lOMoAR cPSD| 49431889
UNIT 16. CORPORATE FINANCE New words
Corporate (a): thuộc về doanh nghiệp (corporate finance), corporation (n): DN
Broad term: thuật ngữ rộng Identify (v): xác định
Dealing (n) = transaction: giao dịch Undertake (v): thực hiện
Apply to sth (v): áp dụng cho cái gì
Various (a): đa dạng, khác nhau
Procedure (n) trình tự, thủ tục
Charged with sth (a) = responsible for sth: chịu trách nhiệm
Core (a) = important: quan trọng Function (n): chức năng
Make use of sth (v): tận dụng cái gì
Resources (n): nguồn lực; e.g. financial resources
Attempt to do sth (v) = try to do sth: cố gắng, nỗ lực làm gì Budget (n): ngân sách
Address sth (v) = deal with sth: giải quyết vấn đề gì; e.g. this problem should be addressed
Track sb/sth (v): theo dõi ai/cái gì
Generate (v) = create: tạo ra; e.g.the new project will generate 1500 new jobs
Goal (n) = objective (n): mục tiêu, mục đích
Ensure (v) = make sure: đảm bảo + that lOMoAR cPSD| 49431889
Achieve sth (v) = get sth: có được, đạt được cái gì; e.g. she has achieved
her ambition to become a billionaire
Maximum (a) >< minimum: tối đa/ tối thiểu; e.g. get maximum returns
Maximize (v) >< minimize: tối đa hóa/ tối thiểu hóa
Return (n) = profit: lợi nhuận
Acquiring (n) = buying: việc mua (lại) Involve (v): liên quan
Process of issuing shares: quá trình phát hành cổ phiếu
Acquisition (n): mua lại, tiếp quản + (of) Merger (n): sát nhập
Fixed capital/ working capital: vốn cố định/ vốn lưu động Monitor (v): quản lý Wastage (n): sự lãng phí
Risk (n): rủi ro; e.g. reduce financial risks
Misuse (n,v): sử dụng sai/ lạm dụng
Dilution (n): pha loãng (việc/quá trình làm giảm bớt giá trị) E.g. The
company is working to prevent dilution resulting from stock splits
or similar transactions. Debenture (n): trái khoán Life blood: linh hồn In terms of: về mặt
Incurr: gánh thiệt hại, chịu khiển trách
Incurrence: sự xuất hiện Short questions
1. What are the tasks of financial manager in monitoring the finance? lOMoAR cPSD| 49431889
The financial manager has to minimize the cost of finance, the wastage
and misuse of finance and the risk of investment of finance. He also has
to get maximum return on the finance.`
2. What are the functions of corporate finance?
The functions include management of investments such as selling and
buying securities. They also involve creating and managing the process of
issuing securities to raise more capital. Acquisitions of property, mergers
are considered to be parts of the corporate finance functions.
3. What are the main objectives of corporate finance?
- Make wise use of financial resources.
- Develop an operating budget for all financial needs of the conpany.-
Work with other departments to track income generated from various operations and investments.
- Ensure that the corporation is achieving the maximum benefit
fromavailable financial resources while incurring the minimum amount
of expenditure required attaining those benefits. 4. Corporate finance includes planning raising investing andmonitoring of finance.
5. In “planning the finance”, financial managers should take
intoconsideration questions like:
- How much finance is required by the company?
- What are the sources of finance?
- How to use the finance profitably?
6. When finance managers want to rise more capital, they can think
ofshares, debentures, banks, financial institutions, creditors,… lOMoAR cPSD| 49431889
7. The capital of a firm basically classified fixed capital and workingcapital.
- Fixed capital is used to purchase fixed assets like land, building,machinery, etc….
- Working capital is used to purchase raw materials and pay the day-today
expenses like salaries, rent, taxes, electricity bills. Make up sentences
1. Fixed capital is used to purchase fixed assets like land, buildings and machinery.
2. Working capital is used to purchase raw materials.
3. One of the core function of corporate finance is to make wise use
of the financial resources available to the company.
4. Corporate finance is a broad term that is used to identify the
various financial dealings undertaken by a corporation.
