GAN Hany, oe Tiếu RƯỜNG oy, Ps 3 An ya? ” oy v NG unrverst™ Department of Foreign Languages Lớp học phần: D04
Thời gian làm bài: 60 phút
Trang 2V WRITING (2.0 pts.)
THE END
Trang 3TRƯỜNG ĐẠI HỌC NGÂN HÀNG TP HÒ CHÍ MINH
KHOA NGOẠI NGỮ
DE THI KET THUC HOC PHAN
Tén hoc phan: TIENG ANH CN TAI CHiNH NGAN HANG Lớp học phần: D04 Thời gian làm bài: 60 phút I VOCABULARY: (2.0 pts.) Match the words in the box to their definitions There are two extra words that you don’t need
A Takeover bid D Speculator G Creative accounting J Dividend
B Credit rating E Intangible H Logistics K Transaction
C Creditors F Insolvent I Bonds L Incentives
1 A person who buys and sell goods, property, currency or shares of a company with the hope of making the highest profit in a short time
A part of the profit of a company that is paid to its shareholders
A piece of business that is done between people, especially an act of buying or selling Certificates of debt issued by governments or companies to raise money
Unable to pay debts
When one company offers to buy or acquire another one
A way of doing or presenting the accounts of a business that might not show what the true situation really is
8 Something that does not exist as a physical thing but is still valuable to a company 9 Estimates of people’s ability to fulfill their financial commitments
10 People or Institutions to whom money is owed Il GRAMMAR: (2.0 pts.) Choose the best answer among A, B, C & D to complete the sentences ¬~Ì ŒĐẰ FWD
1 People use such as cars, houses, and so on to apply for a mortgage
A money B shares C bonds D assets
2 Workers have to spend an amount of money for the government, which is called
A salary B fee C tax D money
3 means with property or another asset used as a guarantee of payment
A Speculative B Reclusion C Default D Collateralized
4 A sum of money borrowed from a bank is
A a credit card B a debit card C a hire D a loan
5 Successful companies can issue stocks and shares to raise capital to their
operation
A narrow B expand C widely D open
6 Selling stocks for the first time is called an IPO or public offering in the US and
a flotation or an IPO in Britain
A last B second C final D initial
7 Should companies record raw materials, work-in-progress, and their of products
ready for sale at their cost price, or their current market
A invent B inventory C invention D inventing
8 shows the difference between the revenues and expenses of a period
A Profit and loss statement B Cash flow statement
C Balance sheet D Income statement
9 is all the money received from business activities during a given period
A Assets B Income C Transaction D Wage
10 Companies regularly their business activities by issuing bonds
A pay B finance C cash D fund
Trang 4IU READING COMPREHEN SION: (2.0 pts.)
Read the text carefully and then briefly answer the questions given below it BONDS
Companies finance most of their activities by way of internally generated cash flows If they need to raise more money to expand their operations they can either issue new shares-selling them to their existing owners or on the stock market (equity finance)-or borrow money (debt finance), usually by issuing bonds Companies generally use an investment bank to issue their bonds, and to find buyers, which are often institutional investors like insurance companies mutual funds and pension funds
Bondholders get back their original investment (or “principal”) on fixed maturity date, and receive
interest payments (the ‘coupon') at regular intervals (six-monthly or annually) until then Most bonds have fixed interest rates
For investors, bonds are generally safer than stocks or shares, because if an insolvent or bankrupt company sells its assets, bondholders are among the creditors who might get some of their money back On the other hand, in the medium or long term, shares generally pay a higher return than bonds For companies, the advantage of debt financing over equity financing is that bond interest payments from their profits before paying tax, while dividends paid to shareholders come from
already-taxed profits But debt increases a company's financial risk: bond interest has to be paid,
even in a year without any profits to deduct it from, and the principal has to be repaid when the debt matures, whereas companies are not obliged to pay dividends or repay share capital
If tax revenue is insufficient, governments also issue bonds to raise money, and these are considered to be a risk-free investment In the US there are Treasury notes (with a maturity of two to ten years) and Treasury bonds (with a maturity of ten to 30 years), while in Britain government bonds are known as gilt-edged stock or just gilts,
Bonds are saleable instruments that can be traded on the secondary bond market Banks and brokerage companies act as market makers, quoting bid and offer prices for bonds with a very small spread or difference between them The price of bonds varies inversely with interest rates
If interest rate rise, so that new borrowers have to pay a higher rate, existing bonds lose value.If interest rate fall, existing bonds paying a higher interest rate than the market rate increase in value Consequently the yield of a bond-how much income it gives- depends on its purchase price as well as its coupon
Questions:
| How do companies raise money to expand their operations?
2 Why are bonds are, for investors, often safer than stocks or shares?
3 What happens if interest rate goes down?
4 What do companies usually do to find buyers of bonds? IV TRANSLATION: (2.0 pts.)
Translate the following sentences into Vietnamese
1 Companies either distribute part of their profits to shareholders as an annual dividend 2 Hedge funds are private investment funds for wealthy investors that trade in securities ans
derivatives, and try to get high returns whether markets move up or down
3 An invoice is a list of goods that have been sold, work that has been done, etc., showing what you must pay
4 Income is all the money received from business and investment activities during a given period V WRITING: (2.0 pts.)
Build a complete sentence with the given words 1 Cash flow/ the money/ generate/ an investment
2 Company/ general/ use/ investment bank/ issue/ bonds
3 Government/ also issue/ bond/ raise money/ and these/ consider/ a risk-free invest 4 They/ wished/ make/ absolute/ return/ even if/ stock market/ fall
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