text: 287 Đóng góp PDF bởi Nguyễn Thanh Tú
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NH ƠN
“visible - invisible”, “tangible - intangible”
TP .Q UY
Many adjectives can be made into their opposite form by adding prefixes (e.g. dis-, U-, im-, in-, ir-, un-). Unfortunately, there are very few rules to tell you which adjectives take which prefixes; you have to learn each one individually. However the most common prefix is un-. Exercise 1.
1.
likelv
2.
logical
NG
certain
3.
appropriate
13.
active
4.
responsible
14.
literate
patient
TR Ầ
15.
relevant
possible
16.
satisfied
honest
00
17.
fortunate
expected
18.
obedient
regular
19.
accessible
convincing
20.
legal
6.
HƯ
N
i
10
7.
HÓ
proper
Í-
10.
A
8. 9.
12.
B
5.
11.
ĐẠ O
Make the opposites of these adjectives by adding prefixes.
-L
E xercise 2
TO ÁN
Complete these sentences using the opposites from Exercise 1.
DI Ễ
N
ĐÀ N
1. The resignation of the vice-president was m ost _____ - she ;eemed to be enjoying the job so much. 2. Cindy was or a new one.
with her job and decided to start looking
3. The volcano has been ___________ for many centuries. AThether it will remain so for much longer is a source of great lebate amongst vulcanologists.
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NH ƠN
4. It i s _____to sell liquor without a license. 5. The student w a s ______ to leave the lecture. He needed to meet a friend at the other end of the campus.
TP .Q UY
6. Many employers in the media regard Media Studies as to the day-to-day workings of the industry. 7. It’s _______ to greet a Japanese businessman with a kiss.
ĐẠ O
8. The only way to enter the lecture theatre was via the stairecase, making i t _____ for disabled students.
NG
9. Most self-respecting scientists would consider i t ______ to turn base metal into gold.
N
HƯ
10. With so few schools or teachers, it is hardly surprising th at so many children a r e ____________________________ .
TR Ầ
11. Richie had only one more question to answer in the exam. It was therefore________ th at his pen ran out of ink.
A
IV. W ord stu d y
10
00
B
12. The doctor w a s_______as to whether the operation would benefit the patient.
TO ÁN
with
balance
deficit
records
on
surplus
imports
another
outflow
into
spend
-L
abroad
Í-
HÓ
From the words listed below, select a work to fit each blank space in the passage.
DI Ễ
N
ĐÀ N
If residents of one country spend more (1)........... than nonresidents (2)........ in that country, it is said to have a (3)............... on its balance of payments. When a country’s exports exceed its (4).................. th at part of the (5)...............of payments will show a (6)........... Even if there is a surplus, a substantial (7)...............of capital could swing the balance (8)........... a deficit. One should note th at one country’s deficit is (9).......... country’s surplus. 289
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V.
TP .Q UY
NH ƠN
Japan traditionally has a big surplus on its import-export balance (10).......... the United State. The United State, therefore, has a deficit (11)............ its trade with Japan. The part of the balance of payments which (12)............... imports and exports is called the trade balance. V ocabulary
ĐẠ O
- keep track of sth / sbd: pay attention to someone or something so that you know where they are or what is happening to them: nắm được thông tin về ai, cái gì
NG
- visible (adj): something that is can be seen: có thể thấy, hữu
HƯ
hình
N
- tangible (adj): tangible assets I property such as building, equipment: hữu hình, tài sản hữu hình
B
TR Ầ
- load (v): to p u t a large quantity of something into a vehicle or container, chất hàng
00
- appliance (n): a piece of equipment: thiết bị, dụng cụ
A
10
- surplus (n): the amount of money that a country or a company has left after it has paid for all the things it needs: thặng
HÓ
dư, dư thừa
TO ÁN
-L
Í-
- deficit (n): the difference between the amount of something that you have and the higher amount that you need: thâm hụt, sô" thiếu hụt - aboard (adv): in or to a foreign country, ồ nưốc ngoài
ĐÀ N
- reserve (n): (usually plural) a supply of something kept to be used if it is needed: dự trữ
DI Ễ
N
- transfer (n): the process by which someone or something moves or is moved from one place to another: chuyển, chuyển nhượng - automobile (n): car: xe ôtô
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U nit 42
TP .Q UY
WHAT IS THE BALANCE OF PAYMENTS? I. Reading
HÓ
A
10
00
B
TR Ầ
N
HƯ
NG
ĐẠ O
The balance of payments is a statistical record of all the economic transactions between residents of the reporting country and residents of the rest of the world during a given time period. The usual reporting period for all the statistics included in the accounts is a year. However, some of the statistics th at make up the balance of payments are published on a more regular monthly and quarterly basis. Without question the balance of payments is one of the most important statistical statements for any country. It reveals how many goods and services the country has been exporting and importing and whether the country has been borrowing from or lending money to the rest of the world. In addition, whether or not the central monetary authority (usually the central bank) has added to or reduced its reserves of foreign currency is reported in the statistics.
