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Tài liệu ôn tập môn Tiếng anh chuyên ngành 2 của Học viện tài chính, tài liệu chuẩn của giảng viên học viện, hình thức thi vấn đáp, có thể ôn tập cho bài thi viết. UNIT 16: CORPORATE FINANCE 1. What does the term “corporate finance” refer to? Corporate finance is a broad term that is used to collectively identify the various fiancial dealing undertake by a corporate. Tài chính doanh nghiệp là 1 thuật ngữ rộng được sử dụng để xác định chung các giao dịch tài chính khác nhau được thực hiện bởi 1 công ty.
UNIT 16: CORPORATE FINANCE What does the term “corporate finance” refer to? - Corporate finance is a broad term that is used to collectively identify the various fiancial dealing undertake by a corporate - Tài doanh nghiệp thuật ngữ rộng sử dụng để xác định chung giao dịch tài khác thực cơng ty What is one of the main functions of corporate finance? - The main functions of corporate is allocation of the financial resources, make wise use of the financial resources avaiable to the company Chức quan trọng tài doanh nghiệp việc phân bổ nguồn tài chính, dụng khơn ngoan nguồn bốn sẵn có công ty What is the ultimate goal of corporate finance? Mục đích - The ultimate goal is ensure that the company is achieving the maximum profits while using the minimum amount of expenditure - Đảm bảo công ty đạt lợi nhuận tối đa sử dụng tối thiểu chi phí What does corporate finance include? - Corporate finance include planning, raising ,investing and monitoring of finance in order to achive the financial objectives of the company - TCDN bao gồm lên kế hoạch, huy động tài , đầu tư giảm sát tài để đạt mục tiêu tc công ty What sources of finance can financial managers of when they want to raise more capital? - Financial managers can collected from: share, debentures( giấy nợ) , banks, creditor, finacial institution tổ chức tài How is the capital of a firm basically classified? Vốn công ty công ty phân loại ntn - Two types are: fixed capital and working capital How is fixed capital often used? Fixed capital is used to purchase fixed assets like: land, building, machine Vốn cố định thường sử dụng để mua tài sản cố định như: đất, nhà, máy móc, How is working capital often used? - Working capital is used to purchase raw materials and pay the dayto-day expenses like: salary,rent,taxes, - Vốn lưu động thường sử dụng để mua nguyên liệu thô trả chi phí hàng ngày : lương,tiền thuê, thuế, What are the tasks of financial managers in planning the finance? - The financial manager plans the finance of the company He / she take decision on question like: how much finance is required by the company?/ what are the sources of finance? Or how to use the finance… 10 What are the tasks of financial managers in raising the finance? - The financial managers collects finance from many sources : share, banks, creditors, 11 What are the tasks of financial managers in investing the finance? - The FM uses the finances to achive the objective of company 12 What are the tasks of financial managers in monitoring the finance? - The FM has to minimize the cost of the finance, the wastage and misure of finance and the risk of investment of finance, he also has to get maximum return of finance Giamr thiểu chi phí tài chính, lãng phí lạm dụng tài , rủi ro đầu tư Và phải đạt tối đa lợi nhuận - 2 UNIT 17: FUNDING THE BUSINESS What’s gearing? Hệ số vốn vay - Gearing is the relationship between equity capital and long term debt Hệ số vốn vay mối qh vốn cổ phần với nợ dài hạn What are capital sources for companies to raise for their businesses? Nguồn vốn mà cty huy động vốn cho hđ kinh doanh là: - equity financing, debt financing What are capital sources debt financing? Nguồn vốn vay nợ - Debt financing : through long- term loans, trade credit bank loan What are capital sources equity financing? Nguồn vốn vốn chủ tài chính: - Equity financing: owner’s capital, venture capital, unlisted securities market, stock exchange What does the high/ low gearing mean? - If the company has high gearing It show that the company has more risky in times of economic difficult It show that the company has more long term debt than the equity capial - Nếu cơng ty có hệ số vốn vay cao Nó cho thấy cơng ty có nhiều rủi ro lúc kinh tế khó khăn Nó cho thấy cơng ty có nợ dài hạn vốn chủ How many forms of equity are there? - form are: owner’s capital, venture capital, unlisted securities market, stock exchange What are advantages and disadvantages of owner’s capital? The advantages of owner’s capital is: - The owner have a claim on all the net profits ( CSH có quyền tất lợi nhuận ròng) the disad: It’s the most exposed form of capital because - Owners are the last people to receive net profit when all other calls on company’s profit have been satisfied When bankruptcy, owner are the last pp too after employees, creditors, banks What are advantages and disadvantages of venture capital? The ad: - The venture capital doen’t usually interfere in the running of the company ( k thường zuyên can thiệp zô điều hành cty) - the disad: The provider demands a much faster and higher rate of return than owner ( nhà cc cần tỷ lệ sinh lời nhanh cao nhà sở hữu What are advantages and disadvantages of unlisted securities market? The ad: - Don’t lose much control of the company - Opportunity to raise capital, especially for unlisted compay The disad: - Capital financing is limited 10 What are advantages and disadvantages of stock exchange? The ad - Long-term opportunity of raising capital by issing fresh share - High liquidity The disad: - Difficult for unlisted or small company - Lose control of original owners ( quyền kiểm soát ban đầu) 11 What are advantages and disadvantages of long-term loans? The ad: - Can raise capital for investments - In succesful time, obtain much higher net profit kiếm lợi nhuận ròng cao - The disad: - Have to secure the debt over assets ( chấp khoản nợ tài sản cố định In harder time, the earning will drop as interest payment soak up most of the profit ( vào lúc khó khăn, thu nhập giảm mạnh lãi trả chiếm phần lớn lợi nhuận) 12 Is the higher gearing helpful or harmful to companies? The higer gearing is both helpful and harmful to company depending on economic situation Helpful when succesful time Because company can raise more capital for investment, so they can earn more profit Harmful when unsucessful time Because company interset soak up most of profit - UNIT 18: MANAGEMENT OF WORKING CAPITAL quản lý vốn lưu động How is profitability determined? Cách xác định khar sinh lời - Profitablity is determined in part by the way in which a company manages its working capital - Khả sinh lời xđ phần từ cách cty quản lý vốn lưu động What is one of the principal functions of financial management in managing working capital? - The main function of financial management is provide the correct amount of working capital at the rightime and in the right place to realize the greatest return on investment ( cung cấp số xác vốn lưu động vào time, địa điểm để thực lợi tức đầu tư lớn nhất) How can working capital initially broken down?( vốn lưu động ban đầu chia ntn) / How many types of working capital are there? - types: permanent working capital and temporary working capital What is permanent working capital used for? - Permanent working capital is tied up in keeping the business flowing throughout the year - Vốn lưu động thường xuyên gắn liền với hoạt động kinh doanh suốt năm What is temporary working capital used for? - Temporary working capital is needed from time to take account of seasonal, cyclicalm , unexpected, fluctuations in the business - Vốn lưu động tạm thời cần thiết từ thời gian để tính đến biến động theo mùa, chu kì, bất ngờ, biến động kinh doanh Which type is usually for serviced from an overdraft facility? Thấu chi - The temporary working capital What are major applications of working capital? Cash, invenstories,debtors ( tiền mặt, hàng tồn kho, nợ) What are inventories further divided into? - Raw materials , working in process, finish goods ( nguyên liệu thô, bán thành phẩm, thành phẩm) What is the role of financial managers in managing inventories? Vai trị qly tài quản lý hàng tồn kho - Minimize the quantity of raw materials, work in progress, finished goods tối thiểu số lượng nguyên liệu thô, lượng bán thành phẩm, sp cuối - Avoid the vicious circle in the business ( tránh vòng lặp kinh tế) 10 What are debts further divided into? - Debts further are debts due to suppliers( account payable) nợ phải trả and debts due to customers ( account receivable) nợ phải thu khách hàng 11 What is the role of