Tiếng Anh chuyên ngành quản trị kinh doanh - Phần 24

Exercise 1 
Key indicators Ratios used Interpretation 
Liquidity 
i. current ratio 
ii. quick ratio 
 Current assets 
Current ratio = 
 Current liabilities 
 Current assets – stocks 
Quick ratio = 
 Current liabilities 
Efficiency 
i. equity gearing 
ii. income gearing 
 Loan capital 
Equity ratio = 
 Shareholder’s funds 
 Profit 
Income gearing = 
 Interest paid on borrowings 
Capital structure 
i. inventory turnover 
ii. average collection 
 Sales 
Inventory turnover = 
 Stock 
 Debtors 
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period Average collection period = x 360days 
 Sales 
Profitability 
i. ROS 
ii. ROA 
iii. ROE 
 Pretax profit 
ROS = x 100% 
 Sales 
 Pretax profit 
ROA = x 100% 
 Total assets 
 Pretax profit 
ROE = x 100% 
 Qwener’s equity 
 ROS = return on sales (doanh lợi doanh thu). 
 ROA = return on assets (doanh lợi tổng tài sản). 
 ROE = return on equity (doanh lợi vốn chủ sở hữu). 
Exercise 2 
 a. Shareholders: profitability ratio (ROE). 
 b. Managers: all. 
 c. Customers: quality and price of goods. 
 d. Suppliers: liquidity ratio. 
 c. Employees: activity and efficiency ratio. 
Exercise 3 
 Positive Average / okay Negative 
healthy reasonable disastrous 
disappointing excellent satisfactory 
vulnerable poor adequate 
weak marvelous moderate 
strong tremendous catastrophic 
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LANGUAGE PRACTICE 
Exercise 1: 
a. Normally, a healthy company has a current ratio above 1. This company has an unusually 
high ratio of 2. 
b. Highly dangerous companies generally represent a greater risk for inventors. 
c. Retail companies have considerably short collection periods on debts. 
d. Most people would consider a collection period over 90 days as particularly long. 
e. Manufacturing companies have a gearedly lower stock turnover than retail companies. 
Noun Adjective Adverb 
profitability 
efficiency 
healthy 
appropriateness 
operation 
finance 
productivity 
profitabe 
efficient 
healthy 
appropriate 
operational 
financial 
productive 
profitably 
efficiently 
healthily 
appropriately 
operationally 
financially 
productively 
TEXT 9.2: TÀI CHÍNH DOANH NGHIỆP 
Các công ty cần đầu tư để mua tài sản và thanh toán cho các khoản chi phí. Các công ty có 
thể phát hành cổ phiếu để lấy tiền hoặc tài sản tư bán (máy móc, nhà xưởng) – đôi khi người ta 
còn gọi là thu hút vốn tự có. Những người nắm giữ cổ phiếu sẽ là những người chủ sở hữu của 
công ty. Mỗi cổ phiếu thường được thể hiện bằng một chứng chỉ cổ phần. Cổ phiếu này có thể 
được chuyển nhượng, điều này có nghĩa rằng cổ phiếu có thể được mua hoặc bán. Giá trị của cổ 
phiếu không những được xác định bằng tài sản ròng chia cho tổng số cổ phiếu còn (dư) mà còn 
được xác định bằng quyền đặc thù mà công ty cấp cho cổ đông. Một công ty mà càng làm ăn phát 
đạt thì giá trị cổ phiếu càng lớn. 
Một công ty cố thể tìm vốn bằng cách vay. Đó gọi là huy động vốn. Khi công ty vay tiền, 
họ phát ra lệnh phiếu hoặc trái phểu có thể chuyển nhượng được. Tuy nhiên lãi suất sẽ được trả 
cho các khoản vay trên cho dù công ty kinh doanh có lợi nhuận hay không. 
Ban quản trị phải thận trọng xem xét cả luồng tiền ra và vào trong việc điều hành công ty. 
Chi phí mua tài sản, thiết bị, hoặc trả tiền lương gọi là luồng tiền ra. Doanh thu bán hàng và dịch 
vụ là luồng tiền vào. Trong một quá trình lâu dài, lượng tiền vào phải lớn hơn lượng tiền ra để tạo 
nên lợi nhuận. Hơn nữa các công ty phải trừ đi các khoản chi phí và khoản thất thoát đối với các 
khoản nợ khê đọng (khoản nợ không đòi được), lãi của vốn vay và các khoản chi khác để đánh giá 
xem việc quản trị tài chính của công ty đó có hiệu quả hay không, những rủi ro sảy ra là quan đến 
Unit 9: Financial analysis and corporate finance 
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là một yếu tố quan trọng để huy động vốn vào một công ty và liệu đầu tư vào một công ty nào đó 
có tốt hay không. 
EXERCISES 
Exercise 1 
1. Because they need it for the purches of assets, the payment of expense. 
2. Equity funding means financing by the company. 
3. It is determined by both the net assets and the sharecholders’ particular rights. 
4. It is the capital fund got by borrowing. 
5. The sale of goods and services result in an inflow. The purchase of inventory and 
supplies or payment of salaries results in an outflow. 
