Tiếng Anh chuyên ngành quản trị kinh doanh - Phần 22

imple or past continuous of the verbs in 
brackets. 
One day last summer I went swimming at the outdoor pool. The sun was shining and lost of 
people were sitting round the pool. I found somewhere to sit, next to a big family. They were 
having a picnic, and the children were running all over the place. At about 3.00 they left. I didn’t 
notice that they accidentally picked up my bag as well, so I didn’t have any clothes money. It took 
me twenty minutes to walk home in my swimsuit, and was very embarrassing. 
Exercise 5. Circle and correct the mistakes in the verb forms in these sentences. 
 1. Did you used to live in Manchester? 
 Did you use to live in Manchester? 
 2. I was have a bath when the phone rang. 
 I was having a bath when the phone rang. 
 3. If we’d have the time we’d help you. 
 If we had the time we’d help you. 
 4. I haven’t think about it very much. 
 I haven’t thought about it very much. 
 5. Do you have been to Italy? 
 Have you been to Italy? 
Exercise 6. Put these words into the correct order to make sentences. 
1. What were you doing when I phoned? 
2. I have never eaten Chinese food. 
3. Did you use to like playing football? 
4. If she knew the answer she would tell you. 
5. She has been in Australia for the last six months 
Exercise 7. Complete the text with the past simple or past perfect of the verbs in 
brackets. 
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When I came back from New Zealand in 1994, after twenty years, Britain had changed a 
lot. People wore different clothes, watched different television programmes, and had different 
attitudes. And the traffic! I had never seen so many cars in London. And almost everyone had 
given up smoking. One of the first things I noticed was that I could breathe in buses and cinemas! 
But I was sorry to see that most of the old red phone boxes had gone. 
Exercise 8. Choose the best form of the verbs given at the end to complete the 
sentences. 
a. I have got two letters this week. One was from my mother, and the other was from my 
sister. 
b. Mary for got her book this morning, so she sat with me and shared my book. 
c. Did you buy tickets for the concert next week? I stood in line for more than two hours to 
buy them! It is a very popular concert. 
d. I need to improve my pronunciation in English. Sometimes when I speak people don’t 
understand me. 
e. Where is Ali today? He has never come to class late. I hope he isn’t sick. 
f. My best friend just have just become an American citizen. He is very happy. 
g. Sarah is a great athlete. She has run in many races. She is very fast. 
h. It is 9:06 P.M. The movie has already begun. Let’s hurry! We are really late. 
Unit 9: Financial analysis and corporate finance 
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UNIT 9: FINANCIAL ANALYSIS AND CORPORATE FINANCE 
I. INTRODUCTION 
Bài này giới thiệu một số phương thức phân tích tài chính và một số nội dung về tài chính 
doanh nghiệp. Bạn sẽ được thực hành kỹ năng đọc hiểu, nghe hiểu và thực hành ngữ pháp về cách 
sử dụng tính từ và trạng từ. 
II. UNIT OBJECTTIVES 
Học xong bài này bạn có thể: 
- Được trang bị lượng kiến thức về từ vựng và cấu trúc ngữ pháp để hiểu về các phương 
thức phân tích tài chính và tài chính doanh nghiệp. 
- Nâng cao kỹ năng đọc hiểu. 
- Trả lời được các dạng câu hỏi khác nhau trong phần đọc hiểu, điền từ vào chỗ trống. 
- Sử dụng được tính từ và trạng từ. 
- Thực hành nghe với chủ đề “computerize accounts”, và làm bài tập nghe hiểu. 
 III. CONTENTS 
1. TEXT 9.1 
FINANCIAL ANALYSIS 
Hãy đọc kỹ phần nội dung về phân tích tài chính dưới đây và làm các bài tập ở sau bài đọc. 
Bạn có thể tham khảo bảng từ vựng ở cuối bài để biết nghĩa của các từ mới. 
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. 
