CHAPTER 3: STOCKS AND SHARES (UNIT 17)
1. to own => ownership (n): sở hữu
2. IPO = initial public offering = flotation (n):
phát hành cổ phiếu lần đầu
3. entrepreneur (n): doanh nhân
4. to underwrite: bảo lãnh
5. supply and demand (n): cung cầu
6. stock index (n): chỉ số chứng khoán
7. bull market (n): thị trường giá lên
8. bear market(n): thị trường giá xuống
9. common stock (AmE) = ordinary share
(BrE): cổ phiếu thường, cổ phiếu phổ thông
10. list = register: niêm yết = go public: ra đại
chúng, lên sàn
11. to outperform: hoạt động tốt hơn, làm giỏi
hơn
12. preferred stock (n): cổ phiếu ưu đãi
13. to rocket: tăng vọt
14. to crash: đổ vỡ, phá hủy
1
15. looming (adj): sắp xảy đến
16. to advance: ứng trước
17. derivative (n): công cụ phái sinh, chứng
khoán phái sinh
18. option (n): hợp đồng chứng khoán phái sinh
19. to boom (v): bùng nổ, (n); thời thịnh vượng
20. to multiply: nhân lên
21. to prioritize: ưu tiên
22. typical (adj): điển hình
23. to adjust: diều chỉnh
24. volatile (adj): không ổn định
25. blue chip (n): cổ phiếu thượng hạng
26. sales (n): doanh số bán hàng
27. nominal value (n): giá trị danh nghĩa
28. public limited company: công ty đại chúng
(đã lên sàn chứng khoán):
29. to cover = gánh chịu
30. start-up (n)= công ty khởi nghiệp
 I. MATCHING
derivative underwrite portfolio option
list public limited entrepreneur consumer
company lending
nominal cover boom (n) mortgage
value lender
1. an option or future which often offers investors an easy way to make bets in markets that would
otherwise be difficult to get access to
2. to register a security on a stock exchange so that it may be traded there
3. the price written on a share
4. to guarantee the sale of a security
5. in Britain, this entity’s shares are freely sold and traded with a minimum share capital of £50,000
6. to financially compensate the investors for the losses in investment
7. all the investments owned by an individual or organization
8. a company that provides loans of money for people to buy houses
9. somebody who has set up and runs their own company
10. the right to buy or sell shares, bonds, currencies or commodities at a particular price within a
particular period of time or on a particular date in the future
11. a time when business activity increases rapidly
12. money which is lent to private individuals

II. CLOZE TEXTS

Text 1
mortg excha deposi share accept in
aged nge t ed
payme netwo losing write solutio withdr
nts rks n aw
Some economists think the Romans may have invented the cheques about 352 B.C. However, it
wasn't until the early 1500s, in Holland, that the cheques were widely used. People who had a lot of cash
began to (1)_____ it with cashiers for a fee, as a safer alternative to keeping the money at home.
The concept of writing and depositing cheques as a method of arranging (2)_____ soon
spread to England and elsewhere. But many people in the sixteenth and seventeenth centuries still
had doubts about trusting their money to strangers and little pieces of paper. In the United States,
cheques are said to have first been used in 1681 when businessmen in Boston (3)_____ their land
to a “fund,” against which they could (4)_____ checks.

2
 As cheques became widely (5)_____ bankers discovered they had a big problem: how to
collect the money from so many other banks. At first, each bank sent messengers to the other
banks to present cheques for collection, but that meant a lot of traveling and a lot of money. The
(6)_____ to this problem was found in the 1700s. A London bank messenger stopped for coffee
and noticed another bank messenger. They talked and realized that they each had cheques drawn
on the other's bank, and decided to (7)_____ them and save each other the extra trip. The practice
evolved into a system of banking (8)_____ that exchange cheques with each other.