5. Finance can be collected from many sources like shares, banks and financial institutions. Vocabulary exercises 1. Corporate value 2. Risks 8. Returns 9. Investments 10. Short term 11. Evaluation 12. Fiannce options 13. Equity lOMoAR cPSD| 49431889 14. Liabilities 15. Dilution
UNIT 17. FUNDING THE BUSINESS
In times of prosperity, a high gearing will give the owners a much better
return as net profits will be a much higher percentage of equity after
interest payments on the long – term debt. However, in harder times, the
owner’s earnings will drop dramatically as interest payment soak up most
of the company’s profits. New words
Prosperity (n): sự thịnh vượng e.g. A country’s prosperity depends on economic growth.
Survival (n): sự tồn tại e.g. his only chance of survival was a heart transplant.
Gearing (n): hệ số vốn vay
Exposed (a) = risky (a): rủi ro Equity (n): vốn cổ phần
Owner’s capital (n): vốn chủ sở hữu
Venture capital (n): vốn mạo hiểm
Unlisted securities market (n): thị trường ngoài danh mục/ thị trường không chính thức
Stock exchange (n): thị trường chứng khoán
Return (n) = profit: lợi nhuận
Call (n) = requirement: yêu cầu (call on sth)
Satisfy (v): làm hài lòng e.g. Nothing satisfies him
Satisfaction (n): sự hài lòng e.g. gain/get satisfaction lOMoAR cPSD| 49431889 Satisfied (a): hài lòng
Bankruptcy (n) tình trạng phá sản e.g.The company filed for bankruptcy in 2009.
On the other hand: mặt khác
Successful (a): thành công, thành đạt e.g. he was successful businessman before becoming a writer.
Success (n): sự thành công
Succeed in sth (v): thành công trong việc gì
Interfere in sth (v): can thiệp vào vấn đề gì
Raise capital/ fund: huy động vốn
Gain a listing: được niêm yết Fresh (a) = new: mới
Long-term loans >< short-term loans: các khoản vay dài/ ngắn hạn
Earnings (n) = profit/return: lợi nhuận
Drop (v) = decrease/reduce/go down: giảm
Dramatically (adv) = quickly: một cách nhanh chóng
Soak up sth (v) chiếm hầu hết cái gì
Debt financing: huy động vốn vay
Equity financing: huy động vốn chủ sở hữu
Clearing bank: ngân hàng thanh toán
Merchant bank: ngân hàng thương mại
Overdraft (n): sự rút quá hạn mức số dư trong tài khoản ngân hàng
Exposed form of capital: hình thức huy động vốn
Extreme case: trường hợp cực đoan lOMoAR cPSD| 49431889 Short questions
1. How can a company raise capital?
There are 2 main ways of raising more capital for a company: debt
financing and equity fianancing. A company can increase its equity by
issuing new shares, selling parts of the company’s assets. Besides, a
company can raise liabilities by issuing new bonds, borrowing money
from banks or other financial institutions.
2. What is the advantage and disadvantage of long-term loans?
In times of prosperity, a high gearing will give the owners a much better
return. However, in harder times, the owner’s earnings will drop
dramatically as interest payment soak up most of the company’s profits.
3. What are the advantages and disadvantages of owner’s capital?
Owner’s capital is the most exposed form of capital since a return is
received only after all other calls on a company’s profits have been
satisfied. In an extreme case - bankruptcy - the owner’s equity will be
repaid only after everyone else, including employees, creditors, banks,
etc,… have received what they are owed. On the other hand, in success
fultimes, the owners have a claim on all net profit of company.
4. The advantages of venture capital is that the venture
capitalcompany doesn’t usually interfere in the running of the
company. However, the provider usually demands a much faster
and higher rate of return than an owner would expect from his/her own capital.
5. What are advantages and disadvantages of unlisted securities market? lOMoAR cPSD| 49431889
The unlisted securities maket has the advantage of allowing a company to
raise money from outside investor without losing much control of the
original owners. However, the source of fund is available only to small and medium company.
6. What are the advantages and disadvantages of Stock Exchange?
If a company gains a listing on the Stock Exchange, this will provide the
long-term opportunity of raising capital by issuing fresh shares. However,
at least 25percent of the equity must be in public hands thereby reducing
the control of the original owners.
7. What are four forms of equity? How are they generated?
They are owner’s capital, venture capital, the unlisted securities market
and the Stock Exchange. Owners’s capital is the money invested by the
owners of the company. Venture capital is provided by venture firms.
Companies issue securities in the unlisted securities market and the Stock Exchange. Make up sentences
1. Gearing is the relationship between equity capital invested in the business and long-term debt.
2. The advantage of the venture capital is venture capital company
does not interfere in the running of the company.
