Unit 6 - Unit 10

Tài liệu ôn tập TA TCNH Bùi Tùng Dương – K52 TCNH - FTU
Unit 6 – Mergers and Acquisitions (Mua bán và sát nhập)

I. Vocabulary
1. Mergers and Acquisitions: mua bán và sát nhập
2. friendly acquisition or equals merger(N): mua bán với thái độ thân thiện, hòa nhã
>< hostile acquisition(N): mua bán với thái độ thù địch, mục đích chính là thâu tóm
3. target company: công ty mục tiêu
4. shell company: công ty vỏ bọc, công ty trên danh nghĩa, mục đích là để tránh thuế
= international business company
= personal investment company
= front company
= “mailbox” company
5. reverse takeover: thâu tóm ngược
Reverse merger: sát nhập ngược
6. merger of equal: sát nhập bình đẳng
7. takeover bid: giá mua lại
8. vertical integration: hội nhập dọc
Horizontal integration: hội nhập ngang
Diversification: đa dạng hóa DMĐT
9. LBOs – leveraged buy outs: thâu tóm bằng vốn vay
MBOs – management buyouts: thâu tóm nhằm chiếm quyền sở hữu
10. raid(n): việc mua lại cổ phiếu của 1 cty trên thị trường càng nhiều càng tốt
11. asset-stripping(n): mua lại 1 cty và sau đó bán toàn bộ tài sản của công ty đó đi để thu
LN
*Collocation:
1. make/reject/accept/improve/retract an offer/a bid
2. buy up some shares/smaller companies: mua lại 1 số cổ phiếu/công ty nhỏ
3. subscribe to/follow/ignore a code of practice: đăng ký/tuân thủ/ phớt lờ nội quy tron cty
4. an unregulated activity/industry: hoạt động/ngành công nghiệp được nới lỏng về pháp luật
5. do/close a deal: thực hiện, kết thúc 1 thỏa thuận
6. gain a controlling interest: nắm quyền kiểm soát của 1 cty
7. consolidate our position in the market: củng cố vị thế trên thị trường
8. sell off an unwanted subsidiary: bán đi công ty con không hiệu quả
II. Answer the questions

Task 1: Differentiate these terms takeover, merger, acquisition
1. Takeover: an act of buying a controlling interest in business by buying more than
50% of its shares. When one company takes over another and clearly establishes itself
as the new owner
2. Merger: the joining together of 2 or more companies. A merger happens when two
firms agree to go forward as a single new company rather than remain separately
owned and operated
3. Acquisition: acquiring control of a business in corporation
Task 2: Differentiate a raid and a takeover bid

A raid A takeover bid
Buying as many of a company’s stock as A public offer to a company’s stockholders to
possible on the stock market buy the stocks at certain price
Task 3: What are horizontal, vertical and diversification. Give example

4. Horizontal integration: 2 companies have the same products combined
Ex: Adidas agreed to buy rival Reebok
5. Vertical integration: A company either acquires or merges with another company in
an immediately-related stage of production and distribution.
Ex:
6. Diversification: A company acquires another company in an entirely different sphere
Ex:
III. Vocabulary tasks
B. Vocabulary
1–F
2–H
3–A
4–D
5–C
6–B
7–G
8–E
C. Reading
Task 1
1–F
2–T
3–F
4–F
5–F
6–T
Task 2
1. conglomerate
2. bid
3. core competence
4. vertical integration
5. conglomerate
6. shareholder value
D. Reading comprehension exercise
Task 1
1–D
2–E
3–B
4–A
5–C
Task 2
1. diversify – đa dạng hóa
2. market share – thị phần
3. economies of scale – lợi thế kinh tế theo quy mô
4. fee – tiền phí

5. customers – khách hàng
6. optimum – tối ưu
7. synergy – đồng bộ hóa
8. corporate raider – người có ý định mua bán công ty để kiếm lời
9. conglomerate – tổ chức tài chính
10. asset-stripping – mua lại 1 công ty sau đó thanh lý tài sản của công ty đó để kiếm lời
E. Follow-up exercises
Task 1
1. taken over
2. bid
3. rejected
4. merged
5. parent
6. acquired
7. subsidiaries
Task 2
1. shareholder
2. target company
3. merger
4. hostile takover – mua lại với thái độ thù địch
5. poison pill – điều khoản thuốc độc
6. white kinght – người cứu giúp 1 công ty khỏi nguy cơ bị mua lại
7. unconditional bid – giá mua vô điều kiện
8. conditional bid
9. controlling inrterest – quyền kiểm soát
Task 3
1–C
2–C
3–B
4–A
5–A
6–A
7–C
8 – B (cross border deal: thỏa thuận xuyên biên giới)
Unit 7 – Central bank (Ngân hàng trung ương)

I. Vocabulary
1. Central bank: ngân hàng trung ương
= reverse bank
= monetary bank
2. money supply: lượng cung tiền
3. commercial banking system: hệ thống ngân hàng thương mại
4. European Central Bank(ECB): Ngân hàng trung ương châu Âu
5. Federal Reserve of the United States: Quỹ dự trữ liên bang Hoa Kỳ
6. interest rate: lãi suất cho vay
7. price fixing = price stability: bình ổn giá
8. lender of last resort: người cho vay cuối cùng
9. bailouts(n): các gói cứu trợ
10. gold reserve: dữ trữ vàng
11. inflation: lạm phát
12. currency in circulation: tiền trong lưu thông
13. Base/prime interest rate: lãi suất cho vay cơ bản
14. Open market operations(OMO): nghiệp vụ thị trường mở
15. discount rate: lãi suất chiết khấu
16. discount window: cửa sổ tái chiết khấu
17. reserve requirement: dự trữ bắt buộc
18. rampant inflation: lạm phát không kiểm soát được
19. legal tender: đồng tiền pháp định
= fiat currency
II. Answer the questions.

Task 1: What are the main functions of Central bank
There are 7 main functions of Central bank
1. implementing the monetary policy
2. determining interest rate
3. controlling the nation’s money supply
4. the Government’s banker and the lender of last resort
5. managing the country’s foreign exchange and gold reserves
6. regulating and supervising the banking industry
7. setting the official interest rate to manage inflation and country’s exchange rate
Task 2: Give some information about the Bank of England

1. Two core purpose:
- Ensuring monetary stability
- Maintaining the stability of the financial system.
2. Task to ensure monetary stability
- Try to meet the government’s inflation target by raising or lowering the official interest
rate when necessary
- Use the UK’s foreign currency and gold reserves to try to influence the exchange rate if
needed
3. Task to maintain the stability of the financial system
- Detect and reduce any threats to the financial stability, and make sure the overall system is
safe and secure
- Supervise the clearing system: the settlement of claims between banks
- Act as ‘lender of last resort’ to financial institutions in difficulty
Task 3: How many main monetary policy instruments does the FED use to control the
money supply? Give brief background about these instruments
There are 3 main monetary policy used by FED to control the money supply
7. Open market operations (OMO) is the buying and selling government securities. The
Fed buys securities when it wants to increase the flow of money and credit, and sells
securities when it wants to reduce the flow
8. The discount rate: The "discount rate" is the interest rate that a regional Reserve Bank
charges banks and financial institutions when they borrow funds on a short-term basis
9. Reserve requirement: This refers to the proportion of deposits a bank must hold in its
reserves as it lends the rest out.
Task 4: Give some information of European System Central Bank (ESCB)

1. Composed of: The European Central Bank and the EU National Central Bank
2. ESCB’s primary objective is to maintain the price stability
3. ESCB’s basic task:
- define and implement the monetary policy of the EU
- conduct foreign exchange operations
- hold and manage the official foreign reserves of the Member States
- promote the smooth operation of payment systems
B.Vocabulary
1–C
2–G
3–H
4–A
5–D
6 – E (sound: ổn định, an toàn)
7–I
8–B
9 – F (renumerate : thanh toán)
C.Reading
Task 1: The Bank of England
1. core: mũi nhọn, chính, chủ chốt
The bank of England has two core purposes
2. inflation: lạm phát

… Having stable prices – low inflation…
3. target: mục tiêu
The Government sets an inflation target
4. remumerated: thanh toán
These are remunerated at the bank’s official interest rate
5. sterling: đồng bảng Anh
If Bristish banks need to borrow short-term funds the do this in the sterling money market.
6. policy: chính sách
The bank can influence the amount of money and the interest rates in these markets – this is
how it implements its monetary policy
7. threats: mối đe dọa, hiểm nguy
The bank has to detect and reduce any threats to financial stability
8. sound(adj): hợp lý, thích hợp
A sound and stable financial system is important, and it is also neccessary for carrying out
monetary policy efficiently
9. oversight(n): giám sát, quản lý
The Bank’s role also includes oversight or payment sytems for transactions between
individual, businesses and financial instituitions.
Reading 1
1–T
2–T
3–F
4–T
5–T
6–F
7–T
8–F
9–T
Reading 2
1. Page 113 đoạn 2 – The FED is an independent … US Congress

2. Page 113 đoạn 2 – 12 regional Federal …
3. Page 113 đoạn 3 – member banks, which must … Federal Reserve Bank
4. 3 monetary policy
- open market operations (OMO): nghiệp vụ thị trường mở  the most important
- discount rate: lãi suất chiết khấu
- reserve requirement : dự trữ bắt buộc
5. Page 114 câu cuối cùng
6. Page 115 đoạn 2 câu đầu tiên
7. Page 115 đoạn 3 câu cuối đoạn
8. Page 115 đoạn cuối câu thứ 2
9. Page 116 đoạn 2 – which are the proportion …
10. Page 116 đoạn 3 câu cuối đoạn
11. Page 116 đoạn 4 – Printing money … Zimbabwe today
12. Page 116 đoạn 4 – said that the Fed’s lending … with the Fed
Reading 3
Task 1
2. six-member executive board
3. a) ECB President
b) Vice President
c) members
4. a) payment systems
b) banking supervision
c) international relation
d) organization
e) statistics
f) banknotes
g) information systems
5. a) 6-member executive board
b) president of ECB
c) presidents of NCBs
6. maintain price stability

7. setting interest rate
8. ECB
Task 2
1–T
2–F
3–T
4–T
5–F
E. Follow-up exercise
Consist of Contribute to Give rise to
Be composed of Ensure Compared to
Be run by Take over from Shift transition
Relatively small Be in charge of
Undertake
Task 2
1–D
2–C
3–A
4–E
5–B
Task 3
1–D
2–G
3–A
4–C
5–B
6–E
7–F
Unit 9. Interest rates (lãi suất cho vay)

I. Vocabulary
1. Real interest rate: lãi suất thực tế
>< Nominal interest rate: lãi suất danh nghĩa
2. purchasing power: sức mua
3. mortgae: sự thế chấp/cầm cố
4. buoyant(n): sự nổi lên, có xu thế lên giá
5. ward off: tránh, đỡ
6. yield to maturity: lợi suất đáo hạn
7. face value = par value = book value: mệnh giá, giá trị danh nghĩa, giá trị sổ sách

Task 1: Define interest rate? How many types of interest rate? Differentiate these rates and
give examples?
10. Interest rate: is the cost of borrowing money. It is normally expressed as a percentage
rate over the period of one year. Interest rate is also the compensation for the service
and risk of lending money. Without interest, people would not be willing to lend or
even save their cash, both of which require a deferment of the opportunity to give up
spending in the present.
11. There are 2 types of interest rate: real interest rate and nominal interest rate
 Real interest rate: measures the purchasing power of interest receipts which is
calculated by adjusting the nominal rate charged to take inflation into account.
Ex: Nominal interest rate is 10%. Inflation in the economy has been 10% in the year.
Then the $110 in the account at year end buys the same amount as the $100 did a year
ago. The real interest rate in this case is 0
 Nominal interest rate: the amount of interest payable.
Ex: A household deposits $100 with a bank for 1 year. They receive interest of $10.
At the end of the year, their balance is $110. In this case, the nominal interest rate is
10% per annum.
Task 2: How are interest rates are determined?

Interest rates are determined by 3 ways:
12. Supply and demand: Interest rate levels are a factor of supply and demand of credit.
An increase in demand for credit will raise interest rates while a decrease in demand
for credit will decrease them. Conversely, an increase in supply of credit will reduce
IRs. while a decrease in supply of credit will increase them.
13. Inflation: Inflation will also affect IR levels. The higher the rate of inflation, the more
IRs is likely to rise. Lenders will demand higher IRs as compensation for the decrease
in the purchasing power of the money they will be repaid in the future
14. Government: when the government buys more securities, banks are injected with
more money than they can use for lending and the IRs then decrease. When it sells
securities, money from banks is drained for the transaction, rendering less funds at the
banks’ disposal for lending, forcing a rise in IRs.
Task 3: Differentiate between coupon rate and yield to maturity(YTM)
15. Coupon rate: Coupon rate is the yield paid by a fixed income security. The coupon
rate is the yield the bond paid on its issue date. This yield, however, will change as
the value of the bond changes, thus giving the bond's yield to maturity
16. YTM: Yield to maturity is the rate of return anticipated on a bond if held until the end
of its lifetime. The YTM calculation takes into account the bond’s current market
price, par value, coupon interest rate and time to maturity. It is also assumed that all
coupon payments are reinvested at the same rate as the bond’s current yield. YTM is
a complex but accurate calculation of a bond’s return that helps investors compare
bonds with different maturities and coupons
III. Vocabulry tasks.
B.Vocabulary
Task 1:
1. Mortgage – các khoản thế chấp khi mua nhà – a loan to buy a house or a property
2. Default – vỡ nợ, không thể trả được nợ - not pay back a loan.
3. funds – quỹ, tiền – money
4. variable – biến thiên, không cố định – changes overt time
5. fixed – cố định – stays the same over time
6. co-sign – bảo trợ tài chính – gurantee a loan for somebody else
7. cash advance – tiền mặt – money that you borrow from a credit card
8. credit rating – xếp hạng tín dụng – a check to see how well you can pay back a loan
9. credit evaluation – đánh giá tín dụng – an opinion on how well you can pay back a loan
10. credit limit – hạn mức tín dụng – the maximum you can borrow
11. annual – hàng năm – yearly
12. savings – các khoản tiết kiệm – a bank account you use to save money
13. chequing – tài khoản séc – a bank account you use for day to day expenditures
14. afford – thanh toán – be able to pay for goods or pay back a loan
15. interest – lãi suất – the cost of borrowing money
16. net income – thu nhập ròng – your income after you pay imcome taxes and expenses
17. gross income – lợi nhuận gộp – your income before you pay taxes
18. prime interest rate – LS cơ bản – the basic interest rate that banks use
1-G 2–K 3-A 4-J 5-B 6-C 7–D 8–E 9–M

10 – F 11 - Q 12 – H 13 – P 14 – I 15 – L 16 – N 17 – R 18 - O

Reading 1.
Task 1.
1–B 2–A 3–B 4–A 5–B 6–A
Task 2.
7. strong growth
8. above target
9. premature
10. ward off
11. unfolding
Task 3.
12. B
13. B
14. C
15. A
16. C
17. B
Reading 2.
Matching task
1. A discound bond: trái phiếu chiết khấu – is bought at a price below ít face value, and the
face value is repaid at the maturity date.
2. A coupon bond – trái phiếu trả lãi – pays the owner of the bond a fixed interest rate
payment(coupon payment) every year until the maturity date, when a specified final
amount(face value or par value) is paid.
3. The yield to maturity – lợi suất đáo hạn – is what economists mean when they use the
term interest rate.
4. Discound bonds – make payment only at the maturity date
5. Coupon bonds – have payments periodically until maturity
1–C 2-E 3–A 4–B 5–D
E. Follow-up exercises.
Task 1.
1. purchase
2. funds
3. cash advance
4. default
5. afford
6. interest
7. payback
8. debt
9. limit
Task 2.
1. savings
2. mortgage
3. credit evaluation
4. afford
5. credit risk
6. co-sign
Task 3: Các loại thế chấp

1. repayment mortgage – thế chấp trả góp – you pay the capital sum and the interest
2. interest-only mortgage – thế chấp chỉ trả lãi – you pay the interest in installments and you
pay the capital sum by another method
3. endowment mortgage – thế chấp có trợ cấp – an interest only mortgage with the capital
reapaid by an endowment
4. offset mortgage – thế chấp giảm trừ - your current an mortgage accounts are combined to
reduce the interest
5. fixed rate mortgage – thế chấp trả lãi cố định – the mortgage interest rate stays the same
6. base-rate tracker mortgage – thế chấp có lãi suất dựa vào LS cơ bản của NH trung ương –
the mortgage interest rate is linked to the interest rate of the country’s central bank
7. variable rate mortgage – thế chấp có lãi suất biến đổi – the mortgage lender can change
the interest rate as they wish
8. capped mortgage – thế chấp có lãi suất bị khống chế - the mortgage interest rate can only
rise as far as certain level.
1–C 2–D 3–F 4–G 5-B 6–A 7–H 8–E
Unit 10 – Cost Accounting (kế toán chi phí – kế toán quản trị)
Chương này chủ yếu tập trung vào lý thuyết
I. Vocabulary
1. expenditure: ngân sách, vốn
2. Direct cost: chi phí trực tiếp
>< Indirect cost = overhead: chi phí gián tiếp
3. Product cost: chi phí sản xuất ra sản phẩm
4. Period cost: chi phí thời kỳ
5. Fixed cost: chi phí cố định
>< Variable cost: chi phí biến đổi
Mixed cost: chi phí hỗn hợp
6. Controllable cost: chi phí có thể quản lý được
>< Uncontrollable cost: chi phí không quản lý được
7. Incremental cost: chi phí chênh lệch
8. Opportunity cost: chi phí cơ hội
9. Imputed cost: chi phí ẩn
10. National Accounting System: hệ thống kế toán quốc gia
11. Gross National Product(GNP): tổng sản phẩm quốc dân
12. Gross Domestic Product(GDP): tổng sản phẩm quốc nội
13. Per capita GDP: bình quân GDP trên 1 đầu người
14. Per capita GNP: bình quân GNP trên 1 đầu người
15. Net National Product (NNP): sản phấm quốc dân ròng
16. Financial accounting system: hệ thống kế toán tài chính
17. Managerial or Cost Accounting: kế toán quản trị

Task 1: Distinguish the difference between cost and expense?
17. Cost: are expenditures (decreases in assets or increases in liabilities) made to obtain
economic benefit, usually resources that can produce revenues. It can also be defined
as sacrifices made to acquire a good or service. In this sense, a cost represents an
asset.
18. Expense: is a cost that has been used by the company in the process of obtaining
revenue.
Task 2: Differentiate these terms
a) Direct cost and Indirect cost
Direct cost Indirect Cost
Outlays that can be identified with a specific Outlays that cannot be identified with a
product, department or activity. specific product, department or activity.
Ex:Cost of material and labour that are Ex : Taxes, insurance, telephone expense etc.
identifiable with a particular physical
product.
b) Product cost and period cost

Product cost Period Cost
Outlays that can be associated with Expenditures that are not directly associated
production. with production, but are associated with the
Ex: Direct costs of materials and labour used passage of a time period.
in the production of an item. Ex: President’s salary, advertising expense,
interest, rent expenses etc
c) Fixed cost, variable cost and mixed cost

Fixed cost Variable cost Mixed cost
Costs that remain constant in Costs that fluctuate in total Costs that fluctuate with
total (not per unit) regardless (not per unit) as volume of production or sale, but not
of the volume of production production or sales fluctuates. directly in proportion to
or sales over a relevant range Ex. Direct labour and direct production or sales. It
of production or sales material costs used in contains fixed cost and
production and sales variable cost.
commissions. Ex:Costs of supervision and
inspection.
d) Controllable cost and Uncontrollable cost

Controllable cost Uncontrollable cost
Costs identified as a responsibility of an costs that cannot be regulated by an
individual or department and be regulated individual or department within a given
within a given period. Ex., offices supplies period.
are controllable costs for an office manager. Ex: rent expense is an uncontrollable cost for
factory manager
e) Out-of-pocket cost (chi phí phải trả, chi phí ngoài ngân sách) and Sunk cost (chi phí chìm)
Out-of-pocket cost Sunk cost
Costs that require use of current economic Outlays or commitments that have already
resources. been incurred.
Ex: taxes and insurance are out-of-pocket Ex: cost of equipment already purchased is a
costs sunk cost
f) Incremental cost, opportunity cost, imputed cost

Incremental cost Opportunity cost Imputed cost
The difference in total costs The maximum alternative Costs associated with an
between alternatives benefit that could be obtained economic event when no
if economic resources were exchange transaction has
applied to an alternative use occurred
g) Relevant cost: chi phí có liên quan làm ảnh hưởng đến việc đánh đổi
Definition: an expected future cost and a cost that represents the difference in costs among
alternatives. It is a managerial accounting term that is used to describe costs that are specific
to management's decisions.
Ex: when management uses relevant costs can be seen when it is determining whether to sell
or keep a business unit, make or buy an item etc.
Task 3: What is accounting ? Name some types of accounting system ?

1. Accounting is the collection and aggregation of information for decision makers,
including managers, investors, regulators, lenders and the public.
2. Three main types of accounting sytem:
a) National Accounting Systems:
- GDP is the total production of a country
- GNP is the total income of a country including GDP plus payments, profits, interest etc.
flowing in from abroad, minus profits, interest, payments etc. flowing out to other countries.
- Per capita GNP/GNP: GNP/GDP divided by the population
- NNP: GNP minus an allowance for depreciation of capital
- Net income: GNP minus any indirect taxes paid by producers to the government
b) Financial Accounting systems: Financial accounts are used to keep track of business
incomes and outflows. Most common type are the external statements.
- The overall objectives of a firm’s financial accounting statements:

 provide information for making investment and credit decisions
 allow investors and creditors to assess the cash flows
 provide information about the economic resources of a firm
 provide information about a firm’s operating performance during a period
 provide information on how a firm obtains and uses money and other financial
resources
 provide information on how management has discharged its stewardship
responsibility to owners and the public.
c) Management or Cost Accounting Systems and Capital Budgeting
- Management/Cost accounting systems are part of an enterprise’s information system
- Capital budgeting: a form of predictive cost accounting over a set time frame which is used
to analyze costs of alternative projects or expenditures over the specified time period
Task 4: What are the main objective of cost accounting and basic cost accounting activities?
- Main objectives of cost accounting:
 Provide managers with information for decision making and planning
 Assist managers in directing and controlling operations
 Motivate managers towards goals of organization
 Measure performance of managers and sub-units within organization
- 4 basic cost accounting activities:
 Cost determination: determines the actual cost of a product or an activity
 Cost recording: costs are recorded in journals and ledgers
 Cost analyzing: accountants and managers analyzing the data to help solve problems
and make plans
 Cost reporting: showing costs in details (how costs measured, their characteristics,
their meanings and their interpretation
B. Vocabulary
1. Management
2. internal
3. fixed
4. Capital
5. drivers
6. profitability
7. implemented
8. motivates
9. performance
10. Variable
D. Reading comprehension exercise.
Task 1.
1- C 2–A 3-C 4-D 5-B 6–C 7–C 8–A
Unit 8 – Exchange rates (Tỷ giá hối đoái)

Bài này đa phần hỏi về lý thuyết
I. Vocabulary
1. Exchange rate: tỷ giá hối đoái
= foreign exchange rate = FOREX rate
2. spot exchange rate: tỷ giá giao ngay
>< forward exchange rate: tỷ giá kỳ hạn
3. free(v): tự do, thả nối
>< peg = fix: cố định
4. market force: tác động của thị trường
5. purchasing power parity: ngang giá sức mua’
6. Bilateral exchange rate: tỷ giá song phương
7. Effective exchange rate: tỷ giá hiệu quả
8. Gold covertibility: sự chuyển đổi thành vàng
9. freely/clean floating exchange rate: tỷ giá hối đoái thả nổi tự do
>< managed/dirty floating exchange rate: tỷ giá hối đoái thả nổi có điều chỉnh
10. exchange control: kiểm soát ngoại hối
11. single currency: đồng tiền chung
12. Gold standard: bản vị vàng
13. Gold rush: cơn sốt tìm vàng
14. circluating paper: tiền giấy trong lưu thông

Task 1: What is exchange rate ? Give example
Differentiate the spot exchange rate and forward exchange rate?
- Exchange rate is the rate at which one currency may be converted into another. The
exchange rates between two currencies specifies how much one currency is worth in
terms of the other. It is the value of a foreign nation’s currency in terms of the home
nation’s currency.
Ex: For example an exchange rate of 102 Japanese yen (JPY, ¥) to the United States
dollar (USD, $) means that JPY 102 is worth the same as USD 1
- Spot exchange rate: refers to the current exchange rate

Forward exchange rate refers to an exchange rate that is quoted and traded today but
for delivery and payment on a specific future date
Task 2: Define “gold standard”
The gold standard is a monetary system in which a region's common media of exchange are
paper notes that are normally freely convertible into pre-set, fixed quantities of gold. The
gold standard is not currently used by any government, having been replaced completely by
fiat currency
Task 3: The difference between fixed exchange rate and floating exchange rate
Fixed exchange rate Floating exchange rate
A fixed exchange rate, sometimes called A system in which currencies have no
pegged exchange rate, is a type of exchange specific par value; value is normally
rate wherein a currency's value is matched to determined by supply and demand. Central
the value of another single currency or to a banks are not required to intervene, but they
basket of other currencies, or to another often do so to avoid wild fluctuations
measure of value, such as gold
III. Vocabulary exercises

B. Vocabulary
Task 1.
1-B 2–D 3- A 4–C 5–F 6–E
Task 2.
1. adjust
2. convert
3. abolish
4. suspend
5. fluctuate
6. diverge
E. Follow-up exercise
Task 1.
1. peg
2. revaluation
3. standard
4. floating
5. speculators
6. central
7.
8. gold and US dollars
9. freely/clean floating
10. open
Task 2.
1. 1973
2. 1992
3. 1944
4. 2002
5. 1971
Task 3.
Prevailing, funds, working days, identification, sterling, tradable
Task 5.
1–A 2–C 3–C 4–B 5–A
6–B 7–A 8–A 9–A 10 – B

Unit 6 - Unit 10

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Tài liệu ôn tập TA TCNH Bùi Tùng Dương – K52 TCNH - FTU

Unit 6 – Mergers and Acquisitions (Mua bán và sát nhập)

II. Answer the questions

Task 2: Differentiate a raid and a takeover bid

Task 3: What are horizontal, vertical and diversification. Give example

4. fee – tiền phí

Unit 7 – Central bank (Ngân hàng trung ương)

II. Answer the questions.

Task 2: Give some information about the Bank of England

Task 4: Give some information of European System Central Bank (ESCB)

2. inflation: lạm phát

1. Page 113 đoạn 2 – The FED is an independent … US Congress

6. maintain price stability

Be composed of Ensure Compared to

Be run by Take over from Shift transition

Relatively small Be in charge of

Unit 9. Interest rates (lãi suất cho vay)

II. Answer the questions

Task 2: How are interest rates are determined?

1-G 2–K 3-A 4-J 5-B 6-C 7–D 8–E 9–M

D. Reading comprehension exercise

Task 3: Các loại thế chấp

II. Answer the questions

b) Product cost and period cost

c) Fixed cost, variable cost and mixed cost

d) Controllable cost and Uncontrollable cost

f) Incremental cost, opportunity cost, imputed cost

Task 3: What is accounting ? Name some types of accounting system ?

- The overall objectives of a firm’s financial accounting statements:

Unit 8 – Exchange rates (Tỷ giá hối đoái)

II. Answer the questions

- Spot exchange rate: refers to the current exchange rate

III. Vocabulary exercises

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