Text 2
tradin shares run howev figure condu
g er cted
capital traded marke out selling index
t
Every country has its own stock (1)_____, where people can buy and sell shares and other
securities. A stock exchange is a building where this (2)_____ takes place. Some of these are very
old - the London Stock Exchange started in the 17th century. However, a lot of share trading today
is (3)_____ by computer. This is much faster and cheaper.
They use the money to (5) _____ their day-to-day business and to expand. Investors buy shares to
make money. They hope to make a profit when the share price goes up. They also get money from
dividends.
A stock market (6)_____ is a way of measuring a section of a stock market. It is a list of the shares
(7) _____ in the stock market. It shows the price of these shares at the end of each trading day and the
number of shares bought and sold. Investors can look at the stock market indices in the newspaper. They
can see how well or how badly their (8)_____ are doing. Investors are usually institutions like banks,
insurance companies, mutual funds and pension funds who are investing money of private individuals
indirectly.

Text 3
repay rates numbe in loan deposi
r tors
supply interes owner withdr deman requir
t ship aw d ement
s
MORTGAGES
In everyday language, a mortgage is a long-term (1) _____ a customer can ask from the bank to
buy real estate. In fact, it is an instrument in which the customer gives the (2) _____ of his house or land
3
to the bank as a collateral. In other words, if he fails to (3) _____ the loan, the bank will become the
owner of his real estate.
However, the (4) _____ of the mortgage money has become very tight lately. It has not been easy
to get a mortgage. The borrower must meet some (5) _____ such as: being a good risk, having enough
money for the down payment and being able to make monthly repayments. If he does not pay for any
reason, the bank will foreclose the mortgage.
In the past, banks offered fixed-rate mortgages which used the same (6) _____ over the life of the
loan; but recently banks have begun to insist on variable-rate mortgages whose (7) _____ rates are
adjusted according to the fluctuation of interest banks pay to (8) _____.
Most retail banks have standardized products for personal customers, such as personal loans. This
means that all customers who have been granted a loan have the same terms and conditions – they have
the same rules for paying back the money.

Text 4
arrang invest benefi chargi profit on
e ment t ng
cash lend with offer rate repaid
flow
Most people who have a problem with (1) _____ can phone the bank and ask for an overdraft. It is
quick and easy, but it is not always cheap. Lloyds bank, for example, is currently (2) _____ 18.8% per
year plus a monthly fee of £8. Instead of an overdraft, why not (3) _____ a personal loan? An overdraft is
really a short-term measure for one or two months, but a personal loan is often a better idea because the
payments are over a pre-arranged period. Lloyds Bank charges customers an annual percentage (4) _____
of 16.7% on a £1,000 loan over 12 months. If you see something you want in the shops, there is usually
not enough time to ask your bank for a loan, so you can use a credit card. Buying (5) _____ credit is
expensive, but there are some good offers. The favorite at the moment is the Save and Prosper card, with
an APR (annualized percentage rate) of 13.9%. Customers with incomes of more than £25,000 can (6)
_____ from Gold Charge cards. These are not credit cards, but payment cards for shops and restaurants,
etc. They are useful if you want a large sum of money quickly, but the amount you borrow must be (7)
_____ at a pre-arranged date. The annual cost of the Midland Gold service is £70. Store cards are
generally more expensive than other credit cards, and can only be used in the shops which (8) _____
them. Marks and Spencer customers currently pay an APR of 22.4%.