3. Owner’s capital is the most exposed form of capital since a return
is received only after all other calls on a company’s profits have been satisfied.
4. At least, 25 percent of the equity must be in public hands - there by
reducing the control of the original owners. lOMoAR cPSD| 49431889
5. In harder times, the owner’s earnings will drop dramatically
because interest payment soak up most of the company’s profits. Vocabulary exercises 1. Capital 2. Shareholders 3. Dividends 4. Equity 5. Lenders 6. Lenders 7. Loan capital 8. Principal 9. Interest 10. Indebtedness
UNIT 18. MANAGEMENT OF WORKING CAPITAL New words
Working capital: vốn lưu động
Permanent working capital: vốn lưu động thường xuyên
Temporary working capital: vốn lưu động không thường xuyên
Take account of sth (v): cân nhắc, xem xét vấn đề gì
Fluctuation (n): sự biến động, dao động
Fluctuate (v): biến động, giao động e.g. her wages fluctuate between $150 and $200 a week.
Cyclical (a): theo chu kỳ /’saiklikơl/ Seasonal (a): theo mùa
Inventory (n): hàng tồn kho Debtor (n): khoản nợ lOMoAR cPSD| 49431889
Raw material: nguyên liêụ thô
Work in progress: bán thành phẩm Finished goods: thành phẩm
Over-stringent (a): quá nghiêm ngặt e.g. over-stringent cost control Lead
to sth (v): dẫn đến cái gì e.g. The long hot summer has led to serious water shortages
Disruption in production: gián đoạn trong sản xuất Disrupt (v): gián đoạn Conflict (v): mâu thuẫn
Just-in-time philosophy: triết lý đồng bộ
Generous credit term: điều khoản tín dụng ưu đãi
Negotiate with sb: thương lượng với ai (v) e.g. The government has
refused to negotiate with the strikers Balance (n) (v): cân bằng
Maintain (v): duy trì ~ maintain positive relationships with suppliers
Outlay (n): chi phí e.g. minimize cash outlay
Abnormal (a): bất thường >< normal (a)
Available for doing sth (a): sẵn sàng làm gì Adequate (a): có đủ
Meet (v): đáp ứng e.g. meet contingencies
Reserve (n): dự trữ, dự phòng
Vicious circle: vòng tròn luẩn quẩn Goodwill: uy tín Contingencies: dự phòng lOMoAR cPSD| 49431889 Short questions
1. What are the tasks of financial management in managing inventories?
The task of financial management is to determine the correct amount of
working capital spent on inventories. They have to minimize the
quantities of inventories. However, over-stringent cost control can lead to
disruption in production. So the just-in-time philosophy is useful in managing inventories.
2. What are the tasks of financial management in managing debtors?
It is the task of financial management to see that generous credit terms are
negotiated (đc thg lượng) with suppliers but minimal credit is offered to
customers. He also has to attract customers, maintain good relationships
with suppliers and minimize cash outlay.
3. How can working capital be classified?
Working capital can be classified by 2 ways. Firstly, it can be devided into
permanent working capital which is used to keep the business flowing
throughout the year and temporary working capital which is used to deal
with any fluctuations in the business. Secondly, working capital has 3
major applications of inventories, debtor and cash.
4. What are the tasks of financial management in managing cash?
The task of financial management in managing cash is to ensure that
adequate cash is always available for meeting the company’s day-to-day
debts and there is also a small reserve on hand to meet contingencies. Make up sentences
1. It is the job of the financial manager to minimize the stocks of raw lOMoAR cPSD| 49431889
materials, the level of the work in progress and the quantity of finished goods.
2. Permanent working capital is tied up in keeping the business flowing throughout the year.
3. Temporary working capital is needed from time to take account of
seasonal, cyclical fluctuations in the business.
4. In managing debtor, the financial manager has to negotiate
generous credit terms with suppliers.
5. In managing cash, the financial manager has to determine adequate
cash available for meeting day-to-day debts and dealing with contigencies.
UNIT 19. MARKETING New words
Marketer (n): người hoạt động trong lĩnh vực marketing
Anticipate (v): dự báo, dự đoán e.g. At this stage we can’t anticipate what will happen
Market opportunities: cơ hội thị trường
Fill = meet (v): đáp ứng e.g. fill unsatisfied needs
Market segment/ segmentation: phân loại thị trường
Target customers: Khách hàng mục tiêu e.g. the old people are targer
customers of this new mobile phone.