 6. That company can not make any profit. 
Exercise 2 
1. The current assets of a company usually include cash and inventory. 
2. Equity funding means financing by the owners of the company. 
3. They need capital in order to purchase supplies. 
4. Of course you can sell your shares of stock: they are negotiable. 
5. They want to make a profit, so we must be careful about investing in a company that 
has much risk. 
6. Financing by borrowing funds is called debts funding. 
7. Where did they borrow the money and how much interest will they pay? 
8. In the long run, the inflow must be greater than the outflow to result in a profit. 
LISTENING 
COMPUTERIZED ACCOUNTS 
Exercise 1 
SP: Liz, this ridiculous. I’ve just opened this letter and a customer’s sent us a cheque for 
no pounds and no pence. 
LS: What? Who? 
SP: Someone from BOS Ltd. Listen to what he says. Thank you for your usually 
monthly statement. It says we have to pay you nothing. The one you sent last month 
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said the same, so I now enclose our cheque for no pounds, no pence. Will this 
perhaps be the last time you sent a statement of this kind? Yours faithfully. 
LS: Oh, we can thank the computer for that. All our accounts are computerized and it 
prints out a statement every month for our regular customers, even if they don’t owe 
us money. 
SP: Why do you send them? 
LS: We don’t usually, David’s new to the department and he probably sent it without 
even looking at it. I’ll have a word with him about it. I’ll also write a letter of 
apology to BOS. 
Exercise 3 
1 – E 2 – B 3 – A 4 – C 
5 – F 6 – D 7 – G 
Exercise 4 
ABD, BLT, FPT, GLM, HEQ, JBX, JDR, JLN, VDU, WRS, ZYZ, ZZY. 
CONSOLIDATION EXERCISES 
Exercise 1. Read the passage and answer the questions. 
1. The two main types of macroeconomic policies are fiscal and monetary policies. 
2. They are government expenditures and taxation. 
3. These two parts determine whether the government has a deficit or surplus in its budget. 
4. Fiscal deficits affect both the balance of payments and the rate of inflation. 
5. Monetary policy in developing countries follows fiscal policy. 
6. How do some governments finance government spending? 
7. A restrictive monetary policy is needed to control inflation. 
8. If the government prints more money than people want to have, prices will rise. 
9. It induces people to buy assets such as gold, dollars or real – estate which will not lose 
value with inflation. 
10. How can domestic borrowing lead to high interest rates? 
Exercise 2. Read the passage and answer the questions. 
1. Debt financing is classified as short term or long term. 
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2. Loans obtained from commercial banks are a common form of short - term debt. 
3. 2 – to – 3 year loans are often secured by a claim to inventories or account receivable if 
they are not paid on time? 
4. Factoring is the physical sale of the firm’s receivable due from customers. 
5. Because of their increased risk. 
Exercise 3. Change these sentences into the future with will. 
 1. I will have to wear a uniform at the weekend. 
 2. I won’t be able to tell you tomorrow. 
 3. I won’t have to work on Monday. 
 4. I will be able to go windsurfing when I’m on holiday. 
 5. I won’t have to wear a suit at the weekend. 
Exercise 4. Change these sentences from active to passive. 
 1. Seven applications were received. 
 2. Three people were interviewed by the manager today. 
 3. Notes about each of them have been written. 
 4. The applicants are being considered at the moment. 
 5. A decision will be made soon. 
Exercise 5. Circle and correct the mistakes in the verb forms in these sentences. 
 1. I realized that I had forgotten his phone number. 
 2. She didn’t have to come to the meeting. 
 3. The film will be made in Argentina. 
 4. He wants me to decide by tomorrow. 
 5. Will Jill be able to come to the conference? 
Exercise 6. Put these words into correct order to make sentences. 
 1. I was sure I had never seen him before. 
 2. Do you want me to clean the windows? 
 3. The accident on the road was caused by oil. 
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 4. I won’t have to go to work tomorrow. 
 5. It was the worst holiday she had ever had. 
Exercise 7. Complete each sentence with the correct form of the word given at the end. 
a. Jeans are a sign of youth and independence. 
b. Levis Strauss used rivets to strengthen the pockets on his jeans. 
c. All people want to find peace and happiness in their lives. 
d. If you add a little black paint to the blue, it will darken it. 
e. The Navajos believe that when the medicine man erases the sand painting. The person’s 
sickness goes away. 
f. My street is too narrow. I wish they would widen it. 
g. Athletes know the importance of practicing everyday. 
h. My pants are too short. I need to lengthen them. 
i. Is there a difference between Canadian English and American English? 
j. That dress is too long. If you shorten it just a little, it will be the perfect length. 
Exercise 8. Match the words in column A with their meaning in column B. 
 A B 
1. artificial 
2. slip 
3. independence 
4. dye 
5. separate 
6. invent 
7. immediately 
8. strengthen 
9. arrange 
10. country 
j. not real 
e. almost fall 
a. freedom 
f. color 
c. not together 
h. make for the first time 
d. right now 
i. make stronger 
b. put in order 
g. nation