Text 5
mortg suppor interes save withdr out
4
 age t t aw
borro balanc loan charge deposi invest
w e t
Banks are not only places in which we can (1) _____ money or conduct financial business, but
also institutions from which people can (2)_____ money. Every day, many people go to banks for loans,
such as (3) _____ contract that binds the lender to a schedule of payments, so both parties should be
cautious and not enter into the arrangement without thinking. Banks will look at such factors as how
much people have saved in determining whether to make a (4) _____.
Before lending money, a bank has to assess the risk involved. Generally, the greater the risk, the
higher the interest rate they (5) _____. Banks also have more complicated risk assessment methods for
corporate customers – business clients. However, businesses today prefer to raise their own finance rather
than borrow from banks.
Banks have different kinds of accounts. Some pay high quarterly (6) _____. Some accounts
severely restrict the number of times that customers can access their accounts, or the amount of cash they
can (7) _____. Today, electronic banking can be used to check the (8) _____ on an account, or to see if
automatic transactions have been made. This can be done from our home or office computer. When you
go to the bank, be sure to bring identification. Usually a bank will only accept a photo ID, and a signature
is not a valid ID.
III. ENGLISH-VIETNAMESE TRANSLATION
1. Companies finance most of their activities by way of internally generated cash flows.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
2. In Britain, shares of public limited company are freely traded with a minimum share capital of
£50,000.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
3. British company dividends are generally paid twice a year and shareholders can either take the cash or
choose to use the money to buy more shares in the company.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
4. If a company needs to raise more money to expand their operations, they can either issue new shares
or borrow money.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
5. Corporate financiers are viewing China as one of the next big investment opportunities.
………………………………………………………………………………………………………
5
 ………………………………………………………………………………………………………
6. It is easier for potential investors to make investment decisions about a business which is already
running.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
………………………………………………………………………………………………………
7. Investors in start-up companies will not invest in risky ventures, however profitable they might
potentially be.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
8. The success of a start-up depends on how well an entrepreneur's business plan takes into account the
needs of a potential investor.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
9. In 2007, the US government listed seven credit-rating agencies as nationally recognised statistical
rating organisations.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
10. The market watchdogs started questioning the roles of the rating agencies in the subprime mortgage
crisis.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
11. The rating agencies said that their job was to provide an opinion on the probability of a company
defaulting on its debt repayments.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
12. The rating agencies said that their ratings should never be used as the sole reason for an investment
decision.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
13. This accountant has recently warned me that his business is unlikely to be able to survive much
longer.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
14. The directors need to act carefully to avoid the business trading insolvency, because the penalties for
doing this can be severe.

6
 ………………………………………………………………………………………………………
………………………………………………………………………………………………………
………………………………………………………………………………………………………
15. Penalties for insolvency may include disqualification as a company director or even imprisonment.
………………………………………………………………………………………………………
………………………………………………………………………………………………………
IV. SENTENCE COMPLETION
1. If you have money to invest, …………………………………………………………………...
………………………………………………………………………………………………………
2. That company intends to issue more shares ……………………………………………………
………………………………………………………………………………………………………
3. Many investors are interested in ……………………………………………………………….
………………………………………………………………………………………………………
4. If the investment does badly, …………………………………………………………………..
………………………………………………………………………………………………………
5. The share price of this company went down because ………………………………………….
………………………………………………………………………………………………………
6. Our investors are confident that ………………………………………………………………..
………………………………………………………………………………………………………
7. The stock price of our company is rising, so …………………………………………………..
………………………………………………………………………………………………………
8. The stock market in Vietnam …………………………………………………………………..
………………………………………………………………………………………………………
9. If you invest in the stock market, remember …………………………………………………...
………………………………………………………………………………………………………
10. Entrepreneurs can raise capital by ……………………………………………………………..
………………………………………………………………………………………………………
11. A start-up company needs to …………………………………………………………………...
………………………………………………………………………………………………………
12. The success of a start-up company depends on ………………………………………………..
………………………………………………………………………………………………………
13. Many start-up companies do not success because ……………………………………………..
………………………………………………………………………………………………………
14. Last year, many start-up companies ……………………………………………………………
………………………………………………………………………………………………………
15. We think this start-up company is promising because …………………………………………
7
 ………………………………………………………………………………………………………
16. They tried to persuade me to invest in that start-up company …………………………………
………………………………………………………………………………………………………
17. He refused to invest in that start-up because …………………………………………………..
………………………………………………………………………………………………………

8
9
10
11
12
13
14
15
16