Potential (a): tiềm năng e.g. potential clients, markets
Launch (v) = introduce: giới thiệu e.g. launch a product or service
Undertake (v) = carry out: tiến hành, thực hiện e.g. undertake market research Collect (v): thu thập lOMoAR cPSD| 49431889
Analyze (v): phân tích e.g. analyze information about customers
Marketing mix: marketing hỗn hợp/ tổ hợp marketing e.g. 4Ps of the
marketing mix are price, product, place and promotion. Feature (n): đặc điểm Guarantee (n,v): bảo hành
Distribution channel (n): kênh phân phối Distribute (v): phân phối
Sales promotion (n): xúc tiến thương mại Promote (v): thúc đẩy
List price (n): giá niêm yết
Personal selling (n): bán hàng trực tiếp
Length of the payment period (n): kỳ hạn thanh toán
Existing (a): hiện tại, hiện nay Exist (v): tồn tại Short questions
1. How can you explain 4Ps of the marketing mix?
4Ps of the marketing mix include price, product, place and promotion.
Products include quality, features, size, brand name, so on. Place includes
distribution channel, transport, inventory size, etc. Promotion includes
advertising, sales promotion, personal selling. Price includes the basis list
price, discounts, credit term, etc.
2. What is different between selling concept and marketing concept? -
The selling concept assumes that resisting consumers have to
persudedby vigorous hard-selling techniques to buy non-essential goods
and services. Products are sold rather than bought. lOMoAR cPSD| 49431889 -
The marketing concept assumes that the producer’s task is to
findwants and fill them. You don’t sell what you make, you make what will bought.
(Because once a target has been identified, a company has to decide what
goods or services to offer. This means that much of the work of marketing
has been done before the final productor service come into existence. Make up sentences
1. There are two types of corporate finance: fixed capital and working capital.
2. Marketing opportunities means profitable possibilities of filling
unsatisfied needs in sectors in which a company can profitably produce goods or services.
3. Price includes the basic list price, discounts, the length of the
payment period, possible credit terms. Vocabulary exercise 1. A 2. I 3. F 4. H 5. D 6. J 7. E 8. B 9. C 10. G lOMoAR cPSD| 49431889 Translation Identify (v) Do market research Percentage (n) Whether…or not Principal
1. Công ty phải xác định cơ hội thị trường bằng việc nghiên cứu thị
trường, tìm ra thị trường mục tiêu và tạo ra sản phẩm thỏa mãn
nhu cầu của thị trường đó.
=> Company have to identify market opportunities by doing market
research, finding a target market, and producing the products satisfying the needs market’s demand.
2. Công ty phải trả lãi và 1 tỷ lệ phần trăm vốn gốc cho người cho
vay cho dù công ty có lợi nhuận hay không.
=> The company has to pay interest and a percentage of the principal to
the lender whether it made a profit or not.
UNIT 20. SETTING THE PRICE New words
Price (n,v): giá/định giá
Set the price = price (v): định giá Bargain (v): mặc cả
Assist sb in doing sth (v) = help (v): giúp đỡ, hỗ trợ ai đó làm gì
Large-scale (a): quy mô lớn
Retailing (n): hoạt động bán lẻ
Operate (v): hoạt động e.g. How does this machine operate?
Operation (n): sự hoạt động lOMoAR cPSD| 49431889
De’terminant (n): yếu tố quyết định
Determine (v): quyết định e.g. They determined to start early. Determined (a)
Appropriate (a) = suitable: phù hợp, thích hợp
Market share (n): thị phần
Profitability (n): khả năng sinh lời
Represent (v): đại diện, thể hiện
Common mistakes: các lỗi thường gặp/ phổ biến
Cost-oriented (a): hướng vào chi phí Revised (a): điều chỉnh
Revise (v): xét lại, duyệt lại
Capitalize on sth (v): đáp ứng với cái gì Independent (a): độc lập
Independently (adv): một cách độc lập Depend (v): phụ thuộc
Intrinsic element: yếu tố cơ bản Intrinsically: bản chất
Market-positioning strategy: chiến lược định vị thị trường
Varied (a): đa dạng, phong phú
Vary (v) = change: thay đổi A variety of = many: nhiều
Product-line manager: giám đốc dây chuyển sản phẩm
Divisional manager: giám đốc bộ phận
Establish (v): thành lập, thiết lập e.g. establish a pricing department Arrive at: đạt được lOMoAR cPSD| 49431889 Impetus (n): thúc đẩy Oriented to: hướng tới
Division: phân công (+s: sự chia rẽ) Either to: hoặc là Exert (v): gắng sức Short questions
1. What are common mistakes in setting the price?
The most common mistakes are that:
- pricing is too cost oriented,
- price is not revised often enough to capitalize on market changes, - price
is set independently of the rest of the marketing mix rather than as an
intrinsic element of market-positioning strategy.
