Giáo trình tiếng anh chuyên ngành tài chính phần 1

WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON lllllIImilIIlilll!nil VVM 12.336 HỌC VIỆN TÀI CHÍNH TP Q UY Chủ biên: Cao Xuân Thiều NH ƠN lull illlllllllll!IIl i TR Ầ N HƯ NG ĐẠ O GIÁO TRÌNH DI Ễ N ĐÀ N TO ÁN -L Í- HÓ A 10 00 B (ENGLISH FOR FINANCE) NHÀ X y ấ T BÂN TÀI CHÍNK Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NG ĐẠ O TP Q UY NH ƠN HỌC VIỆN TẰI CHÍNH HƯ GIÁO TRÌNH k \ B TR Ầ N ứ 10 00 ENGLISH FOR FINANCE DI Ễ N ĐÀ N TO ÁN -L Í- HĨ A Chủ biên: Cao Xn Thiều Đóng góp PDF Nguyễn Thanh Tú NHÀ XUẤT BẢN TÀI CHÍNH Hà nội - 2008 WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM 00 B TR Ầ N HƯ NG ĐẠ O Giáo trình “English for Finance” tổ chức biên soạn lại, có sửa chữa bổ sung nhiều mối từ giáo trình “English for Finance and Accounting” nhằm đáp ứng yêu cầu đổi nội dung chương trình đào tạo Học viện Tài giai đoạn đổi mối phát triển đất nước bưốc sang th ế kỷ 21 Giáo trình tập hợp nhiều viết, nhiều kiến thức từ nhiều sách báo, tài liệu giáo trình gốc tác giả nước Anh, Mỹ, Australia Việc hoàn thành giáo trình đáp ứng nhu cầu tài liệu học tập sinh viên, giúp sinh viên đọc hiểu, dịch thuật rèn luyện kỹ ngơn ngữ lĩnh vực kinh tế, tài chính, ngân hàng, kế toán, marketing quản trị kinh doanh Đồng thòi, nguồn tài liệu tham khảo bổ ích đơ'i với nhà nghiên cứu, nhà quản lý kinh tế tài có nhu cầu nâng cao trình độ tiếng Anh tài * TP Q UY LỜI NĨI ĐẨU ĐÀ N TO ÁN -L Í- HĨ A 10 Giáo trình “English for Finance” gồm 42 vối thòi lượng 240 tiết dùng cho chuyên ngành khác ỏ Học viện Tài (chương trình khố 120 tiết) Có dùng chung, có dùng cho chuyên ngành chủ yếu lại không dùng cho chun ngành khác ngược lại Giáo trình khơng chia rõ thành chương riêng biệt, xếp theo chủ đề: kinh tế học (economics), tiền tệ - ngân hàng (money and banking), tài (finance), kế tốn - kiểm tốn (accounting and auditing), phân tích tài (financial analysis), marketing kinh doanh quốc tế (international business) DI Ễ N Giáo trình tập thể giảng viên khoa Ngoại ngữ 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, Hồng Minh Phương Nguyễn Hiền Từ Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM NG ĐẠ O TP Q UY Giáo trình hồn thành kết q trình lao động nghiêm túc, tác giả cố gắng xây dựng cuốh giáo trình có nội dung thiết thực, kết cấu hợp lý với nguồn kiến thức đơn giản đại phù hợp với qui trình đào tạo chuyên ngành Học viện Tài Tuy nhiên, thời gian biên soạn hạn chế nguồn tài liệu chưa th ật dồi nên giáo trình khơng tránh khỏi cịn nhiều thiếu sót Tập thể tác giả mong nhận nhiều ý kiến chân thành thầy giáo bạn đọc ngồi Học viện để giáo trình hồn thiện ỏ lần tái sau Hà nội, tháng năm 2008 B an Q uản lý K hoa học H Ọ C VIỆN TÀI C H ĨN H DI Ễ N ĐÀ N TO ÁN -L Í- HĨ A 10 00 B TR Ầ N HƯ Học viện Tài cảm ơn 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, Hội đồng nghiệm thu có ý kiến đóng £óp giá trị góp phần nâng cao chất lượng giáo trình Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM TP Q UY CONTENTS Foreword Page Unit Economic systems Unit Microeconomics Unit Macroeconomics Unit Demand and supply Unit Setting the price Unit Pricing strategies Unit Money and its functions 67 Unit 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 HƯ NG ĐẠ O Economics B Unit 13 21 30 N 39 TR Ầ 52 HĨ A 10 00 59 Í- 93 TO ÁN ĐÀ N N DI Ễ -L Lồi nói đầu Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON 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? TP Q UY 223 N HƯ NG ĐẠ O 233 251 259 267 279 TR Ầ 288 296 10 B 304 A HĨ Í- -L TO ÁN 242 • 383 DI Ễ N ĐÀ N NH ƠN Unit 21 00 WWW.DAYKEMQUYNHON.UCOZ.COM Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM Unit TP Q UY ECONOMICS I Reading TR Ầ N HƯ NG ĐẠ O 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 Í- HĨ A 10 00 B 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 TO ÁN -L 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 ĐÀ N 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 DI Ễ N 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 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON TP Q UY NH ƠN 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 NG ĐẠ O 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 TR Ầ N HƯ 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 A 10 00 B 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 HÓ II Comprehension / interpretation Í- Can people in most countries buy all the things they want? DI Ễ N ĐÀ N TO ÁN -L What nations in the world want to for their countries? What does the field of economics study? How economists define economics? Are the resources in the world used to produce goods and services abundant? What people and nations with their limited resources and money? Đóng góp PDF Nguyễn Thanh Tú Why it is said that: Economics, is a study of mankind? WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN Which relations are called economic? What does economics analyze on a microeconomic scale? III Language focus: If clause (Type I) TP Q UY 10 What does economics analyze on a macroeconomic scale? ĐẠ O 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 HƯ NG “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 TR Ầ N Example: - If the government raises taxes, consumer spending will fall B (If- clause can come in the first part of the sentence or the second) 00 - Consumer spending will fall if the government raises taxes HÓ A 10 - 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 -L Í- If sales (go) well this year, we will increase our products TO ÁN We (sign) the deal tomorrow unless something goes wrong ĐÀ N We will try to reduce our costs if sales (not / go) well this year DI Ễ N If the goods get damaged in transit, we (make) a claim We (go) to have a bad year unless demand increases soon Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN Exercise 2: Match the sentences (1-6) with the sentences (a-f) a Unless we give her the salary she wants She will accept the job She won’t accept the job TP Q UY Unless sales improve dramatically b We will not make a loss this year c Tthey will not take legal action If sales improve dramatically ĐẠ O Unless we pay them immediately d We will make a loss this year e They will take legal action If we pay them immediately Words study HƯ IV NG f If we give her salary she wants N E xercise 1: Complete the sentences, using the words in italic TR Ầ Available, activity, abundant, demand, government, safety, income,revenue,consumers, was organized on the 10 00 B Economic assumption at cheap and oil producers, HÓ A When the price of some commodities increases, will try to use less of it but will want to send more of it -L Í- A scarce resource is one for which the a zero price would exceed the supply TO ÁN National is the money received by the ĐÀ N Governments spend part of their particular goods and services such as tanks, schools, and public DI Ễ N 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) Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON 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 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: đơn vị biệt lập để làm chủ có mục đích pháp lý) 00 B - CD: certificate of deposit: chứng 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 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 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 - 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 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON Unit 18 THE FOREIGN EXCHANGE MARKET TP Q UY I R e a d in g NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM 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 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON TP Q UY ĐẠ O From p.m London Banks can trade with banks in New York: before they close at 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 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- HĨ 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 What is the foreign exchange market? !?•* Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON How are foreign exchange dealings done? NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM Where is the world’s biggest foreign exchange centre? TP Q UY Which parts of the world can London deal with directly? Is the world foreign exchange market on the go round the clock? How many types of participants are there? Who are they? ĐẠ O Why multinational corporations need foreign currency? NG When corporations / banks call the market makers? What they want to know? N HƯ Why 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 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON 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- HĨ 4.1 Complete the follow ing sentences, using w hereas or while: -L Some people are tall, whereas TO ÁN Some people prefer to live in the country, while While some people know only their native language, ĐÀ N Some people are extremely rich, Some people like fat meat, DI Ễ N 4.2 Combine the ideas by using “so th a t” saying Please be quiet I want to be able to hear what Peter is 125 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN I asked the children to be quiet I wanted to be able to hear the president’s speech TP Q UY 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 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 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 Makes it possible B From another country Abroad A quantities HÓ resulting from -L world Í- need, desire, want TO ÁN for itself, for its own benefits expected ĐÀ N selling rate buying rate DI Ễ N 10 The intermediaries between banks 11 If Mr Brown wants to sell his shares, what we call the price he will be offered? Ỉ26 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON 12 If Mr Brown wants to buy some shares, what 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 WWW.DAYKEMQUYNHON.UCOZ.COM Vocabulary NG - exchange (n): giving one thing for another-, bn bán, trao đổi, đối, phịng giao dịch TR Ầ - trade (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 (v): to buy and sell 10 00 - spot (n): immediate; the spot rate gives prices for immeĩỉiate delivery: tức A - spot and forward business: kinh doanh tức kỳ hạn Í- HĨ - 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, đồn 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 tiến hành sàn sỏ giao dịch) DI Ễ - deal (n): a business agreement-, hiệp định, thỏa thuận (n): amount: số lượng Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM 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, đối - quote (n): an estimate: dự kê giá, khảo giá (v): estimate the value ■cost: định giá ĐẠ O quota (n): fixed amount which is allowed: hạn ngạch, tiêu NG - depreciate (v): to reduce the value o f currency in the accounts over a certain time: sụt giá, giá 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- HĨ A - commission (n): payment to sb for selling goods which increases with the quantity of goods sold: tiền hoa hồng, tiền thù lao 128 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON Unit-19 TP Q UY FUNCTIONS OF THE STO CK EXCHANGE NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM 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- HĨ 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 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 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON 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 What will you need if you want to start a business? HƯ NG How can people provide the capital for a business enterprise? What is the basic necessity of this system? TR Ầ N What m ust a company when it wants to issue shares that can be freely bought or sold on the stock market? 00 B 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 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 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 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM He went to the b a n k He turned out the lig h t To get a good seat, you n e ed The company borrowed m oney HƯ wrote it in my diary so as n o t NG we'll fax all the information ĐẠ O Paul wore a suit to his job interview so as TP Q UY Laura has gone to tow n N They studied English in order TR Ầ 10.1 went to the police sta tio n A 10 00 B E xercise Fill in the following spaces, using can, could, be able to: I At the end of the month the post office will send him an enormous telephone bill which h e pay -L Í- HĨ When I was a child I understand adults, and now that I am an adult understand children TO ÁN The police were suspicious at first but I convince them that we were innocent am afraid I come to your party next Friday ĐÀ N sleep recently IV Word study DI Ễ N Exercise Select the answ er which is m ost accurate according to the inform ation given in the passage: You need to start a business Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN a money and equipment’s b a sum of money TP Q UY c capital d capital and funds ĐẠ O 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 can be expected to lock up money in a company for ever TR Ầ N a Everyone 00 B b Nobody c All stockholders A 10 Those who own shares to sell them whenever they wish to so HÓ a have the right Í- b have an opportunity TO ÁN -L c have the power d must be able 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 Look a t the pa ssa g e above and say what words have the sam e meaning as: 132 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON 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 What words have the opposite m eaning to: NG - small HƯ - narrow N - decrease TR Ầ - loose 00 B E x ercise 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 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON 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- HĨ - 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 địi, hình thành DI Ễ N ĐÀ N - essential (n) a necessary basic element or thing nét độc đáo, nét - whenever (conj) at any time lúc - reasonably (adv) in a ỉogical and sensible way cách hợp lý 134 Đóng góp PDF bởiTNguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON ฀/ DI Ễ N ĐÀ N TO ÁN -L Í- HĨ 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 ỏ công ty 135 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON