Giáo trình Anh văn chuyên ngành Kế toán (Nghề Kế toán doanh nghiệp - Trình độ Cao đẳng): Phần 2 - CĐ GTVT Trung ương I

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Giáo trình Anh văn chuyên ngành Kế toán (Nghề Kế toán doanh nghiệp - Trình độ Cao đẳng): Phần 2 gồm có các chủ đề như: Taxation, insurance, management of working capital, the foreign exchange market, the stock exchange, accounting, the balance sheet, the role of auditors, project planning, international business.

Chủ đề:

Nội dung Text: Giáo trình Anh văn chuyên ngành Kế toán (Nghề Kế toán doanh nghiệp - Trình độ Cao đẳng): Phần 2 - CĐ GTVT Trung ương I

  1. Unit 10: TAXATION 1. Vocubulary Tax (n) [tæks] : thuế Income tax (n) [ˊinkʌm] : thuế thu nhập Eventual tax (n) [ˊiventjuəl] : thuế tận thu Wealth tax (n) [welθ] : thuế tài sản Capital transfer tax (n) [ˊkæpitlˊtrænsfə] : thuế chuyển nhƣợng vốn Added- value tax (n) [ædidˊvælju] : thuế giá trị gia tăng Capital gains tax (n) [geinz] : thuế lãi vốn Sale tax (n) [seil] : thuế bán ra Tax avoidance (n) [əˊvɔidəns] : tránh đánh thuế Tax evasion (n) [iˊveiӡn] : trốn thuế Regressive tax (n) [riˊɡresiv] : thuế lũy thoái Progressive (n) [prəˊɡresiv] : thuế lũy tiến Dissuade sb from sth/doing sth ( [diˊsweid] : ngan cản, cản trở Make sb/sth look different ( : cải trang from normal 2. Reading Most of money to run the Government comes from taxes of all sorts – on personal and corporate incomes, on sales of goods, on inport and on inheritances. The ultimate source of all tax money is the same-people. The primary function of taxation is, of course, to raise revenue to finance government expenditure, but taxes can also have other purpose. Indirect excise duties, for example, can be designed to dissuade people from smoking, drinking alcohol, and so on. Government can also encourage capital investment by permiting various methods of accelerated depreciaion accounting that allow companies to deduct more of the cost of investment from their profit, and consequently reduce their tax bills. There is always a lot of debate as to the fairness of tax system. Business profit, for example are generally taxed twice: companies pay tax on their profit (corporation tax in Britain, income tax in the USA) and the shareholders pay income tax on dividends. Income tax in most countries are progressive, and are one of the ways in which governments can redistribute wealth. The peoblem with progressive tax is that the marginal rate – the tax people pay on any additional income is always high, which is generally a disincentive to 36
  2. both working and investing. On the other hand, most sales taxes are slightly regressive, because poorer people need to spend a larger proportion of their income on consumption than the rich. The higher the tax rate, the more people are tempted to cheat, but there is a substantial “black” or “underground‟ economy nearly everywhere. In Italy, for example, self – employed people – whose income is more difficult to control than that of company employees – account for morethan half of nation income. Lots of people also have undeclared part- time jobs with small and medium – sized family firms, on which no one pays any tax or national insurance. At the end of 1996, the Director of The Italian Institute of Statistics calculated the size of the underground economy, and added 16.7% to Italy‟s gross national product (GNP) figure, and then claimed that Italy had overtaken Britain to become the world‟s fifth largest economy. To reduce income tax liability, some employers give high-paid employees lots of „perk‟ (short for perquisites) instead of taxable money, such as cars, free health insurance, and subsidized lunches. Legal way of avoiding tax, such as these, are known as loopholes in tax law. Life insurance policies, pention plans and other investment by which individual can postpone the payment of tax, are known as tax shelters.Donation to charities that can be subtracted from the income on which tax is calculate are described as tax – deductible. Companies have a varity of ways of avoiding tax on profits. They can bring forward capital expenditure so that at the end of the year all profits have been used up; this is kwown as making a tax loss. Multinational companies often set up their head offices in countries, where taxes are low; such countries are known as tax havens. Criminal organization, meanwhile, tend to pass money through a series of companies in very comlicated transactions in order to disguise its origin from tax inspectors – and the police; this is known as launding money. 3. Comprehension According to the text, are the following statements True (T) or False (F). 1. Taxes can be designed both to discourage and to encourage spending. 2. The same amount of money can be taxed more than once. 3. Progressive taxes may discourage people from working extra hours. 4. Sales taxes are unfair because poor people spend more than rich. 5. If you pay a lot of your income into a pension fund or a life insurance policy you never have to pay tax on it. 4. Grammatical points: Much, many, few, little 4.1. Much and Many - Much and many used to express that there is a large quantity of something. 37
  3. - Much and many used in negative sentences and questions. - Many is used with countable nouns and much is used with uncountable nouns. I don't have many CD's in my collection. (Countable noun) They don't have much money to buy a present. (Uncountable noun) Note: we almost never use much and many in positive sentences, we almost always use a lot of or lots of. 4.2. Few and Little - We use few and little to suggest a small quantity. - Few is used with countable nouns - Little is used with uncountable nouns. There are only a few days left until Christmas. (countable noun) There is little hope of finding your wallet. (uncountable noun) 5. Word study 5.1. Which terms do the following sentences define? 1. The tax people pay on their wages and salaries is called___________. a. capital transfer tax b. income tax c. wealth tax 2. A tax on wages and salaries or on companiy profit is a/an____________ . a. direct tax b. indirect tax c. value-added tax 3. A tax levied at higher rate or higher incomes is called a ____________ . a. progressive tax b. regressive tax c. wealth tax 4. A tax paid on property, sales transaction, imports, and so on is a/an_____________ . a. direct tax b. indirect tax c. value-added tax 5. The annual tax imposed on people‟s fortunes is a/an______________. a. added- value tax b. capital gains tax c. wealth tax 5.2. Complete the sentences with much, many, few, little. 1. Not all of the children went outside. __________ of them stayed in the classroom. 2. I have to go to the supermarket. There isn't___________coffee left. 3. How _________ loaves of bread do we need? 4. Would you like __________milk? Yes please. Just ________ . 5. The land is not suitable for agriculture so _________ of the food is imported. 6. There are only ______________ people interested in the subject. 7. How _________ of the students have a computer at home? 8. Can you tell me _____________ about your experience in London? 9. Ann is very busy these days. She has ____________ free time. 10. The museum was very crowded. There were too ____________ people. 38
  4. Unit 11: INSURANCE 1. Vocubulary Loose (v) [lu:s] : tổn thất Occur (v) [əˊkɜ:(r)] : xảy ra Devise (v) [diˊvaiz] : tạo ra In advance (adv) [in ədˊva:ns] : trƣớc Finance (v) [ˊfainæns] : tài trợ Redistribute (v) [ˏri:diˊstribju:t] : phân phối lại Cost (n) [kɔst] : chi phí Accomplish (v) [əˊkɔmpliʃ] : hoàn thành Compensate (n) [ˊkɔpenseit] : những tổn thất kinh tế Experience (v) [iksˊpiəriən] : trải qua, nếm mùi Exposure (n) [iksˊpouӡə] : ngui cơ, sự rủi ro Predict (v) [priˊdikt] : dự đoán Predictability (n) [priˏdiktəˊbiləti] : khả năng dự đoán Premium payment ( [ˊpri:miəm ˊpeimən] : thanh toán, trả phí bảo hiểm The insured (n) [inˊʃuəd] : ngƣời mua bảo hiểm Insurance pool/fund (n) [inˊʃuərəns pu:l] : quĩ bảo hiểm 2. Reading Throughout human history, unexpected economic losses have occurred. Such looses would continue to occur whether or not a system of insurance had ever been devised. But through the operation of insurance system, losses can be predicted in advance, it allows the cost of losses to be financed and redistributed in advance. The first definition of insurance that we will exammine is the finance one. In this instance, insurance is a financial arrangement that resdistributes the cost of unexpected losses. The insurance arrangement involves the trasfer of many different exposures to loss to one insurance pool, which combines the numerous exposures. An insurance system accomplishes the resdistributes of the cost of losses by collecting a premium payment from every participant in the system. In exchange for the payment of the premium, the insured receives a promise from the insurance system to be compensated in the event of a loss. In most insurance system only a small percentage of those insured suffer losses. Thus, an insurance system redistributes the cost of losses from the unfortunate few members who experience them to all the members of the insurance pool who have paid premium. 39
  5. An insurance system is able to operate because all the insured are willing to substitute a relatively small certain outlay, the insurance premium, for a relatively large uncertain loss. It is generally assumed that most people find the possibility of suffering a large loss unpleasant to contemplate. Therefore, people are willing to pay an insurance premium to be relieved of uncertainty about the loss, as well as to be compensated if the loss actually occurs. Thus, even if no loss occurs during a year, as will be the case for most insured, value has still been received in the form of an eliminated unpleasant metal state, the anxiety about the loss. It is sometimes said that insurance is like gambing. The law however has found a mean of distinguishing between gambing and contracts, which it will not enfore, and insurance contracts, which it will. Contracts of insurance form a special class of contract in that the law requires parties to them, the insured and insurer, to exercise the utmost goods faith toward each other. 3. Comprehension 1. In what way, losses can be predicted before they occur? 2. Why the predictability of losses in advance is basic to an insurane system‟s operation? 3. What is insurance in financial definition? 4. What does insurance agreement accomplish the redistribution of the cost of losses 5. How can an insurance system involve? 6. What does the insured receive when a loss occur? 7. Why are people willing to pay an insurance premium? 8. Is insurance like grambling? Why? 9. What do you know about contracts of insurance? 4. Grammatical points: Prepositions of time Prepositions of time used before days, months, years and other time words. At: Used before: - Times: We‟re leaving at 3 o‟clock - Lunchtime, bedtime: He‟s arriving at lunchtime. - Night: I can‟t sleep at night. - The weekend: See you at the weekend! - Festivals: We went away at Easter. In: used with: - The morning/ afternoon / evening: See you in the morning! - Months: My birthday‟s in June. - Seasons: We always go on holiday in summer. - Years: He was born in 1996. 40
  6. - A minute, two weeks On: used before: - Dates: We arrived here on 4th August. - Days of the week: Let‟s go to the zoo on Saturday. - Single day events: on Good Friday, on Easter Sunday, on my birthday We always eat out on Christmas Day. - A day + morning/ afternoon/ evening/ night. See you on Tuesday morning! Note: Don‟t use a preposition before: today, tonight, tomorrow, yesterday. Other prepositions: For: We use for + a period of time expressing duration for six years/ for two hours/ for a week I've lived in this house for six years. They have been watching TV for two hours. Since: We use since + a starting point, a specific time Since April/ since 1992/ since 8 o' clock It has been raining since one o' clock. They've known each other since they were at school. From – to: We use from - to + beginning and end of a period Last evening we watched TV from 5 to 8 o' clock. Until: We use until/till to say how long a situation continues Let's wait until it stops raining. I stayed in bed until half past nine. During: We use during + noun to say when something happens During the film - during our holiday - during the night We met a lot of interesting people during our holiday. I fell asleep during the film. 5. Word-study 5.1. Choose the best answer 1. Insurance companies can be considered as professional ……… takers. a. life b. risk c. chance d. misfortune 2. My insurance company offers a wide ……….. of coverage. a. selection b. rank c. branch d. standard 3. His insurance company has told him not to admit ………..even thought it was clearly his fault. a. legality b. likelihood c. liability d. crime 41
  7. 4. Natural ……….. insurance is obligatory in areas prone to flood, earthquakes, and hurricanes a. damage b. chaos c.catastrophe d. disaster 5.2. Circle the correct preposition. If no preposition is needed put in -. 1. He arrived __________December 12th. a. in b. __ c. on d. at 2. This palace was built __________17th century. a. in b. for c. on d. at 3. Some people rest __________the afternoon. a. in b. __ c. on d. until 4. It usually snows __________Christmas day. a. in b. __ c. on d. during 5. I will send you a letter ___________next month. a. in b. __ c. from d. at 6. We started this project _______________September. a. in b. __ c. on d. for 7. The date when we must hand in the report is ____________1st of October. a. in b. before c. on d. at 8. People do not work __________independence day. a. until b. __ c. on d. in 9. I will meet him ____________lunch time. a. in b. __ c. on d. at 10. The cartoon starts _______________13:45. a. in b. during c. at d. on 11.He hasn't smoked _________ ages. a. in b. for c. on d. at 12. Hurry up! We have to go _____________five minutes. a. in b. for c. on d. until 13. He has lived in India _____________two years. a. for b. since c. on d. at 14. Tom‟s grandmother died in 1987 ___________the age of 81. a. before b. since c. on d. at 15. I haven‟t seen him ___________Christmas. a. on b. since c. in d. ___ 16. I suddenly felt ill ____________the examination. 42
  8. a. on b. since c. during d. in 17. They were working in the garden _____3 o‟clock______ seven o‟clock. a. from/to b. for/since c. in/at d. at/on 18. I‟ve been waiting________ an hour. a. in b. __ c. on d. for 19. Ann works hard _______the week, so she likes to relax _________week-ends. a. since/for b. during/at c. on/during d. at/until 20. ____________the age of twelve he wrote his first play. a. in b. __ c. on d. at 5.3. Circle the correct option in the sentences below. 1. Which sentence is NOT correct? 2. Which sentence is NOT correct? A. I‟ll finish the work in the morning. A. I‟m having a party at my birthday. B. We went to Turkey in June. B. I‟ve got a meeting at 10 o‟clock. C. Let‟s go the cinema in the weekend. C. I want to go on holiday at New Year. 3. Which sentence is NOT correct? 4. Which sentence is NOT correct? A. I‟ve got to go to work on Monday. A. Shall we go out tonight? B. We‟re going to the theatre on tomorrow night. B. I saw James yesterday. C. She was born on 6th December. C. I went to university 1996. 5. Which preposition goes in the space? 6. Which preposition goes in the space? We‟re going on holiday _____ spring. I always have a cup of tea ___ the morning. A. at A. Don‟t need a preposition here. B. in B. on C. on C. at 7. Complete the sentence. 8. Complete the sentence. I saw Derek _________ Friday afternoon. We‟re going clubbing ________ tonight. A. in A. Don‟t need a preposition here. B. on B. on C. in the C. at 9. Which sentence is NOT correct? 10. Which sentence is NOT correct? A.We always have a cup of coffee at breaktime. A. I start college in 30th September. B. Can we visit you at Tuesday? B. I left university in 2007. C. We always visit our relatives at Christmas. C. It rains a lot in summer. 5.4. Translate the reading into Vietnamese. 43
  9. UNIT 12: MANAGEMENT OF WORKING CAPITAL 1. Vocabulary Working capital (n) [wə:kiη ˈkæpɪtl] : vốn, vốn lƣu động Insolvency (n) [in'sɔlvənsi] : phá sản Financial metric (n) [fai'næn∫l ˈmɛtrɪk] : đơn vị tài chính Liquidity (n) [li'kwiditi] : tính lƣu động Permanent (adj) ['pə:mənənt] : dài hạn Temporary (adj) [ˈtɛmpərɛri] : ngắn hạn Seasonal fluctuation (n) [´si:zənəl flʌktuəˈeɪʃən] : biến động theo mùa Cyclical fluctuation (n) [´saiklikl flʌktuəˈeɪʃən] : biến động theo chu kỳ Overdraft facility (n) [´ouvədra:ft fəˈsɪlɪti] : thỏa thuận với ngân hàng về khoản vay vƣợt quá giới hạn Inventory (n) [´invəntəri] : hàng tồn kho Work in progress (n) [wə:k in 'prougre] : bán thành phẩm, sản phẩm dở dang (Không đúng từ) Finished goods (n) [ˈfɪnɪʃt gudz] : thành phẩm Debtors (n) [´detə] : ngƣời mắc nợ Excess (adj) [ik'ses] : dƣ thừa Soak up (v) [soʊk Λp] : bòn rút Contingency (n) [cəntigənci] : điều xảy ra bất thƣờng 2. Reading Working capital is a financial metric which represents operating liquidity available to a business, organization or other entity. Working capital management is the management of the short-term investment and financing of a company. It consists of all aspects of both current assets and current liabilities, to minimize the risk of insolvency while maximizing the return on assets. The main objective of working capital management is to get the balance of current assets and current liabilities right. The aim of working capital management is to achieve balance between having sufficient working capital to ensure that the business is liquid but not too much that the level of working capital reduced profitability. 44
  10. Working capital management is essential for the long‐term success of a business. No business can survive if it cannot meet its day‐to‐day obligations. A business must therefore have clear policies for the management of each component of working capital. Working capital management is a key factor in an organization's long-term success. Working capital can initially be broken down into two types: permanent and temporary. Permanent working capital is tied up in keeping the business flowing throughout the year, while temporary working capital is needed from time to time to take account of seasonal, cyclical or unexpected fluctuation in the business. The later type is usually serviced from an overdraft facility. Both types of working capital have three applications: firstly inventories, secondly debtors and finally cash. Inventories can be divided into inventories of raw materials, work in progress and finished goods. These three can soak up an enormous amount of excess working capital if not well managed. It‟s the job of the financial manager to minimize the stocks of raw materials, the level of the work in progress and the quantity of finished goods. On the debtor side, working capital is required to finance the gap between payment due to suppliers and payment owed by customers. Finally, cash is needed for both normal and abnormal requirements. Sound cash management will ensure that adequate cash is always available for meeting the company‟s day to day debts and that is also a small reserve on hand to meet contingencies. 3. Comprehension 3.1. Choose the correct answer. 1. What does working capital 2. What is NOT the main purpose management consists of? of working capital management? A. current assets and liabilities A. to get balance assets B. short term loan and assets B. to get balance liabilities C. interests and liabilities C. to maximize the loan 3. How many types of working 4. Which of the following does capital management are there? working capital has? A. 3 A. inventories, debtors, cash. B. 2 B. overdraft, cash, liquidity C. 4 C. profit, debt, liability 5. Which of the following is NOT 6. Cash is needed for: included in inventories? A. raw materials, finished goods A. normal requirements B. work in progress B. normal, abnormal requirements 45
  11. C. payment owed by customers C. maximize the return on assets 3.2. Answer the questions below. 1. What is the aim of working capital management? ________________________________________________________________ 2. Why is working capital management essential for the long‐term success? ________________________________________________________________ 3. What is the purpose of temporary working capital? ________________________________________________________________ 4. On the debtor side, what is working capital required for? ________________________________________________________________ 5. How many aspects can be inventories divided into? What are they? ________________________________________________________________ 4. Grammatical points: Infinitives The infinitive form of the verb is the original verb. It can be with or without „to‟. 4.1. Infinitive without to: Is used: - After modal verbs: He can type fifty words a minute. - After make (someone) and let (someone): She made him write the report again. 4.2. Infinitive with to: Is used: - to express a reason or purpose: He rang to apologize for the late delivery. - After some commons verbs such as: want, offer, manage, seem, hope, forget, need. I hope to meet him at the next conference. - With the verb patterns with two objects such as: persuade, order, permit, remind, force. He persuaded me to place an order. The company wants to export inexpensive goods in Vietnam to send to America and sell at a high price. - After some verbs, such as; agree, arrange, ask, promise, decide, afford 5. Word study 5.1. Use the correct form of words in brackets. 1. She sent a letter___________ (request) payment. 2. If you want _______ (buy or sell) some stocks, you can go to a Stock Exchange. 3. A business must be profitable ___________ (attract) investors. 4. I would like ___________ (come) to the party with you. 5. We hope ____________ (visit) Amsterdam next month. 6. She waited ___________ (buy) a drink. 7. Finally I managed ____________finish) the work. 46
  12. 8. Unfortunately, we can't afford ____________ (buy) a new car this year. 9. The charge has proven very successful in _____ (turn) away traffic from the city. 10. Remember ________ (post) the letter. Otherwise they won‟t get it by Saturday. 11. Would you like __________________ (drink) a cup of coffee? 12. It is difficult __________________ (understand) him. 13. She wondered who ________________ (ask). 14. Elephants are known ________________ (have) a fantastic memory. 15. I let her ________________ (get) on with her work. 16. I‟d rather ________________ (be) in bed than go to work. 17. She made us ________________ (wait) for hours. 18. She learned ________________ (treat) pupils with respect. 19. Would you rather ________________ (go) to a restaurant or eat at home. 20. I‟m too old ________________ (change) my habits now. 21. She promised __________________ (read) the report as soon as possible. 22. My friend was happy __________________ (see) me at the party. 23. It was very kind of you __________________ (help) me. 24. Don‟t forget _____________ (sign) the document as soon as you are finished. 25. She made me __________________ (feel) like a real man. 26. The boy refused __________________ (do) what his mother said. 27. Don't let them _________________ (cross) that dangerous road on their own. 28. Remember ___________________ (phone) Tom tomorrow - OK I won't forget. 29. How old were you when you learnt ___________________ (drive)? 30. I got up and looked out of the window ___________________ (see) what the weather was like. 5.2. Circle the correct option in the sentences below. 1. In which sentence can you write: to have? 2. In which sentence can you write to go? a. Fiona enjoys ___ a shower after dinner. a. I‟d prefer __ to the theatre than to the cinema. b. I stopped work ___ a cup of coffee. b. ___ to the gym will keep you fit. c. ___ children will change your life. c. I‟m interested in ___ to the flower show. 3.Which verb is NEVER followed by 4. Complete the sentence. an infinitive? We‟re going to Chicago ___ my uncle. a. love b. to visit b.begin b. for visit c.deny c. visit 5. Complete the sentence. 6. Which verb cannot go in the space? I was driving to town when I saw Hannah We _________ to sit in the table by the walking on the pavement, so I stopped____ window. 47
  13. a. for give her a lift. a. prefer b. giving her a lift b. enjoy c. to give her a lift. c. asked UNIT 13: THE FOREIGN EXCHANGE MARKET 1. Vocabulary Foreign exchange market (n) ['fɔrin iks´tʃeindʒ 'mɑ:kit] : thị trƣờng ngoại hối Foreign exchange brokers (n) ['fɔrin iks´tʃeindʒ 'broukə] : ngƣời môi giới ngoại hối Growing (adj) ['grouiɳ] : lớn mạnh Financial market (n) [fai'næn∫l 'mɑ:kit] : thị trƣờng tài chính Foreign currency (n) ['fɔrin 'kɔrənsi] : tiền tệ quốc tế Exposure (n) [ɪkˈspoʊʒər] : sự rủi ro Fluctuating exchange rates (n) [´flʌktʃueitiη] : sự lên xuống, dao động iks´tʃeindʒ reit] của tỉ giá hối đoái Bank drafts (n) [bæηk dra:ft] : hối phiếu ngân hàng Maturity period (n) [mə'tjuəriti 'piəriəd] : hạn đáo hạn Hedging function (n) [´hedʒiη ˈfʌŋkʃən] : chức năng tự bảo hiểm Exchange rate variations (n) [iks´tʃeindʒ reit : sự thay đổi về veəri'ei∫n] tỉ giá hối đoái Transactions (n) [træn'zæk∫n] : giao dịch, trao đổi Spot Market (n) [spɒt 'mɑ:kit] : thị trƣờng trực tiếp, Forward Market (n) [ˈfɔrwərd 'mɑ:kit] : thị trƣờng kỳ hạn Quote (v) [kwout] : yết giá, báo giá, định giá Speculation (n) [spekju'leiʃn] : đầu cơ, tích lũy Adverse (adj) [ædɔvɔrs] : bất lợi 2. Reading Foreign exchange market is the market in which foreign currencies are bought and sold. The buyers and sellers include individuals, hegde funds, firms, commercial companies, foreign exchange brokers, commercial banks and the central banks. Like any other market, foreign exchange market is a system, not a place. The transactions in this market are not confined to only one or few foreign currencies. In fact, there are a large number of foreign currencies which are traded, converted and exchanged in the foreign exchange market. It‟s a means to reduce exposure to the risk to fluctuating exchange rates. 48
  14. It‟s the largest and fastest growing financial market in the world. It‟s the most liquid market in the world, operating 24 hours a day, 5 and ½ days a week. Currently, there is an average of 4.12 trillion dollars exchanged daily on the Forex market. Forex market performs the following three functions. Transfer function: It transfers purchasing power between the countries involved in the transaction. This function is performed through credit instruments like bills of foreign exchange, bank drafts and telephonic transfers. Credit function: It provides credit for foreign trade. Bills of exchange, with maturity period of three months, are generally used for international payments. Credit is required for this period in order to enable the importer to take possession of goods, sell them and obtain money to pay off the bill. Hedging function: When exporters and importers enter into an agreement to sell and buy goods on some future date at the current prices and exchange rate, it is called hedging. The purpose of hedging is to avoid losses that might be caused due to exchange rate variations in the future. Foreign exchange markets are classified on the basis of whether the foreign exchange transactions are spot or forward accordingly, there are two kinds of foreign exchange markets: Spot market refers to the market in which the receipts and payments are made immediately. Generally, a time of two business days is permitted to settle the transaction. Spot market is of daily nature and deals only in spot transactions of foreign exchange (not in future transactions). The rate of exchange, which prevails in the spot market, is termed as spot exchange rate or current rate of exchange. The term „spot transaction‟ is a bit misleading. In fact, spot transaction should mean a transaction, which is carried out „on the spot‟ (i.e., immediately). However, a two day margin is allowed as it takes two days for payments made through cheques to be cleared. Forward market refers to the market in which sale and purchase of foreign currency is settled on a specified future date at a rate agreed upon today. The exchange rate quoted in forward transactions is known as the forward exchange rate. Generally, most of the international transactions are signed on one date and completed on a later date. Forward exchange rate becomes useful for both the parties involved in the transaction. Forward contract is made for two reasons: To minimize the risk of loss due to adverse changes in the exchange rate (through hedging) and to make profit (through speculation). 3. Comprehension: 3.1. True/ false statements: a. The transactions in the Forex market are limited to only one or few foreign currencies. 49
  15. b. The Forex market reduces the risk of fluctuating exchange rates. c. The transfer function is performed through bills of foreign exchange or bank drafts. d. The purpose of hedging is to increase losses caused due to exchange rate variations in the future. e. Spot market means the receipts and payments are made immediately. f. The exchange rate in the spot market is the current rate of exchange. g. Foreign currency in the forward market is quoted on a specified future date at a rate agreed upon two days later. 3.2. Answer the questions below. a. What is the foreign exchange market? b. Who can attend the foreign exchange market? c. What is credit used for in the foreign exchange market? d. What is the purpose of hegding? e. How many kinds of foreign exchange market? What are they? f. How long is the payments allowed? g. Why do people make the forward market? 4. Grammatical points: While, whereas, so that/ in order to - While and Whereas used for showing direct contrast: Mary is rich, while John is poor. John is poor, while Mary is rich. Whereas Mary is rich, John is poor. - So that/ in order to: used to express purpose, to say why we do something. I study hard in order to pass the exam. I study hard so that not to fail the exam. I study hard in order not to fail the exam. So that + can/ could: I study hard so that I can pass the exam. I am saving money so that I can buy a new car. I bought a dictionary so that I could learn more. 5. Word study 5.1. Complete the sentences using whereas or while. 1. Some people are tall, whereas_____________________ 2. Some people prefer to live in the country, while__________________________ 3. While some people know only their native language, _____________________ 4. Some people are extremely rich, _____________________________________ 5. Some people like fat meat, __________________________________________ 5.2. Complete with so that or in order (not) to. 1. The government is raising taxes__________reduce the budget deficit. 50
  16. 2. I bought a dictionary ______________help with my vocabulary. 3. I went to bed early ___________I wouldn't be tired in the morning. 4. I have to get up early. I set the alarm for five o'clock ________oversleep. 5. I waited for an hour _______________I could meet her. 6. Some people do not eat before exercises _______________feel nauseated. 7. The government is creating free training programmes__________ reduce unemployment. 8. My sister gave English lessons ___________earn some pin money. 9. Jenny is a very nice person. She is always prompt __________help her friends. 10. _______ stimulate consumer spending, the government is lowering the interect rate. 5.3. Write out complete sentences from the words in brackets, making any necessary changes and including so that. 1. Mark/go/swimming every day/he can stay healthy. __________________________________________________________ 2. Last week, my brother/lend/me £20/I could buy some new shoes. __________________________________________________________ 3. Last month, the Government/pass/new traffic laws/fewer people will have accidents. __________________________________________________________ 4. Our school has/open/a new library/we can have more books. __________________________________________________________ 5. Ann always/write/everything in her diary/she doesn‟t forget her appointments. __________________________________________________________ 5.4. Combine the ideas using so that. 1. Please be quiet. I want to be able to hear what Peter is saying. __________________________________________________________________ 2. I asked the children to be quiet. I wanted to be able to hear the president‟s speech. __________________________________________________________________ 3. I‟m going to cash a check. I want to make sure that I will have enough money to go to the market. __________________________________________________________________ 4. Ann and Larry have a six – year – old child. Tonight, they‟re going to hire a baby sister. They want to be able to go out with some friends. __________________________________________________________________ 5. I unplugged the phone. I didn‟t want to be interrupted while I was working. __________________________________________________________________ 6. I wrote the number down. I didn‟t want to forget it. __________________________________________________________________ 7. He spoke slowly. He wanted that they could write everything down. __________________________________________________________________ 8. They made the test very easy. They want that everyone would pass. __________________________________________________________________ 9. I am saving money. I want to buy a new car. __________________________________________________________________ 51
  17. 10. Make sure your bags are tagged. I want you to identify them later. __________________________________________________________________ UNIT 14: THE STOCK EXCHANGE 1. Vocabulary Stock exchange (n) [stɔk iks´tʃeindʒ] : thị trƣờng chứng khoán Assist (v) [ə'sist ] : hỗ trợ Regulate (v) ['regjuleit] : kiểm soát Stabilize (v) ['steibilalz] : ổn định Equalize (v) [i:kwə laiz] : cân bằng Smoothen (v) [smu:ðən] : Deal in securities ( [di:l in si'kjuərəti] : mua bán chứng khoán Raise funds ( [reiz funds] : huy động quỹ Constituent (n) [kən´stitjuənt] : thành phần Capital market (n) [kæpɪtl 'mɑ:kit] : thị trƣờng vốn Marketability (n) [ma:kitə´biliti] : khả năng tiếp thị Price movement (n) [prais 'mu:vmənt] : biến động giá Forecasting service (n) ['fɔ:kɑ:stiη sə:vis] : dịch vụ dự trắc Holdings (n) ['houldiη]] : số cổ phiếu đang nắm giữ Capital formation (n) [kæpɪtl fɔ:'mei∫n] : sự tạo nguồn vốn 2. Reading The securities regulation act of 1956 defined stock exchange as “an association, organization, or an individual which is established for the purpose of assisting, regulating and controlling business in buying, selling and dealing in securities”. The stock exchange was established by East India company in 18th century. In India it was established in 1850 with 22 stock brokers opposite to town hall Bombay. This stock exchange is known as oldest one of Asia. Stock exchange has some following features: It‟s an organized and security market and an important constituent of capital market i.e, market for long term finance. It‟s a voluntary association of persons desirous of dealing in securities. Its membership is not open to everybody. In a stock exchange, only the member can deal in i.e, buy and sell securities. The members of a stock exchange can buy and sell 52
  18. securities either as brokers or on behalf of their clients. The dealing in a stock exchange are under certain accepted code of conduct i.e, rules and regulations. Stock exchange was established in order to provide central and convenient meeting places for sellers and buyers of securities; increase the marketability and liquidity of securities; stabilize and equalize the prices of securities; smoothen price movement; help the investors to know the worth of their holdings; promote the habit of saving and investment as well as help capital formation and help companies and government to raise funds from the investors; and finally, stock exchange provide forecasting service. Some largest stock exchanges in the world are London stock exchange, New York, Australia, Tokyo, and Hong Kong stock exchange. Some economists said that stock exchange is an easy way to earn money but it‟s also an easy way to lose money. How do the stock exchanges get money? They get money by listing fees paid by the corporation to have their company traded. 3. Comprehension: 3.1. Choose the best answer. 1. Which of the following is NOT included 2. Where was the stock in the definition of stock exchange? exchange established? A. assist business A. Bombay B. deal in securities B. India C. buy and sell securities C. Asia D. lose money D. London 3.Who can deal in securities in the 4. What is the function of stock exchange? stock exchange? A. everybody A. raise funds for company B. accountants B. capital market C. only the members C. lose funds D. every client D. provide fees 3.2. Answer the questions below. 1. When did the East Indian establish the stock exchange? __________________________________________________________________ 2. Where is Bombay stock exchange in? __________________________________________________________________ 3. What did the economist say? __________________________________________________________________ 4. How do the stock exchanges get money? __________________________________________________________________ 5. What do the stock exchanges help the investors? __________________________________________________________________ 53
  19. 4. Grammatical points. 4.1. So that: We use so that to say that one person does something and as a result someone else can do or doesn‟t have to do something else So that + simple present/ simple future/would. I study hard so that I won‟t fail the exam. Yesterday, I took my umbrella so that I wouldn‟t get wet. He buys his wife a car so that she doesn‟t have to take the bus so often. I buy a dictionary so that I can learn more. I‟m going shopping this evening so that I don‟t / won‟t have to go tomorrow. I always carry an umbrella so that I don‟t get wet. 4.2. Linkers: so, because, but, and Linkers are words or phrases that we use to link/ connect or join ideas. So used to show results. It was raining so I stayed at home. (It was raining' is the reason;'I stayed at home' is a result) Because used to show cause and effect. I stayed at home because it was raining. But used to show contrast ideas. I like coffee but I don't like tea. I cannot swim but I can ski. And used to show adding information/ ideas. I like tea and coffee. 5. Word study 5.1. Complete with so that, to or for. 1. I'm going to Australia ________________learn English. 2. Make sure your bags are tagged ___________you can identify them later. 3. Let's take the underground ______ reach the meeting before 8:30. 4. David should save some money for the summer ______ he can go on a holiday 5. I'm going to the concert on Saturday ______ listen to my favourite singer. 6. I want to buy a microwave ______ I can heat food in a very short time. 7. Lucy bought some flour and eggs ______ make a cake for the guests. 8. I think I will take a shower ______ I can have a good night sleep. 9. We organize a campaign ______students can learn how to protect the environment. 10. Ben brought his music player to the party ______ the guests could listen to songs and dance. 11. You must bring warm clothes _____________tomorrow. 12. Recycling is good _________ environment. 13. I went to London ________see Peter. 14. I‟m doing my homework on the bus_______________ my teacher doesn‟t complain me. 15. Let‟s stop_____________ a coffee. 5.2. Combine the ideas using so that. 54
  20. 1. I took a taxi. I wanted to arrive on time. _________________________________________________________________ 2. I listen to the news in the morning. I want to know what‟s happening in the world. __________________________________________________________________ 3. Tom goes jogging every day. He thinks he‟ll stay fit. __________________________________________________________________ 4. I took a taxi. I didn‟t want my friends have to wait for me. __________________________________________________________________ 5. Last Friday, we left home early. We wanted to avoid the morning traffic. __________________________________________________________________ 5.3. Circle the correct linker. 1. In summer we wear light clothes___________the weather is hot. a. and b. but c. so d. because 2. I have a tooth ache _________I must see a dentist as early as I can. a. and b. but c. so d. because 3. My son is calm __________easy-going___________my daughter is very moody _____________they never agree together. a. and/but/so b. but/and/so c. so/because/so d. because/and/but 4. I am English _____________I live in the USA. a. and b. but c. so d. because 5. Parents _____________children should have good relationships. a. and b. but c. so d. because 6. I want a new TV ___ the one I have now is broken. a. and b. but c. so d. because 7. I had to work on Saturday ___ I couldn't go to John's party. a. and b. but c. so d. because 8. We'll have to go shopping ___ we have nothing for dinner. a. and b. but c. so d. because 9. The history test was difficult ___ the English one was easy. a. and b. but c. so d. because 10. We didn't go to the beach yesterday ___ it was raining. a. and b. but c. so d. because 5.4. Complete the sentences with the correct linker. 1. Sales were 75% below forecast_________ they stopped production. 2. The product was fine__________ the price was not correct. 3. He hasn‟t sent his sales report yet__________ he has been very busy lately. 4. She is away all week____________she can‟t attend the meeting. 5. The price went down____________ sales didn‟t increase. 55



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