- and price is not varied enough for different product items and marketsegments.
(Những lỗi cơ bản thường mắc phải là: giá hướng đến chi phí quá nhiều,
giá không được điều chỉnh thường xuyên để đáp ứng với nhu cầu thị
trường, giá được tạo ra độc lập với phần còn lại của marketing hỗn hợp
hơn là dựa trên những yếu tố cơ bản của chiến lược định vị thị trường và
giá không đủ phong phú cho những sản phẩm khác nhau và những phân
khúc thị trường khác nhau.)
2. How are prices set in different types of corporation?
Companies handle pricing in many ways. In small companies, prices are
set by top management (rather than by the marketing or sales department).
In large companies, pricing is handled by divisional and product-line lOMoAR cPSD| 49431889
managers. In some industries, a pricing department is established to set
prices or assist others in determining suitable prices.
3. What are important roles of price?
Price plays important role in the economy. It is the major determinant of
buyer choice. It’s one of the most important elements determining
company market share and profitability. It’s the only element in the
marketing mix that produces revenue (the other elements represent costs).
4. What should companies do to handle pricing well?
Price is set inrelation to the rest of the marketing mix rather than as an
intrinsic element of market-positioning strategy. Make up sentences
1. Price has operated as the major determinant of buyer choice.
2. Price still remains one of the most important elements determining
company market share and profitability.
3. Price is the only element in the marketing mix that produces revenue,
the other elements represent costs.
4. In small companies, prices are often set by top management rather
than by the marketing or sales department.
5. In large companies, pricing is typically handled by divisional and product-line managers.
UNIT 21. WHAT IS ACCOUNTING New words Accounting (n): kế toán
Accountan.t (n): kế toán viên
Means (n): phương tiện e.g. means of transport/ communication
Measure (v): đo lường, tính toán lOMoAR cPSD| 49431889
Measurement (n): sự đo lường
Economic event: sự kiện kinh tế
Financial accounting: kế toán tài chính
Management accounting: kế toán quản trị
Tax accounting: kế toán thuế
Refer to sb/sth: đề cập đến ai, cái gì (v) e.g. I promised not to refer to the matter again
Obligation (n): cam kết trả nợ Entity (n): tổ chức
Financial position (n): tình hình tài chính
Assist sb in doing sth: giúp đỡ, hỗ trợ ai đó làm gì (v) e.g. We will assist
you in finding somewhere to live. Scarce (a): khan hiếm e.g. scarce resources
Tax return (n): tờ khai thuế Purpose (n): mục đích
Interpretation (n): sự diễn giải, giải thích Interpret (v): giải thích
Evaluate (v): đánh giá e.g. We can’t evaluate the safety of the new drug
Evaluation (n): sự định giá
Performance (n): hiệu quả làm việc
Prepare (v): chuẩn bị e.g. prepare for exams
Preparation (n): sự chuẩn bị
Tax burden (n): gánh nặng thuế
Based on/upon sth (a): dựa vào cái gì e.g. The report is based on figures from 6 different cities. lOMoAR cPSD| 49431889
Adjust (v): điều chỉnh e.g. This button is for adjusting the volume
Conform with sth (v): Tuân theo cái gì e.g. The building doesn’t conform with safety regulations
Requirement (n): sự yêu cầu e.g. What is the minimum entrance
requirement for this course? Confidential (a) bí mật Flow into: tham gia vào
Refer to draw: NH từ chối thanh toán do KH không đủ tiền
At hand: trong tầm tay (hoặc sắp xảy ra) Comply: tuân thủ Short questions
1. For what purpose is financial accounting used?
Financial accounting is used to assist investors and creditors in deciding
where to place their scarce investment resources.
2. For what purpose is management accounting used?
Management accounting is used to set the company’s overall goals,
evaluate the performance of departments and individuals.
3. What are differences between financial accounting and management accounting? -
Financial accounting is used to assist investors and creditors
indeciding where to place their scarce investment resources. -
Management accounting is used to set the company’s overall
goals,evaluate the performance of departments and individuals. -
Financial accounting information is public (công khai) information
butmangement accounting information is confidential information.