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
A key definition that needs to be resolved at the outset is th at of a domestic and foreign resident. It is important to note th at citizenship, and residency are not necessarily the same thing from the viewpoint of the balance of payments statistics. The term residents comprises individuals, households, firms and the public authorities. There are some problems that arise with respect to the definition of a resident. Multinational corporations are by definition resident in more than one country. For the purposes of balance-of-payments reporting the subsidiaries of a multinational are treated as being a resident in the country in which they are located even if their shares are actually owned by domestic 291 Đóng góp PDF bởi Nguyễn Thanh Tú
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NG
ĐẠ O
TP .Q UY
NH ƠN
residents. Another problem concerns the treatment of international organisations such as the International Monetary Fund, the World Bank, United Nations and so forth. These institutions are treated as being foreign residents even though they may actually be located in the reporting country. For example, although the International Monetary Fund is located in Washington, contributions by the u s government to the Fund are included in the u s balance-of-payments statistics because they are regarded as transactions with a foreign resident. Tourists are regarded as being foreign residents if they stay in the reporting country for less than a year.
B
TR Ầ
N
HƯ
The criterion for a transaction to be included in the balance of payments is th at it must involve a transaction between a resident of the reporting country and a resident from the rest of the world. Purchases and sales between residents from the same country aỉe excluded.
10
00
II. Com prehension / Interpretation
A
1. What is the balance of payments?
HÓ
2. What does the balance of payments reveal?
-L
Í-
3. What is a key definition that needs to be resolved at the Dutlet?
TO ÁN
4. What does the term residents comprise?
6. What is the criterion for a transaction to be included in ;he balance of payments? II. L anguage focus
DI Ễ
N
ĐÀ N
5. Are there any problems that arise with respect to the iefinition of a resident? What are they?
C ontrasts: although, though and even though', in spite )f and despite 192
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• We use although, tho ugh when we want to say that there is an unexpected contrast between what happened in the main clause and what happened ih the adverbial clause.
TP .Q UY
Example: She bought a car, alth o u g h / th o u g h she was still too young to learn to drive.
ĐẠ O
• We can use even though like a lth o u g h to give a stronger contrast.
NG
Example: Even though I wasn’t feeling very well, I still went to work.
HƯ
• In spite o f and despite are like a lthough, but they are followed by a noun or noun phrase.
TR Ầ
N
Example: A lth o u g h I was ỈU, I went to work. = In spite o f m y illness, 1 went to work.
00
B
A lth o u g h sales increased, profits fell. = D espite the increase in sales, profits fell.
HÓ
A
10
• Remember th at a gerund (verb with -ing) can act as a noun.
Í-
Example: In spite o f / D espite feeling ill, I went to work.
TO ÁN
-L
Exercise: Complete these sentences usin g although, thoungh, even thoungh, despite or in spite of
ĐÀ N
1............. the crucial feature of money is its acceptance as the means of payment or medium of exchange, money has other functions.
DI Ễ
N
2. Price were quoted in dollars...............payment was made in marks, the German medium of exchange. 3. We found an Information Centre,.......... it was closed. 4. I didn’t get the job...................my qualifications. 293
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6. I decided to accept the job.................the salary was low.
NH ƠN
5. I’m not tired...................working hard all day.
TP .Q UY
7.......... competition is the public goal for most businesses in the United States, most operate in imperfect competition.
8........... VAT returns have to be submitted to the Customs and Exercise authorities every three months, they are checked again during the audit.
ĐẠ O
III. Word study
HƯ
NG
Fill each of the numbered blanks in the following passage. Use only one word from the box in each space. on
expenditures
TR Ầ
N
foreign currency figures transactions agencies statistical customs bonds
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
HÓ
A
10
00
B
The balance of payments statistics record all of the....... (1)..... between domestic and....(2)......residents be they purchases or sales of goods, services or of financial assets such as.... (3).... , equities and banking transactions. Reported figures are normally in the domestic....... (4).... of the reporting country. Obviously, collecting statistics.... (5).... every transaction between domestic and foreign residents is an impossible task. The authorities collect their information from the.... (6).... authorities, surveys of tourist numbers and expenditures, data on capital inflows and outflow obtained from banks, pension funds, multinationals and investment houses. Information on government... (7).... and receipts with foreign residents is obtained from local authorities and central government.... (8)...... The statistics are based on reliable sampling techniques but nevertheless, given the variety of sources, the.... (9).... provide only an estimate of the actual transactions. The responses from th, 3 various sources are compiled by government.... (10)...... agencies. In the United States the 294
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statistics are compiled by the u s Department of Commerce and ir. the United Kingdom by the Department of Trade and Industry. IV. Vocabulary
TP .Q UY
statistics (n) a collection of numbers which represent facts 0 / measurement con sô" thống kê
NH ƠN
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transaction (n) the act of doing business giao dịch
ĐẠ O
reveal (v) to make known sth that was previously secret Oi unknown làm rõ
HƯ
NG
at the outlet at the beginning o f an event or process ngay ti đầu...
N
resident (n) someone who lives or stays in a place such a. house or hotel người dân, cư dân, người cư trú
B
TR Ầ
citizenship (n) the legal right o f belonging to a particula country quyền công dân
00
residency (n) the fact o f living in a particular placq cư trú
HÓ
A
10
comprise (v) consist of... or be composed o f bao gồm and SI forth và vân vân
DI Ễ
N
ĐÀ N
TO ÁN
-L
Í-
criterion (n) principle taken as standard in judging tiêi chuẩn đánh giá
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