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. 
The balance sheet will also reveal in 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 shareholders’ funds and loan capital. Income gearing is also important and 
Unit 9: Financial analysis and corporate finance 
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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 access how efficiently a 
company manages its assets. Basically, sales are compared with investment in various assets. For 
example, in the retail sector, an important 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 lower 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 tremendously 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. 
Finally, profitability ratios show the manager’s use of 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 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 the shareholder’s 
point of view, the return on owner’s equity and expressed 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. 
Exercise 1: 
Complete the chart below based on the text. 
(Hãy hoàn thành bảng dưới đây dựa vào nội dung bài đọc.) 
Key indicators Ratios used Interpretation 
Liquidity 
Capital structure 
Efficiency 
Profitability 
i 
ii 
i 
ii 
i 
ii 
i 
ii 
iii 
Exercise 2: 
Which of the ratios is likely to be the key indicator for the following groups? 
Unit 9: Financial analysis and corporate finance 
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(Tỷ lệ nào có thể trở thành chỉ số chính trong các nhóm sau.) 
a. Shareholders ………………………….. 
b. Managers ………………………….. 
c. Customers ………………………….. 
d. Suppliers ………………………….. 
e. Employees ………………………….. 
Exercise 3: Group the following adjectives under the heading indicated. 
(Hãy xếp các tính từ dưới đây vào các tiêu đề phù hợp.) 
healthy reasonable disastrous 
disappointing excellent satisfactory 
vulnerable poor adequate 
weak marvelous moderate 
strong tremendous catastrophic 
Positive Average/Okay Negative 
___________________ ___________________ ___________________ 
___________________ ___________________ ___________________ 
___________________ ___________________ ___________________ 
___________________ ___________________ ___________________ 
___________________ ___________________ ___________________ 
2. LANGUAGE PRACTICE 
1. Adjective modification (Tính từ dùng để miêu tả) 
Exercise 1: 
Look at the following sentences taken from the text 9.1. 
(Các câu sau đây được trích từ bài đọc 9.1, bạn hãy đọc và chú ý đến các từ in nghiêng.) 
“This is particularly appropriate in manufacturing industries where stock levels…” 
“Relatively high borrowing would indicate vulnerability to an interest rate rise.” 
Trong các ví dụ trên ta thấy trước mỗi tính từ có 1 trạng từ để miêu tả tính từ đó. Như vậy 
trạng từ thường đứng trước tính từ. 
Unit 9: Financial analysis and corporate finance 
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Now combine two adjectives from the list below to complete the sentences: 
(Bạn hãy kết hợp 2 tính từ trong bảng từ dưới đây để hoàn thành câu.) 
high particular 
long lower 
short unusual 
high geared 
dangerous considerable 
a. Normally, a healthy company has a current ratio above 1. This company has an 
________________ __________________ ratio of 2. 
b. ________________ __________________ companies generally represent a greater risk 
for inventors. 
c. Retail companies have ________________ _______________collection periods on 
debts. 
d. Most people would consider a collection period over 90 days as _________________ 
__________________. 
e. Manufacturing companies have a ________________ ________________stock 
turnover than retail companies. 
2. Adjectives and adverbs. (Tính từ và trạng từ) 
Cách cấu tạo trạng từ đã được giới thiệu ngay từ môn Tiếng Anh 1, tính từ + ly được áp 
dụng với phần lớn các tính từ. 
Exercise 2 
Look at the following sentences taken from the reading text: 
Bạn hãy đọc các câu được trích từ bài khóa. 
“The balance sheet and the profit and loss account can be used to access how efficiently a 
company manages its assets.” 
“Finally, profitability ratios show the manager’s use of company’s resources.” 
Now complete the list below: 
(Hoàn thành bảng sau.) 
Noun Adjective Adverb 
Profitability profitable ________________ 
Efficiency ________________ ________________ 
Healthy ________________ ________________