financial managers in managing debts? - Negotiate with suppliers generous credit terms but offer minimal credit to customers thương lương với nhà cung cấp đưa mức tín dụng tối thiểu với khách hàng - Must be achieve a balance in order to attract customers and maintain postitive relationship with suppliers phải đạt cân để thu hút khách hàng trì mối qhe tích cục với nhà cung cấp - Minimize cash outlay tối thiểu lượng tiền mặt bỏ 12 What is cash further divided into? - Cash for normal requirement - Cash for abnormal requirement 13 What is the role of financial managers in managing cash? - Ensure that enough cash for meeting the company’s day-to-day debts ( đảm bảo có đủ tiền mặt để đáp ứng khoản tiền thường chi) - A small reserve on hand to meet unexpected situation ( khoản dự trữ nhỏ tay để đáp ứng vói tình rủi ro) 14 What is the vicious circle in the business? - - - The vicious circle in the business is the over- strigent cost control lead to disruption in production, lead to failure to meet customer orders, lead to loss od customer goodwill, lead to loss of sales and finally lead to the over-strigent cost control Vòng lặp kinh tế kiểm soát thái nguồn chi dẫn đến phá vỡ suất gây thất bại đáp ứng đơn hàng khách, gây trung thành khách hàng , dẫn đến giảm doanh thu, lại kiếm soat thái UNIT 19: MARKETING How to distinguish between selling and marketing? Phân biệt giữ bán hàng marketing Object - - - - Marketing Understand the market demand ,develop and create new products to satisfy customer’s need and want Selling Produce the product first and then think how to sell it in the market Why should the production department understand the marketing concept? Because What is selling concept? Selling concept is assumesing that resisting consumer have to be persuaded by vigorous hard – selling techiques to buy non-essential goods and services Khai niệm bán hàng thừa nhận khách hàng bị thuyết phục mua sản phẩm hàng hóa k thiết yếu bới kĩ thuật bán hàng cao siêu What is marketing concept? Marketing concept, on the contrary, assumes that the producer’s task is to find wants and fill them Producer makes product that will be bought Marketing ngược lại, giả định nhiệm bụ nhà sản xuất tìm kiếm nhu cầu đáp ứng Nhà sản xuất tạo sản phẩm mua What are market opportunities? Market opportunities are profitable possiblilities of filling unsatisfied needs of creating new ones in ares in which the - - - - company is likely to enjoy a differential advantage, due to its distincive competencies Market opportunities are generally isolated by market segmentation Cơ hội thị trường khả sinh lời từ việc đáp ứng nhu cầu việc tạo sản phẩm vùng mà cty hưởng lợi khác nhờ lực đặc biệt Các hội thị trường thường bị cô lập phân khúc thị trường Why must the companies consider the existence of competitors? Các công ty phải cân nhắc tồn đối thủ vif Họ người phải xác địng, giám sát bị loại bỏ trình tìm kiếm khách hàng trung thành Because the competitor always have to be identified, moniotored and defeated in the search for loyal customer Why is market research important? Because it is minimize the risk of launching a product or services solely on the basis of intuition or guesswork Giảm rủi ro mắt sản phẩm hay dịch vụ đơn lẻ sở trực giác phán đoán How to conduct a market research? Làm để tiến hành nghiên cứu tt They collect and analyze information about the size of potential market and the customer’s reaction Họ thu thập phân tích thơng tin quy mô tiềm thị trường phản ứng củ khách hàng What is marketing mix? Marketing mix is all various element of a marketing program, their integration, and amount of effort that a company can expend on them in order to influence the target market Là yếu tố chương trình marketing, tập hợp tồn sức lực DN sử dụng để tạo ảnh hưởng đến thị trường mục tiêu 10 What assets include? - Assets include liabilities and owner’s equity 19 What liabilities include? - Liabilities include creditor or accounts payable, as these will have to be paid 20 What is double-entry bookkeeping? - Double – entry bookkeeping is all trnsaction are entered as a credit in one account and as a debit in other - Nguyeen tắc sổ kép tất các giao dịch vào tài khoản bút toán 21 What is the accounting equation? Accounting equation is assest = liabilities + owner’s equity( tai san rong= net assest) 22 What net assets include? - Net assest include share capital( vốn cổ phần) , share premium/paid in surplus( thang du von cp) , company reserve ( quy du phong) 23 What is share capital? - Share capital is money received from issue of share số tiền nhận từ việc phát hành cổ phiếu 24 What is share-premium? - Share – premium or paid in surplus is any money realized by selling shares at above their nominal value - Thặng dư vốn cổ phẩn số tiền có từ việc bán cổ phiếu cao giá trị danh nghĩa 25 What is a company’s market capitalization? - Company’market capotalization is the total value of its shares at any given moment, the number of share times their market price - Vốn hóa cua rdn thị trường tổng giá trị cổ phiếu thời điểm cho trước nhát định Ví dụ số lương cố phiếu nhân với giá thị trường 26 What does a cash flow show? - A cash flow the flow of cash in and out of the business between balance sheet dates - Báo cáo dòng tiền vào DN kì tốn 18 19 What are sources of cash in? - Trading profit LNKD - Depreciation provision dự phòng giảm giá - Sales of assest DT từ lý tài sản - Borrowing vay nợ - The issuing of shares phát hành cổ phiếu 28 What are applications of funds (cash out)? - Applicantions of funds include purchase of fixed assest or financial assest, payment of dividend, repayment of loans, and – in a bad year – trading losses 27 - Việc sử dụng vốn từ quỹ bao gồm mua TSCĐ, tốn cổ tức, hồn trả khoản vay bù lỗ cho năm hoạt động hiệu 29/What is the balance sheet/ The balance sheet show a company’s finacial situation on a particular date generally the last day of financial year 20 production UNIT 25: FINANCIAL ANALYSIS What is financial analysis? - Financial analysis is the selection, evaluation, interpretation of financial data, along with other pertinent information to assist in investment and financial decision- making - Phân tích tài việc lựa chọn đánh giá, giải thích liệu kinh tế, với thông tin phù hợp khác để hỗ trợ việc đưa định đầu tư tài What are functions of financial analysis - The function of financial analysis: - Used internally to evaluate issues such as employee performance, the efficiency of operation and credit policies(, and extrenally to evaluate potential investment and the credit – worthiness of borrowers, among other thing)4 Sử dụng nội để đánh giá vấn đề hiệu suất công nhân, hiệu làm việc, sách tín dụng, ngồi sử đụng để đánh giá hoạt động đầu tư tiềm mức độ tín nhiệm người vay số vấn đề khác How many sources of financial data are there? What are they? - - They are: annual reports, market data, economic data, company event What are included in economic data? Economic data include: GDP, CPI ( the consumer price index), consumer spending, producer prices, consumer prices and the competition What are included in market data?\ - Market data include the market price of listed securities, stock, 21 What are included in company events? Include: - New product development Company regulation Acquiring another company Extraodinary losses ( ton that bat thuong) What is a financial ratio? - A financial ratio is a comparison between one bit of financial information and another - Chỉ số tài so sánh lượng thơng tin tài với khác How are financial ratios classified? Cách phân loại số tài Two ways: • contruction: loại • tình hình tài chính: financial condition: loại According to constructions, how are financial ratios classified? types: • A coverage ratio is measure of a company’s ability to satisfy(meet) particular obligation • Chỉ số khả tốn thước đo khả doanh thu để đáp ứng khoản nợ cụ thể • A return ratio is measure of the net benefit,relative to the resources expended 22 • • 10 Chỉ số lợi nhuận thước đo lợi ích rịng, liên quan đến nguồn lực mở rộng A turnover ratio is measure of the gross benefit, relative to the resources expended • Chỉ số doanh thu thước đo tổng lợi ích, liên quan đến nguồn lực mở rộng • A component percentage is the ratio of component of an item to the item • Tỷ lệ phần trăm cấu thành số thành phần sản phẩm với sản phẩm According to operating performance and financial condition, how are financial ratios classified? - A liquidity ratio provieds information on a company’s ability to meet its short-term, immediate obligation - Chỉ số khoản cung cấp thông tin khả doanh nghiệp có đáp ứng ngắn hạn nghĩa vụ nợ tức thời - A profitability ratio provides infor on the amount of income from each dollars of sales - Chỉ số khả sinh lời cung cấp thông tin lượng thu nhập từ đồng tiền từ doanh thu - An activity ratio relates infor on a company’ability to manage its resources ( that is, its assets) effciently 23 - Chỉ số hoạt động liên quan đến thông tin khả doanh nghiệp để quản lý nguồn lực cách hiệu - A financial leverage ratio provides infor on the degree of a company’s fixed financing obligation and its ability to satisfy these financing obligation - Chỉ số đòn bẩy tài cung cấp thơng tin mức độ nghĩa vụ nơ tài cố định doanh nghiệp khả đáp ứng nghĩa vụ nợ - A shareholder ratio decribes the company’s financial condition in term of amount per share of stock - Chỉ số cổ đơng mơ tả tình hình tài thời kỳ lượng tiền cổ phiếu nắm giữ - A return on investment ratio provides infor on the amount of profit ,relative to the assest employes to produce that profit - Chỉ số hoàn lại vốn đầu tư cung cấp thông tin lượng lợi nhuận, liên quan đến tài sản đầu tư để tạo khoản lợi nhuận 24 UNIT 26: AUDITING - - - - - What is auditing? Auditing is an accounting funcion that involves the review and evaluation of financial record Kiểm toán chức kế toán liên quan đến việc rà soát đánh giá báo cáo tài What accountants to maintain an internal audit? Review operation procedures and financial record, report management on the curent state of the company’s fiscal affairs Find out deviantion from standard operating procedures Make suggestion to management to improvement in the stardard operating produres Check accounting records to correct all irregularities Ensure that all department follow the policies and procedures of the company What is the aim of internal auditors? Find out devation from standard operating procedures and then report to fix correct What weakness exists in the internal auditing system? Diem yeu ton tai he thong kiem toan When a report is unfavortable for interal auditor they done show to the managers to correct them It results manageres can make unsuitable decision for the company Báo cáo k xác k đc đưa tới ban quản trị - ng giải vấn đề 25 What happens if management receive the incorrect information? The managers can make unsuitable decision for the company How can the management overcome this weakness? - In order to overcome this weakness managers must ensure that report are received with an objective attitude at all levels Để khắc phục điểm yếu này, nhà qly phải đảm bảo tằng báo cáo họ nhận đc cấp độ khác với thái độ hoàn toàn khách quan - 26 UNIT 27: INTERNATIONAL BUSINESS( thương mại quốc tế) What countries benefit from world trade? - They can developed their economies - Increase production of goods - Met market demands dap ung nhu cau thi truong - Raise business opportunies Why does international trade develop? Tai thuong mai quoc te Because: certain countries are able to produce some goods more efficiently than other countries What are factors of efficient production? - Climate - Nature resources - Labor force - Geographical location What is Adam Smith’s theory about? - Countries import product most effciently manufactures aboard and export products most efficiently produced domestically - Các quốc gia nhập hh hiệu xk hàng hóa nội địa hiệu What is David Ricado’s theory about? - An exporting doesn’s have to be the most efficient producer of the product, it only has to be more effient than the country which import the producrt - Một nước xk kp nhà sản xuất loại sp hiệu hiệu nước nhập sp 27 Why governments control imports and exports? - Export: a country enjoys an advantage if it exports more than it imports Weath accrues to the exporting country - Import: To protect domestic goods How governments control imports? - The government impose taxes and quotades How governments control exports? - Encourage export Provide marketing info Establish trade mission thiết lập giao dịch Subsidize export trợ cấp hàng xk Provide tax bebefit or incentive ưu đãi hoăc miễn thuế What is dumping? - Dumping is selling on a foreign market at a price below the cost of production Bán phá giá bán tt nước thấp giá trị sản xuất 10 What is specific tariff? Thuế quan theo lượng thuế đặc định - Specific tariff is a certain amount of tax for each unit of the product 11 What is ad valorem?thuế theo giá trị Valorem based on the value of the product 12 What are similarities and differences when imposing taxes and quotas? Điểm tương đồng khác biệt đánh vào thuế hạn ngạch - Similarities : increase the price of the product - Diferent efect: under tariff: supply is not limited Under quotas: supply is limited - 28 13 What is a floating exchange rate? Tỷ giá hối đoái thả - A floating exchange rate is the kind of exchange rate which fluctuates according to market forces - Là loại tỷ giá hối đoái mà dao động theo thị trường lao động What is the balance of payment? - Balance of payment: the amount of money that goes in and out of a country - Các cân toán lương tiền vào quốc gia 15 When does a country have a balance of trade surplus? - When a country exporting more than it imports, it is receiving foreign currency - Khi quốc giá XK nhiều NK, nhận đc nhiều ngoại tệ 16 When does a country have a balance of trade deficit? - When a country importing more than it exports, it is sending money out of the country - Khi quốc giá NK nhiều XK , họ nhiều tiền 17 What is a multinational company? - A multinational company is a large company setting up production facilities in several different countries - Cty da quốc gia cty lớn thiết lập điều kiện sản xuất thuận lợi nước khác 14 18 What is a parent company? - Parent company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing of directors 19 What is a subsidiary? - Is an enterprise controlled by parent company through the ownership of greater than 50% of its voting stock 29 20 Why exporting countries sometimes set up subsidiaries in the market countries? - Because the comparative advantage which exporting countries enjoy some times change transportation costs may increase or currency exchange rate many change - Vì lợi tương đối mà nước xk có đơi thay đổi chi phí vận chuyển tăng tỷ giá hối đoái thay đổi 30 UNIT 29: TRADE BARRIERS What are trade barriers? - Trade barriers are any a number of gover placed restriction on trade between nation - Rào cản thương mại hạn chế quy định số phủ giao dịch nc What are common sorts/ types of trade barriers? - Tariff, quotas, subsidies, embargoes( cấm vận) What does the term free trade mean? - Free trade is the theorical removal of all trade barries, allowing for completely free and unfettered trade - Thương mại tự liên quan đến việc loại bỏ lý thuyết tát rào cản thương mại cho phép tự cách hoàn hảo What domestic firms benefit from trade barriers? - Higer sale, greater profit, more income to resources owners What are disadvantages of trade barriers? - Higher prices, limited assess to import giảm gia nhập nk Why is every nation in the global economy impose trade barriers? There reason: - To protect domestic employment - To protect relative young domestic industries - To protect firm and industries that produce output vital to the security and defence of the nation ( bảo vệ DN cách ngành mà sx đầu vào liên quan đên sanh ning quốc phòng) - To prevent dumping - Foreign firm “ unleved” the competitive field : DN NN tham giá hoạt động thương mại khooog công What are tariffs? - Tariffs are taxation on goods , services imported into a country What are purposes of tariffs? - The consumption of imports goods is decrease, more than domestic production is sold 31 What are quotas? - Quotas is a limitation on imports - Hạn ngạch số lượng giới hạn hành hóa 10 What are purposes of quotas? - Ristric the quantity of imports 11 What are subsidies? - Subsidies are a grant paid by a government to an enterprise to benefit the public or to keep prices low 12 What are purposes of subsidies? - Make certain key goods afforfable to citizen of a nation But it can make imports non- competitives 13 What are embargoes? Cấm vận Embargoes : to prohibit the import/export of anything with another country,the most extreme trade barrier 14 What are purposes of embargoes? - Prohibit the import or export anything with another country UNIT 30: TRADE SURPLUSES AND DEFICITS How many measures of trade are there? What is the merchandise trade balance? What is the current account? 32 What is the capital account? What is the balance of payments? What is the merchandise trade balance the narrowest measure of a country’s trade? What is the balance of payment the widest measure of a country’s trade? 33